LOFT AGM 2011/12
LOFT's Annual General Meeting for 2011/12 took place yesterday evening, Monday 28th November. About 60 members, including a number who joined or rejoined on the night, were present at the Supporters Club for the AGM, which featured Leyton Orient chairman Barry Hearn and Chief Executive Matthew Porter for the traditional guest Q&A session. Barry was making his third appearance at a LOFT meeting and Matt his second, but together for the first time.
Among the highlights of the evening:
- We didn't want to lose Charlie Daniels and had offered him an improved contract. The contract offered by Bournemouth, described as 'staggering' by Porter, more than doubled his salary.
- Hearn recounted the three stadium options for the club - stay at Brisbane Road, move out of the area, or try to build at Eton Manor. The first is the default position, the second makes no sense, and the third - if all the politics and funding can be sorted - could be the best in terms of facilities and potential to grow.
- The East Stand is 100% usable, and is nowhere near requiring a reduction in capacity (compared to the old West Stand which had been reduced to 65% by the time it was demolished).
- It costs the equivalent of one player every year to keep the home section of the East Stand open for season ticket holders there.
- The club has lost over £10m in operating losses since Hearn became chairman.
- Hearn loves being chairman, and says he will never walk away and leave the club in difficulty - if no-one comes in who can take the club further than him, he is committed to stay.
- The Elite Performance Player Scheme could see the death knell of youth schemes in the Football League - ours costs £300k a season.
LOFT would like to thank the Supporters Club for their hospitality, and both Barry and Matt for taking the time out to answer questions as honestly as we've come to expect.
The meeting received the Chairman's and Treasurer's report for the period ended 31 May 2011, and re-confirmed the carrying out of an Independent Examination of the accounts for the year ended 31 May 2012.
Adam Michaelson was elected to the committee, and both Doug Harper and Peter Osborne stood down and were re-elected. Roger Cook and Keith Hallam stood down from the committee, the Chairman thanking them for their efforts.