Milne Backs McCarthy at AGM Wednesday, 21st Dec 2016 23:29 Town boss Mick McCarthy received the firm backing of managing director Ian Milne as well as several, although by no means all, shareholders at this evening’s PLC AGM held in the Sir Bobby Robson Suite at Portman Road. Just over 100 shareholders attended the meeting, which TWTD liveblogged here. While several of those present expressed their support for McCarthy during a question and answer session, a similar number were critical of the Blues boss during a frustrated rather than tetchy evening. “I think it was understandable, the criticism and the concern but I was particularly pleased with the support for Mick, they understand what he’s trying to do,” Milne said afterwards. “We all know we’re going through a difficult time with the team. The players are giving 100 per cent, but it’s just not clicking. "We’re not playing the way we want to be playing and we know we can play, in a better quality way. “The Wigan result wasn’t the greatest performance but we won, with some luck, and we’ve got to keep pushing on, looking at the transfer window, as Mick has said. Marcus and Mick are going to go again, funds are available for the right player.” Milne reiterated that McCarthy’s job is not in question: “Mick’s going nowhere as far as I’m concerned." Speaking at the start of the meeting the Blues MD outlined owner Marcus Evans’s current approach to competing in a Championship in which relegated former Premier League sides with parachute payments have a significant financial advantage. He says Town need to maintain a steady level of investment while building a strong academy which will provide players for the first team, continue to make astute signings of young players such as Grant Ward and Adam Webster, and maintain a competitive wage structure. He says McCarthy and Evans regularly liaise on potential additions to the squad: “Marcus and Mick have weekly review discussions where they go through things in depth, player by player, they look at up and coming academy players. They look at what’s out there in the market that they may want to go for. “They talk about budgets for players and all the rest of it. It’s quite a lengthy discussion every week.” The financial highlights for the year to June 2016 released yesterday showed the Blues made a £6.6 million loss, while the wage bill was £16.57 million, up from £15.97 million during the previous season. “There are clubs who are putting similar investment in,” Milne added. “Although Wigan have got £16 million in parachute payments they're paying more or less the same salaries as we are. And perhaps they’re not getting the value for them that we are. “But there are other clubs that are investing the same money and are following Financial Fair Play. Although we’re not breaching it we’re right up there with it and that’s why we’ve got a £6.6 million loss.” Town’s debt, which is almost wholly owed to owner Marcus Evans, now stands at £86.51 million but Milne says there is no expectation of it being paid back. “I suspect the only time that he would want to get some payback is in the Premier League,” he continued. “But he doesn’t want any payment, there’s been no mention at all, no discussion, nothing about repayment of that at all.” This year’s financial highlights actually showed that the debt dropped from £87.19 million the previous year This was largely due to £1.4 million - an instalment of the Tyrone Mings transfer fee - moving from Town to another company in the Evans group which is there to provide funds to companies elsewhere in the group, including the Blues, as and when they need them. Similarly, when a company such as Town has surplus funds they're moved to that other company in order to get the best interest rate. Town have drawn back funds in the months since the end of the last financial year. The financial highlights showed profits from the disposal of players to have been £603,000 last season, which related to a £500,000 top-up when Aaron Cresswell hit an appearance milestone with West Ham - Town receive £500,000 every time he makes another 30 league appearances up to a set level - and also smaller top-ups for other players, as well as a fee for Jonny Parr when he joined Norwegian side Strømsgodset. The subject of Premier League parachute payments and the way they are currently skewing the Championship towards the recently relegated clubs came up on a number of occasions during the AGM with Milne believing the situation could ultimately lead to a “franchise league” with the same teams regularly going up and down. He believes the situation can’t remain the same and wouldn’t be averse to a Premier League second division in order to level the playing field, a view he says some other Championship clubs also hold. “I’ve been saying for quite a number of years, and so have a number of clubs, that we need a different architecture,” he said. “I feel we should discuss it with the Football League, we should discuss it with the FA. It really has got to come from the owners and Marcus really is thinking about this. “I know other owners do want to talk about this. They’re not prepared to continue to put this sort of amount of money into it without really getting a better share of the media money. You’ll have seen the figures of the international rights and all the rest of it. “We know this is a very competitive league, it’s a highly watchable league, I think it’s more exciting than a lot of Premier League matches. “But there is such a financial disparity between those teams at the top and the rest. And to be fair I think the Football League can’t cater to three masters, the Championship, League One and League Two. They’ve different animals. “Something’s going to give. I’m saying that and I’m convincing Marcus that’s how it is and he doesn’t disagree with me. “I’m talking to every owner that’s prepared to listen to me on this and quite a few are.” Meanwhile, Milne said he feels for loan midfielder Jonny Williams, who will be out for 12 weeks having undergone shoulder surgery earlier today. “He’s had such bad luck. I understand that he will be doing all his rehab here,” he said. The season-long loan agreement with Crystal Palace means Town don’t pay a penny of the Wales international’s wages while he’s out injured and it’s likely the Blues will look for a replacement while the 23-year-old spends his latest spell on the sidelines.
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