Board meeting: Thursday 22nd November, 7:30pm, Boston SRC
Boston United FC Supporters Trust is a registered Industrial and Provident Society, company No. IP30051R
Letter to Ralph Jenkin - 28/09/05
Dear Mr Jenkin,
Re: Sportsfunds (Boston) Limited
Thank you for your prompt response via Ringrose solicitors in which you addressed some of the questions I had raised in my letter of 12th September.
At the Boston United FC fans’ forum held last Wednesday, Mr Sotnick was asked about the option which your board had offered to Lavaflow Ltd to buy the Tattershall Road land, subject to planning permission.
Mr Sotnick also stated that Mr A P Malkinson and Mr C Malkinson did not vote when this resolution was decided. I am both concerned and surprised that Mr Sotnick has the details of any such vote, given that your Board meetings are private.
For the record, would you as the Sportsfund Chairman, please like to confirm the accuracy of Mr Sotnick’s statement regarding the vote by your members, and also put the relevant minute into the public domain for the purpose of demonstrating that all was above board and that there was no conflict of interest by members of your board?
In terms of the fiduciary responsibility of your board, may I enquire as to why you did not seek to market test via a tender or competitive quote, the potential value of the Tattershall Road land. It is Sportsfund’s greatest single asset and presumably your board should be seeking the best return when considering its disposal.
Pen ultimately, I wonder if you could advise how appointments are made to the Board of Sportsfund, and in particular how Messrs AP Malkinson and C Malkinson, as well as your good self and your son were appointed. As I understood it under the Articles of Memorandum, having a major shareholder of Boston United Football Club on the Sportsfund Board was not permitted or at least regarded as undesirable.
And lastly, if I may, what was your personal role in all of this? As Chairman of Sportsfund, did you not consider developing the land owned by Sportsfund at Tattershall Road using local contractors and ensuring that all of the profits go back into football and sport in general, rather then sell it to a third party with shareholders who will need to see a return on their investment?
The capital receipt is a large amount of money and the profit from subsequent development several times greater still as you are aware, and any Board that took such decision would leave a tangible, lasting sporting asset to be enjoyed by many future generations of local people.
That would really be something.
I look forward to hearing from you again at your earliest.
I am, as ever, respectfully yours,
(Member of the Working Group for the Inception of a Boston United Supporters’ Trust)
Mr Andrew Patrick Malkinson,