In August 2021, Clem Morfuni and members of the Trust Board negotiated a Memorandum of Understanding (MoU), setting out a new vision for openness and transparency in the running of the Club. This followed a turbulent period of previous owners where supporters were left in the dark as to who was involved behind the scenes and where the money was going.
Within the MoU was the following commitment, freely offered by the Club:
The Club will provide the Trust with quarterly management and financial updates on the financial position and performance of STFC that contain a sufficient level of detail to build trust and an understanding of how the Club is being run, without compromising the Club’s position in a competitive market or revealing confidential information such as undisclosed transfer fees or individuals’ salary details.
In the months which followed, when these management accounts were requested, the Trust were told that due to the systems which the new ownership inherited, such reports were not yet available.
This situation continued until September 2023 when the Club offered instead to provide access to the Club’s accounts. Arrangements were made for the Trust Treasurer to visit the County Ground to meet with the accounts team. This one-off visit was tightly controlled. No note taking was allowed and the limited time made available prevented any material analysis to be undertaken.
Following this meeting, it was agreed that the Club would arrange for the independent group “Fair Game” to produce an executive summary to the accounts offering to give supporters the granular detail they needed (within the limits of sharing confidential information).
The Fair Game report was issued following the release of the Club’s annual accounts for the season 2022/23. Whilst the presentation helped non-financially experienced supporters with graphics and images, the Club provided only one additional data point when compared to the information in the statutory accounts.
When challenged at the Advisory Board, the Club offered to provide more regular updates as part of the agenda. None were provided. At the September 2024 meeting, it was recorded in the minutes that a more detailed report would be provided every six months.
Today, minutes from the Advisory Board held on 6th February 2025 have been released. At this meeting, following questions about the provision of financial breakdowns, Clem Morfuni stated that no management accounts or financial breakdowns would be provided to the Advisory Board, Trust or to supporters. The Club will only provide statutory annual accounts with a Fair Game explanation.
During the meeting, the Trust Chair challenged this position given previous commitments made but the Club were unwilling to change their position.
It should also be noted that Axis Football Investments Limited (the company at the top of the holding structure for the Club) has received its third compulsory strike-off notice in five years for late statutory reporting.
Since August 2021, the Club have willingly provided promises and commitments to provide financial breakdowns on an open and transparent basis. With the exception of a private meeting where no note-taking was permitted, none of these promises have been fulfilled.
Off the back of improved performances on the pitch, now would be an ideal time to try and reconnect with disenfranchised supporters and rebuild relationships. Unfortunately, events such as these do nothing to rebuild confidence or trust in the off-field management of the Club.
COYR
The Board of TrustSTFC