Trust update 2nd July 2025.

[Blue_and_Gold]

Trust Directors met with Club CEO Bal Srai on the 30th June in an effort to establish the latest situation in regards to the DCMS loan and Club ownership.


It was confirmed that the TSI takeover of KLTFC had already been approved by the Football Association and the National League. It can now be confirmed that DCMS have also approved the takeover pending submission and completion of the requisite legal documentation.


Unsurprisingly, TSI's efforts to have the DCMS loan amount reduced have been unsuccessful and thus TSI have inherited this legacy loan with which the football club has been saddled. Negotiations are still ongoing between TSI and DCMS in an effort to have the conditions of this loan re-profiled. It is hoped that these negotiations will be concluded very soon.


Once all details are confirmed, it is hoped that a proposal will be received from TSI regarding Trust involvement with the football club and potential share-holding. The proposal will then be forwarded to all Trust members to indicate their acceptance or refusal of the proposal.


The CEO again confirmed that Steven Cleeve has no involvement in any decision making at the football club.


Before the meeting, the Directors were introduced to the new club manager, James Rowe. James was extremely positive and looking forward to getting on with the job. He is excited about the squad he has put together and indicated that the first team gathering had exceeded his expectations. Good luck to James and the squad.


It was also confirmed that the team will now train at Lynn Sport. Bal also confirmed that season ticket sales to date were 380. This is a fantastic response. Bring on the new season.


We have been informed that a fans meeting will be held at the football club on Tuesday the 8th of July, with a chance to meet James Rowe and the players. Bal Srai and the Trust Directors will also be in attendance to field any questions.. This is an open meeting for all fans. Full details will be advertised on both the Club and Trust websites, and hopefully in local media.

[Mallard]

Since the poking of the hornets nest it seems we are now getting more info coming out.   Keep it up. 

380 season tickets sold.  Impressive.   Though what impact this will have on cash flow later in the season remains to be seen.  Hopefully James Rowe will have us pushing for top 6 to keep the crowds coming in.  We all know what happens on a wet Tuesday night in November.

[Blue_and_Gold]

The CEO again confirmed that Steven Cleeve has no involvement in any decision making at the football club.

But he's still involved, still owns 100% of the Club via Blue and Gold Holdings Ltd, and still holds the lease for the Walks.

Trust Directors met with Club CEO Bal Srai on the 30th June in an effort to establish the latest situation in regards to the DCMS loan and Club ownership.
Before the meeting, the Directors were introduced to the new club manager, James Rowe. James was extremely positive and looking forward to getting on with the job. He is excited about the squad he has put together and indicated that the first team gathering had exceeded his expectations. Good luck to James and the squad.

Very nice. Any Prawn Sandwiches?

So what was reported about the Club ownership matter? Information was given on DCMS loan, but nothing further on the Club Ownership.

Unsurprisingly, TSI's efforts to have the DCMS loan amount reduced have been unsuccessful and thus TSI have inherited this legacy loan with which the football club has been saddled. Negotiations are still ongoing between TSI and DCMS in an effort to have the conditions of this loan re-profiled. It is hoped that these negotiations will be concluded very soon.

Good news and I know the Trust Directors feel the same way. Its a Club debt and the Club need to pay it back and not expect the taxman to subsidise it again. Shame that TSI even tried  lumbering the taxpayer with this one. Maybe a warning as to TSI's true intentions re community involvement?


Not mentioned is the amount that TSI claim is owed to them by the Club. There does not appear to be any official record of this. Maybe its a personal agreement between Cleeve and TSI, but the Club is the only way they have any hope of recovering any of their money.

Does the Club really owe this money? Is it really a Club debt? It's 500k or 700k depending on who you listen to. What amount is it really (if it even exists)?

Let's be havin' you on this one Bal.

Jo is a Cleeve contact, so presumably they mix in the same circles. Jo really is no more than a shadowy figure from Singapore to us. We know next to nothing about him other than what Cleeve reported originally.

This is a man that is supposed to have lent Stephen Cleeve 500/700k! Whatever was going on there?   

Hopefully the Trust have done and will report full due diligence before putting any propositions to it's members.

[MARCUS ROSE]

So if the Trust is given a 10% share in the Club in exchange for £95k. Does this mean they would also own a 10% share of club debts, which appear to be more than the £95k  on the table. Plenty to discuss before putting to the membership.

[Mallard]

Is this 10% figure in exchange for  95k. now cast in stone?  Who could possibly value a debt ridden Club with little to no tangible assets as being worth 950k.  Is that a Bal valuation or from an independent source ?

What happens if the Trust throws its lot in with Jo/Bal and they are no better than SC ?  The Ckub has no safety net as the Trust won't have a pot to pee in.

[Blue_and_Gold]

Is this 10% figure in exchange for  95k. now cast in stone?  Who could possibly value a debt ridden Club with little to no tangible assets as being worth 950k.  Is that a Bal valuation or from an independent source ?

What happens if the Trust throws its lot in with Jo/Bal and they are no better than SC ?  The Ckub has no safety net as the Trust won't have a pot to pee in.

Presumably, the Club must be worth a lot more now than when Cleeve purchased it, and have far lower debts!

   

[Blueboy]

Typical negative comments from some. Why not wait until all is normalised before making comments or go to the meeting and ask questions rather than speculating on here.

[MARCUS ROSE]

Typical negative comments from some. Why not wait until all is normalised before making comments or go to the meeting and ask questions rather than speculating on here.

I would say valid rather than negative comments. Things are a long way from being normalised, based on what I've read

[Blue_and_Gold]

Typical negative comments from some. Why not wait until all is normalised before making comments or go to the meeting and ask questions rather than speculating on here.

I guess you could say the same things about typically stupid questions by some. If there is anything in particular that's been posted that you believe is unjustified or would like further clarification on, please ask on here and I'm sure you'll be replied to.

A forum is for discussions. If people don't want to discuss or read things then maybe they should reconsider if social media is really for them.

Obviously there is an element of the fan base that would just like the Trust's 95k to be given to the Club irrespective of whats currently going on. Good job that these people didn't get their way earlier and when Cleeve was in control, or all this would be academic.

There are already some major points of concern that need answering right away.  Some big red flags waving in our faces. Hopefully these are being taken into account during the negotiations.

Regarding asking at meetings, Bal was asked two very important question at the last meeting. He side stepped one and gave a ridiculous reply to the other. Why should the next meeting be any different?

People should keep in mind that The Trust are being asked to get into bed with someone they know nothing about, and who gave over half a million pounds to Stephen Cleeve (well allegedly, we have seen nothing to prove that).

Why did a supposedly very wealthy, self made, intelligent businessman want to do that? A vast majority of supporters didn't want to give Cleeve £10 on the numerous occasions that the begging bowl came out. Why didn't they want to do this? Why were they so reluctant? Yet here we have someone not giving £10, but (allegedly) half a million! It's hardly surprising people are asking questions.

WHY? What was the real agenda when Jo became involved? I mean, half a million quid!!!!!!

Supporters should therefore keep asking as many questions as possible via as many platforms as possible, and when they like.

[Blueboy]

Obviously Cleeve and his company still own the football club, because approval has only just been granted for TSI to take over the club. Once all the relevant documentation has been completed, no doubt the details at Companies House will be changed. As for the Trust, I dont think they have ever said that all their funds would be used and I am sure that's part of the discussions that will be taking place.

[Pink]

This has to be a time, if ever there was a time, for asking searching questions, until as much is unearthed, as is possible. With the information that's currently available (to the likes of me at least )it appears as if nothing really stacks up currently.

I am just bemused as to why anyone, particularly a successful businessman,would want to throw these sorts of sums at a club in a remote part of a foreign land that has huge debts, little in the way of assets and could still be a way from breaking even. What could the motive be ? To stop all the confusion why not just tell us the motive behind it all and back it up with hard facts. Simple answers to simple questions.

Until then, the terrific squad assembled, with the positive managerial appointment feels like camouflage to me .........and I genuinely don't want it to feel like that

[Blue_and_Gold]

Obviously Cleeve and his company still own the football club, because approval has only just been granted for TSI to take over the club. Once all the relevant documentation has been completed, no doubt the details at Companies House will be changed. As for the Trust, I dont think they have ever said that all their funds would be used and I am sure that's part of the discussions that will be taking place.

The deal from Bal was for the whole 95k. Always been the case and very well documented. To me, the option of them only having part of it until we have seen their work in progress is an idea that should be considered.

As Bal has asked for Trust money prior to the deal being concluded, I can't see this happening. Thankfully his request was dismissed.

You could be right about why TSI have not taken over the club yet (presumably you mean by taking over Cleeves shares) due to waiting for DCMS approval. However, Companies House should already have been informed who CONTROLS the Club. For some reason they haven't been. Companies House are more concerned with who controls it rather than who owns it. Registering who has control is mandatory and has nothing to do with the DCMS situation.

Look up PSC on Companies House website.

[Blue_and_Gold]

This has to be a time, if ever there was a time, for asking searching questions, until as much is unearthed, as is possible. With the information that's currently available (to the likes of me at least )it appears as if nothing really stacks up currently.

I am just bemused as to why anyone, particularly a successful businessman,would want to throw these sorts of sums at a club in a remote part of a foreign land that has huge debts, little in the way of assets and could still be a way from breaking even. What could the motive be ? To stop all the confusion why not just tell us the motive behind it all and back it up with hard facts. Simple answers to simple questions.

Apparently, Cleeve was a very good Salesman!

😂😂😂

What a load of baloney!

We all know what Baldricks apple crumble smelled like!

Presumably TSI have got a 5 year plan in place. As they are hoping to get the Trust involved (or at least get their 95k), maybe they could share details of that with us all.

That should show how they plan to pay back the 1.2 million plus that the Club owes. Surely there must be a plan (maybe a very cunning one).

With regards to breaking even, it's been said that we are playing at least one level, maybe two levels too high to achieve this. 

Time will tell on this one.  With the history of the club, maybe this could be true. 

[Veratis]

Although i'm no expert on all the financial matters being discussed primarily by one or two posters isnt it about time the alternatives are considered without TSI involvement. The Trust would not be in a position to take on the Club with all the debt that would come with it even if they had the money would they want to or have the expertise to run it on their own. So naysayers lets have some workable alternatives or I guess you would rather the Club go bust and start as a phoenix Club again.

[Blue_and_Gold]

Although i'm no expert on all the financial matters being discussed primarily by one or two posters isnt it about time the alternatives are considered without TSI involvement. The Trust would not be in a position to take on the Club with all the debt that would come with it even if they had the money would they want to or have the expertise to run it on their own. So naysayers lets have some workable alternatives or I guess you would rather the Club go bust and start as a phoenix Club again.

Naysayers.  😂😂😂

Trust have never said they wanted to run the club themselves. Quite the opposite. They always wanted to be involved with the business community when it comes to being involved with the Club.

Unfortunately having the conditions attached as have been suggested means that won't happen. Even if it did happen initially, it would be on Clubs terms and discretion.The Trust could give their 95k to the Club one day, and be pushed out the next. We have heard nothing about the Trust members interests being protected.

The Trust have always previously advocated sustainable football up to now. They know that playing at this level  is not sustainable and the Club will need more money pumped in, thereby increasing the debt further. It's estimated that another 200k will be needed this coming season.

As questions are being asked, can I ask one? How do you think a 500k DCMS loan and repayment of 500/700k (depending on who you believe) can be serviced by the Club?

Also there have been others interested in becoming involved with the Club in very recent weeks. That's documented so it's not (or wasn't) a case of no TSI, no football.

These other parties being involved presumably wouldn't suit TSI as it would probably mean they would have no hope of recovering their money (if indeed they are legally entitled to it). They are obviously (somehow) holding all the cards at the moment so in the case of any other party being interested, they can dictate on this matter and presumably this would have to suit TSI's (not the Club) agenda.

Basically, other options can't be considered unless TSI grants permission.

Where did you get the idea that anyone would like to see the club go bust and a Phoenix Club formed? You're the first to suggest that. That's just introducing a scenario into the mix with no justification.

No expert on financial matters? Is that really true m'lud?