Seattle-based U's director and largest shareholder Paul Barry is in Cambridge to attend this evening's Annual General Meeting, and shares his views on the club's present and future.
Quizzed about the future of the Abbey Stadium and Saturday's announcement that agreement in principle to repurchase the ground from Bideawhile has been reached, Paul believes it is vital that the club's future is in its own hands through ownership of the ground, but he also believes that a future relocation to a suitable new ground is a sensible business decision.
"The club has been trying to relocate for 25 years as the cost of developing the Abbey is too prohibitive to achieve a commercial return," he stated. "To have a new stadium with facilities that can achieve substantial non-matchday income that is fully owned, debt-free and controlled by the club makes great business sense to me.
"To achieve a relocation, we would need the help of a developer. As already announced, we are in the advanced stages of working a mutually beneficial deal with Bideawhile; paying rent of £200,000 per year is never going to allow us to get back to the League with that financial millstone."
No details of the buyback deal have been announced as it is not finalised and, in view of the confidentiality agreement between the Board and Bideawhile, further details are not expected to be presented to shareholders at the AGM on Monday evening. However, Paul commented, "Nick Pomery has done the majority of the work on the deal but he has been in constant communication with myself and others on the Board.
"The details of any agreement of this magnitude are very important and we would need to present such an agreement to the shareholders for their approval."
U's Vice-Chairman and Bideawhile director John Howard became the target of supporters' frustration following the sale of the ground in November 2004 and Bideawhile's subsequent rejection of an offer to repurchase the ground early last year, while the lack of details about his plans to relocate the club have added to an atmosphere of suspicion.
"In the absence of information it is human nature to think the worst," commented Paul. "I think John needs help with his PR, and the silence has not been helpful. However Bideawhile has stated that any relocation would need the support of the Board, fans and stakeholders. The rest of the Board agree with that view and we will support a relocation as long as what is proposed is in the best interests of the club."
The board of directors will reflect changes following tonight's AGM, with Chairman Roger Hunt and Commercial Director Justyn Medd both standing down and Chris Whitehall standing for election, and Paul noted that a new Board will have specific roles and responsibilities to move the club forward. The new board will appoint a new Chairman at the first board meeting after the AGM.
Much speculation has followed the recent news that representatives of Cambridge United and Cambridge City met before Christmas to discuss various ways the clubs might work closer together for mutual benefit, and Paul confirmed that the door is open to further discussion.
"The ball is in their court. We've had friendly relations with them and have talked over the years, and we wish to help City out in a mutually beneficial manner because they're a part of the football community in Cambridge."
Regarding on-field affairs, and Rob Newman's achievements with the team so far, Paul relayed comments made at a Board meeting at the beginning of the season, when the directors indicated that realistically they could expect a mid-table finish with resources allocated to the first team budget.
"Our playing budget reflects where we are in this division," he added. "Also, we started the year with only four full time pros and it is not realistic to expect a team to gel right away. To get back up into the Football League, we need to make sure that we can sustain the squad financially."
He concluded, "My wish for the future is that we can put the past behind us, unite around common goals and build the club back up financially so it can get promotion back to the League in a financially sustainable manner.
"The work of many individuals this summer to bring us back from the brink of extinction shows the depth of passion that exists for Cambridge United. I wish I could thank them all, but they are too numerous to mention. Our gates have held up remarkably well and it bodes well for the future when we can get our financial house in order."
Paul Barry (44) was appointed to the board in April 2000. Born in Hauxton, he was raised and educated in Cambridge and London before emigrating to the United States in 1983 where he began a career in the travel industry. In 1990 he formed his own company, which has been headquartered in Seattle since 1993, and was recently sold to First Choice.
Paul has been a shareholder for several years and his business activities provide him with opportunities to spend time in the UK. Indeed, this latest trip to see Saturday's match against Gravesend and to attend the club's Annual General Meeting is his fourth visit of the season.
Previous Feature:
Rob Newman
Make Your Click Count For The U's - talk about it on the Message Board!
You are respectfully reminded that any article, as with all content on this website (unless otherwise stated), is subject to copyright and the Official Cambridge United Website must be acknowledged as the original source.
AT060130
