A big thank you to our existing shareholders who have already bought or have pledged to buy more shares and to the fans who have asked how to become a shareholder. This is in response to the letter sent to principal shareholders on Friday which you can access here.
Also, a very big thank you to our fantastic players who have agreed that their contracts can be held in suspense until football resumes. We have had a wonderfully supportive message from Lewis King which you can access here.
The club has a business continuity plan in place to ensure we can hit the ground running when the crisis is over. Key volunteers and staff are working from home to keep all aspects of the club ticking over.
The main elements of the plan are:
• agreeing repayment holidays with our bank, HMRC and principal creditors – well advanced and successful
• grant application made to the FA via the NPL to cover all revenue lost as a result of the suspension of the season, players wages etc
• accessing the governments £25k small business grant as soon as the details are publicised
• accessing the 80% of wages assistance announced by the government on Friday as soon as the mechanism is in place
• claiming under our business interruption insurance for loss of income
• setting up a Stand Together webpage – a virtual match day experience so that fans can make small donations equivalent to the amount they would have spent at a home game. Full details will be on the website within the next 24 hours
• NOT taking on any more loans
We will keep our loyal fans updated at regular intervals but please understand that there is still a huge amount which is unknown about how many of the grants which have been announced will work in practice and whether anyone’s insurance covers losses caused by a new and unknown virus. As soon as we know the answers to these questions you will know.
Stay safe – up the Boro