Take Over

[Leyther_Matt]

1 minute ago, radcliffewhite1 said:

Sorry if someone’s posted can’t be arsed going back 

BEN says gillingham & Bradford not effected so there must be funds to keep going? 

I think they're merely saying that the games haven't automatically been postponed because of the suspension.

Whether we have the cash to fulfil the fixtures is something we'll inevitably find out when the team coach is due to leave on Friday.

[radcliffe white]

1 minute ago, Leyther_Matt said:

I think they're merely saying that the games haven't automatically been postponed because of the suspension.

Whether we have the cash to fulfil the fixtures is something we'll inevitably find out when the team coach is due to leave on Friday.

Yeah point,

keeping positive of an announcement later to confirm all done 

[TM Trotter]

56 minutes ago, SilentBob said:

Agreed, 100%. I do have a bit of a problem with the admins being so tunnel visioned on FV, but again, we don't know what other bidders have come and gone. Or how many are completely fictional. 

I suppose my main issue is that they haven't seemingly put any public pressure on and don't care when it's done. They only put out a statement about liquidation after EFL gave us an ultimatum. 

FV deserve a lot of credit for sticking around for so long, but also can't help but feel dragging it on for over 2 months isn't the way you want to go about taking over. Doesn't exactly inspire confidence. 

You do realise how long a football club takeover from administration typically takes, don't you? 

Leicester City were in admin for 18 months once upon a time. Palace were in admin for 6 months. Coventry four. Portsmouth were in administration for about 2 years! The most recent English football administration, Aldershot Town, took over a year.

Without understanding every individual circumstance, they were able to turn up, play and compete, as they still had senior players under contract, and clearly, had proof of funds to run the club. Neither Bolton nor Bury have been able to satisfy both of those criteria. 

The fact that we're even close to finalisation after two months is nothing short of impressive. But then, many within our fanbase simply don't look at it like that - they seem to expect the fabled magic money tree to make these problems go away, then cob up if the club charges £24 for a ticket. 

[SalfordOriginal]

1 hour ago, Burndens Bogs said:

Imo FV fully deserve the club +hotel, if they can get the deal over the line.

The last thing we need is a late bidder complicating things - time is of the essence for us.

How would another bid resolve the issue between EDT & Anderson?  Its not that FV dont want to complete or that their bid hasn't been accepted.  Surely a 2nd bid would hit the same problem, unless they want to pay an extra £7.5m

[Tombwfc]

1 minute ago, SalfordOriginal said:

How would another bid resolve the issue between EDT & Anderson?  Its not that FV dont want to complete or that their bid hasn't been accepted.  Surely a 2nd bid would hit the same problem, unless they want to pay an extra £7.5m

 

As per Nixon, the second bidder would pay the secured creditors in full, so Ken would have no leverage to make demands of EDT.

FV's bid involves getting creditors to agree to structured payments (and possibly for less overall) and so that's why there is room for this pissing about.

[Mounts Kipper]

4 minutes ago, SalfordOriginal said:

How would another bid resolve the issue between EDT & Anderson?  Its not that FV dont want to complete or that their bid hasn't been accepted.  Surely a 2nd bid would hit the same problem, unless they want to pay an extra £7.5m

I have to agree, that is why I cannot see any deal going through.

[bwfcfan5]

Just now, Tombwfc said:

 

As per Nixon, the second bidder would pay the secured creditors in full, so Ken would have no leverage to make demands of EDT.

FV's bid involves getting creditors to agree to structured payments (and possibly for less overall) and so that's why there is room for this pissing about.

They would pay off secured creditors in full (or he says nearly) on the hotel but not necessarily the club. 

Which would open a whole new can of worms. 

[Matty]

Deal to be announced at 5pm. Just not sure of the day yet.

Surely, no news is good news at the moment?

[L/H White]

Nice gesture, if we had season tickets 

 

 

[Mounts Kipper]

1 minute ago, L/H White said:

Nice gesture, if we had season tickets 

 

 

See if they will accept your Salford City or Liverpool one.

[Boothy]

Just now, L/H White said:

Nice gesture, if we had season tickets 

 

 

Rather poke my eyes out

[gregbwfc]

1 minute ago, Matty said:

Deal to be announced at 5pm. Just not sure of the day yet.

Surely, no news is good news at the moment?

Normally, that's the case but in this instance, I'm getting the sinking feeling that it's not.

Heartened that they haven't started liquidating us yet but was hoping for some more positive info to come out by now.

[Guest]

4 minutes ago, L/H White said:

Nice gesture, if we had season tickets 

 

 

Sweet of them, but 

[Burndens Bogs]

17 minutes ago, SalfordOriginal said:

How would another bid resolve the issue between EDT & Anderson?  

I never said it would.

Going back to the Bury "deal" falling through -as far as i can see there never was a "deal" - An interested party looked at them, said "No thanks" and that was it,no HoT's signed or anything.

Bury were saying they had other bidders last night, but they were more than likely just enquiries.

In truth, Bury were months behind were we are now and were trying to play for more time, they haven't fullfilled a single fixture this season and ticket sales for their upcoming game with Donny had been suspended.

The EFL didn't have much choice but to eliminate them from the league.

Very sad indeed.

Edited August 28, 2019 by Burndens Bogs

[SilentBob]

14 minutes ago, TM Trotter said:

You do realise how long a football club takeover from administration typically takes, don't you? 

Leicester City were in admin for 18 months once upon a time. Palace were in admin for 6 months. Coventry four. Portsmouth were in administration for about 2 years! The most recent English football administration, Aldershot Town, took over a year.

Without understanding every individual circumstance, they were able to turn up, play and compete, as they still had senior players under contract, and clearly, had proof of funds to run the club. Neither Bolton nor Bury have been able to satisfy both of those criteria. 

The fact that we're even close to finalisation after two months is nothing short of impressive. But then, many within our fanbase simply don't look at it like that - they seem to expect the fabled magic money tree to make these problems go away, then cob up if the club charges £24 for a ticket. 

It's a fair point, but we didn't set the time scales, the admins did. 

If they came in and said we'd hope to get it done within 6 months, then fair enough. HoT signed and completion shortly after has then dragged on for 2 months.

[Jol_BWFC]

Just now, SilentBob said:

It's a fair point, but we didn't set the time scales, the admins did. 

If they came in and said we'd hope to get it done within 6 months, then fair enough. HoT signed and completion shortly after has then dragged on for 2 months.

They couldn’t set a 6 month time frame - there isn’t any money in the business to keep it going for 6 months. They said completion ASAP because it had to be for financial reasons.

[peelyfeet]

https://petition.parliament.uk/petitions/268665

[DomRepWanderer]

The fact the admins haven't pushed the liquidation button this morning is cause for optimism, but I do think that if a deal is not sorted within 24 hours, they will finally push it.

[TM Trotter]

Just now, Jol_BWFC said:

They couldn’t set a 6 month time frame - there isn’t any money in the business to keep it going for 6 months. They said completion ASAP because it had to be for financial reasons.

This.

Add in that the selling party is notoriously difficult to work with, and most likely, would fold the club over completing administration if it meant he gained an extra 50p.

[SilentBob]

2 minutes ago, TM Trotter said:

This.

Add in that the selling party is notoriously difficult to work with, and most likely, would fold the club over completing administration if it meant he gained an extra 50p.

I understand that, but we've now been running for 3 months since they have come in. Granted, because FV put some money in. 

Just think it could have been handled better by the admins, that's all. Announce HoT with aim to complete soon after, but then it drags on. Fair enough, Ken's a slimy bastard and things change, but then it was PFA loan, and a load of other shit.

Doesn't help when he's phoning his mates telling them they can announce it on Twitter and then fuck all happens. 

[bwfcfan5]

1 minute ago, SilentBob said:

I understand that, but we've now been running for 3 months since they have come in. Granted, because FV put some money in. 

Just think it could have been handled better by the admins, that's all. Announce HoT with aim to complete soon after, but then it drags on. Fair enough, Ken's a slimy bastard and things change, but then it was PFA loan, and a load of other shit.

Doesn't help when he's phoning his mates telling them they can announce it on Twitter and then fuck all happens. 

Perhaps, just accept the deal is incredibly complicated and not in the admins or FV's power entirely. And this is why we are where we currently sit. 

[Zico]

27 minutes ago, TM Trotter said:

You do realise how long a football club takeover from administration typically takes, don't you? 

Leicester City were in admin for 18 months once upon a time. Palace were in admin for 6 months. Coventry four. Portsmouth were in administration for about 2 years! The most recent English football administration, Aldershot Town, took over a year.

Without understanding every individual circumstance, they were able to turn up, play and compete, as they still had senior players under contract, and clearly, had proof of funds to run the club. Neither Bolton nor Bury have been able to satisfy both of those criteria. 

The fact that we're even close to finalisation after two months is nothing short of impressive. But then, many within our fanbase simply don't look at it like that - they seem to expect the fabled magic money tree to make these problems go away, then cob up if the club charges £24 for a ticket. 

so

if Pompey and Leicester had proof of funds to run the club for 18 months-2 years - why did they go into admin in the first place?

or did they have enough money to pay  players / host games but not their debtors?

I know you said you didn't know the individual circumstances, but here's two clubs that have recently gone into admin and are fucked, but previously clubs have gone in for a while and got by

so what's the difference?

[bwfcfan5]

Just now, ZicoKelly said:

so

if Pompey and Leicester had proof of funds to run the club for 18 months-2 years - why did they go into admin in the first place?

or did they have enough money to pay  players / host games but not their debtors?

I know you said you didn't know the individual circumstances, but here's two clubs that have recently gone into admin and are fucked, but previously clubs have gone in for a while and got by

so what's the difference?

Admins had sufficient cash to run businesses. Had we gone into admin earlier with ST money still in pot entirely possible we'd be in similar position. 

[SilentBob]

5 minutes ago, bwfcfan5 said:

Perhaps, just accept the deal is incredibly complicated and not in the admins or FV's power entirely. And this is why we are where we currently sit. 

I do, I never expected it to be completed swiftly, but like I say, think it could have been handled better. Not sure why it needed a threat of liquidation and being kicked out of the league to sit down and hash it out. 

Either way, like I've said, FV and MJ deserve massive credit for sticking through it. And especially MJ if he's coughing up more as well as turning his secured money into equity. 

[SilentBob]

1 minute ago, bwfcfan5 said:

Admins had sufficient cash to run businesses. Had we gone into admin earlier with ST money still in pot entirely possible we'd be in similar position. 

Admins refused to sell ST though, because they can't guarantee we'd still be running, I assume. Doubt it was just ST money that allowed them to keep going. 

Owners possibly had a big enough admin pot before leaving?