TAKEOVER *NOT* CONFIMRED

[Brogue]

These are long complex processes, and in fact the longer it takes the better... unless you want to be back here again in a few years

+1 we don’t want another anton

[From Despair To Where?]

Anybody getting bored of waiting now?

I hate to say it but 50 years on, I'm now starting to get bored of Reading FC and English professional football in general.

And just to make things worse, I'd forgotten how Leicester were seemingly able to buy their way out of EFL FFP trouble. https://www.theguardian.com/football/2018/feb/21/leicester-settlement-football-league-ffp#:~:text=Leicester%20make%20%C2%A33.1m%20settlement%20with%20Football%20League%20over%20FFP%20claim,-This%20article%20is&text=Leicester%20City%20have%20agreed%20to,in%20their%202013%2D14%20season.

Don't forget Leicester have essentially bent the rules twice without any effective punishment. They won promotion in 2002/03 despite going in to administration in October '02. There were literally no penalties at the time and the club had built a promotion winning squad they couldn't afford but were bought out of admin essentially debt free and won promotion.

It was this case that led the EFL, after multiple complaints from other clubs, to bring in the rule that a side going into admin lost 10 points automatically (now 12).

Pretty sure they got a shiny new stadium pretty much for free.

[WestYorksRoyal]

These are long complex processes, and in fact the longer it takes the better... unless you want to be back here again in a few years

+1 we don’t want another anton

But we've had about 3 months of discussions and negotiations. Howe has been helping facilitate and Bowen too. We're now at the point where 4 offers are on the table, presumably from parties we have done our homework on. A time comes where you have to make a decision, and that is where we're at.

[Hendo]

These are long complex processes, and in fact the longer it takes the better... unless you want to be back here again in a few years

+1 we don’t want another anton

But we've had about 3 months of discussions and negotiations. Howe has been helping facilitate and Bowen too. We're now at the point where 4 offers are on the table, presumably from parties we have done our homework on. A time comes where you have to make a decision, and that is where we're at.

Have we?

Mike Ashely registered his interest about 3 weeks ago.

[NathStPaul]

So many experts on football club takeovers.....

They have no idea how long it takes or what it involves.

[Brogue]

So many experts on football club takeovers.....

They have no idea how long it takes or what it involves.

Exactly, we need an actual expert. Ian, can you flesh this out a bit for us mere mortals?

[bcubed]

I thought you had to be an expert to be accepted on Hobnob

[NathStPaul]

I thought you had to be an expert to be accepted on Hobnob

Certainly not on football....

[Stranded]

+1 we don’t want another anton

But we've had about 3 months of discussions and negotiations. Howe has been helping facilitate and Bowen too. We're now at the point where 4 offers are on the table, presumably from parties we have done our homework on. A time comes where you have to make a decision, and that is where we're at.

Have we?

Mike Ashely registered his interest about 3 weeks ago.

There will have been new bids a long the way but the first news of any form of approach, or certainly an encouragement to make a bid was some months back - pre-dating even Storey's PR stunt.

[WestYorksRoyal]

So many experts on football club takeovers.....

They have no idea how long it takes or what it involves.

I've not been involved in football clubs, but know plenty about M&A. And generally, they are complicated and time consuming, until one of the parties shows some urgency to force the issue and all the hurdles suddenly become manageable.

Let's also not pretend football clubs are complex entities. They're not multinational businesses selling a range of products and services. Any prospective buyer can see the money we're losing and the bones of a business plan they would need to make a success of things. The main things I would be looking out for are any terms or clauses in our property that limits potential control over them, and having indemnities in place in case a historic safeguarding issue arises from our academy or footballing operations more generally.

[Snowflake Royal]

No one has any patience any more. If anything goes 10 seconds without an update its a disaster.

[From Despair To Where?]

So many experts on football club takeovers.....

They have no idea how long it takes or what it involves.

This isn't Man Utd which is basically a couple of billionaires indulging in a dick waving contest. There's a fcuk of a lot of due diligence to be done on both sides with us and you don't do that publicly.

I mean, anyone who's got a mortgage knows exactly how much of long winded ball ache buying a house is.

[WestYorksRoyal]

No one has any patience any more. If anything goes 10 seconds without an update its a disaster.

Too fcuking right I have no patience left. Where have you been the past 5 years?!

The last time the smug "be patient" brigade were out in force, the Wilder appointed wasn't happening and we were being told it was a good thing that the club was taking its time on an important managerial appointment. How's that worked out for everyone?

Dai's track record is "no news = shit show behind the scenes". Of course I'm impatient for good news.

[Stranded]

No one has any patience any more. If anything goes 10 seconds without an update its a disaster.

Too fcuking right I have no patience left. Where have you been the past 5 years?!

The last time the smug "be patient" brigade were out in force, the Wilder appointed wasn't happening and we were being told it was a good thing that the club was taking its time on an important managerial appointment. How's that worked out for everyone?

At the end of the day, doesn't matter if you are patient or not, we have absolutely zero control over which bid, if any, Dai accepts and then on if that bid turns into a purchase. We are pretty much powerless at this stage.

[Ascotexgunner]

No one has any patience any more. If anything goes 10 seconds without an update its a disaster.

Too fcuking right I have no patience left. Where have you been the past 5 years?!

The last time the smug "be patient" brigade were out in force, the Wilder appointed wasn't happening and we were being told it was a good thing that the club was taking its time on an important managerial appointment. How's that worked out for everyone?

Dai's track record is "no news = shit show behind the scenes". Of course I'm impatient for good news.

Have you ever tried to buy a house?

[WestYorksRoyal]

No one has any patience any more. If anything goes 10 seconds without an update its a disaster.

Too fcuking right I have no patience left. Where have you been the past 5 years?!

The last time the smug "be patient" brigade were out in force, the Wilder appointed wasn't happening and we were being told it was a good thing that the club was taking its time on an important managerial appointment. How's that worked out for everyone?

Dai's track record is "no news = shit show behind the scenes". Of course I'm impatient for good news.

Have you ever tried to buy a house?

My solicitor hated me.

But it's a bad analogy. Even after exclusivity, there needs to be due diligence, EFL approval then all the legal completions. It's not that the sale is slow. It's that we haven't even made the first step. It's like having your house on the market, several offers in play and not even accepting an initial offer.

[YorkshireRoyal99]

Too fcuking right I have no patience left. Where have you been the past 5 years?!

The last time the smug "be patient" brigade were out in force, the Wilder appointed wasn't happening and we were being told it was a good thing that the club was taking its time on an important managerial appointment. How's that worked out for everyone?

Dai's track record is "no news = shit show behind the scenes". Of course I'm impatient for good news.

Have you ever tried to buy a house?

My solicitor hated me.

But it's a bad analogy. Even after exclusivity, there needs to be due diligence, EFL approval then all the legal completions. It's not that the sale is slow. It's that we haven't even made the first step. It's like having your house on the market, several offers in play and not even accepting an initial offer.

Well if those several offers were under your asking price, then you wouldn't accept it.

At the moment, we have no idea what any of these 4 parties have bid. Given Dai's demands were reported to be £70-80m, if nobody has come close to that then he might not accept. Ultimately, we do not know where we are at, nor should we know every passing detail. It's frustrating, but that's how it is. And it was reported that exclusivity might be granted at the back end of last week, if not early this week and we aren't even halfway through Monday yet.

[Snowflake Royal]

No one has any patience any more. If anything goes 10 seconds without an update its a disaster.

Too fcuking right I have no patience left. Where have you been the past 5 years?!

The last time the smug "be patient" brigade were out in force, the Wilder appointed wasn't happening and we were being told it was a good thing that the club was taking its time on an important managerial appointment. How's that worked out for everyone?

Dai's track record is "no news = shit show behind the scenes". Of course I'm impatient for good news.

I've been right here, knowing that things happen in their own time and there'll be news when there's news.

[WestYorksRoyal]

Have you ever tried to buy a house?

My solicitor hated me.

But it's a bad analogy. Even after exclusivity, there needs to be due diligence, EFL approval then all the legal completions. It's not that the sale is slow. It's that we haven't even made the first step. It's like having your house on the market, several offers in play and not even accepting an initial offer.

Well if those several offers were under your asking price, then you wouldn't accept it.

At the moment, we have no idea what any of these 4 parties have bid. Given Dai's demands were reported to be £70-80m, if nobody has come close to that then he might not accept. Ultimately, we do not know where we are at, nor should we know every passing detail. It's frustrating, but that's how it is. And it was reported that exclusivity might be granted at the back end of last week, if not early this week and we aren't even halfway through Monday yet.

Exactly, which is why I'm nervous and impatient. He may reject them all, and then what? Back to the house analogy, if you accept an offer you know the process has a long way to run, but you also reasonably expect a sale to be likely. We're not at that point yet; we can't say with confidence a sale is likely. Exclusivity is one step in a long process, but it's probably the most important.

And I appreciate it's not yet Monday lunchtime. I originally said I'll be panicking if we don't see such an update this week, which is perfectly fair.

No sale = L2 with Dai = NL?

[tidus_mi2]

My solicitor hated me.

But it's a bad analogy. Even after exclusivity, there needs to be due diligence, EFL approval then all the legal completions. It's not that the sale is slow. It's that we haven't even made the first step. It's like having your house on the market, several offers in play and not even accepting an initial offer.

Well if those several offers were under your asking price, then you wouldn't accept it.

At the moment, we have no idea what any of these 4 parties have bid. Given Dai's demands were reported to be £70-80m, if nobody has come close to that then he might not accept. Ultimately, we do not know where we are at, nor should we know every passing detail. It's frustrating, but that's how it is. And it was reported that exclusivity might be granted at the back end of last week, if not early this week and we aren't even halfway through Monday yet.

Exactly, which is why I'm nervous and impatient. He may reject them all, and then what? Back to the house analogy, if you accept an offer you know the process has a long way to run, but you also reasonably expect a sale to be likely. We're not at that point yet; we can't say with confidence a sale is likely. Exclusivity is one step in a long process, but it's probably the most important.

And I appreciate it's not yet Monday lunchtime. I originally said I'll be panicking if we don't see such an update this week, which is perfectly fair.

No sale = L2 with Dai = NL?

I'd like to think even in the worst case scenario where Dai is still our owner, Ejaria will be gone so probably our last remaining high earner off the books and one who isn't even playing, even if we had to live within our own means until the ownership situation is resolved we should significantly be beyond anyone in League Two except Bradford probably.

Of course a side like Bradford is actually a stark warning that despite probably being too large for the division, they've been stuck down there for 5 seasons now.