TAKEOVER *NOT* CONFIMRED

[blythspartan]

this needs a poll, who would you rather have sex with

Kevin girdler
Lady sassima
or William storey

I hope foursome will be an option.

[Hound]

Old favourite Huang Kad has said it’s happening. Storey minority share holder and threw some other names in as well

Edit the other names are red bird people.

[Sutekh]

The deal has been agreed in principle (which just means until he fails the FL tests - but the the FL seem to have it in for Reading so he'll probably be passed successfully).

https://www.readingchronicle.co.uk/spor ... ng-report/

The only thing good about the deal is that it includes Bearwood and the SCL.

[Royalwaster]

https://twitter.com/uglygame/status/1712395517420810318

Comprehensive detail. No chance he passes FPP.

Well if we went into administration now, Dai would probably have even less than £1700 'in the bank' ... doesn't mean he does not have assets elsewhere. But the RFC 'bank account' would be empty.

[Sutekh]

Storey is also a massive West Ham fan apparently.

[WestYorksRoyal]

Storey is also a massive West Ham fan apparently.

Revenge for Kebe's sock?

[SouthDownsRoyal]

If reports are true that administration is just around the corner which would mean an automatic 12 point deduction and almost certain relegation to Div2 then i guess if this is the only option then it is what it is.
The past three owners haven't exactly been a ray of sunshine have they!! I guess you should never judge a book by its cover and maybe, just maybe if he is backed by a consortium and he's just fronting the whole thing then it might not all be that bad lol.
What i'm trying to say is that we don't really have much choice do we?

There are always choices.

Choices or options?

[Brogue]

Old favourite Huang Kad has said it’s happening. Storey minority share holder and threw some other names in as well

Edit the other names are red bird people.

he was heavily involved in the rumour mill when the thais took over

[blythspartan]

Old favourite Huang Kad has said it’s happening. Storey minority share holder and threw some other names in as well

Edit the other names are red bird people.

he was heavily involved in the rumour mill when the thais took over

Have your sources confirmed it’s red bird?

[Brogue]

Old favourite Huang Kad has said it’s happening. Storey minority share holder and threw some other names in as well

Edit the other names are red bird people.

he was heavily involved in the rumour mill when the thais took over

Have your sources confirmed it’s red bird?

viewtopic.php?f=4&t=190411&p=5427464#p5427302

[From Despair To Where?]

They didn't have enough money to get us consistently competing for promotion. Perhaps if expectations were more realistic they could have got us onto sustainable footing as a mid table club, with an outside chance of making the play offs.

Pretty sure they bailed when they realised they couldn't really afford to run a football club.

They always had eyes on the land deal but seemed to bottle it when it became evident that to realise that they would have to bankroll the football club for the next decade.

Don't get me wrong, they were what we needed at the time and deserve credit for not being completely shit at running a football club.

TBH, bailing like that was just a sign they were smart enough to work out what was needed and what they were capable of.

I don't disagree. I get the impression they were fairly reluctant buyers in the first place. Wasn't the consortium cobbled together because one of them didn't have the funds to buy the club on their own? They then see the potential of a property deal but bail when the sums don't add up, taking ownership of the land with them.

[Snowflake Royal]

Pretty sure they bailed when they realised they couldn't really afford to run a football club.

They always had eyes on the land deal but seemed to bottle it when it became evident that to realise that they would have to bankroll the football club for the next decade.

Don't get me wrong, they were what we needed at the time and deserve credit for not being completely shit at running a football club.

TBH, bailing like that was just a sign they were smart enough to work out what was needed and what they were capable of.

I don't disagree. I get the impression they were fairly reluctant buyers in the first place. Wasn't the consortium cobbled together because one of them didn't have the funds to buy the club on their own? They then see the potential of a property deal but bail when the sums don't add up, taking ownership of the land with them.

The one who was keen wasn't even allowed to be part of the deal.

[From Despair To Where?]

Shit, that's right, isn't it. He eventually brokered the deal IIRC.

[blythspartan]

Whatever we think of Storey it’s feasible that he has wealthy friends in high places and might know the guys at red bird.

[YorkshireRoyal99]

https://twitter.com/uglygame/status/1712395517420810318

Comprehensive detail. No chance he passes FPP.

yeah we all know the story behind storey, if he's less than 25% shareholder he doesn't need to do a directors test so all this mumbo jumbo is irrelevant until the share structure is announced

In the Owners and Directors test, are they essentially just checking proof of funds? Or is there more to it these days.

[WestYorksRoyal]

Whatever we think of Storey it’s feasible that he has wealthy friends in high places and might know the guys at red bird.

Red bird invest in F1, he fcuked over F1. They will know him, but not in a good way.

[Hound]

Thais - Think various things fell in their favour. Though tbf they may have been decisions they made

They were basically managing decline when BT and Stam came in. Either very shrewd or they simply got lucky there. We looked quite likely to go down start of that season after Brian mk2’s horror show

Prob true like most things, couple of good decisions define the whole era. Had Dai bought us promotion - and he put in funds for us to have at least made a good stab at it - he’d be viewed a whole lot differently. But then one terrible decision after another…

[Brum Royal]

Old favourite Huang Kad has said it’s happening. Storey minority share holder and threw some other names in as well

Edit the other names are red bird people.

His Tweet reads (reproduced unedited):

Hi readings fans.takeover is happening good. William storey minority shareholder and not have director test. Gerry Cardinale, David Castelblanco and Pravin Manglani will be the majority shareholders. Due dilligence has been done funds are proven. Efl approval happening #readingfc

[Snowflake Royal]

https://twitter.com/uglygame/status/1712395517420810318

Comprehensive detail. No chance he passes FPP.

yeah we all know the story behind storey, if he's less than 25% shareholder he doesn't need to do a directors test so all this mumbo jumbo is irrelevant until the share structure is announced

In the Owners and Directors test, are they essentially just checking proof of funds? Or is there more to it these days.

Proof of funds to buy and where those funds are from
Proof of funds to run the club and where those are from
Any factors that would disqualify you, such as an unspent conviction for fraud or being barred from being a director in the UK.

[Sutekh]

yeah we all know the story behind storey, if he's less than 25% shareholder he doesn't need to do a directors test so all this mumbo jumbo is irrelevant until the share structure is announced

In the Owners and Directors test, are they essentially just checking proof of funds? Or is there more to it these days.

Proof of funds to buy and where those funds are from
Proof of funds to run the club and where those are from
Any factors that would disqualify you, such as an unspent conviction for fraud or being barred from being a director in the UK.

Does the FL outsource these sort of checks to suitably qualified forensic accountants or is it all dumped on one beleaguered in house lawyer/accountant? Hoping it's the former, there really should be a set independent organisation that handles this sort of thing on the league's behalf.