It is in today's Sun Zeb,not sure if you can read it online,Says the bid is backed by American money,What report ? .....do you have a link thingy please ?
FFS read the other posts.Do we even know who owns the stadium outright
The report says at a cost of 5.1 million! Seems lower than what they were saying originally,If that includes Stadia,Training grounds and Land then it is a bargain,
That's interesting as if admin has to sell for 25p in the pounds that would mean club is only worth 20.4m. Considering Yeung paid 40m including repaying the loan to IEC that would indicate we aren't repaying the loan - which has been a hot topic in other threads.
If the club is only 5m then it's even more concerning the other parties were so reluctant to get the deal done until after assets were sold off.
Depends on what background they come from. This time we need a buyer that is interested in football one who shows there face at matches. Not like the idiots some on here thought we’re good. ..John , what's your thoughts on the American bidders buying our club?
It’s not like a normal sale where you pay what a business is worth. The administrators job is to get the best deal for the creditors and that is all that needs paying (from what I can gather) to own all the 5 parts of what the holding company owns.
I read that the footballing creditors who have to be settled in full was £6mill and the original preferred bidder was offering £1.5mill to non footballing creditors which was a quarter of what was owed (25p in the £)
But whilst they’ll get a football club on the cheap what they’ll also get is a football club whose current outgoings strip its income to the tune of £1mill a month. That’s one of the reasons why all the non footballing staff have been laid off. That’s the reason why Cook was allowed to leave for nothing and it’s those huge commitments that are one of the reasons causing the delay with the prospective buyers - they want to make sure that when they take over they’re not gonna be lumbered with championship costs with league 1 income
That’s as I understand it anyway
Lots of folk get things wrong on here John. Sometimes about the owners, sometimes about the managers, sometimes about the players.Depends on what background they come from. This time we need a buyer that is interested in football one who shows there face at matches. Not like the idiots some on here thought we’re good. ..
If not in couple of years be back to square one. .
if
I was under the impression the 6m was the full cost of external creditors and had to be paid in full to avoid a points deduction but the 25p in the pound was to Yeung for the value of the clubs assets / or the much argued debt to him in a leveraged buy out and the IEC loan repayment.
Nixon has indicated the price of the club itself will be as low as needed which suggests your interpretation was more accurate than mine.
So with that in mind we apparently owe Barnsley 1.5m for Moore does that mean we can get away with paying 25p in the pound and giving them 375k without a points deduction? I didn't think that was the case.
Lots of folk get things wrong on here John. Sometimes about the owners, sometimes about the managers, sometimes about the players.
No point calling one lot out for special treatment, labelling them as "idiots".
I can see what you mean. Not sure. Maybe John'll confirm.I think he was calling the Chinese owners idiots mate.
No
No KDZ - football creditors have to be paid in full
One of the problems with that is that whereas we may have been paying for Moore over 2-3 years they now have to be paid the full amount of what is still owed. Same with any other transfer fees that were being paid in installments
As I understand it, the 25p in the £1 to non football creditors is the minimum that has to be paid in order for the club to avoid a further 15pt penalty next season
At present Yeung won't be getting a penny of any purchase price unless he can prove that the £24mill "loan" makes him a secured creditor against the club. As far as I'm aware if a business goes in to administration the owner of it gets nothing from any sale unless they're creditors
I can see what you mean. Not sure. Maybe John'll confirm.
That makes sense. Didn't realise that administration effectively meant all future installments of transfers became due imminently.
I read it as he wanted owners that actually attended matches not like the idiots that some on here thought were good.
Might be wrong .....
No
No KDZ - football creditors have to be paid in full
One of the problems with that is that whereas we may have been paying for Moore over 2-3 years they now have to be paid the full amount of what is still owed. Same with any other transfer fees that were being paid in installments
As I understand it, the 25p in the £1 to non football creditors is the minimum that has to be paid in order for the club to avoid a further 15pt penalty next season
At present Yeung won't be getting a penny of any purchase price unless he can prove that the £24mill "loan" makes him a secured creditor against the club. As far as I'm aware if a business goes in to administration the owner of it gets nothing from any sale unless they're creditors