The Hornet's Nest

Morning all - had to venture into West West London this morning as I had a meeting that I just could not call into

On reflection I think my move to bandit country was the toughest move - we had to shackle up the wagons and form a circle when we found a spot that could be defended from the natives. After years of missionary work, our efforts are now being to pay off and they are more fed up with me than I them...

I see that not much changes down at Steptoe's Yard - bent owners, Colin as the manager and now that bender Northolt as an admin on here.. - gawd help us...

 

Bender!
Shall I use my new powers to ban him?

 

Morning all - I briefly flirted with the idea of setting Lennietta's alarm early this morning so that I would get a cup of tea in bed but then reality hit me and I realised this would not be a very well thought out April Fool

 

Now now Northolt - there's a lot worse on QPHa's board and you would not want a war of the wizards would you ? Could be like Lord of the Rings - or Snow White

 

My biggest problem with living in PoliceDog as Akureyri called it is that there are only about 3 cars a day go past - so no-one to take our free eggs - and when we drive into town (Carmarthen - population 5 and a half which makes it big) - we have to stop at just about every farm along the way to chat to the locals - rude if you don't - and in the unlikely event that someone comes up behind you they dont beep at you but are more likely to get out and chat with you .

The pace of life is soooo good - the lack of aggression in for example supermarkets - let alone the roads is remakable

 

Morning leonardo, how you doing

 

Good thanks - good to see you back on the Watford Boards - hopefully when 606 dies there will be uch more of the cross thread banter on here - always livens things up a bit

Are you getting ready for the drubbing we are going to give you?

 

It was that last time, but your purple patch seems a long time ago now.
Consistency is what you want!
Credit where it's due, they were very good that night.

 

Going to game on the 30th Northolt? - I have had a couple of your Rag n Bone men asking me if I can get tickets for them...but as they never go to your games, so stuff 'em...A bit quiet on the QPHa board? Wait a while and when they all return from their rounds with Hercules worn out and the supply of Dot-To-Dot books exhausted you can have some banter about life in the Prem next season...Season ticket prices been published yet?

 

Going?
We're going to take the place over!

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Sorry Northolt,couldn't resist this one

 

Northolt., I see you more as

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That really is a careless whisper. Driving force behind bid confirmed as Saif Gaddafi and Benji Netenyahu.

 

looks good actually. Quite a bit of protection going in in terms of covenants preventing shenanigans, thats why I like Lord Ashcroft, he and his team are good professional and ethical businessmen. And as for Fransen, don't know how many times I need to say it, he's a class act with Watford interests very close to his heart and I only wish it was his money behind all this but then we don't know where its coming from yet do we!!! Hopes high 4-0 to the orns tomorrow and an extra 24 points till end of season....

 

Read the Watty bit - it actually makes it look slightly less gloomy than before. I like the fact that GT going would be a trigger for Bond repayment. The existing board do seem to be trying their level best to hand over with as much protection as they can leave us. Good on 'em

 

There is nothing in this story that the WO could not have published over a week ago when the offer document came out, and nothing to show that they have done any more digging, or questioning of the parties involved. Mystery still surrounds the source of the "£7m interest free loan" , and the scale of Mr B's resources beyond that (if it is indeed his own wealth, not borrowed) . Even so, this loan will have to do a lot of work--it is paying for the shares and the costs of the takeover, providing £3.5 M of "working capital", paying the first £1m of the bond repayment and £1.5M is being kept back for the next bond repayment. And it has to be repayed in a year. That seems to set the parameters for raising money by player sales in the next two transfer windows. . £7M . Hope Malky is keeping up with all this. The " safeguards" that Ashcroft has built in to the deal are mainly to ensure that the bonds are paid off first, not to protect the club. Insisting that GT and Timperely stay on the board could be read that way too, though it is reassuring for fans to know that GT cannot be sacked. we will rely on his judgement almost exclusively now, even more so when the club goes private and does not need to issue accounts.

 

Don't get me wrong Roger - I have not suddenly been converted to thee Bazini cause - I think he is the worst thing to happen to us since Petchey. However LA etc are not prepared to stay on and there is not a queue of buyers so it is up to them to get whatever money back they can. They do not have to have a clause about GT though - that is purely for the club. The good thing about them protecting their interest financially is that it means there is no fast buck, cut and run that Baz can do. If we lose so probably does he - his gamble has to be that he can get us to the Prem where he can make a killing.

But he has never run a successful business and has been associated with a number of failures - there is no way he has £7m except ultimately by borrowing and then putting those loans onto the club. I am amused by people who want to "give him a chance". This will end in tears

 

Nothing at all in the article you couldn't get straight from the offer documents just a nice condensed extract putting a positive angle. Interest free on the 7 million would tend to point towards the investor having a plan because effectively thats pumping in half a million of dead cash in lost interest. I think we have to be realistic and players will be sold, its been on the table as part of the plan for a couple of years now and indeed GT highlighted it in his cover letter, what we must have though is control over the timing and terms of those sales. As a selling club we give the youth a chance to flourish and increase our onfield achievements and their value. Unfortunately we've been below the squad size we need and believe we'll get there with prudent purchases, academy graduations and high value sales, it really is the only way. Once the offer goes unconditional I would hope the wobby and grundiad get a lot more incisive in questioning and informative to us, digging out new info rather than providing precies of what we glean ourselves.

 

By the way roger the club will still have to produce accounts as a ltd company (WFCL and WLL), its just we have to go to companies house and pay for a copy to get hold of them. If you go and try and dig into the salad boys accounts though you'll see that the numbers can be hidden through a bunch of holding companies that usually end in cyprus where you cant get the numbers........

 

I'm back from the walk and ready for a long, hot shower! 16.5 miles in 4 hours and 6 mins...happy with that . Less than 10 miles to go til I get the big one done...yay!