Sat is a room with the biggest set of fools ever (shareholders)

[Sean Thornton]

Me neither, makes no sense if its purely football related as the assets are then just the players and its not as if we have lots of valuable starlets coming through to cash in on later.
What does add up to me is if its part of a careful plan to get the assets later on the cheap and then sell the lot on for a higher price.
If Party B wins the main case the assets will be worth peanuts to anyone else with a long term tenant on a low lease rate in place so the owner can be screwed down to a much lower price and then when owning all, change the lease.

The lease has around six years to run I believe.

 

[Darlington82]

OMG, that was some read to catch up from yesterday, I thought we were signing Diane Abbot for a second, well to try and end this thread from my perspective.


This is what I have learnt yesterday:


1)High court case date set for May 2019.
2) Meditation requested by the Prince set for September this year and welcomed by Kevin and co.
3) The 20m the Prince is trying to avoid is compensation to SUFC PLC and not all he has to pay, he has to pay the current market value for the ground and assets which is significantly more.
4) The Prince is allegedly involved in a suspect loan 'stronger word' used in the meeting of 1.6m which we are unhappy with.

5) The prince is in for 17m so far.

6) Kevin doubts the Prince has the finances he needs to take the club on.


I my view joint ownership is dead and one of them needs to take over.


BUT


The Prince does not or is not willing to pay the asking price, which is currently 5+20+? For the assets, on-top of the 17m he has already put in.


Therefore Kevin will have to compensate the Prince to get his 50% back. This will be somewhere between the 5 and 17m unless we are back at the top of the table and it looks like we may get to the promised money land of the Prem, this could complicate things.


I still feel it is not a coincidence that this all kicked off when we were top of the Championship, whether the Prince’s additions to the board was him preparing from the Prem or a reaction to Kev asking for a bigger January budget to help us get over the line, I don’t know, but Kev said it was the additions to the board that broke their relationship. I feel this is what is likely to have caused the issue, as The Prince saw investing more money last Jan as potential dead money, as it could have increased the amount he would have had to pay for the club! The other explanation is that The Prince just did not have the spare cash available on a gamble of the Jan transfer window, either way we were left short and finished outside the playoffs.


Hopefully mediation will sort it out quickly, which I think will cost Kev 10m+ to get ownership back. Kev’s problem is that he is back to square one! For ownership to change he will have to lower his expectations or pray Wilder can do more magic.


Below the BUT is just my speculation no ITK. I wish others would clarify what is fact and speculation. It is bad enough the facts, currently are coming from one side only or the court documents.


Hope this was helpful, I will now retire back to huffing at people who turn up late drunk, not been able to get a decent pint in the ground (at Queens Park for the Cricket yesterday, Brampton Brewery had their own tent, with a choice of 10 ales and quick queues, at a lot less than £4 a pint) and huffing at people shouting ‘get it in the mixer’! Hoping for a good season even with all this rubbish in the background, if Basset could do it in similarly difficult situations, I hope Wilder can.

 

[LoughboroBlade]

6) Kevin doubts the Prince has the finances he needs to take the club on.

That might well be the case, but unfortunately the reason why the joint venture emerged in the first place was that neither did McCabe really, hence why we were heavily cost-cutting, laying off club staff etc. If McCabe wins out it will surely be a necessity to sell up fairly sharpish.

 

[Darlington82]

That might well be the case, but unfortunately the reason why the joint venture emerged in the first place was that neither did McCabe really, hence why we were heavily cost-cutting, laying off club staff etc. If McCabe wins out it will surely be a necessity to sell up fairly sharpish.

Agreed, hence my comment, about back to square one and Kev lowering his expectations, if he is going to move the club on. Also he needs to put the assets and the football team back together in my view, as many foreign investors will have no problem about not owning the ground as this is the common abroad. Unfortunately, Kevin is going to get a haircut at some stage, unless Wilder performs magic and gets us to the Prem, then he may be able to get most of his money back.

 

[Worksop II]

He has no right to be in attendance. He's not an SUL shareholder. He can hold his own meeting if he so wishes.

Am I right in thinking only SUL shareholders were supposed to attend, no one else, with the invite letter ?

 

[Sean Thornton]

Am I right in thinking only SUL shareholders were supposed to attend, no one else, with the invite letter ?

The letters were sent to shareholders.

 

[Moan? Nope-I saw Longhorn]

Being a football owner is hardly a successful “capitalist” pursuit.

Apologies:
Benevolent Philanthropes cut each other's throats, £ do each other's legs by seeking costly litigation in order to ensure supporters of football club are 'right royally entertained [on the pitch as well as off it]

 

[metalblade]

My take on it is if the prince gets offered more than half his money back he should take it and fook off, £10m might be the best he could hope for. For all his mistakes I hope McCabe wins this little drama before it needs to go to court princey don't give me any confidence he can move the club forwards alone. With a bit of luck McCabe will have some better investors waiting in the wings.

 

[Jon Bon II]

With a bit of luck McCabe will have some better investors waiting in the wings.

Heard on the grapevine that it's a UK consortium headed by two blokes called Paul Hinchcliffe and Stephen Woolhouse..... or summat.

 

[8lade]

24 million doesn't sound massively expensive to me so for about 29 million HRH et al could have had the club and assets but chose not to.

Think the problem is the prince doesn't have that money available don't forget he couldn't make his last cash injection to the club without 'assistance'.

I cant fathom out what HRH get's out of only owning the football side but not the assets?

Just owning the football club (no assets) isn't any sort of problem, that is afterall where the PL funding goes...

 

[Sean Thornton]

Elections in Zimbabwe this week, big rally in Harare for Zanu-PF .........

They are getting free Chicken & Chips, with Hats and Tees thrown in

Kev offering owt ? ....... thought not, no ambition

Seen him heading towards Worksop today. Has an old tyre and some petrol with him.

 

[Rodders]

Assuming the Prince's intentions are all above-board, I'm confused by his approach to investment in the first XI:

He's claimed that we don't need that much investment this summer, is this due to:

a) He's got fuck all to put in
b) He thinks as we were top when Coutts was injured, get him back fit and we'll piss the league this season?

My confusion lies purely down to the signing of John Brayford in 2015. That was a pure luxury signing of a full-back in a position we didn't need strengthening, only seemingly being done to get the fans on side.
To my mind that was no-way a McCabe signing, because that's not the way he does things; we don't get those kind of "frivolous" signings. Even the "big-money" (for Lg 1) signings of Baxter and Done were out of kilter with the "generate our own money" mantra that Kev was stating before the Prince came in.

Does the Prince genuinely think that a full season of Paul Coutts with the current squad is enough for promotion or did he spend enough just to get us out of Lg 1 and now the amount needed to kick on from the Championship is far too much for him?

 

[Darlington82]

You are correct on wasting money on Brayford, but the Prince worked out the more he spends the more it could cost him, or he just does not have enough cash or he realises the Kev just wants too much.

All not good for us fans.