NEW THREAD FOR ALL THINGS TAKEOVER | Page 166 | Vital Football

NEW THREAD FOR ALL THINGS TAKEOVER

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Nixon confirmed Spanish period of exclusivity deposit was 300k, non refundable and expires at end of the month although admin can extend it if they are just waiting on EFL approval. The EFL have had the paper work for 2 weeks.

MBuzz and Royle both waiting in the wings.

The idea the new owners are asking people to take a 30% pay cut before they've even passed the EFL test sounds very unlikely. If they had any intention of doing that it wouldnt be put to anyone until they owned the club, doing so now woukd likely just make ratification harder. The club has already been gutted to within an inch of it's life so i dont think there is anything left to cut. We've hardly got any players, the 5 or so remaining from last season got 50% pay cuts and anyone new is on less than 1.5k due to administration limitations. So if they cant afford our current wage bill then it seems unthinkable they would even consider buying us. Nixon suggests it's mischief making and it sounds like it. But Nixon continues to mention they need to show where the funding is coming from which suggests there is some thing going on.
 
Seems this bid has been tainted by things said and written and it's not the way fans would have hoped for with an exciting new beginning. I almost hope it fails and a fresh group take us on, someone who are clean and fresh a bit like the new Charlton owner appears to be.
 
ZAKKY said:
Seems this bid has been tainted by things said and written and it's not the way fans would have hoped for with an exciting new beginning. I almost hope it fails and a fresh group take us on, someone who are clean and fresh a bit like the new Charlton owner appears to be.
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Problem is if this fails how do we pay the wages and the creditors do you think royle and jj just might be our savior
Thats if spanish bid fails
 
bickymon said:
Problem is if this fails how do we pay the wages and the creditors do you think royle and jj just might be our savior
Thats if spanish bid fails
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Isn’t that what the money is for we donated? To keep us going if bids do not come off to allow last ditch Jackson bid to come in?
 
Why if other interested parties were waiting the outcome of the fit and proper tests were they also not involved in said tests. Your 1st and preffered bidder has obvious the first refusal but if they fail the test and others have been proven worthy then the 2nd bid gets the club. It seems stupid that if the Spaniards fail we have to start the whole process again when if tests had been done on multiple bids the solution would be quickly found.
 
Stetic said:
Why if other interested parties were waiting the outcome of the fit and proper tests were they also not involved in said tests. Your 1st and preffered bidder has obvious the first refusal but if they fail the test and others have been proven worthy then the 2nd bid gets the club. It seems stupid that if the Spaniards fail we have to start the whole process again when if tests had been done on multiple bids the solution would be quickly found.
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The simple answer Stetic is in the fact that they have deposited £300k for exclusivity. The Admins are obliged to deal only with them during that period.
 
Yea i
TRUE BELIEVER said:
The simple answer Stetic is in the fact that they have deposited £300k for exclusivity. The Admins are obliged to deal only with them during that period.
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Yea I get that but any other parties willing to take the owners test would have to sign an agreement that the money paid by the preffered bidder would then be due to them if the 1st bidder failed the test. All they would be doing is taking the fit and proper owners test which would then enable them to go after another club should the first bidder be successful. If the bid fails it could see us liquidated if we have to suffer this again for another few months. It just seems strange that it's how this works.
 
Stetic said:
Yea i


Yea I get that but any other parties willing to take the owners test would have to sign an agreement that the money paid by the preffered bidder would then be due to them if the 1st bidder failed the test. All they would be doing is taking the fit and proper owners test which would then enable them to go after another club should the first bidder be successful. If the bid fails it could see us liquidated if we have to suffer this again for another few months. It just seems strange that it's how this works.
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I get what you are saying but I think that they would need to have the backing of the admins to put their application forward. If the Spaniards had gone forward without exclusivity I don't think the problem would exist but because they have paid the non refundable deposit that constitutes a contract and a commitment to buy. The admins have to honour that and therefore cannot accept another bid, or even negotiate with another party until that exclusivity is gone, whether that is because of a refusal to accept them by the EFL or the buyer pulling out.
 
The exclusivity deal expires at the end of the month doesn't it? I'm certain we'll hear something from the EFL or the admins one way or another, by the end of the month if so. It's starting to bubble over and the silence is deafening.

I've heard (unsubstantiated) rumours that the EFL are not convinced by their business plan and/or proof of funds and that they have serious reservations over previous police investigations into Mr Garrido and his companies. They will not give the green light unless they are absolutely certain this won't come back to haunt them. Rightly so as well.

Now I have no idea if it's true or not (Alan Nixon is very reliable so I tend to think it is), but if I were Darren Royle (or anyone for that matter still sniffing around) who still want to buy the club and actually have the funds to not only do it, but to run the club long term, then I'd be having a quiet word with the EFL. "Turn them down and instead we'll get the deal done and ensure you get positive publicity for not waving through another group of wronguns."
 
Wigan Today understands the takeover – which initially was greatly welcomed among the Latics fanbase – may not be the beacon of hope once thought.
Staff are believed to have been informed of a proposed 30 per cent cut in their wages, with a huge question mark over the long-term future of the club’s Academy.



It’s also not clear how much – if any – involvement the Supporters Club would have, despite having raised around £800,000 to save the club.
When asked whether it was his job to look after the best interests of the club or the creditors, Krasner replied: “I have a duty to sell the football club for the best possible price, and that’s what we’ve done. I’m not a moralist.”
It’s understood a couple of other groups – one involving former executive chairman Darren Royle – are waiting in the wings to pounce if the EFL flags up an issue.
 
Nothing said there is nothing new, feel Paul is just pushing for his pals to takeover. Alot of bidders have been spreading rumours since the bid has accepted by the admin from a few rival parties. Won't know until we know. EFL are definitely going through with it and if they clear it then j hope to feel comfortable over when Yeung came in.
 
It's about time Kendrick did some real journalism! Instead of printing rumours off message boards why doesn't he contact some of these employees and get the inside story! Very poor journalist he is again proving to be!!
 
The fact that Krasner is saying he isn't a moralist says to me that the potential buyer isn't in it for the best of reasons and Krasner knows it. I've actually got to hoping that the EFL kick them into touch.
 
Coddenchips said:
The fact that Krasner is saying he isn't a moralist says to me that the potential buyer isn't in it for the best of reasons and Krasner knows it. I've actually got to hoping that the EFL kick them into touch.
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Sadly Krasner is duty bound to accept the best offer for the creditors!If these other bidders who seem to have arrived late had shown a bit more urgency then maybe they would have been the top bidders! Do they really sound viable when it's taken them so long to get a bid together? Ignore the report in the Post,it is merely repeating something he has seen on a fans board!!
 
Coddenchips said:
The fact that Krasner is saying he isn't a moralist says to me that the potential buyer isn't in it for the best of reasons and Krasner knows it. I've actually got to hoping that the EFL kick them into touch.
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I said this on here yesterday, Barry Worthington knows more than he can say, and he is not a happy bunny. That says enough for me
 
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