That is certainly a legitimate view but given the makeup of the plc board I think we are talking hypotheticals. Also, a board that tries to override a majority shareholder normally has an extremely short shelf life.

OI - so the board could determine, that in the interests of the business it needs to raise further investment, via a rights issue but that it would be held back by the I&PS not wishing to invest its share of the additional funds deemed required (presumably because its membership don't sufficiently believe in the "collective" concept. So definitely a case of the I&PS holding the club back and jeopardising its future.

We do disagree. If you are right, though I don't see how the IPS would be able to take up more than a very small percentage, all is fine. Suppose I am right and there is a 15% or 20% take up what would be the next steps? A rights issue based on somebody's gut feel sounds very risky to me.

OI - I know that we differ in our view as to thr likely take up of a rights issue amongst our 5000+ fan shareholders. My view is that if the price and terms were favourable we would have positive take up. The market will dictate that but the price is the key. I have made it clear i would have no interest in owning more than a max of 5% because i passionately believe in true fan ownership and would want to see as many fans as possible involved in real ownership of the shares of their club. So if the price is right there would be no need for someone to underwrite - but i would commit to buuing up to 5% but would be equally happy to own less.

JG - in theory the Board seem to be able to go ahead with a rights issue without shareholder approval. I doubt many boards, including ours, would last long if they went ahead despite the disapproval of the majority shareholder.

JG - would you want the rights issue underwritten by someone? It would seem pointless if only you and a couple of others took up the rights. If you do have an underwriter they might end up as majority owner of the club.

Does the Club even have to consult the members of the Industrial & Provident Society to initiate a Rights issue. Clearly like any other shareholder - if the I&PS wants to hang onto its 85% shareholding they can do by contributing their share.

Martin - it depends how much they are willing to pay players, a club making a £20 million loss (were Birminghame close to that in the Championship?) may be willing to pay far more than a club making a profit. It is interesting information to see how other clubs are doing, and congratulations to the DTB for doing it, but it isn't relevant to our issue of losing £2 million each year, not least because we can do nothing about the finances of other clubs.

JAW - i had assumed that we were there or thereabouts last season. Obviously i have no detailed insight or breakdown of costs and whether the Womens team or Youth set ups are breaking even in their own right or being heavily subsidised. But it must also be remembeted that we are in London and virtually all of our costs and budgets will be 15%-25% more than they would be Doncaster or Bradford.

Stu D, as I said earlier it is almost impossible to implement a wage cap. It would have to be agreed with the PFA and FIFPRO and PFA have already said no.

Hypothetically - if i was able to buy all the rights to matchday tickets for a season for a lump sum of £5m and then resell them - i'm pretty confident i'd turn a profit on my ticket broking venture. If i'm correct - then the club is selling its matchday tickets at under value as it is currently generating significantly less than this. Perhaps each year or every 3 years we could invite compeitive bids for the rights to our matchday tickets.

JG, we had the highest revenue in league 2 last season!

TBK - the EFL league 1 rules relating to the maximum playing budget that can be spent is based on 60% of football related revenue. Our expected revenue of around £11m for the coming year will likely put us in the top half of L1 clubs.

Early days but do we get an update on how the appeal for more donations has fared?

I don't really care who owns the shares. So long as whoever owns them has the resources to help the club expand and reach breakeven/profit. I am such a shareholder (along with 5000+ other fan owners) but i have never been asked to purchase further equity through a rights issue. The problem is that the Industrial & Provident Society doesn't have resources to invest further and doesn't have a sufficiently motivated membership who will fund it. In that respect we are not too dissimilar to Morecambe - a majority shareholder without the means to invest but holding the Club back by preventing others from doing so - for fear that 5000 fan shareholders might god forbid actually end up owning a majority stake.

Stu D, I believe they can if the DTB first put some numbers to all this talk of funding gaps. I’ve requested this on Discord

OI, of course it matters if other clubs make a profit or massive loss as we are directly competing with them for the same players!

TBK, don't worry about SB. I'm on his have list too for having the audacity to spend ten weeks in hospital in 2018

Silk: if they asked such a question, the wording is vital too. For instance, I could see questions being heavily “loaded”

Surrey Bob: agree. And a right back/wing back

Thanks for that ringing endorsement Bob. Not sure what I've done to deserve it

Better hope TTK doesn't back the football regulator, he'll do another U turn yet again...

I don’t see how the DTB can go to members again and ask them about the ownership model, when it was done a few years ago.

A very decent hat-trick

And those who voted for Drake - I hope you have all learned your lesson and do not do it again