He has only said he intends to resign (within 24 hours)...i wait to see if he actually does. Meanwhile, Al is right, RM said we've all put more money into the club than Bassini has..and i trust RM on that. No idea where his sources come from, but i would trust him much more than Bassini right at the moment. I truly believe GT intends to leave soon, but this will perhaps halt that, though those people who are calling for GT to take over are living in cloud cuckoo land. We all heard his intentions the other night, i doubt very much if this will change the way he feels about anything, except maybe that he will stay a little longer to help steady a very rocky ship. Meanwhile, as for the money and the proposed works, who knows...in fact..who knows anything! lol...what a mess!
wtf!! This is completely ridiculous! I'm afraid there is noone else, just him & the club is a play thing to him. Is there any business acumen there? What next? He just puts money in without any control? Nobody would do that so either he sacks the board or he's going. From memory, the first 1m bond payment was due on completion of the deal so that is done & no problem there for one year. Also he hasn't taken a salary and I assume that all the transfer money is within the club. If he owns the club does he own the ground? The purchase included GT staying in office so he can't get rid of all the board without defaulting on the agreement and putting Ashcroft back in charge. I give up! It makes no sense to me.
If anyone ever wants to draw attention to themself, this is the way forward. Surely all he is doing is making those with doubts dig much harder and deeper. Will our trusty WO reporter be hot on the trail of what is really going on in order to meet the print deadline? There is a big story here that I suspect Ollie P. would be regarding as a scoop to sell on.
No I don't think so - the players in did not cost very much in direct fees - but their combined salaries would be interesting to see what that cost is. 10 players x average 2.5k per month? x 2 years = 2.6m + a further 1/2m in NI tax etc That's probably completly rubbish but we got in 4.5m in transfers at least + salary savings (The Duke is probably paying for about 5 of the new players salaries!!) of about 35k per week so we should be fine as a going concern now. It's the investment money we are short of which Baz has always claimed he was going to put in.
From what I can remember of the terms that were applied to the purchasefrom Ashcroft Bassini's room for manouvre until he has paid off the bond holders is pretty limited. In fact if he breaks the terms of the agreement, such as sack the board, Ashcroft can step back in. So unless GT & Co walk away Bassini can't get rid of them unless he finds the money to repay Ashcroft, Simpson etc in full. Doubt if he can do that. We know very little of Bassini and he has no known (in public domain) track record of running businesses. Where he gets his money from is a mystery. It feels to me as if it might be family money given to him to go and play with something to keep him out of trouble. His whimsical behaviour leads me to suspect that he is just a spoilt child and Watford is his plaything. When he doesn't get his way the stamps his feet and takes his bat and ball away. He certainly does not like the idea of being accountable to anyone. I do believe that the non-execs on the board (GT, ST & DF) will not behave in a self-interested way and all have the long term interest of the club deeply engraved on their hearts. I do not think that they will not walk out on the club and leave it in Bassini's hands. Where this will all end up I do not know, but I am sure glad we have GT etc looking after the club as best they can.
The schedule for bond repayments is as follows: 10-Mar-2012 £1,500,000 10-Mar-2013 £2,500,000 10-Mar-2014 £3,182,000 10-Mar-2015 £1,055,000 10-Mar-2016 £1,025,000 LB stated that the money for March 2012 was already lodged for payment. Don't remember if he said it was with his solicitor or he didn't say where it was. The latest that I have heard from someone who seems to have inside information, not football rumours, is that possible buyers have been shown round already. Maybe he has realised that his figures are not adding up.
I wonder if this impacts any of the conditions of the sale to Bazz? I know when it went through there were a lot of experts who knew about the conditions of the deal - we need them now to give us an opinion.
I can only hope it is smoke and mirrors Has GT said anything today about the current state of affairs now that LB has thrown his teddy out his cot
If gt timperley leave the board( sacked or resigned) ownership reverts to lord ashcroft. Only 50-60% of transfer money can be reinvested in transfer market- dont recall exact figure.
A third of the way through the season, we're three points clear of the non-administration safety line. That's all I have to say about the situation.
As far as I can remember, there is too much stuff to read, the club reverted to LA if, it became insolvent, GT or ST were removed,(don't think it applied if they walked Roo) or the repayments were not met. Julian Winter was included with GT & ST at one point, but his name was removed. There was also the stipulation on the amount of incoming money from transfers that could be spent on buying players. I don't remember it being in the documents, but it was said on Tuesday that completing the SW corner was part of the agreement.
Thats what I thought Roo! A belated welcome Barrie! I stay away from the net for one afternoon.....! I thought that whilst we are in the period of the debt to LA still outstanding ,that LA was the safety net and things revert back to him , resigning as a director wont trigger that , Selling up would though as would GT going! Maybe GT threatened that he would go if LB didnt resign as director , who knows whats happening at the moment! Never boring being a hornet is it!
I don't think there is too much point in speculating what might happen next, or even what the terms and conditions of the takeover might make possible/impossible. This is not a plan or a plot by Bas--he is out of his depth, floundering and acting impulsively. He now needs someone or some event to rescue him---family, Ashcroft, the Russo's, a third party? Can anyone see how we can make orderly progress towards a situation of stability and good management ? The club is approaching a crisis point. GT will be critical in selling any "solution" to the fans.
I am not a maths man...failed o level 1st time.. BUT what a COMPLETE ar@@hole BAZ has turned out to be..... AS EXPECTED.... How on earth he was allowed to own this club is beyond me...
