I'm not quite sure what the need for a new badge is. Have we kept the motto? Maybe the club felt that Nil Satis Nisi Optimum was no longer relevant? From the OS "Mr. Kelly chose to include the laurels, as they were the signs of winners in classical times". So removing the laurels and the banner would suggest that we're lowering our expectations.
Visually it doesn't work but it's difficult to put my finger on why. Maybe because the beacon is a different colour to the text it doesn't tie together well? It does somehow seem to be simplified and lacking in intricacy too.