Confimred new owners of Raeding Footbal Club

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Ian Royal
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Re: Buyout

by Ian Royal » 07 Jun 2014 16:51

multisync1830
If Kim Jong-un was announced as the new owner there would be uproar, if he announced he was buying Lionel Messi the adoration here would embarrass even the most sycophantic North Koreans.


I think there'd be a significant and vocal opposition. There were concerns raised when we signed Pog despite AZ saying all the right things about how we'd be run. If you've got an owner not talking about sustainable running in the same vein as before and bringing in even bigger signings than that... I think a lot of people would be worried.

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Re: Buyout

by 3points » 07 Jun 2014 17:04

TheLawnMowerMan I guess the question from that is how they knew?

Most lenders require a certain level of financial information to be provided on a regular (usually monthly) basis. If I was Vibrac I would have wanted to see a regular cashflow statement, given you know the club is running at a loss and only borrowed money from you to fund cashflow shortfalls throughout the year. The club would not have been able to hide it.

Interesting that CS said Obolensky was effectively the CFO of the club

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Re: Buyout

by paddy20 » 07 Jun 2014 17:10

Are there any others out there like me that doesn't have a clue whats happening?

Is JM in or out?

Are TSI in or out?

Are we close to Admin or not?

Are we in the hands of a corporate or not?

Are we close to a sale or not?

Will we have a club next year or not?

Is our loan £10 m £20m £30m?

Christ life used to be so simple we've gone from having a cheap suit every year to walking up the high street naked - can we have our clothes back please and we will never ever complain again!

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Re: Buyout

by PieEater » 07 Jun 2014 18:20

3points Interesting that CS said Obolensky was effectively the CFO of the club


and that he'd done a marvelous job (presumably meaning the deal with Vibrac) to keep us competing where we have been.

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Re: Buyout

by PieEater » 07 Jun 2014 18:22

paddy20 Are there any others out there like me that doesn't have a clue whats happening?

Is JM in or out?

Are TSI in or out?

Are we close to Admin or not?

Are we in the hands of a corporate or not?

Are we close to a sale or not?

Will we have a club next year or not?

Is our loan £10 m £20m £30m?

Christ life used to be so simple we've gone from having a cheap suit every year to walking up the high street naked - can we have our clothes back please and we will never ever complain again!


Yes listen to the CS interview.

To answer your questions
out
out
yes if we can't find a buyer
yes
yes
yes
10.5m (but we have parachute payments coming to cover it assuming it's not eaten up by wages)


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bobby m's syrup
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Re: Buyout

by bobby m's syrup » 07 Jun 2014 18:35

Talking of Pompey, those few of their following that can read must be loving this.

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Re: Buyout

by PieEater » 07 Jun 2014 18:52

bobby m's syrup Talking of Pompey, those few of their following that can read must be loving this.


Why? AFAIK no charities have been screwed over this buyout and local businesses getting 0.02% of what they were owed.

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Royal Rother
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Re: Buyout

by Royal Rother » 07 Jun 2014 19:02

3points
TheLawnMowerMan I guess the question from that is how they knew?

Most lenders require a certain level of financial information to be provided on a regular (usually monthly) basis. If I was Vibrac I would have wanted to see a regular cashflow statement, given you know the club is running at a loss and only borrowed money from you to fund cashflow shortfalls throughout the year. The club would not have been able to hide it.

Interesting that CS said Obolensky was effectively the CFO of the club


If you break a covenant and try to hide it / don't disclose it everyone involved in doing so are really heading for personal shit street.

But they would be sending in their own people to review the financials regularly anyway so there's no way of hiding it.

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Re: Buyout

by Uke » 07 Jun 2014 19:17

multisync1830
If Kim Jong-un was announced as the new owner there would be uproar, if he announced he was buying Lionel Messi the adoration here would embarrass even the most sycophantic North Koreans.



Boardroom squabbles would be settled quickly though



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Re: Buyout

by Uke » 07 Jun 2014 19:20

PieEater
bobby m's syrup Talking of Pompey, those few of their following that can read must be loving this.


Why? AFAIK no charities have been screwed over this buyout and local businesses getting 0.02% of what they were owed.


But go back to when Gaydamak sold up at the start, before that happened...

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Re: Buyout

by PieEater » 07 Jun 2014 19:39

IIRC the end of the Gaydamak era was when they realised that the cash that had been splashed on players and wages was actually debt on the club and not funded by a benefactor.

Oh I see..... :oops:

But in our case it didn't buy us an FA cup it bought us relegation :evil:

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Re: Buyout

by mambo3 » 07 Jun 2014 20:05

I am concerned that Samuelson mentioned the difficulty in selling players. I am presuming hes talking about existing
Players and not the ones that have left. That is a big problem considering the size of the wage bill

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Re: Buyout

by paddy20 » 07 Jun 2014 20:20

PieEater
paddy20 Are there any others out there like me that doesn't have a clue whats happening?

Is JM in or out?

Are TSI in or out?

Are we close to Admin or not?

Are we in the hands of a corporate or not?

Are we close to a sale or not?

Will we have a club next year or not?

Is our loan £10 m £20m £30m?



Christ life used to be so simple we've gone from having a cheap suit every year to walking up the high street naked - can we have our clothes back please and we will never ever complain again!


Yes listen to the CS interview.

To answer your questions
out
out
yes if we can't find a buyer
yes
yes
yes
10.5m (but we have parachute payments coming to cover it assuming it's not eaten up by wages)


Thanks Pete


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Re: Buyout

by RoyalBlue » 07 Jun 2014 20:40

madstadblues Hindsight.com

I have been following this thread with interest and would really like to know what the Mr Mad & TS1 Anton haters would have done in a similar position.

If you're a 70 year old bloke who owns a football club that needs constant funding to maintain the success enjoyed over the past 20 years, been hammered by the recession & and would really like to enjoy the twilight years I know what decision I would have made?


Employed more competent sell side advisors. Looked more carefully at the Everton experience. Ensured that I didn't give up control of the club without cast iron guarantees that the new owner would pay for my remaining shares. Most importantly employed lawyers who were capable of drawing up a contract for the sale that didn't have a hole in it bigger than The Titanic had after it hit the iceberg!
Last edited by RoyalBlue on 07 Jun 2014 20:43, edited 1 time in total.

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Scutterbucketz
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Re: Buyout

by Scutterbucketz » 07 Jun 2014 20:40

genome


LOL. I know his wife. I really don't think he's in a massive position of power at the club.

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Re: Buyout

by Nameless » 07 Jun 2014 20:47

RoyalBlue
madstadblues Hindsight.com

I have been following this thread with interest and would really like to know what the Mr Mad & TS1 Anton haters would have done in a similar position.

If you're a 70 year old bloke who owns a football club that needs constant funding to maintain the success enjoyed over the past 20 years, been hammered by the recession & and would really like to enjoy the twilight years I know what decision I would have made?


Employed more competent sell side advisors. Looked more carefully at the Everton experience. Ensured that I didn't give up control of the club without cast iron guarantees that the new owner would pay for my remaining shares. Most importantly employed lawyers who were capable of drawing up a contract for the sale that didn't have a hole in it bigger than The Titanic had after it hit the iceberg!


The Everton situation has nothing in common with ours though, and it seems there was just such a clause as you are suggesting. Short of AZ putting millions into an escrow account it's hard to see how anything cast iron could have been in place to deal with this particular situation.

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RoyalBlue
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Re: Buyout

by RoyalBlue » 07 Jun 2014 21:33

Nameless
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madstadblues Hindsight.com

I have been following this thread with interest and would really like to know what the Mr Mad & TS1 Anton haters would have done in a similar position.

If you're a 70 year old bloke who owns a football club that needs constant funding to maintain the success enjoyed over the past 20 years, been hammered by the recession & and would really like to enjoy the twilight years I know what decision I would have made?


Employed more competent sell side advisors. Looked more carefully at the Everton experience. Ensured that I didn't give up control of the club without cast iron guarantees that the new owner would pay for my remaining shares. Most importantly employed lawyers who were capable of drawing up a contract for the sale that didn't have a hole in it bigger than The Titanic had after it hit the iceberg!


The Everton situation has nothing in common with ours though, and it seems there was just such a clause as you are suggesting. Short of AZ putting millions into an escrow account it's hard to see how anything cast iron could have been in place to deal with this particular situation.


Well your suggestion would have been a good one for starters. It seemed a pretty strange arrangement from the outset, selling 51% but keeping 49% with a promise of purchase in the future. Having handed over control, why not sell it all at the outset? Was it that AZ said he couldn't get all of the cash at that point? (given how rich he and his family seem to be, would that not sound alarm bells?). Another solution might have been what was rumoured to be the case but turned out not to be so i.e. fail to pay for/buy the balance on the due date and the 51% reverts back - at that very moment - to JM for a token amount.

The Everton situation might have been different, but did suggest that there might be problems with those involved. As for the clause - if it did exist at the outset (rather than be the result of subsequent events and AZ just cutting his losses) it was clearly too slack in terms of when it kicked in. By the time AZ handed back his shares (to whom?) it was too damn late - horse and stable door had disappeared over the horixon!

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Re: Buyout

by PieEater » 07 Jun 2014 22:28

Regardless of how he handled it your main criticism seems to be that he kept a worthless 49%. Would you prefer he did all the DD and sold 100% at the start. Do you seriously think we'd be better off as a result?

No? the situation would have been the same except we wouldn't of had SJM protecting our interests.

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Re: Buyout

by Nameless » 07 Jun 2014 22:50

The Everton situation told us nothing about AZ as he was the fall guy used by others in their political games. You could say it was in Anton's favour that he came back to get involved again...

You seem to forget there are 2 sides to a deal and any conditions must be acceptable to both. The staged sale looked sensible at the time, still having SJM around meant the fans felt that things would be managed sensibly. I doubt SJM would have wanted the whole thing to revert to him, given he was pretty desperate to get rid of the burden. I also doubt Anton would have stuck 20 million in escrow when he didn't have it in ready cash.

I'm not sure in reality much could have been done differently, other than making damn sure Boris stayed happy....

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Re: Buyout

by Royal Rother » 07 Jun 2014 22:56

Just imagine what RB would have said if SJM had turned TSI's advances down because they would only buy in stages.

I'm sure the word "ego" would have cropped up somewhere in his diatribe.

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