NEW THREAD FOR ALL THINGS TAKEOVER

[Mighty Bongsmon]

But they can't have exclusivity for ever. It is up to someone don't know who to force the EFL's hand and make a judgment either way. It would be good if the SC could sue the EFL for gross negligence in their inability to process this matter.

I completely agree that the EFL need to make a decision one way or the other but if they're reviewing the info provided the other week & come back & say "thanks, but could you just clarify this?" which seems to be what they keep doing & the preferred bidders keep providing what they're asked for then as I've said I don't think its a reason they (admin) could get away with ending the exclusivity without all the knock on effects that would bring
The problem we also have now is that if it ends then the whole process starts again with whichever of the other bidders then gets granted exclusivity

 

[Made in Wigan]

I'd agree that the whole process needs some clarity but I'm not sure I agree with the idea that the EFL not going to approve the Spanish "is quite possible given what we know"
We don't know anything or at least I haven't heard anything that makes me think the rejection is imminent or possible
I also can't see buyers being overly keen to fund running costs from before they had their bid given preferred status - that's why the current group have agreed to cover it from October 1st as that was the day it was given that status. I don't think they'd have agreed to cover them from June 1st
I'm pretty certain that withdrawing exclusivity would incur penalties if it wasn't for reasons such as them not providing information in a timely manner or being unable to answer questions asked by the EFL, as no company is going to front up a 6 figure sum, go through all this rigmarole without insisting on safeguards to prevent it being whipped away from them coz an alleged better offer comes in. Ultimately though, neither of us know one way or the other.
Only time will tell & I feel that it's time that is rapidly running out

I’m not taking about withdrawing exclusivity- that would undoubtedly incur penalties. I’m talking about not extending it when it expires, supposedly, on Friday. I’ve no idea if there are clauses attached but given there is a set deadline I can’t imagine they’d be too punitive if there are.

Running costs are an issue, however it doesn’t mean the club can stay in limbo indefinitely as you rightly point out time is running out. Given it’s been two months and they haven’t been approved I think it’s fair to believe there is an issue, around source of funding it would seem. Admins need to make an informed decision and it’s why the efl need to have an honest conversation with them about the problems and concerns.

 

[SwindonLatic]

But they can't have exclusivity for ever. It is up to someone don't know who to force the EFL's hand and make a judgment either way. It would be good if the SC could sue the EFL for gross negligence in their inability to process this matter.

They can put my contribution to the fund towards suing the EFL

 

[TRUE BELIEVER]

All depends on the contract details - but a deadline for exclusivity is just that, it wouldn’t necessarily trigger financial/legal penalties. You’re right to mention running costs the Spanish have agreed to fund, but that isn’t a hurdle that cannot be overcome by any new party via negotiation. Personally I don’t believe the monthly figures quoted by Krasner in any case. If the efl aren’t going to approve the Spanish, which is quite possible given what we know, then Krasner can’t just sit on his hands with his head in the sand whilst these debts mount. Bottom line is the efl need to provide clarity and have an authentic conversation with Krasner and the Spanish so an informed decision on extending exclusivity can be taken.

The only way out of this is for the EFL to make a decision either way.

Krasner will extend exclusivity because he has a definite offer and a contract to sell, why would he genuinely throw that away to chance getting someone else in.

The other thing to consider is that if a new bidder comes in the whole process starts again and by the time that has been sorted the transfer window will be gone and we will most definitely be relegated. We need the Spanish to be ratified and then we can get a manager in who can put together a shopping list for the transfer window to bring in the reinforcements needed to se us safe.

 

[springy-park]

The problem is, with all these so called 'bidders',
they might be all 'mouth and no trousers'.

Talk is cheap, are they willing to spend a few million £'s on us?

 

[Made in Wigan]

The only way out of this is for the EFL to make a decision either way.

Krasner will extend exclusivity because he has a definite offer and a contract to sell, why would he genuinely throw that away to chance getting someone else in.

The other thing to consider is that if a new bidder comes in the whole process starts again and by the time that has been sorted the transfer window will be gone and we will most definitely be relegated. We need the Spanish to be ratified and then we can get a manager in who can put together a shopping list for the transfer window to bring in the reinforcements needed to se us safe.

That’s the problem. There is no one willing to make a decision. The efl clearly won’t as they’re afraid to. Krasner has put all his eggs in one basket so will want to save face and the Spanish won’t pull out because they’ll lose their deposit. Effectively we’re stuck.

If it’s looking doubtful from conversations with the efl then Krasner must move on when exclusivity passes. There are other options I suspect that have a higher degree of success. I get your point the the timeline, but personally I think we’re screwed whether it passes now or in February. Personally I’d rather accept relegation and wait another six weeks for owners that will be better for us long term than fixate on short termism in a desperate attempt to avoid the drop.

 

[TRUE BELIEVER]

That’s the problem. There is no one willing to make a decision. The efl clearly won’t as they’re afraid to. Krasner has put all his eggs in one basket so will want to save face and the Spanish won’t pull out because they’ll lose their deposit. Effectively we’re stuck.

If it’s looking doubtful from conversations with the efl then Krasner must move on when exclusivity passes. There are other options I suspect that have a higher degree of success. I get your point the the timeline, but personally I think we’re screwed whether it passes now or in February. Personally I’d rather accept relegation and wait another six weeks for owners that will be better for us long term than fixate on short termism in a desperate attempt to avoid the drop.

I accept the points you make and agree that someone has to make a decision to move it on, but for me the only ones that can make that decision without it costing us as a club are the EFL.

If the admins decide to look at other bids then the Spanish will probably look to prevent this with some sort of legal action which then takes us into the court system and could prolong the agony. They would also probably rescind their offer to fund the season from the 1st of October leaving the admins with the running costs to find.

I also doubt that the admins would want to look elsewhere as they have already agreed the deal based on the information and costings that the Spanish have provided and they have scrutinised and approved.

The Spanish will not pull out as it will cost them their "sizeable" deposit.

So for me the only way out is if the EFL make a decision and ratify the Spanish bid. If they reject it there will still be the question of the running costs to be paid.

Whichever way it goes they need to get a shift on.

 

[exiled tic]

Apparently the Sun are saying that the EFL have passed Moreno as major shareholder but want to know where Cristo gets his money from as he is putting in £1m.

 

[Made in Wigan]

I accept the points you make and agree that someone has to make a decision to move it on, but for me the only ones that can make that decision without it costing us as a club are the EFL.

If the admins decide to look at other bids then the Spanish will probably look to prevent this with some sort of legal action which then takes us into the court system and could prolong the agony. They would also probably rescind their offer to fund the season from the 1st of October leaving the admins with the running costs to find.

I also doubt that the admins would want to look elsewhere as they have already agreed the deal based on the information and costings that the Spanish have provided and they have scrutinised and approved.

The Spanish will not pull out as it will cost them their "sizeable" deposit.

So for me the only way out is if the EFL make a decision and ratify the Spanish bid. If they reject it there will still be the question of the running costs to be paid.

Whichever way it goes they need to get a shift on.

They’ve already been bitten, so the efl won’t approve any deal if they have any reservations. Their reputation can’t get much lower but failing the same club twice in short order by not doing due diligence will be unthinkable for them. Of course they’ll be conscious of the consequences of failing to approve the deal, but as I said the other day if they are aware of alternatives and broad outlines of them then it should give them greater confidence to make the right decision. I doubt running costs that are the obligation of the administrators will factor into it.

At the end of the day someone has to break the deadline and this charade of after you Claude needs to stop.

 

[bickymon]

Apparently the Sun are saying that the EFL have passed Moreno as major shareholder but want to know where Cristo gets his money from as he is putting in £1m.

He also nixon states takeover stalls could be a bit worrying now

 

[ZAKKY]

WIGAN'S future is on the line as the EFL ask more questions about Spanish bidder Jose Miguel Garrido Cristo.
Latics are running out of time to close a deal to come out of administration while Garrido Cristo supplies more information about his business empire to pass the Owners and Directors test.
The former Albacete and Castellón owner is putting up around £1 million from his Eolus Capital group into buying and then running the League One strugglers.

The EFL have demanded bank statements about where Eolus Capital have got their funds from.

Their last accounts showed they have £8.5 million.
Leganés owner Felipe Moreno will be a major shareholder along with Garrido Cristo's brother Papadopaulo as the official partner.

Moreno has been passed by the EFL.


However, it is the role of Jose Miguel Garrido Cristo that is being probed.

Meanwhile, the Wigan administrators have set a THIRD deadline of Friday, or they will end their period of exclusivity and listen to other offers.
Deal broker Ray Ransom has a rival bid, backed by long-term friend and financier Jonathan Rowland.
Despite public denials their offer has been made to the administrators and the EFL.
The Latics were relegated from the Championship last term, following their 15 point deduction for entering administration.

With manager John Sheridan having jumped ship for Swindon, Wigan currently sit bottom of League One with just eight points from 14 games




















M.

 

[daleks.at.the.monaco]

I keep asking the same question. Why would any one. Buy a football club. In these times. Just be grateful we have some one interested

Cause you can pay yourself a big wage as CEO

 

[Made in Wigan]

WIGAN'S future is on the line as the EFL ask more questions about Spanish bidder Jose Miguel Garrido Cristo.


Latics are running out of time to close a deal to come out of administration while Garrido Cristo supplies more information about his business empire to pass the Owners and Directors test.
The former Albacete and Castellon owner is putting up around £1 million from his Eolus Capital group into buying and then running the League One strugglers.


The EFL have demanded bank statements about where Eolus Capital have got their funds from.


Their last accounts showed they have £8.5 million.


Leganes owner Felipe Moreno will be a major shareholder along with Garrido Cristo's brother Papadopaulo as the official partner.


Moreno has been passed by the EFL.


However it is the role of Jose Miguel Garrido Cristo that is being probed.


Meanwhile the Wigan administrators have set a THIRD deadline of Friday or they will end their period of exclusivity and listen to other offers.


Deal broker Ray Ranson has a rival bid, backed by long-term friend and financier Jonathan Rowland.
Despite public denials their offer has been made to the administrators and the EFL.


The Latics were relegated from the Championship last term, following their 15 point deduction for entering administration.


With manager John Sheridan having jumped ship for Swindon, Wigan currently sit bottom of League One with just eight points from 14 games.

Shows the perilous state of their bid when they are relying on a million from an investor to get it over the line. Perhaps even more worrying is that they’ll have little extra going forward, especially when they intend making an annual profit.

I want this resolving as much as anyone, but I want it resolving in the right way, as opposed to the quickest. For those championing the Spanish, ask yourselves why none of those with greater knowledge of what is going on such as Nandy, SC, Jackson, podcast chaps, even Kendrick are particularly fighting their cause. As much as it pains me to say and as much as I have little to no faith in their abilities either individually or as an organisation we need to hope the efl make the right decision here.

How certain Nixon is I don’t know, but it seems exclusivity will not be extended again on Friday. As I suggested should happen details of alternative bids are with the efl and indeed admins which should have made this decision easier.

 

[moonay]

For those championing the Spanish, ask yourselves why none of those with greater knowledge of what is going on such as Nandy, SC, Jackson, podcast chaps, even Kendrick are particularly fighting their cause.
.

To be fair MiW, Neither the SC nor JJ have spoken out against the Spanish bid. The SC simply said that their (our) potential contribution shouldn't be used as proof of having the funds available, and (as far as I'm aware) JJ has said nothing ..... publicly at least.

That said, I grant you, they haven't come out with anything that would specifically pin their support to it either.

All this stuff about wanting to see bank statements from Cristo, you've got to ask why the hell the EFL haven't asked for this before. If we're to believe reports, this is about the 3rd or 4th request for additional info ............................. surely the subject of bank statements (presumably as proof of the source of funds) would have been tabled before now.

 

[Arthur_Itis]

To be fair MiW, Neither the SC nor JJ have spoken out against the Spanish bid. The SC simply said that their (our) potential contribution shouldn't be used as proof of having the funds available, and (as far as I'm aware) JJ has said nothing ..... publicly at least.

That said, I grant you, they haven't come out with anything that would specifically pin their support to it either.

All this stuff about wanting to see bank statements from Cristo, you've got to ask why the hell the EFL haven't asked for this before. If we're to believe reports, this is about the 3rd or 4th request for additional info ............................. surely the subject of bank statements (presumably as proof of the source of funds) would have been tabled before now.

They'll need be satisfied that the origin of the money in the bank account is legit, i.e. not from criminal activity, ethically dodgy activity etc.

 

[towngreen latics]

Surely bank statements showing proof of the source of funds would be the first thing the EFL would have asked for.
Standard practice in my industry regarding the completion of mortgage applications, cant see how ten weeks down the line, this has not been agreed.
Maybe there is a ulterior reason the EFL do no want the bid to be succeed.

 

[moonay]

They'll need be satisfied that the origin of the money in the bank account is legit, i.e. not from criminal activity, ethically dodgy activity etc.

Oh, I get that Arthur ........ I just don't understand why it's taken them until after the third meeting (apparently) to ask for it.

Surely, given the task they're doing - and especially so given the (yet to be proven) allegations of fraud against the Spaniards, and this Eolus fund specifically - you'd have thought it would be top of EFLs list of stuff to ask for.

 

[OnLoanfromEnfield]

Not been keeping up with the latest dealings.
Has anyone mentioned Eolus Capital Limited borrowing against / mortgaging properties in Westminster and Southwark ?

22B Leathermarket Street, Southwark
68 Moore House, Gatliff Road Chelsea
72 Moore House, Gatliff Road Chelsea

 

[Hampton]

Not been keeping up with the latest dealings.
Has anyone mentioned Eolus Capital Limited borrowing against / mortgaging properties in Westminster and Southwark ?

Well if they've got properties in that neck of the woods it's a solid investment return any day of the week - Maybe they've bought Kier Starmers old house and the factory his dad owned eh Moonay

 

[Hampton]

See Nandys been rolled out again - hoping to "unblock the situation" claims is in daily contact with the EFL then offers nothing in the way of explanation as to the issues at hand.
The tone and of content of the piece is so biased against the Spanish and in favour of other bids (even name dropping prince Andrew - FFS like that's a bonus) it wouldn't be out of place on the BBC news !
Seems like it's the Spanish stick everyone else.
I don't know if the bid is credible but if the conquistadors ultimately get it over the line I wouldn't blame them for banning the rag and blacking the MP