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Amazing news! Although do spare a thought for the many small hotel creditors who achieve a significantly worse result, a lot of them are fans too.

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8 minutes ago, Okocha10 said:

I've just been told the hotel staff have been due to been paid on Friday, never this Wednesday. This off someone who works at the hotel, they get paid every last Friday of the month

That would require BACS payments to be submitted today.

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3 minutes ago, leadfrog1 said:

Since we've not seen the accounts for last year or even the year before, we'll probably never know, but from the looks of it what he's been doing is, selling assets such as Holding, Clough and Madine, taking the money gained from these sales directly and then loaning the equivalent back to the club plus any extra to cover losses/ cashflow. I would assume he has done the same with the loans hes gotten from the EDT. Maybe I'm just taking out my ass. (for legal purposes: this is only speculation and not to be taken as fact)

Well that would be very naughty indeed, for example if EDT loaned him £3M but only £2.5M made it to the club, who picks up the shortfall?

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I suppose the question is how much did EDT loan KA and how much made it to the club.

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Lovell Sports Ltd Registered Address is the same as Sports Direct

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1 hour ago, Benny The Ball said:

Yes I totally get that its all perfectly clear 

But you asked me what do you perceive the admins have done wrong? I really would be interested to know what it is you think they have done  wrong - and I have told you - and in my opinion its a major issue and not something to be brushed aside just because there were no other bids 

The administrators  should have carefully reviewed where they were at with only the FV bid on the table  and if viable 

- extended the bidding deadline and re advertised  or 

- jointly marketed the club and the hotel and worked with the hotel administrators 

- recognised that having a separate administrator for the hotel with a later bid deadline presented spoiling opportunities 

To just accept the only bid going on a wing and a prayer is  in part what has led us to where we are 

I think its important that you separate out the lack of bidders from the performance of the administrators 

I  accept the club might be liquidated  , I would have accepted that 2 months ago 

Whether other bidders would have come forward pre season we shall never know , whether other bidders are out there we shall possibly find out in the next 24 hours depending how things unravel 

 

 

 

 

 

Also to include, how intense was the ‘marketing’ phase if it only delivered one bidder? 

How much did the £25k (non returnable) fee put bidders off?

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3 hours ago, Escobarp said:

Nonsense utter horseshit in fact 

explain how you come to that conclusion? 

I’m eager to find out which farm animals shit you will refer to next.

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1 minute ago, Escobarp said:

Bullshit 

Sorry, that’s just what I have surmised from Iles’ tweets as that’s the only relationship between the two parties, fiscally. Thanks though for the (as ever) valid input.

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So it looks like KA doesn’t trust EDT to waive part/all of the £5M he owes them.

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3 hours ago, leebwfc said:

What would a lot of attention resulted in? 

Possibly a Direct Message, Lee.

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24 minutes ago, leebwfc said:

Just enough attention to read them, quote them and comment on them though., unfortunately

 

Little being greater than none, of course.

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3 hours ago, bwfcfan5 said:

Ken appointed Quantuma he has known full well the other interest in hotel for a long time. I’m pretty sure this isn’t about that. Ken pushed for and agreed deal. Then reneged - and from what I’m told it’s not even over money. It seems like deliberate time wasting. Ken’s last revenge. But time will tell fully what game is being played and why.

 

Thank you for this, unfortunately I, like many others, pay little attention to your comments.

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10 minutes ago, Benny The Ball said:

So are we saying KA becomes aware that he gets more cash out more quickly by backing Kamani Bid . 

Hotel Administrator supports FV bid 

KA Refuses to sign S&P agreement to FV 

In which case hotel administrator is not so much left holding the shitty end of the stick , he is left holding a stick with both ends very shitty because either / or  KA and MJ ( via PBP ) could try and bring an action against him depending on which bid he supports  ? Hence why he ( the administrator ) went to court . 

 

 

Yes, and I think Nixon’s tweets allude to this. 

Administrator went to court to get legal protection for accepting a ‘lower’ bid. 

KA potentially agreed to FV deal until he discovered the value of the Kamani bid, at which point he (maybe even rightly) reneged.

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Assume Kamani’s were able to make KA aware of their bid structure. The legal process in midweek suggests one of the administrators needs protection against possible recourse.

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Jack Sullivan new manager

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2 hours ago, Benny The Ball said:

 

I am trying to get my head around how you see ownership of the hotel making  such a significant difference to the cash flow of FV , that can be compensated for by " funding Support " from Kamanis to enable FV to buy the club  ?

Is it that straight forward ? 

I cannot see such an arrangement suiting either party 

 

 

What level of cash (profit) do you see the hotel generating per annum, factoring in the increased staff levels vs removing Heathcote? 

The value is probably significant to FV, but less so to Kamani’s if they have significant plans for the hotel (think Hotel Football). 

Paying FV a sum close to FV’s anticipated profit level for the hotel would be relatively good business if it concurrently delivered success for the football side. 

As a comparison, Telford Utd ran a very successful adjoining hotel.

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7 minutes ago, Casino said:

Damocles, I've thought for a bit you may have a brother who was once prolific on here....

 

Anyway, FV can't run the football without the hotel

So what's in it for them to accept funding from Kamanis

Because deep down in all of this must lie an exit situation for them, this presumably is/was PL promotion, that can’t have changed. 

The hotel for me was the only way of them being able to afford to chase the above, if the Kamani’s offered funding then both parties could have a 5-7 year plan that is geared toward an exit upon PL promotion.

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I do not think anybody is in this to liquidate the club and sell the land. 

I suspect Kamani’s will get the hotel and may provide some funding support to FV in buying the club.

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21 minutes ago, Carlos said:

Tens of thousands of people play the game without a contract. You get injured then you don't play until you are fit. You probably aren't going to get Lionel Messi but it's got to be better than putting a load of 16 year old kids in the line of fire.

Those people referenced don’t rely on it for their income though? 

People have said about non-contract or pay-as-you-play but getting injured on these deals could stop you earning for goodness knows how long and without access to professional rehabilitation etc. 

 

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15 minutes ago, bwfcfan5 said:

Yep its a good point. But if they are a free transfer and aren't playing they could get injured in training tomorrow. And be in same boat. There is a risk there but I'd have thought better to take an offer than risk not going anywhere?

I think the risk is the increased chance of getting injured when parachuted in to a game (Does anybody remember Juergen Sommer) without the necessary preparations and, in all likelihood, without any guarantee of on-going payment or insurance if we were to fold. 

Semi-pro’s would be the way but how does that affect squad registration numbers?

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Just now, bwfcfan5 said:

If they are on a free what have they got to lose to signing a short term deal? I understand loans won't want to come but surely frees have nowt to lose. If we disappear they can sign somewhere else. 

And if they got injured?

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50 minutes ago, Danny G said:

What is £25k when the purchase cost is £25million?

The data room fee was put in place to try and deter tyre kickers and speed up the sale process. Neither worked like. 

Maybe they paid in instalments 

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1 minute ago, bwfcfan5 said:

I think that is highly, highly unlikely. They are hell bent on recovering their debt not adding to it. 

I'd also question what the rules the trustees are acting under - I very much doubt they have scope to fund a club in administration given their recent behavior.

But as @Benny The Ball says, in liquidation they stand to lose everything. The net cost at present must be relatively low as most costs are attributed to wages.

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40 minutes ago, Benny The Ball said:

 

 

 

I think in light of last nights statement it is important to keep in mind which of the protagonists stands to lose the most - and how they are most likely to react . 

Lets assume the worst case scenario where Boohoo acquire the Hotel and are not Interested in the Football Club,  and as a consequence  FV cannot buy the football club on its own , as they needed the hotel to as part of their business model to raise the necessary funding to move forward 

So this morning Keir Gordon of Charles Russell Speechlys ( AKA Eddie Davies  Trustee AKA Fildraw AKA Moonshift ) has a difficult decision to contemplate 

If we as supporters face potentially  losing our football club he faces potentially his client losing rather a lot of money as his security is on the stadium and land ( and not the hotel ) and in a liquidation scenario its worth far less than the charge he has outstanding on it. 

So what will he do ?

Does he support FV and agree to help them acquire the Hotel so they can complete on the deal by somehow agreeing to accept a lesser amount than is actually due going forward ( ie something is better than nothing )  ?  Perhaps FV could find the money if they had to - but maybe this scenario plays into their hands ?

Does he move on from FV and  talk to Bassini and try to do a deal with him so that Bassini gets the club and his client gets paid out in full ? or Could there be another interested party out there that he can talk to ? 

Does he do nothing and let matters run their course ? With the possibility that on his watch Eddie Davies trust let Eddies beloved BWFC die ?  

Those to my mind are the options he faces and where I think the decisions will be made that will or wont save BWFC 

 

They could choose to fund administration whilst a new buyer is sought too.

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1 minute ago, Hoppy510 said:

Not sure I'm following that. Are you saying that buying the club cheap without the hotel would create a situation where a fan owned club could be sustainable?

In that stadium? With someone else's hotel in it? I'd have thought that merely maintaining the infrastructure would eat up all income. I suppose the fans could bring some white emulsion and a roller to every home game or offer their trade services for free and do a bit of maintenance before matches as they do at Wimbledon. What model do you have in mind?

I thought Bassini brought the ‘Rollers’ to games?