Cambridge United held their General meeting yesterday. Full story see below:

No questions were raised regarding the club's financial accounts. Renford Sargent and Jez George were both voted in to remain as directors of the football club.

The following special resolution was passed by the shareholders. "To allow shares to be transferred, subject to board approval and to the board being able to buy shares back at their sold value in future. Where shares are transferred between existing shareholders at existing value, the board may approve the transfer. However if approval is not granted the board will not exercise its pre-emptive right of acquisition of those shares."

Business year to date

Initially this year's playing budget was the same as last year's. Extra budget was then allowed for developmental contracts to scholars outside of the initial budget, and for a new first team coach.

Gate money has decreased due to a lack of on-field success and the economic condition. The newly announced stadium sponsorship deal with R Costings will not affect the financial accounts until next year.

The playing budget must be brought back into order. The projected playing losses this season are £170,000. This will be covered by director's input.

The playing budget that got the club to Wembley, thought to be the second highest in the division that season, would not appear in the top five budgets of this season. The club cannot compete with such budgets. The days of the club spending in the hope of success are now over.

Youth and Trust update

The funding difficulties surrounding Youth Development are well documented. This forces those involved to be bloody minded and determined to overcome them, rather than using them as an excuse for failure.

Cambridge United Youth Development is now Cambridge United Youth and Community Trust. This gained charitable status in the summer, allowing it to benefit from gift aid and grants.

The ladder from first team players down to Development Centres and the new sport and recreation community initiative was explained. Centre of Excellence sides are facing their equivalents from Football League sides on a regular basis, most recently QPR. The oldest players to have been with the club since the system was opened (Under 13s) are as strong as anyone they come up against, regardless of the level. This underpins everything the Trust does. The Trust will provide a vital role in the club's new ground.

By the end of the academic year 2,500 children will have been involved in the sport and recreation scheme. In three years this figure will hopefully be 10,000. The aim is to scout players who may end up in the first team and to produce the fanbase of the future.

New stadium

It looks likely that the club will be at The Costings Abbey Stadium for at least another six years. It appears that Marshalls is the most popular site of those mentioned by Grosvenor.

There is a meeting this week with Grosvenor. It is hoped they may be kind in discussions with future rent levels and maybe even investment in the club.

It is hoped that the new ground will be distinctive and not like other new grounds. The inclusion of the club, fan groups, Cambs FA and others can all lead to the creation of a facility to be proud of. Cambridge United will be its centre piece.

Maintenance and volunteers

Colin Proctor has been on the club site virtually daily for the last six years. Ian Darler and Mike Brown are deserving of enormous credit for the work they do on the pitch and other jobs around the ground. At least three days a week they are aided by a team of four volunteers. It is estimated that over 200 tonnes of snow was cleared from the pitch to allow the recent home game with Mansfield to take place.

Anyone who may be able to volunteer at the club is encouraged to offer their services as there is always something that needs doing.

The way forward

The club is up for sale as the money required to be able to compete is too great. Losses are budgeted for at other clubs of up to £1m. Some are holding onto their days as a Football league club. Despite the will to get to that level, the club cannot act as if this is the case.

Income is projected to be significantly lower next year; consequently so will the playing budget. It is hoped losses will be down to below a six figure level. Newport and Wimbledon are examples of those who have an infectious atmosphere and spirit to carry them forward, leading to overachievement. The club must aim to do the same.

Assuming there is no "sugar daddy" out there, a realistic budget must be constructed. Hopefully this can lead to a rise to League Two and beyond, but the club cannot spend its way to success. The club tried twice, and failed. Those days are now over.

The club's board intends to stay around at the club. There are plenty of positives at the club, such as commercially or with the Youth Development. The club just needs to get it right with the first team.

This brought the "formal" matters of the evening to a close. The floor was then opened to questions from the shareholders. A summary will follow in a subsequent article.

Source: www.cambridge-united.co.uk