Desperate Times for Bury | Page 10 | Vital Football

Desperate Times for Bury

As I type the EFL have not confirmed or made a statement. Dale has been ringing all the tv channels to say he's agreed a deal.

Hope it turns out to be true and is not more of his arrogant BS.
The Bury fans deserve far better than that.
 
I'm not the biggest fan of the media but have to congratulate BBC North West for their supportive coverage today of the Bury plight. Whole of the 30 min evening news was devoted to local community concern over the effects of losing the town's team. Late news reports, at 1030pm indicate apparent good news of a last minute sale. Fingers crossed.
 
Owner Steve Dale told BBC Radio Manchester he had agreed a deal with analytics company C&N Sporting Risk, led by Henry Newman and Rory Campbell.

I looked at the last accounts filed for the year ended 31st December 2018 and C&N Sporting Risk Ltd had a negative net worth of £191,000. So let's hope that for the sake of Bury FC and fans that Messrs Newman and Campbell have access to far more funds than their scant company accounts indicate. So, let's hope also that the EFL will show some teeth, ie carry out some proper fit-for-purpose/due diligence and some compassion.
 
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The local MP James Frith is quoted as saying the deal is not over the line yet and "it's not 100% due diligence watertight" to the BBC.

That sounds a bit strange and ominous IMO.
 
Wayne.Kerr said:
Owner Steve Dale told BBC Radio Manchester he had agreed a deal with analytics company C&N Sporting Risk, led by Henry Newman and Rory Campbell.
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Interesting name -

“C & N Sporting Risk.”


I know it’s only a name, but am I the only one feeling a little uneasy about the long term intentions?
 
Captainreblue said:
The local MP James Frith is quoted as saying the deal is not over the line yet and "it's not 100% due diligence watertight" to the BBC.

That sounds a bit strange and ominous IMO.
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Perfectly normal in any M&A activity to put in an offer to buy a business subject to the completion of due diligence.

The purchase of the shares by the bidder will only be executed once the new buyers are satisfied that they understand all the assets and liabilities of the club.

This due diligence can take weeks. I wonder how patient the EFL will be.
 
Wayne.Kerr said:
Owner Steve Dale told BBC Radio Manchester he had agreed a deal with analytics company C&N Sporting Risk, led by Henry Newman and Rory Campbell.

I looked at the last accounts filed for the year ended 31st December 2018 and C&N Sporting Risk Ltd had a negative net worth of £191,000. So let's hope that for the sake of Bury FC and fans that Messrs Newman and Campbell have access to far more funds than their scant company accounts indicate. So, let's hope also that the EFL will show some teeth, ie carry out some proper fit-for-purpose/due diligence and some compassion.
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I guess that if the directors are happy to keep funding the business then there is no issue.

I don’t know too much about the business activities of C&N / sports analytics. I think you need to understand their business activities to make a fair assessment of their balance sheet. Obvious example is EasyJet\RyanAir in the start-up year’s we’re operating a significant losses whilst they were growing to a critical mass.
 
Trashbat said:
Perfectly normal in any M&A activity to put in an offer to buy a business subject to the completion of due diligence.

The purchase of the shares by the bidder will only be executed once the new buyers are satisfied that they understand all the assets and liabilities of the club.

This due diligence can take weeks. I wonder how patient the EFL will be.
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The quote of the BBC said that the potential buyer had been in negotiation with Steve Dale for 10 weeks. IMO that is plenty if time to sort a deal and do due diligence if that is in fact correct. IMO if the EFL sanction this buyout Bury need to start playing games immediately. If there is to be any more delay or doubt about this takeover then the EFL need to reject it, as harsh as that is. This is something that has been dragging on long enough and has already caused enough disruption to innocent parties.

It's not like the EFL only set the midnight deadline a week ago.
 
Captainreblue said:
The quote of the BBC said that the potential buyer had been in negotiation with Steve Dale for 10 weeks. IMO that is plenty if time to sort a deal and do due diligence if that is in fact correct. IMO if the EFL sanction this buyout Bury need to start playing games immediately. If there is to be any more delay or doubt about this takeover then the EFL need to reject it, as harsh as that is. This is something that has been dragging on long enough and has already caused enough disruption to innocent parties.

It's not like the EFL only set the midnight deadline a week ago.
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Due diligence would only usually start once offer has been accepted (i.e. from yesterday). Usual key milestones in this type of deal are:

1. Offer made (quick)
2. Heads of terms drawn up and accepted (quick)
3. NDA signed (quick)
4. Due diligence (time consuming)
5. Terms negotiated for the sale of shares (time consuming)
6. Sale of shares
7. Ongoing post sale care / handover (e.g. bank signatories changed / customer & supplier relationships handed over etc) (time consuming)

The process so far has been the easy bit - the time consuming exercise starts from now. I agree with you. EFL should kick them out if the deal hasn’t been executed - it’s already made a farce out of the league. Imagine how silly the situation were to become if in 4-5 weeks the bidder came back and reported that they were not satisfied with due diligence and decided to pull out of the deal!?!
 
Trashbat said:
I guess that if the directors are happy to keep funding the business then there is no issue.
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I would think they, the EFL etc, will want a lot more than the good intentions of the owners/directors of C&N Sporting Risk, ie something like hard cash to fund the working capital to get up and running.
Trashbat said:
I think you need to understand their business activities to make a fair assessment of their balance sheet.
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There is nothing in the accounts except a big debt that more than wiped out any assets the company has.
 
Wayne.Kerr said:
Owner Steve Dale told BBC Radio Manchester he had agreed a deal with analytics company C&N Sporting Risk, led by Henry Newman and Rory Campbell.

I looked at the last accounts filed for the year ended 31st December 2018 and C&N Sporting Risk Ltd had a negative net worth of £191,000. So let's hope that for the sake of Bury FC and fans that Messrs Newman and Campbell have access to far more funds than their scant company accounts indicate. So, let's hope also that the EFL will show some teeth, ie carry out some proper fit-for-purpose/due diligence and some compassion.
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Interesting point about the fit and proper test...i mean its not like bury have any other options to sell to, so what happens if the new buyers fail it? What if they find him to be not fit and proper, and ban the sale, they are ultimately dooming bury to collapse? Id imagine they would be pressurised to take the risk and sign off that the buyer is fit and proper despite him bot being.
 
In the meantime, how many players do each Bury and Bolton have on their books. Will they be given a special allowance past the 2nd of September?
 
Man City, Man Urd and Burnley have said that they will lend Bury players.
Not great for our rearranged fixture if it happens.
 
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