Lambie quits as Fans director

He's probably seen the accounts year end 2023 and realised his exposure as a director.That's as good a personal reason as any.

Very funny, i laughed out loud and nearly wet myself....

Just company law?
Maybe worth checking with some high net worth individuals - if you are lucky enough to have them as clients.

I am fully brushed up on company law thanks Epps and it's best if ******t isn't pedalled on any forum especially in relation to anyone who may want to serve as a director on the SC executive.

Bristol Rovers FC, 1883 and the Memorial stadium are all Ltd companies as is DS, the holding company.

Because of limited liability, Bristol Rovers is classed as its own legal entity, so ultimately, it is responsible for any debts accrued. The directors can only be held to account if it can be proven they take any action or omit taking an action that worsens their creditors position or in the circumstances they have offered any personal guarantees or security on any debts the company may hold.

As the company already states, because of its margin of losses, in its accounts that it relies on support from the ALQ family, soon to be the AS family as well, to be solvent we well as being listed as the majority shareholders of the FC, they will be fully liable for the companies position.

As part of the SC constitution the directorships are held on behalf of the SC as representation of their own shareholding. Due to the SC having an extremely low diluted shareholding (approx 3%) and not having any majority influence, any exposure for its appointed director is nil and in the case of any investigation it would be the SC that would have any exposure, as it should regularly vet its own executive committee for fit and proper persons and have its own AGM with minutes that shows this has been carried out.

If Bristol Rovers ever entered administration, given that the current shareholders fund the losses, and have done for a period of time, it would be highly unlikely that they would ever be held personally liable, making it even more unlikely that a SC would be held liable for any creditors of the FC.

That is what made KMs statement so erroneous and untruthful to begin with and to pedal that again is utterly misguided.

If Wael was taking this kind of advice for seven years no wonder the club got into trouble.

What kind of trouble? Didn't he capitalise all of the debt and pay his way?

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I guess everyone's least favorite second hand car / boat / helicopter / nuclear submarine salesmen will have a little more time to deal with his high net worth clients now. 

In July 2017 I made myself very unpopular by questioning the reasons given by Wael for having a charge placed over the Mem. He told us that a charge was necessary to secure the credit line which didn’t make any sense at all because the credit line had been in place since February 2016 completely unsecured. But rather than agreeing with the logic of that and asking for a more credible explanation of why the charge was placed most Gasheads took the attitude “ in Wael we trust” and that was that.

The problem with the “ in X we trust” attitude is that it breeds complacency and the people in question know they will be supported no matter how weak and ill thought through their decision making process is. And so it happened at Rovers with anyone who questioned Wael’s judgement being eliminated till he was left with a small coterie of “ yes men” and fans like ITB who egged him on. His final blunder was turning to B***** and who can forget the interview in which he was asked how he interacted with the manager and how decisions were reached and his response was “ I usually end up agreeing with him ha ha”. One of the most pathetic statements I’ve ever heard and tragic that it came from the owner of Bristol Rovers.

We now have to move on from this terribly wasteful era and although I’m not keen on using the word “ hope” when it comes to commenting on a business strategy that’s all we can do at the moment. I see Roadman has disclosed on the other forum that budgets will be cut significantly next season and if you’ve got Rovers best interests at heart that’s a good thing. Likewise, to me, the supposed plan to spend on increasing the capacity of the East Stand makes no commercial sense in our present situation. We need to conserve what cash we have and get our costs down to a competitive level then use our football management skills to outperform the opposition and make Rovers into a team which is consistently in the top ten and sometimes challenging for the play off’s. I’m hoping that’s what the core of the Al-Saeed strategy will be and they’ll invest in professional communications to get their message across effectively and bring Gasheads with them.

I don’t know why ITB refuses to move on and continues to pretend Wael’s tenure was a success. The June 2023 accounts will reveal why Abdullatif said what he did about the club continuing to lose the amounts we have been will put Rovers in trouble and fairly soon. Going back to the reckless spending of the past would mean a death knell for our club and I can’t believe ITB wants that.