Something I read that I thought was interesting btw - Mel Morris talking about some of his negotiations with Dell/MSD
You must log in or register to see images
I think that's relevant to us. At the minute FPP have a great deal because if football comes back financially weaker or more... 'volatile', they're able to walk away. They have loads of options, all of them really. Nobody can force them to do anything, even if Donald didn't pay back the loan, they could recover it without ever owning us.
But if things come back strong and we progress, they can convert to equity and get more into it.
But buying us is an inherently risky position in an industry that is just massively in flux and not guaranteed to come out better than it was. I was reading Warren Buffet's investment firm lost $50bn in Q1, which will be replicated on a smaller scale with MSD, which is probably a huge focus for Phelan and Piatek. Ditto Fuhrman at his PE house. 'These people are more cautious' is a good indicator of why our deal is what it is.