FPP to take full control

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DH4 said:
He also said he'd spent £500k on a new scouting network but then contradicted himself to say he hadn't spent a penny of it. Difficult to decide which is true considering Donald's tendency for hyperbole and terminological inexactitudes.
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...or a prince of porkies
 
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Kittenmittons said:
The question isn't whether they're in the frame mate, it's whether they want to own us now or in a few years time.

There is zero chance that Donald convinced them to do something they didn't want to do. If they wanted to buy us outright and Donald didn't want to sell for a price they'd ever accept, they'd have been out the door and never looked back.

Which is why I am fairly sure that they proposed this deal and they wanted it this way. Because if they didn't, they wouldn't be involved. Unfortunately, that doesn't necessarily mean they are comfortable buying us outright today, which is the situation Donald is trying to engineer.
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I'm not in the camp of demonising SD for everything that goes wrong. He's done lots of good for the club. However it does appear that he'll have made a big mistake if he's trying to mess with FPP
 
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Smug in Boots said:
I know they're still in the frame although I can't say how I know. Besides I could post it, be called out as a liar and my source would quite rightly deny telling anyone.

So I'd accomplish nothing and lose a great source and a good acquaintance.
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the cautious approach, I like it.
 
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Kittenmittons said:
I know this is the received wisdom, but him committing to spending £500k on it doesn't mean £500k left the club at that point. He hired a couple of staff, it's a very very slow trickle out of their wages, maybe a few extra costs in terms of equipment, but it's not £500k up front.
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I didn't say what was spent, I started that he contradicted himself. From memory, he said that he hasn't touched it, then he said that it had paid costs abs I'm sure there was a third explanation that I can't remember
 
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Smug in Boots said:
Thanks Bob, that's all very clear.

I wasn't sure what the loan meant and what the benefit would be for Donald and FPP.

I can now see the reason it's a good deal for FPP as it's put them in pole position.

I can't really see how it benefits Donald to be perfectly honest. If it's for running costs it's a massive amount between now and May, £2 million a month? If he doesn't already have enough to fund the club it means he's getting deeper into debt every day. Which means failure to go up will kill him and FPP can send their people in to dispose of the body. (Pulp Fiction was on last night if you were wondering.)
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It’s not really a loan. Think of it in this way, SD wants you to buy the equity from him for £15m but you only want to pay £9m. He doesn’t want to sell for that price as he will lose money and thinks he can get promoted and get a higher price. So you say you’ll be happy to pay him £15m if he can get the club promoted - and in fact you’ll give him the £9m now up front to help him do it. If he can get promoted, you’ll give him the extra £6m. If not, he accepts the £9m.

So if you did that, you would obviously place fairly strict conditions on what he was allowed to do with that £9m in the meantime, ie he can’t use it to buy £9m of insurance from Bride.

But he would also want to know ru at if someone comes along and offers him his £15m in the meantime, he can pay back the £9m and take the £15m.

So that is basically what is going on here. SD has sold his equity for £9m unless he can get them promoted or get a higher offer.
 
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Bob Cheval said:
It’s not really a loan. Think of it in this way, SD wants you to buy the equity from him for £15m but you only want to pay £9m. He doesn’t want to sell for that price as he will lose money and thinks he can get promoted and get a higher price. So you say you’ll be happy to pay him £15m if he can get the club promoted - and in fact you’ll give him the £9m now up front to help him do it. If he can get promoted, you’ll give him the extra £6m. If not, he accepts the £9m.

So if you did that, you would obviously place fairly strict conditions on what he was allowed to do with that £9m in the meantime, ie he can’t use it to buy £9m of insurance from Bride.

But he would also want to know ru at if someone comes along and offers him his £15m in the meantime, he can pay back the £9m and take the £15m.

So that is basically what is going on here. SD has sold his equity for £9m unless he can get them promoted or get a higher offer.
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Right, I'm happy now thanks Bob ....

... off to tune the wireless in for the match now.
 
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Bob Cheval said:
It’s not really a loan. Think of it in this way, SD wants you to buy the equity from him for £15m but you only want to pay £9m. He doesn’t want to sell for that price as he will lose money and thinks he can get promoted and get a higher price. So you say you’ll be happy to pay him £15m if he can get the club promoted - and in fact you’ll give him the £9m now up front to help him do it. If he can get promoted, you’ll give him the extra £6m. If not, he accepts the £9m.

So if you did that, you would obviously place fairly strict conditions on what he was allowed to do with that £9m in the meantime, ie he can’t use it to buy £9m of insurance from Bride.

But he would also want to know ru at if someone comes along and offers him his £15m in the meantime, he can pay back the £9m and take the £15m.

So that is basically what is going on here. SD has sold his equity for £9m unless he can get them promoted or get a higher offer.
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Was just about to ask you if this is what the 'loan' actually was. Cheers for the posts, cracking info and really easy to understand.
 
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Bob Cheval said:
It’s not really a loan. Think of it in this way, SD wants you to buy the equity from him for £15m but you only want to pay £9m. He doesn’t want to sell for that price as he will lose money and thinks he can get promoted and get a higher price. So you say you’ll be happy to pay him £15m if he can get the club promoted - and in fact you’ll give him the £9m now up front to help him do it. If he can get promoted, you’ll give him the extra £6m. If not, he accepts the £9m.

So if you did that, you would obviously place fairly strict conditions on what he was allowed to do with that £9m in the meantime, ie he can’t use it to buy £9m of insurance from Bride.

But he would also want to know ru at if someone comes along and offers him his £15m in the meantime, he can pay back the £9m and take the £15m.

So that is basically what is going on here. SD has sold his equity for £9m unless he can get them promoted or get a higher offer.
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.... and if SD is lucky enough to get a higher offer from elsewhere, with 9m pounds of their money already in SD's 'pocket', I would imagine FPP would have the right to match any offer and complete the purchase if they wish to??
 
DH4 said:
Yep putting a complex deal into layman's terms for those of us not quite as au fait with it :emoticon-0148-yes:
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Which is why SD sometimes refers to it as a loan and sometimes as an investment. Neither are strictly incorrect in layman’s terms. If SD pays it back it was the same as a loan, if it converts into equity it wasn’t. It’s a bit like a convertible bond but no one would say that in a press release and it isn’t actually a convertible bond - it just has some similar features. It’s simply ‘a deal’. A deal between two private parties can be as complex as you like and have whatever terms and conditions you both agree to. It doesn’t have to have a label.
 
No jd
Indiana Durham said:
.... and if SD is lucky enough to get a higher offer from elsewhere, with 9m pounds of their money already in SD's 'pocket', I would imagine FPP would have the right to match any offer and complete the purchase if they wish to??
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I doubt it because there is a clause that prevents SD selling any equity without their permission. So the only way someone could out-bid them is if he first paid them back. In which instance, they are of course free to bid or not against any other buyer.

The issue with these ‘right to match’ clauses is that there is no way of knowing if you are matching something genuine or not. I could bid £100m for SAFC tomorrow. I wouldn’t be able to complete the deal though so why would FPP want to match it.

I would imagine that there is some break clause in there that would mean FPP get their loan back plus something (maybe an extra £1m) if SD repays it. That compensates them for the DD costs, etc.
 
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Smug in Boots said:
It's a fact about Methven, one of his friends told me in a pub at the Lincoln match. Methven was there and I spoke to him briefly but he sidled off when my questions rattled him. I'd set the meeting up and told people about it on here, before the game.

As for Dell and Newcastle, I posted that well before it came out in the press, but it has now been reported.

Methven, as I was told, made it known that he'd announce that Ashley had used the fake Sheikh to bump the price up with Dell, who then walked. That didn't go down with FPP as it was at the height of their takeover negotiations.

If it's true, it's just another example of Methven's big mouthed pig headed arrogance.
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So are FPP buying SAFC or what? And when will it be agreed? Is this end Feb true
?
 
RIC said:
So are FPP buying SAFC or what? And when will it be agreed? Is this end Feb true
?
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I very much doubt it will be this season as the whole structure of the deal is about which division SAFC are going to be in. The only way it could be in Feb would if some lunatic agreed to give SD £15m for his equity right now. So either FPP after the season ends or someone else earlier. I suppose there is an outside chance SD and FPP agree to ‘meet in the middle’ before then but who knows.
 
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