This link is up for discussion on one of my Linkined Business Groups. I read these things because they regularly impact on the work I do. The link is in fact a judgement in a court case between Crystal Palace and some of its former employee's. Really boring unless you are interesting on how the sale of an insolvent company in administration affects its employees rights!! But the reason for posting this is the inclusion of the following. " Unsurprisingly, the negotiations became complex because the consortium was only interested in acquiring the Club if it could at the same time acquire the stadium. In the course of negotiations, the respective parties adopted positions, sometimes in public, for tactical reasons and what they were saying did not necessarily represent their true thoughts and intentions. " I dont expect any great debate, I just find it a bit interesting given the situation that we find ourselves in. http://www.bailii.org/ew/cases/EWCA/Civ/2013/1410.html
Searching for a taste of paradise. Sorry Mel, it is an interesting quote. There were a few during the Coventry situation that were a bit too close to home for comfort too.
I thought you got sent to Coventry? www.coventrycity-mad.co.uk There are unconfirmed rumours doing the rounds amongst some City supporters, we understand, that Hinckley United's Leicester Road stadium could be a potential site for SISU to have their new stadium. Coventry City CEO Tim Fisher has said at meetings with supporters that he has been talking to council's outside the City boundary, who would welcome the Sky Blues with open arms. The now empty ground, which has plenty of land ripe for development around it, is around ten miles from the city of Coventry boundary. According to an article by Karen Hambridge of the Hinckley Times on November 7th, the Leicester Road ground is attracting interest but the Chief Liquidator dealing with Hinckley United FC, was refusing to say who is interested in the stadium at which Coventry City U21's are still due to play two matches in 2014 against Sheffield Wednesday and Nottingham Forest. according to the club website.
Another, other club related side topic. According to some journalists, Adam Pearson's consortium bid for an 80% share in Leeds, was £7million. Okay it was rejected, but the people behind the bid must feel that's the value of that Club.
I assume that bid is based on the amount of debt they are carrying. With a £66m debt, we'd be lucky if anyone offered a quid for us.
Realistically, can you see any way of that debt being paid back? Is it actually hard money, or the promise to pay that the £66 mill represents?
It's part cash, part guarantees. In the short term, I'm not sure he's that bothered about getting it back, he's getting a hefty interest on it and paying himself a management fee on top. Longer term, I assume he wants to recover some, but we need sustained Premier League survival for him to start clearing enough for repayments.
