DAFC 83rd AGMAuthor: Stephen Taylor Date: Friday, 9th Jul 2004
The 83rd Annual General Meeting took place tonight at East End Park.
The Directors of DAFC had to face the music tonight as they appeared before a healthy turn out of shareholders to explain the Clubs poor financial performance, which had not matched the teams on field achievements.
It turned out to be good meeting with Directors and shareholders alike concentrating on the positives to be drawn from the recent events not least the benefits from the Scottish Cup run.
The Chairman, John Yorkston and the new Chief Executive, David McPherson, acknowledged the historic results for the year ended 31 August 2003 were unsustainable but they were sure the cost cutting measures instigated in February/March this year had gone a long way to righting the situation added to the benefits received from reaching the Cup Final. The budgeted loss for the current financial year was still in line with forecasts at a loss of £1.2 million. Looking further ahead David McPherson explained the parameters used in planning for a small profit for the year ended 31 August 2005. Modest increases in crowd revenues were anticpated and shortish cup runs and with only one TV game budgeted for that season. While some may see the UEFA Cup as a money spinner the Club are taking no chances only budgeting to reach the 1st Round proper. Anything beyond that will be a welcome bonus.
Questions were taken from the floor about the accounts before these were adopted by the meeting.
faces his shareholders
The new Manager, David Hay, was introduced to the meeting and Davie outlined his thoughts on his new role which he was looking forward to. He told the shareholders that they could expect to see a similar type of football as under the previous regime with players being encouraged to pass and keep possession. In response to questions from the Pars Supporters Trust he had no problems with the plastic pitch noting his old side Livingston played on one every day except match days. Both John Yorkston and Jim Leishman extolled the financial and community benefits of the plastic pitch. The Chairman noted it was too early to say what the results of the UEFA experiment will be but more clubs are likely to see the benefits from changing to plastic.
A variety of questions were put in open forum to the Directors by the Trust representatives, DASC and other shareholders. Topics included perceived problems with Rock Steady, travel for the UEFA cup ties, the clubs commitment to developing young players, the lease of East End Park (it is secure as long as the Club pays the rent), PR/media issues.
The Directors coped well with some good questions and the general feeling after the meeting was it had been a positive exercise despite any trepidation the Directors may have had before the meeting. There can be little doubt the Clubs financial position is still a worry but there is maybe some light at the end of the tunnel. The efforts of the current Directors to again dig deep into their own pockets should not be underestimated or go unappreciated by the shareholders and fans alike.
UEFA Cup venue