Giving Orient fans a voice
Leyton Orient Fans' Trust
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Increasing concerns about Orient's finances
3/30/2010

LOFT attended Leyton Orient's AGM on Tuesday 23rd March, at which another large operating loss (of about £1m) for the previous financial year was announced, as was a statement that the club has little more than £1.5million remaining from the ground lease sale to Matchroom Sports in 2009 that cleared the club's debt to Matchroom.

We sympathise with the club's management as it struggles to compete in League 1 on current income levels, which are amongst the lowest in the Division, with no access to additional significant funding from either a 'sugar-daddy' or other sources except our matchday-related incomes.

The current downward pressure on income streams, plus concerns over West Ham lobbying to move into the Olympic Stadium less than a mile away from Brisbane Road, could have a huge detrimental impact on our club. If we are forced to spend no more than our operating income whilst other clubs continue to spend beyond theirs, there is little chance we will be able to continue competing effectively at our current level.

The reality of course is that many football clubs up and down the country face similar problems, and we are not alone in currently spending more than our income. In many respects, LOFT and other supporters' trusts support such a 'balanced books' approach for all football clubs, but acknowledges that whilst the majority of football's millions is accumulated – and wasted - by a handful of bigger clubs in England, to do so could make our professional Leagues even more uncompetitive, boring, and predictable than they have been since the inception of the Premier League, with success and playing squad strengths even more closely aligned to income and gate size.

We urge Mr Hearn to spell out exactly what the strategic plans are for the future financing of Leyton Orient before we run out of cash – the policy of 'selling off the family silver' has come to an end as there are now no other significant assets to be sold. Even a future sale of the Brisbane Road site for commercial or residential development would only benefit the club by 50% of the profit above the original £6m sale price.

Supporters need to be fully informed and consulted about decisions that could irretrievably alter our club's status, and – if necessary – offered the option of a greater stake in running and financing Leyton Orient.





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