Bits & Bobs
- Thread starter mab
- Start date
I think it will come out in the fullness of time it was when due diligence went ahead ....... and all the skeletons fell out of the cupboard.
The other way round actually they pulled out when they were told what the price would be to buy a league one club as opposed to the championship one that they thought they would be buying and the administrators are desperate to do a deal before the hearing in case it all goes tits up.
The preferred bidders asked for a price for each scenario and didnt like the answer they got if it was to be for a league one club.
The administrators would rather agree on a price that would apply whichever league they end up in.
Believe they're now going to do it by a sealed bid auction and on that basis already one of the remaining six has pulled out refusing to bid for something they might not end up getting.
The word is the preferred bidder wasn't the Rugby club as they would probably be the safest option but their bid compared to some of the others is pretty low. But it's very difficult for administrators to see much beyond the highest bidders however good some of the lower bidders would appear to be.
and thats the problem in how low the game has decended over the years. its all about the money and shortly there will be no fans or supporters, they will be called customers. all clubs need money like they all have, but its slowly getting to the point where the issue of the balance sheet at clubs will have more interest than the player retained list.
On the other hand, every £ the administrators don't bring in if they accept a lower bid is a £ that doesn't go to the small local traders owed money by the club, who come last on the list when non-football debts are partially settled
.Well that’s not the official line.
Non compliance with stage one exclusivity.
Money could not be proven to be lodged with Solicitors and £100k non returnable bond not paid.
I was told reason for that was thr need for due diligence first.
On the other hand, every £ the administrators don't bring in if they accept a lower bid is a £ that doesn't go to the small local traders owed money by the club, who come last on the list when non-football debts are partially settled
thats the main problem. however knowing football clubs finances i for one would not supply em with anything once a club missed a payment to me. its not just those who go into administration that are slow or never payers by a long means.
Well of course they wernt going to pay a 100k non refundable deposit when a purchase price hasnt been agreed in the case of it being a League one club theyre buying.
They were the preffered bidders because their offer to buy it as a championship club was the best on the table but their valuation of it as a League one club is a long way short of the administrators.
Whereas the bid from the Rugby club is a lot less for the championship club but a lot nearer the administrators value of it as a league one outfit.
However apparently over the weekend talks reopened with the original prefered bidders.
Krasner does things by the book. Make an offer then show me the money by lodging in Escrow account with Legal Representatives.
Pay the non returnable bond - demonstrates commitment.
By the way I know of one bidder whose offer was turned down and has lost his bond.
That's how insolvency works.
Pay the non returnable bond - demonstrates commitment.
By the way I know of one bidder whose offer was turned down and has lost his bond.
That's how insolvency works.
Any transfer rumours ..?
Heard a whisper that we my fancy the Keeper Adam Federici.
Heard a whisper that we my fancy the Keeper Adam Federici.
That was on the the EFL hub twitter site spews rumours out all day long, wouldn't read too much into it myself.
In Bury FC,s case a bit different I know Dale put the business into a CVA and upto the deadline date there were apparently 4 different bidders wanting to buy Bury, I think Dale somehow playing the game turned one down stating he preferred another but EFL said time ran out and rest is history. The ironic thing is there is now a phoenix Bury in the lower leagues and the national League is contemplating allowing Dale and Bury FC back in strange insolvency there.I think that a lot of dodgy dealings go on somewhere especially when it concerns large amounts of money. Administration team at Wigan now saying Paul Cook is an asset and trying to block his resignation.
They should be holding out for compo for Cook as it is their job and clearly someone wants him, and he has 2 years left so it will be significant. If they don't pay him then he has a case for walking due to breach of contract.
Dont do Twitter - heard it elsewhere.
Don’t get me going about Bury.
My Firm represented a potential buyer who put a bid in.
Due diligence was horrific.
Offer withdrawn.
now newcastle fans are waking up this morning and realizing their new takeover is no more. foreign investors again. if it wasn,t so serious it would be funny.
Well people need to make their mind up.
Demands for scrupulous fit and proper persons tests demanded and that's what's done for this deal.
How can you have a club owner involved in the illegal streaming of football across the globe ?