ENIC | Vital Football

ENIC

D

Departed

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We have been in and out of the rumour mill when it comes to the sale of the club but the most likely scenario is Lewis being bought out by a new investor who wants to partner with Levy.

How that would be structured is anyone's guess but a smart investor is going to want cash flow from the club to finance the purchase.

Lewis is likely cognizant of the fact his returns won't be as significant as they have been in which case he might want to deploy that capital elsewhere.

This is all speculation but the rumours have reoccurred over several years now.

Either way, it is my opinion that DL will still be running the club. Let's hope further financial handcuffs aren't placed on the operation.
 
I think it would be the best thing for everyone if Levy had a new boss and removed some of the "job security" he has. Regardless of what he's done or not done in the last couple of decades, he has mis-executed on 3 occasions in 2018. The stadium delays is the most forgivable as at least he was being aggressive with the timelines in the first place. What's less forgivable is the transfer window nonsense and the subsequent lack of new contracts for key players. At his salary and status, it's about results and not just doing your best.

If I was a new owner, I'd want to keep him intact but would be asking the hard questions about whether he is the right profile to manage my sports and entertainment business. He should be rewarded for the growth of the business, the management of the balance sheet through tough periods. That doesn't mean he gets a free pass to manage the next phase where his finance mentality might not be the profile required to lead in a different style. Lewis should also be asking the same questions but seems too distanced from the club right now.

Is Levy really having to prove himself anymore or just in his comfort zone?
 
such a shame Baldini signed so many duds, as at least he was there getting the deals done...

The failure to sell any of our deadwood is as much a problem as a failure to identify a couple targets to freshen things up that we could actually bring in. I take Ex's ITK on board that we were very focused on not signing 2nd or 3rd choice players to shoe-horn in, but the targets we identified all seemed to be just out of reach for the whole of the summer, then Grealish in the final days had his own complications.

Also if Gomes was our primary target, how on earth did we let him end up on loan at Everton?

These all feel like avoidable mistakes if Levy had a DoF who knew what they were doing, or was fully on top of things himself. Poch said he wanted business done early, and we did none. He said he wanted us to be brave, we didn't dare to do in the market.
 
I think it would be the best thing for everyone if Levy had a new boss and removed some of the "job security" he has. Regardless of what he's done or not done in the last couple of decades, he has mis-executed on 3 occasions in 2018. The stadium delays is the most forgivable as at least he was being aggressive with the timelines in the first place. What's less forgivable is the transfer window nonsense and the subsequent lack of new contracts for key players. At his salary and status, it's about results and not just doing your best.

If I was a new owner, I'd want to keep him intact but would be asking the hard questions about whether he is the right profile to manage my sports and entertainment business. He should be rewarded for the growth of the business, the management of the balance sheet through tough periods. That doesn't mean he gets a free pass to manage the next phase where his finance mentality might not be the profile required to lead in a different style. Lewis should also be asking the same questions but seems too distanced from the club right now.

Is Levy really having to prove himself anymore or just in his comfort zone?

Levy is an owner. He's answerable to his partners but he is not removable. He doesn't have a "boss" and never will. Sorry muttley but this is one of the most frustrating things I read on a regular basis. LEvy is not removable unless HE sells HIS share of the operation.
 
Or unless HE decides he doesn't want to run things anymore.
 
I think it would be the best thing for everyone if Levy had a new boss and removed some of the "job security" he has. Regardless of what he's done or not done in the last couple of decades, he has mis-executed on 3 occasions in 2018. The stadium delays is the most forgivable as at least he was being aggressive with the timelines in the first place. What's less forgivable is the transfer window nonsense and the subsequent lack of new contracts for key players. At his salary and status, it's about results and not just doing your best.

If I was a new owner, I'd want to keep him intact but would be asking the hard questions about whether he is the right profile to manage my sports and entertainment business. He should be rewarded for the growth of the business, the management of the balance sheet through tough periods. That doesn't mean he gets a free pass to manage the next phase where his finance mentality might not be the profile required to lead in a different style. Lewis should also be asking the same questions but seems too distanced from the club right now.

Is Levy really having to prove himself anymore or just in his comfort zone?
Some good points, but I have always wondered about what restraints are put on Levy by Lewis. We all moan at Levy without really knowing how Lewis views the club.
 
Anyone know how much Lewis has actually put into the club?
 
Levy is an owner. He's answerable to his partners but he is not removable. He doesn't have a "boss" and never will. Sorry muttley but this is one of the most frustrating things I read on a regular basis. LEvy is not removable unless HE sells HIS share of the operation.

Interesting, I always thought that Levy had a 30% share and Lewis / Tavistock Group were the majority owner with 70%. I guess that makes him the owner to the tune of £300m if the club is valued at around a billion. Lewis could surely oust him though if he had the desire. Seen many a company split the Chairman and CEO role as a conflict of interest.

Even if someone else bought Lewis's share, just like ENIC eventually did with Sugar, that would make Levy more accountable than he is today.
 
Interesting, I always thought that Levy had a 30% share and Lewis / Tavistock Group were the majority owner with 70%. I guess that makes him the owner to the tune of £300m if the club is valued at around a billion. Lewis could surely oust him though if he had the desire. Seen many a company split the Chairman and CEO role as a conflict of interest.

Even if someone else bought Lewis's share, just like ENIC eventually did with Sugar, that would make Levy more accountable than he is today.


Perhaps, but if the organization is delivering financially no one will touch him no matter what is happening on the pitch. Corporate sports at it's worst.
 
Expect an institutional placing of Tavistocks shares, when the time is right, and possibly a listing in the States. They could both occur at the same time or the placing may come first.

After that's done, whilst I fully expect to see levy and the his family trusts cash-in around 5% of their holding - I do expect to see him/them as the largest shareholder and in full control of the club.

Of Course there is always the possibility that someone comes along with £1.5-2 billion and buy's Tavistock out competely from ENIC, but I'd fully expect Levy to block it - which he could.
 
So basically whichever scenario plays out we remain stuffed.

Depends on how you'd view it.

Even with New owners, what they can accrue in losses via direct investment is now minuscule when set against player transfer fees.

The one area they might have an impact is injecting capital to repay the stadium debt, which would of course increase net profitability and this transfer funds.
 
Don't get Lewis supposed fan right net worth of 5b 81 years old. I'd want to live the dream before I croaked. So we've done the organic build, stadium is a go, why not say here is a one time only personal investment on squad and wages better part of 3/4 of a billion to take us to a football and global brand next level. It's not like the nonsense of financial fair play could do us if we offset against the infrastructure and land we have forked out for. Think he is a "fan" in name only.
 
After that's done, whilst I fully expect to see levy and the his family trusts cash-in around 5% of their holding - I do expect to see him/them as the largest shareholder and in full control of the club.

I don't think that is strictly true. Largest shareholder with 30% indeed has a major say but other 70% could scupper his vote....no? Unless his buddies own another 20% to back him.
 
I don't think that is strictly true. Largest shareholder with 30% indeed has a major say but other 70% could scupper his vote....no? Unless his buddies own another 20% to back him.

There are likely shareholder agreements in place that deal with buyout situations to protect the minority shareholder.
 
There are likely shareholder agreements in place that deal with buyout situations to protect the minority shareholder.


80 knows the truth of it, just as the Glaziers split the shares into A and B shares with different rights attached, I'd be surprised if ENIC did anything that differently..

When the Manure placed shares ontoa public (US) listing Class A shares were sold to the public and Class B shares retained by the Glazer family. Where the class B shares have 10 times the voting power of class 'A' shares owned by investors - this means, they can sell substantially more and still retain voting/board control. Effectively denying a controling interest in the club to any one or group of investors.

There is certainly an appetite for PL club shares again - and I'd be amazed if we don't tap into that demand.

I would reasonably argue/guess that a big investor only IPO/placing would be used to pay down/pay off stadium debt, but would also give Tavistock (Lewis) and Levy the chance to take some money off the table - perhaps even as much as a few hundred million.

But ultimately, they will hold and keep control forever.....until of course their families decide after they've gone that they've had enough....

But I think that won't happen for a generation or two...!