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Crawley Town / WAGMI

Discussion in 'General Football' started by Fuzzy, Apr 5, 2022.

  1. JonButterfield

    JonButterfield Star Player
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    I think we've been through the same, where an owner backing the club means nothing if there is no knowledge of the game.

    How can you have a strategy in place without expertise? Paying off debts is fantastic, no argument from me, and @wetherbywhaler@wetherbywhaler was always praising Stefan for his work on the club's accounts.

    However good players are useless in the wrong set up. We saw that with Eoin Doyle. Marquee signings are a waste of money under the wrong manager.

    Crawley's owners have come in with good intentions and brought in a young manager with a good reputation when what they needed was a wise old head who knows how a club should be run and can implement a style and strategy that the club can follow long term.

    Throwing money at football is no guarantee of success. Being a viable business with increased revenue streams is nice, but what's to stop you getting relegated out of the league?

    See, there's two parts to a club: the business and the football team. You need both to be doing well, and in either case, one does NOT make sure the other works well.

    Coming in and running a business is lovely, it really is. But it's not good enough.
     
    TallinnBantam likes this.
  2. TallinnBantam

    TallinnBantam Regular Starter
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    My impression is that they've bought the club with good intentions, and then realised there's a total shit show going on, and are fire fighting to make sure the club stays in business. I admit they are probably very green, but managers can be replaced, and back team staff can be hired. Probably their next step once they've satisfied all the people they own money to. Without wanting to sound like a happy clapper, its better to have a club struggling at the bottom of the table (for now), than have no club at all.
     
    Dennis and JonButterfield like this.
  3. JonButterfield

    JonButterfield Star Player
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    I'm not surprised they were running at a significant loss.

    They're just one of many teams in the lower leagues who are overachieving former non-leaguers with tiny grounds and a tiny following.

    How do these clubs afford a competitive team with 2,000 fans?

    Something's got to give somewhere, and it's almost certainly going to be the balance sheet.

    In that regard, I don't think Crawley can claim they're underperforming.
     
  4. Bronco

    Bronco Star Player
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    Sacked Kevin Betsy a club in turmoil
     
  5. Edin Nowhere

    Edin Nowhere Impact Sub
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    They took 47 fans to Grimsby on Saturday.

    Even if they suddenly became successful there wouldn't be a change. Like Salford, 107 fans they took to Northampton for what was a 3rd v 5/6th game. What is the end game for these clubs? They aren't going to get any bigger.
     
  6. Fuzzy

    Fuzzy Impact Sub

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    Is anybody still pining for Wagmi to buy us? Matt Etherington has jumped ship after barely a month (3 games) and they've just sold their best player. They're following Oldham and Bury etc down the basket case route.
     
  7. SteveC

    SteveC Squad Player
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    The clueless yanks have sacked Matty Etherington after 32 days in charge as Crawley manager

    Massive bullet dodged, and for all the criticism we’ve all given Rupp over the last few years, he certainly deserves credit for seeing through those shysters and not selling up
     
  8. JonButterfield

    JonButterfield Star Player
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    I'm glad we avoided that bullet, since we already got the Edin Rahic bullet right between the eyes.

    It would have been unfair to get a second helping of massive incompetence.

    Don't forget where we were when Rupp took over.

    We can't laugh at Crawley, we've zero room to gloat.
     
    Bronco likes this.
  9. AngryGaz

    AngryGaz Impact Sub
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    It may still work out for them but sadly I just think it’s another club that will be torn to shred by clueless owners and the poor sods who have followed them for years will be left to pick up the pieces ....................it may happen once in a while. (Bournemouth) but a lot of the time it tends to end up going badly
     
  10. Idlebantam

    Idlebantam Squad Player
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    Said that at the time. I couldn't get my head around why so many fans were all for them and shot fans down like myself who said we had no ambition.
     
  11. AngryGaz

    AngryGaz Impact Sub
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    I think folk just wanted a change until they sussed out what there real issue is ............ they have no feel for the club they probably won’t go near it :( they don’t care about the fans ........... you look at Wrexham I was sceptical about that until I watched the documentary and how much they have thrown themselves into the heart of the community............. in fact for two novices they put a lot of owners to shame :) .......... the way the dealt with the Parkinson situation on the back of Wrexham fans wanting him out put a lot of owners to shame ............ would have been easier to fold under pressure but they stuck with him and I’m sure they will be rewarded with it
     
  12. Fuzzy

    Fuzzy Impact Sub

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    They are utterly screwed, if there's a football club left for Crawley fans to support at the end of the Wagmi era then that's probably the best they can hope for. At the moment all of their attention seems to be on how the footballing side is going tits up but the numbers on the business side look scary.

    Supposedly Wagmi managed to get an initial £18m or $18m war chest but given the presence of 2 venture capital firms in their ownership group it's likely that a large chunk of that money has been borrowed and will have to be paid back. Figures quoted by Wagmi regardig the purchase was £5m for the club and they paid off £2m of existing debt (although it wasn't clear if it was paid off with cash or new debt) and the club was losing £1m a year at the point of purchase.

    The NFT launch sold 10.2k tokens out of 12k and raised £2.9m but not all of that went to CTFC, there was never an announcement of how much made it to Crawley but Wagmi had indicated 50% of the projected proceeds from the 12k tokens would go to cover costs so the net income for the football club was in the range of £1.4m-£1.7m.

    The playing budget has been increased from £1.5m to £3m this year so that accounts for all of the NFT revenue. As far as other income streams go, they gave away the shirt sponsorship to get publicity with an NFT squiggle, the proposed stadium sponsorship from a FTSE100 company has not happened and they've seemingly had a Rahic type effect on the existing sponsors so commercial revenues will almost certainly be reduced.

    Attendances are up 25% from last year but prices were dropped by 30% so that hasn't increased revenue. They were one of the many clubs who had replica kit supply issues and Adidas were one of the named creditors that needed paying from the NFT drop so who knows if they've made any money from kit sales (NB the only item of replica kit currently available from the club shop are kids shorts).

    With all that in mind it's difficult to imagine that the £1m pa deficit has not gone up let alone been reduced and on top of that they've hired loads of new coaching and analytics staff, a CEO/DOF, rented houses for players, improved catering for players, rented new training facilities, pre season tour, set up a B team and sacked a load of managers.

    Then there's all the NFT holders, the 10.2k NFT sales were to 5.6k individuals. Of those 10k NFTs, over 10% had been resold within 3 days of the launch so that's 10% who were purely interested in speculation rather than the project of owning a football club. They recently had their "merch drop" which is when the NFT holders could cash in the original NFT and get the limited edition Adidas kit and their own unique collectible NFT. Now, bearing in mind that this was the big thing and the primary selling point for the NFTs, 1.6k of token holders did not bother to follow through, effectively choosing to write off their investment rather than continue to support the project (this also means that there are probably 2.6k unwanted Wagmi Adidas kits sitting in a warehouse somewhere). Of the 4,000 or so people remaining, nearly 450 have either sold or listed their collectible NFT's in the 3 days since the swap which suggests that you're looking at a maximum of 3,600 NFT still engaged in some way. However, the discord server has fallen from around 50k members with 5k always online to 20k members with 1.7k online (NB online does not necessarily mean active) and the most recent NFT vote that was initiated only attracted 374 votes which all suggests that the engagement with the online community has drastically reduced and it will be a challenge to get them to buy in again for a 2nd season in 6 months time.

    Add to all that Crawley stuff what has happened in the wider crypto market and then on top of that, even in comparison to crypto currencies, the NFT market has been totally obliterated. Just to put it in some context, if we are hugely positive and assume that the crypto and NFT market does not get any worse in 2023 than it currently is and continues at it's current December 2022 level, the projection would be the total global annual sales of new NFTs will be £168m so Wagmi are looking at needing to account for 1.78% of all new NFT sales in 2023 which seems highly unlikely given the state of the football club and the fact that at no point has the value of the existing NFTs ever exceeded the original purchase price.
     
    Craven Koppite and king karl like this.
  13. Fuzzy

    Fuzzy Impact Sub

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  14. king karl

    king karl Administrator
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    It doesn't even bear thinking about , I doubt he would get out of valley parade alive
     
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  15. Wakefield Bantam

    Wakefield Bantam Squad Player

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    Co-chairman in the dug out…. Alarm bells must be ringing for Crawley fans big time!
     
  16. BearBantam

    BearBantam Fringe Player
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    Doesn't look like things are getting any better at Crawley and indications are that co-chairman is getting directly involved in dugout and looking to move some first team players on. So maybe plenty of choice in L2 this January's transfer window, albeit disgruntled ones.
     
  17. Sergio Pinto III

    Sergio Pinto III Squad Player

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    I was rooting for the new owners of Crawley, hoped they did ok. Seem decent lads.....but clearly clueless and out of their depth.

    They they not employ a CEO or DOF with any experience???
     
    Dennis likes this.
  18. Sergio Pinto III

    Sergio Pinto III Squad Player

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    The Netflix documentary should be fun...
     
  19. Offcomedun

    Offcomedun Important Player
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  20. meelin

    meelin Fringe Player

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    Stoneski likes this.

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