If he's writing off FPP he needs to pay them off immediately, provide proof and clarify the situation for everyone .... .... buyers, supporters, FPP, everyone. If he can't then he's stuffed. He can't raise a secured loan because it's against the terms of the 'loan'. No prospective buyer will give him the FPP money in the hope that they'll go through due diligence, etc and end up buying the club. Which means he'd have to allow people to go through the books, do due diligence, pass EFL regulations, etc etc etfuckincetera which could take months and months. What will he do if January goes well, we climb the table and the crowds start coming back enthusiastically .... ... an Ashley?
Maybe he's not exactly lying. Maybe FPP aren't going to but the club, maybe it's MSD or Dell himself.
Would you speculate that the terms of the loan could include a clause requiring them to be offered first refusal if SAFC are put up for sale?
Yeah I’d go with that mate. I fully believe his intentions were always good, I fully believe that if we had 5 years to wait he could grow into a decent owner of a club this size. Facts are we haven’t, we need clear vision and strategy now, we need the coaching and recruitment side overhauled and I’m mortified to hear him standing by them, even now. A really strong leader admits his mistakes, every time he digs his heels in over PP and Coton, he loses yet more good faith. He’s a top fella, he has done well in life and will continue to do so, but he has took a bridge to far and that’s where we are.
If they're not interested in a takeover then their actions have been totally bizarre. You don't need to register a new company at Companies House, using the SOL as the address, to Loan someone money.
It’s obvious FPP want to buy the club - at the right price. The problem for SD is that the right price is less that he paid for it. That is what is dragging this out. SD has a perfect right to try and find a higher bidder but I doubt he will. FPP will end up as owners before next season.
Saw that over the road and some posters aren’t happy about it. Doesn’t say where or when it was taken though
This performance is going to make things interesting I think. Anyway, the company stuff doesn't mean anything. You can literally go and set up a company online in 5 minutes, and it would have been way cleaner to do this via an SPV/company than as 3 individuals. If it involves cash going in/out in any way, you can pretty much guarantee it'll be administered by a company, rather than an individual. Just because it's a loan doesn't mean it was not going to follow that pretty much exact paradigm that any money follows in business. It limits liability and separates individuals from businesses. It also means that all costs incurred evaluating the opportunity (you don't just loan money with an option to convert to 20%, for example, without knowing what the 20% represents, or accept the collateral without doing DD) are neatly tied up in one place. Theres minimal accounting fuss. Setting it up at SAFC is just a formality as I said the other week. But I actually think they did discuss a potential takeover at some point. They just opted to stick with their preferred method which is a loan. Nothing wrong with that, always kept them at the table if Donald did well. What Donald appeared to be getting at last night was that he's sitting there with $12m burning a hole in his pocket, wanting to use it, but the fans are turning on him just as he prepares to do that. I wouldn't be surprised if he makes a big push over the next 3 weeks to get fans groups back onside and keep the FPP situation in stasis until he is sure he has to leave. If he doesn't, FPP could still end up minority owners if we get promoted in the next 18 months. That deal was never bad, it was a loan with a convertible element.
I think we can forget all about FPP/MSD/Dell involvement. If any of them wanted the club, they would own SAFC now. If results continue to improve on the pitch, I can see SD remaining as owner and chairman for the foreseeable.
Yeah, I think he definitely wants to stay. "The fans" say he should go, so he makes the comments about RAWA in the hopes of turning the fans against each other. If he gets lucky and we have a decent January both on the pitch and transfer-wise, he knows more and more will take his side, then he can argue that he thinks the fan position has changed so he's staying. If he sees us looking like we might go up there's no way he'll walk away now knowing that he could make more money if he sits tight
