Might explain why its taking so long. DD was a fairly straightforward task, even for us. Confirming the funds & then transferring them is a whole different ball game. Its like buying a house. Its one thing to agree the price & get a survey (DD in the case of footy) done. Its another thing entirely to complete on the sale because the required amount actually has to be in your account.
The question I keep coming back to is that surely at the very beginning of negotiations, GFH must have had to demonstrate to Bates that they had $50m in the bank? Otherwise why would be have spoken to them at all and for so long? Unless they spun him a yarn, but surely even Papa Smurf wouldn't fall for that???
Fair point JW, but I've seen people with bank accounts showing plenty of money to me, but then it mysteriously disappears after they theink they've made their case. No hint that this is what happened & they are even more iffy than Papa Smurf. But at least we can trust him to hang onto the reins until such time as we can all agree that funds are there and can/will/have been deposited. As I say, things could be worse. Imagine being a Glasgow Rangers, Portsmouth or similar supporter knowing that your whole future is in doubt.
It is all irrelevent. No way is cuddly Ken selling before the chelski game. The American is going to offer more cash then GFH and the saudis are going to get their offer on the table the second GFH's exclusivity deal ends. I understand thet the exclusive period ends on 15/11/12. Ken gets more dosh, we get proper rich owners with the club not leveraged to buy it. The only downside is that this season is now a write off as far as promotion is concerned.
things could be worse. Imagine being a Glasgow Rangers, Portsmouth or similar supporter knowing that your whole future is in doubt. Boggers No takeover by the end of the season. No financial backers investing No big name players to sell off apart from McCormack season ticket sales down attendances down A chairman not willing to invest his own money How safe do you feel ?
Makes a lot of sense really, because if you remember GFH were brokering the deal and then the original buyers pulled out for a couple of reasons. GFH then opted to do it by themselves and extended the exclusivity with Bates. Originally Bates would have insisted on proof of funds which would be lodged in a bank of his choosing, and once he had confirmation would then agree exclusivity. It would seem that GFH have been looking to bring in other investors, but have failed and can't afford it on their own. A fooking big waste of time, and yet Bates has had £2m from them, silly bastards. Square 1 again but needs to be quick as we'll be in administration before too long, and Bates will lose the club on the cheap to a shrewd investor who gets it for a song and not the £40+m Bates was hoping for. Another season wasted then and maybe even relegation again
Thing is Boggers, I really dont think we are that far away from being one of those said clubs! Luckly the brand have investors sniffing around, but we all know what a hassle reviewing the books are!
The club owes GFHC £2 million with no means to pay it. That's more money out of the transfer budget. The amount of money spent on building those horrible useless corporate facilities keeps going up and up and up and has no signs of stopping, yet another loan taken out against the income of those facilities. Last count was £17 million in debt. I think it's safe to say our future IS in doubt, especially now it's more likely that bates will remain in charge through the January transfer window.
Good news I say. Sooner GFH are out of the picture the better, maybe as soon as next week, then the proper money guys from Saudi, as reported by Yorkshire Post, will be able to formalise their bid. GFH have had ample time to get their cash together and apparently failed. In recent weeks they have looked like amateurs I'm afraid
I said a while back I don't believe GFH have a pot to piss in, no way would it be taking this long else. As for proof of funds, GFH gave Ken £2M I dare say this doesn't have to be repaid should they not stump up the cash.
