This Conway Out Group is a Hoax

Can I just check, are you just wanting Conway out, PMG out or the entire board? Cos it sounds like your gripe lays solely with Conway.

 

Conway is the public face. I don't think these owners are going to change their minds on how they operate and what they want from acquiring the club. They're running all the others in the exact same way. After learning that there is another £2 million plus to come out of the club to pay the purchase price I want them gone, no trust left I'm afraid.

 

Everything you have just stated as reasons people may have concerns about the group were all done by one individual, who used an alias (reason unknown) and basically went totally off-script. The individual was removed.

 

Just a thought here....

If this facebook group is failing in credibility and people are suggesting that there isn't a robust agreed objective that is something more than blood letting, let alone planned activities.... how about an alternative approach is laid out and taken forward?

There are numerous people from the trust on here. There are people with a varied group of skills in finance, law, commerce, property, marketing and comms and plenty of people who are pretty miffed at whats going on and are starting to perceive that something needs to be done but don't know what.

So maybe, create a plan of attack thats either done by the trust or ratified and approved by the Trust and go from there. If in that time the facebook group looks to be more professional and there is groundswell of support to swing behind a Trust (or endorsed) plan, then great stuff, if not, there are many other ways to communicate and generate awareness of what is going on, why its important and the danger of allowing it to continue.

I'm not on facebook, and have no desire to frequent such a cesspit, but I'll give some credit for a few people trying to do something, even if its been infiltrated by an idiot or two, or has got off on the wrong foot or is just really disorganised.

It's up to each person to choose to do something or choose not to.

 

Is this the exact same situation as the £750k? So they used £750k of club money to pay for their stake in the club, and are now planning on doing the same with the £2.75m that is still outstanding?

 

yes

 

Crikey! (and thanks!)

 

I'm crap at accounting, but how did the purchase of the club work? Did they essentially 'buy' it using the equivalent of a loan, and then use club money to contribute to the repayment? Sorry for all the Qs

 

But what will the proposal be? Unless somebody has £50m burning hole in their pocket to pay for the club and fund it for a number years, what is any group going to do? Offer to run the club for them?

 

So Conway resigns and we’re still owned by Chein Lee et al. What difference is that going to make?

 

You tell me. What do you want to happen?

 

You and me both i hope this luke bloke delivers and the man who he cant name takes over. I was more meaning it is desperate stuff.

 

£6.2m upfront to repay Patrick’s loans outstanding at the time of purchase plus £5m pa over the next five years.

Broadly £5m was the cash on balance sheet at the time and i believe the objective was for the purchasers to return that value to the previous owners but keep the cash in the football club with the deferred monies coming from the new owners.

The initial payment to Oakwell Holdings was £7.2m with another £4m to pay at £1m pa.

The £4m has been negotiated down to £3.5m with £750k being paid in 2020. There is another £2.75m still outstanding.

 

It'd be great if there was a buyer that had the finances and also the interests of the club at heart. But whether that person exists is another matter.

If not, then I can't see an approach of "let us run your business" going down too well.

The main thing I want to see is the 750k gate and ownership dispute resolved. I can't see any progress for the club until that is done.

 

Thanks very much for this.

 

If the investor is '"He-Who-Must-Not-Be-Named", what does that make Paul Conway, Harry Potter?

 

There you go.... so how do we do that?

 

I’m as jealous of this as you are of everyone who’s been involved in the vaccine roll out. As if you can’t believe you haven’t been begged to lead it instead of lowly volunteers and NHS workers.

I could be wrong of course but that’s the impression I get from looking through your past posts. There’s definitely an undercurrent of jealousy and entitlement in them.

**To be clear: I don’t care whether you want to be vaccinated or not but you seem to be completely against them so you should be able to relate to the point that thinking something is untrustworthy doesn’t mean you are jealous and want to be the face of it. It generally means the exact opposite - that you want nothing to do with it and don’t understand why anyone else trusts it and defends it so strenuously.

 

The first part was paid for from their investment vehicle upfront. A further 6 million was due if we retained championship status or got it back within a certain timeframe. They then proposed to lessen this to £3.5 regardless of divisional status ( when we looked like getting promoted under Daniel) and the first instalment was paid from club money. If you look at @Sheriff post he goes into a lot more detail, and I hope I've summed it up correctly.Happy to be corrected by anyone if I haven't. Oh, and the legal fees from them still not paying the outstanding money are coming from the club as well, just to add insult to injury!

Edit, should have read all the posts as it's already been explained!

 

Thanks Helen, that's really helpful I did read Sheriff's excellent summary after i asked Archerfield the question, and then I felt a bit daft. But your summary makes it even easier to understand for a non-finance person like me.