Cambridge United Football Club's AGM was held on January 25 in the Dublin Suite. At the brief official meeting all the retiring Directors were re-elected by an almost unanimous hand vote. A further meeting was held with questions and answers from the floor for the Board.

The highlights of the meeting included an update of why a potential ground share with Cambridge City FC was not possible. The revised structure of the playing side was explained in detail by Jez George, Director in charge of football affairs. An announcement was made that Gareth Baldwin would be working with the Board with an open invitation to join the Board at Cambridge United when the situation was fully resolved of his shareholding at his former Club. The Chairman, Paul Barry, expressed that Gareth has the energy, drive and vision for the football club that is needed and will be invaluable as the Club moves forward.

It was revealed that the cost to the Club of total playing side this season was approximately 250K lower than in the previous year. At this point questions were invited from shareholders.

The question was asked about the sell-on involved following Dave Kitson's transfer to Stoke City and why the Club lost out on potential income from this. Reading approached the Club trying to buy out the sell-on of the contract. The Board considered the approach and went back to negotiate with Reading with a view that football transfers could be structured to minimize the cash amount of a transfer. The Club gained £350k for the Kitson fee.

Regarding the role of Greene King at the Club and how it affected the existing Marstons loan.There was a loan originally at 100k, which has now been paid off. Half the funds came from Paul Barry, as a loan, and the other half was used from Greene King. The Club is debt free, with the exception of Director's loans.

The issue of a potential ground share for Cambridge City and their search for a new ground, it was revealed that there have been no recent discussions at all regarding a possible ground share. The Chairman made comments "What we have with CRC's unique set-up,is the ability to develop players and provide quality to the first team. If CRC doesn't play at the stadium then it would be harder to attract players. The pitch is already pushed tothe limit with two clubs playing. I wish City well in their search, and it was nothing against Cambridge City that influenced this decision."

Jez George had the following to say. "We have to work really hard to attract players at 16. We are not a Football League club, so we have to compete for players with clubs from higher up. What none of the boys can believe when they get here is that they can play on the first team pitch. At other clubs it would only happen in the Youth Cup, with us it happens every week. We don't have much money to offer the players but to make it up, the chance to play on such a pitch is a massive thing for them. They train with the first team, play on the same pitch, and it helps greatly if they break into the first team and have already played 20-40 games on the pitch. Playing elsewhere wouldn't be what we want for attracting such players to the Club."

It was mentioned that the Club has overspent on the playing side in the last two seasons. Considerable losses would have been made if it wasn't for exceptional money regarding Wembley, Dave Kitson and Michael Morrison. Paul Barry agreed that the point was a good one. "Over the past two seasons we've gone for it, like many other clubs, and it hasn't worked. The clubs that have been promoted have been well run and structured clubs. Commercial revenue is up and needs to continue to go up, and the brakes are on the wage budget."

Regarding potential decreases in turnover and increase in losses, it was stated that turnover will be significantly down, and it wouldn't be prudent to speculate losses. The difference this year will be covered by through transfers and Directors inputs.

Financial details of the Club operations were discussed by shareholders and questions asked of the finances by shareholders.

Paul Barry was asked how he would determine if an offer for his shares would be in the best interests of the Club, who replied that the same question could be asked to any significant shareholder of any football club. Anyone who is a fan would step aside if it was in the right interests. Paul Barry said he would consult the Board, shareholders and stakeholders, but it wouldn't be a snap decision, nor are any discussions happening.

CFU members brought up the idea of a Golden Share. Paul Barry noted that in a possible future event that someone came in who doesn't want a Youth Development scheme or something similar, plans should be in place to allow this to remain. The Chairman also noted that there could be parties looking to make investment, and aparty holding a25% stake suggests a possible objection to any offer,which is not the best structure to have. It was agreed that discussions about such a share can continue in the future to work on protection for the Club.

It was asked why the Football inthe Community scheme has changed to a new incarnation. Previously it was an independent community scheme which the Club was not involved on a day to day basis. Outstanding debts were in place, and the scheme was closed. The Club is keen to be involved in the community and this Thursday a new community charitable trust is being launched that will encompass the operations of youth development and youth football training in Cambridge.

After two hours the meeting was drawn to a close.