Read loads if comments regarding the board on social media, some I agree with, some I don’t. Some are constructive, some are just stupid and some are telling the board to go. So my question is this, if the board issued a statement that after today they were off, leaving, adios, what the hell would we do??
As fans we'd have to find something else to moan about because the club would, in all likelihood, probably die a slow lingering death, in the absence of anyone wanting to buy us.....particularly in this covid rich climate.
I don't understand this sentiment that dreadfully inept owners are the only people who can possibly own us and we should be thankful. These owners will only get crowbarred out through a legal order or a massively over the odds acquisition. There are people out there who are still wanting to own football clubs. Its still more attractive to start with a solvent balance sheet of a Championship club than to acquire the accumulated debt of some of the other clubs around us.
Chicken and Egg .......... they would only announce such IF they had sold. My gut feeling currently is that the new owners couldn't be any worse? Or could they? I don't know any more .......
Out of curiosity what would happen if they refuse to or they haven't got the available funds to pay the instalments they agreed to. i presume they have already defaulted that's why its at court obviously it can go on forever non payment. this happened well before covid and the allegedly ground argument. how much have they actually paid ,a down payment and 1 or no payments at all of the five instalments agreed in payment structure ? although the Crynes said they asked for a extension of that payment schedule in there statement what happens, any legal eagles on here if they cant come to a agreement which looks to be the case here. The Crynes i presume don't want ownership of the the club back the courts can force them to put the club up for sale at the original sale price ? so the full payment for the Crynes can be met or both parties agree to put the club back on the market at a agreed price ? but in the second scenario the investors value i presume would be vastly different to the Crynes number
I suspect it would be similar to Blackpool that a football debt hadn't been satisfied. The owners would be instructed to pay the necessary balance and I suspect costs and maybe even some form of agreed damages. If failed to do that, I believe UK assets could be seized and sold/ awarded to offset that debt. Someone of legal knowledge can go into more detail, but unless the billionaires literally don't have a cracker to their name, I suspect they'd find the money rather than lose their £8m investment.
where's the 16 million come from i thought it was a down payment of something like 4 + million and 4 or 5 instalments of a around a million ? are you surprised they haven't or do you the think the Crynes would/will offer to sell the 20 % to a supporters club based group at some point. obviously that percentage isn't enough to make there decisions final or have controlling vote but at least it would give fans a seat at the table and make it feel like they are part of the club
The greatest asset we have is our share in the football league. We would also have players (yes I know but some of them are worth something), the goodwill of the fans and the share (or potential share) of the stadium and grounds, the club shop stock and the community VW Polo (LoL) Hard to ascribe a value but there is no way nobody else would want it. As a guide we know the value paid by the board but consider it wasnt an arms length transaction. It came with James Cryne on the board and having 20%. A lot of potential owners might have been put off by that. I think a better comparison is the money the Man Utd lads are sinking/have sunk into Salford United to even get them in the league. Also Mandaric felt it was worth spending £28 million on a CVA and clearly football debts to get hold of Wednesday, a tier two club with a decaying stadium, admittedly with a bigger fanbase. I would also look at MK Dons. The owner of Wimbledon just bought it for its share in the league then set about finding a demographic without a club (glad that's kinda backfired BTW)
Could you explain where the £16m comes from? Based on the previous transaction the current owners paid significantly less for a club with far more cash. The club (80%) was bought last time for the repayment of Patrick’s loans of £6.3 and £1m pa over five years. This bought a club with £5m on balance sheet. Deducting the cash balance would suggest that the actual value was pretty negligible. This is also reflected in Oakwell holdings’ accounts which places a value of £2m in their accounts of their 20% holding in a business which had £5m of cash on balance sheet. Excluding the ground, which the current owners do not own, would suggest that a purchase price closer to £5m would be closer to the valuation approach taken previously.
We'd get new owners. And if the current board couldn't find a buyer then they'd carry on as Patrick did and as Mike Ashley is doing because they'd be stupid to run it into the ground as they'd lose money on their investment. So it wouldn't be the end of the world if we were put up for sale.
Footballing debts dont have a legal basis in insolvency legislation. It is just league rules that states football debts must be settled in full to allow the club to continue in the league. Nobody has not paid them to my knowledge so unclear what would happen if they didn't pay them. The league don't seem to be in a hurry to force the issue with Wigan. I'm not sure the instalments being disputed in court would count as football-related debts. They aren't due to playing/coaching staff or other clubs. Nuclear option: If the Crynes won and the new owners refused to pay, the Crynes could issue a statutory demand for payment and after 28 days petition to wind the club company up in the High Court. The Club could prevent that by going into administration. At that point what happens to the club is down to the Administrator who would be under a duty to maximise a return to creditors. That often involves a pre-packed buy out by the existing owners.
So they got the club for around 5 million correct wow. bit stunned at that just about gave it away ,although suppose they didn't have much of a choice in the circumstances
We could end up similar to Wigan whereby the owner was so desperate to get rid he sold to first interested Person who hadn’t a clue what he was doing . I wouldn’t rely on the EFLs fit and proper persons clause even now , money overides any morals they have .
