David. As someone who might fall within your list of 2014 'incompetents' I feel the need to at least offer some alternative perspective. At that time, the club had a truly hand-to-mouth existence, operating under the clear mandate of all decisions needing to be taken 'at no risk to the Club'. Budgeting was carried out in a fairly rudimentary but prudent manner. But quite simply, cashflow was unable to cope with ill-timed postponements and lower than expected advance season ticket sales. No commercial bridging debt was available without personal guarantees from the Board (and I for one was not prepared to do that as i was acting on a purely voluntary basis out of my passion for the Club). Remember this was a time before the sales of the likes of Matt Grimes and others, which we have all now come accustomed to and which has given the Club its current financial stability and allows us all to think about promotion and possible survival in a higher division (Northampton game aside) while many other clubs genuinely face financial oblivion. Success (and dare I say competence) is measured in different ways and had we not managed to get through these really tricky times, we wouldn't now be having debates about our relationship with the Chiefs and how we might spend any Watkins windfall. It's not a question of whether things should have been done differently but whether they could have been done differently.Although I disagree profoundly with the sentiments expressed by Danny in his OP, I don't disagree with his sentiment that along the way in the Trust ownership period there have been 'incompetents'. No, I am not going to name names, but you only have to study the events of 2014 to know that the statement has more than a scintilla of truth. It would be foolish to say that the move from private to Trust ownership has been a seamless progress, in fact it's been anything but. Where the strength of the Trust ownership lies is in the corporate decision making being subject to checks and balances. The downside of this, and it's something that has been levelled at the Trust model since its inception, is that changing direction is somewhat akin to the change of direction of a supertanker. I don't imagine that the Exeter Trust model as it stands is the finished product ( I hope not anyway) as there are several areas where it is unresponsive and sometimes too slow to respond. However, given the choice between an outside investor and the Trust model as it stands I'll willingly settle for the latter.