Phil Nifield of the Supporters’ Trust asked the board to confirm or deny if the club is currently under a Football League transfer embargo, and if it is to state when that embargo was put in place.
The Chairman confirmed that the club is currently under such an embargo and will be until such a time that the current tax situation is satisfactorily resolved. He said the embargo initially came into effect during the autumn.
Phil Nifield asked why the club was promoting the Platinum Ambassadors season ticket scheme by promising fans that the squad would be strengthened in January with the proceeds when the club was in fact under a transfer embargo.
Peter Ridsdale stated that at the time of the season tickets launch, the board was fully expecting money to come into the club in the form of new investment which would have enabled the tax debts to be cleared and the season ticket cash to be spent on new players. He said that investment hadn’t materialised, and therefore the club hadn’t been able to clear the tax debt as expected.
Alan Flitcroft stated that he wasn’t going to attempt to kid anyone and confessed that of course he had known when the season ticket campaign was launched that the club owed HMRC a significant amount of money. He said the messages the club was putting out about backing manager Dave Jones during the January transfer window were based on commitments that had been given to the board by potential investors. As those commitments were not honoured, the board couldn’t spend the season ticket money as they had wanted to. He admitted he was embarrassed by the situation and apologised to the shareholders for it.