Q&A - Richard Summerfield

Finance Director Richard Summerfield answers your questions in the latest Cambridge United club website Q&A. Next week it's the turn of new chairman Gary Harwood.

The Evening News reported a while ago we're losing £20,000 a week. Is that true, and if it is can we turn things around?
Martin from Cambridge.

Richard Summerfield: "Yes, our losses before transfer income have recently been close to £20,000 per week. This is why we need to reduce the size of the playing squad as well as achieving some transfer fee income before the end of the season. The redevelopment of the north end is also essential to increase our commercial income."

Was it a big surprise to you when Reg Smart decided to stand down and would you ever like to be chairman?
NeilM from Royston.

RS: "No, it was not a big surprise when Reg decided to stand down as Chairman. Twelve years is a long spell as Chairman, particularly in a club like ours, which is not owned by the Chairman. I think that in the future it is likely that the chairmanship will change more often.

"In reply to your second question, when I joined the board seven years ago I did think that one day I might like to become Chairman, but with a number of younger directors on the board I now believe this is the right time for a younger man."

How much involvement do you have with the staff? I presume you work closely with Andy Pincher on the finances and Steve Greenall before that. Who has the final say on spending?
Greg from Cambridge.

RS: "My involvement with the staff is of an advisory nature. I'm available to help with any problems throughout the year and, because of my background, my largest hands-on involvement is help with the preparation and audit of the year end accounts. I have a good working relationship with Andy and with Steve before that, and the Club is lucky to have had two such very competent company secretaries. The board has the final say on spending."

Can you realistically estimate how much income we would lose if we are relegated to Division 3?
Phil Owen from North Wales.

RS: "If we are relegated our income from the Football League will reduce by approximately £170,000 per year. Our gate income might also be reduced but it could be argued that it could increase if we were doing well in Division Three."

It said on the website that Gary Harwood has been a fan since an early age. How long have you supported the club? Is it true you once worked in some capacity at Peterborough United?
'Burwell U'.

RS: "Like Gary I also went to the Brunswick School and the Cambridgeshire High School For Boys in Hills Road. As a youngster I supported Cambridge City but realised the error of my ways when United got into the Football League.

"During my professional career, when the Posh got into financial difficulties in 1987 I was appointed Administrator under the Insolvency Acts. With my staff I ran the Posh for nine months before arranging a sale to John Devaney, an Oxford businessman. Should this assignment have failed, our fans would no longer have been able to hate the Posh!"

Last year it was mentioned that the minimum investment for shareholders would be increased to £1000. I would like to be a shareholder but that is too much for me and others I have spoken to in one go, so was it ever reviewed?
Mark from Chatteris.

RS: "The minimum investment for shareholders has now been reduced to £250 and we have a 'Share Save' scheme which allows fans to save that amount over a period of time. Details can be obtained from Andy Pincher at the Club.

Have you ever thought, 'what did I ever get involved in this for, we lose money all the time, and the board get abuse from fans when things go wrong'?
Kirsty from London.

RS: "Yes!"

What's been the best thing that happened at United since you joined the Board, and the worst?
Jon from Ely.

RS: "The best thing was our promotion from Division Three at the end of the 1998-99 season. The worst was shaking hands with Tommy Taylor on the terms of his new contract, only to read the next day that he would 'walk down the M11' to join Leyton Orient.

"I've also been very disappointed with the way our last three managers have not been willing to share their thoughts on playing matters with directors other than Chairmen. John and Dale have communicated more with all the directors in their last few weeks in charge than the previous three managers put together."

Why, given the club's limited finances even in pre-season, was John Beck allowed to seemingly spend money so frivolously, such as 15,000 to bring in a player (Kris Lee) for a trial?
Dave Radmore from London.

RS: "We did not spend £15,000 on bringing Kris Lee on trial. We only had to pay him just one month's wages.

"When John Beck was appointed last season, and at the beginning of this season, funds were made available to him to keep us in the second division. With the benefit of hindsight this money, and that given to Roy McFarland from the Trevor Benjamin transfer money, was not well spent. In future there will be much closer scrutiny of how money is spent on new players."

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New Chairman Gary Harwood is the subject of the next Q&A, which will be published weekly from now on so you must hurry to send your questions! If you have any questions for Gary about any aspect of the Club or his own involvement with the Club, please send them by Thursday 14th February including your name, town and 'Gary Harwood' in the subject field.

Previous Q&As:
03Feb02  - Lionel Perez
27Jan02  - Stuart Ayles - First Team Physio
20Jan02  - Paul Wanless
13Jan02  - Dale Brooks - New Assistant Manager
06Jan02  - Mark Johnson - Match Programme
27Nov01 - John Taylor and Dale Brooks - The New Management Team
17Nov01 - Gary Harwood and Colin Davies - Redevelopment

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