FPP to take full control

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Wackyjacky said:
Tbf to Ellis Short, the new owners had two years to pay him the money but decided to do it after 1 year. At the time most people thought this was good and admirable but in hindsight, did they pay this early as they were hoping to sell quickly and that could have been a complication for a new buyer?
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I just meant selling and wanting the money when we’d just dropped to league one. No one could guarantee getting back to a position where we were in a position to pay this back to him and he obviously wanted his money when we could still guarantee it, ie before the loss of the parachute payments
 
Wackyjacky said:
Tbf to Ellis Short, the new owners had two years to pay him the money but decided to do it after 1 year. At the time most people thought this was good and admirable but in hindsight, did they pay this early as they were hoping to sell quickly and that could have been a complication for a new buyer?
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Methevan's angry reaction at wembley on stid said a lo to me as far as im concerned
 
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Ozzymac said:
If it's the 25 million that you're talking about they don't actually owe the club that money ffs. It went to pay a club debt albeit by a complicated process,

If Ellis Short had remained the owner, paid the SBC debt from the parachute payments when it came in and Then sold the club we wouldn;t give a toss about the 25 million as it was used for it's intended purpose.
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But Ellis didn't stay in charge so what he might have done with the parachute payments had he stayed is irrelevant. Who knows what he would've done. Who would've second guessed that he would wipe some 150m of debt. The parachute payments have everything to do with the new owners.

These are Methvens words at time of purchase (from the WMS article):

"If one had to pay him the full £40m up front and then had to cover everything you need to pay for in the short term that would be a difficult thing to do, that’s an awful lot of cash. He has accepted that he will need to be paid gradually…The £40m will be secured on the parachute payments, but Short won’t take them".

It's unequivocal. Why are you seemingly ok with the complete lies they spouted because of the 'club money club debt' line being trotted out? They told us 40m not touching the parachute payments. Then used the parachute payments. It's disgraceful.
 
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Red n white Tractor said:
I just meant selling and wanting the money when we’d just dropped to league one. No one could guarantee getting back to a position where we were in a position to pay this back to him and he obviously wanted his money when we could still guarantee it, ie before the loss of the parachute payments
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Fair do's, thought you were meaning the £25m debt.
 
Kittenmittons said:
The due diligence would have to have been done since covid, realistically. Unless FPP did that - and we didn't have any indication that they did - that would make this a difficult one to get excited about.

There are so many illogical things about this potential £10m deal when you think about it. The timing is atrocious for everyone and although FPP might think the price is better, it's only by a net £5m or so, which will be absorbed undoing Donald's new appointments, appointing their own hierarchy to run us and keeping reserves in place for next year.

I don't know. Something is weird here, I don't get why this would drop now, and as much as I think they're sometimes wrong, surely smug's sources would be happy to drop him a text if this was actually happening now. They do act in good faith, and if a deal was agreed...

This is classic wind-up whatsapp territory isn't it? Whenever we're in flux, people post some elaborate ITK ****e claiming to know the details of something that's imminent.
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well that put a stop to people posting there.
 
Smug in Boots said:
They'd have little other choice tbh.
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That's a matter for them. Those clauses exist to stop the seller manipulating the value of the club below that of the value of the loan, or making a 'poison pill' arrangement that led to them taking on an asset they didn't want.

I'd like to think they'd take us on, but it's not in there for a laugh, put it that way. If they felt that we were in a bad situation that they couldn't rectify without spending more than they were comfortable with, they'd likely just chalk up the £9m as a loss and avoid compounding it. I don't think we're that bad yet.

Again, I'd love to know what the books are like though. The way Donald has handled this, I don't think it's possible to trust the public accounts as an accurate picture of where we are/were.
 
madbob is being very strange over the way. Says things will get bad for us over the next few months. Not sure he has said what he means?

Obviously caveat that with the usual 'Berb knows nowt'
 
Kittenmittons said:
madbob is being very strange over the way. Says things will get bad for us over the next few months. Not sure he has said what he means?

Obviously caveat that with the usual 'Berb knows nowt'
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Not quite, he did say things wouldn’t get better for a while yet. I’m assuming he is alluding to a buyout taking longer than normal
 
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Confucius said:
Not quite, he did say things wouldn’t get better for a while yet. I’m assuming he is alluding to a buyout taking longer than normal
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Fair enough, it's hard to grasp what he means at the best of times. I'd love to know what he means, but I have no doubt it's entirely bollocks anyway so hey ho.
 
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Whiteleas Wanderer said:
I heard last night that fpp are finally taking over. SD is up **** creek without a paddle and is desperate to sell. He had been trying to hold out and hope we get promoted but with the season as good as over due to covid 19 and no promotion has put paid to that. The news about the black hole in the accounts was picked up back in the summer and obviously fpp although wealthy were not about to be ripped off and were not willing to pay the ridiculous amount SD wanted. SD at the time was saying he had not changed the price! Well he was (correct) this is what Nixon etc have been going on about when referring to the price putting buyers off. Not sure as to how the loan came about as was not informed but would imagine it was fpp realising SD was out his depth and were prepared to play the waiting game as they knew once any interested parties wanting to buy the club would find the black hole and then also have to pay nearly an extra £10 million. I really do hope the info is correct and have no reason to doubt the source. I just hope its finally the end of the chancers
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Firstly I hope you’re not a WUM.
Secondly do I need shares in Kleenex and Specsavers?
 
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kingkeane said:
I’ve never known him get anything right
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Kittenmittons said:
madbob is being very strange over the way. Says things will get bad for us over the next few months. Not sure he has said what he means?

Obviously caveat that with the usual 'Berb knows nowt'
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Well it was only a few weeks ago he was saying opposite and adamant there would be an takeover before mags
 
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One thing I've been wondering, this £20m doesn't have any timescale for when it had to be repaid, it's an intercompany "debt" and they've always said that it would just be paid off as and when they needed to. Its not like the SBC loan when it had to be repaid by a certain date.

So, that being the case, why would they remove the obligation now, in this set of accounts? At a time when fans are already questioning them it was always going to lead to a lot more questions and anger. I mean, they could have removed it in three months time so it wouldn't come to light for another year, or they could have removed it in two years time and so on.

Just thinking out loud like, but if someone wanted to buy Madrox but wanted it removed first then that would explain why its been done now. I can't see why else they'd do it since they'd know the reaction it would lead to and doesn't seem to have any advantage for them?
 
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Guinness Guzzler said:
One thing I've been wondering, this £20m doesn't have any timescale for when it had to be repaid, it's an intercompany "debt" and they've always said that it would just be paid off as and when they needed to. Its not like the SBC loan when it had to be repaid by a certain date.

So, that being the case, why would they remove the obligation now, in this set of accounts? At a time when fans are already questioning them it was always going to lead to a lot more questions and anger. I mean, they could have removed it in three months time so it wouldn't come to light for another year, or they could have removed it in two years time and so on.

Just thinking out loud like, but if someone wanted to buy Madrox but wanted it removed first then that would explain why its been done now. I can't see why else they'd do it since they'd know the reaction it would lead to and doesn't seem to have any advantage for them?
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Quite right, that's a good argument.

There's also been no reaction, whatsoever, from Donald who's usually quick to threaten newspapers.
 
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Lozza80 said:
Well it was only a few weeks ago he was saying opposite and adamant there would be an takeover before mags
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Well this is Part of his response to someone that pulled him up on it.

“I aint backtracking ****er the mags deal will not happen as advertised just watch.”

Let’s hope he can get at least one thing right sometime
 
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