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Sale is close - Barnsey

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KittenMittens said:
Argung semantics about separation between Madrox and SAFC is just pointless on all fronts. Whether Madrox's shareholding changes or the club is sold from Madrox to another holding company, it is clearly only about ownership of SAFC.
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Yep, it wasn't even about that though.

Someone said something along the lines of "I wonder when we'll hear from the club" and the usual semantics about legal personality (which quite frankly are irrelevant to that question) kicked off again. When we hear about any deal being completed we'll hear it from the club, same as last time.
 
DoctorMick said:
The ITKs have, once again, failed to cover themselves in glory so I wouldn’t pay much attention to what they say, they can’t even agree with each other.
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The life of an itk doesn't seem worth the hassle I'm sure some get nuggets of info but I'm sure that some blow it out of proportion and then is when it falls apart
 
Flash Gordon said:
This lad will be an excellent signing. Our whole back 3 will not only be the best in the league but will be ones "we can take with us" to the next level. We get up this season and that would be our back 3 for the Championship as well. When was the last time we created a stable unit like that?
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I’m certain that Parkinson can craft a really solid defence. I’m WAY less certain that he’s capable of getting us going in attack. With that starting 3 and Feeney waiting in the wings I’d be very confident in defence though.
 
The Cabbage said:
I’m certain that Parkinson can craft a really solid defence. I’m WAY less certain that he’s capable of getting us going in attack. With that starting 3 and Feeney waiting in the wings I’d be very confident in defence though.
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I agree. Its not an either or situation though, I want us to improve both.
 
Parker said:
Like all crazy rich blokes. Just has a huge walk in warbrode with hundreds of the same shirt and trousers.
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Worked painting on Beacon of light and one of the lads got sent to do some touch ups in Ellis Short's suite in the Hilton as same company did the painting in there. He said there was a vast walk in wardrobe with hundreds of white shirts and navy blue suits hanging up which were all exactly the same. As for Storey he looks like he buys his clothes in charity shops.
 
DoctorMick said:
The ITKs have, once again, failed to cover themselves in glory so I wouldn’t pay much attention to what they say, they can’t even agree with each other.
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Who knows. People jump at shadows when there's no news, start saying the ITK's don't know what they're talking about, but there are ups and downs in any deal.

Put it this way, I did a deal and my solicitors went back and forth with theirs for months, even after we all agreed that we'd generally like to do it. Mine was simpler because I owned all of the company and there was very little in the way of DD questions.

Process for investment/takeover is usually fairly long even at it's most efficient:
  1. Initial meeting to discuss what is ideal for current owner (takeover, investment, debt)
  2. Prospective investors go away and decide what they want to do, work out what they are worried about
  3. Follow up discussion(s) to learn more about the business, understand the opportunity in real detail and ask those awkward high-level concerns.
  4. Depending on how long that goes on for (could be multiple rounds) after that point, the prospective new owner will agree in principle that this is something they are interested in doing.
  5. If multiple parties are involved, once all are to the point where they want to do DD, you would usually then agree a period of exclusivity with a preferred bidder.
  6. DD begins - even if it's someone who did it before, there's not a chance in hell that DD is relevant to the new reality of the club. I'd expect it to be even more difficult as far as projections and legal situation re: salary cap, covid concerns, contracts.
  7. At this point, the prospective buyer will either be happy, or they will not. If the concerns are small scale financial, they may ask for a slight reduction in fee/increase in equity to mitigate it.
  8. If the concerns are fundamental, they may walk away completely. If they have none, they will agree to buy the club.
  9. From there, there is a legal process that takes as long as it takes to herd cats (solicitors) into creating the documents. There are often back and forths about legal clauses in the agreements. If the owner stays on, there will be more contentious clauses and everything will be very very cautiously dealt with to avoid anyone getting shafted. I've seen some mental clauses that needed binning.
  10. For a deal of this size, even if everyone is focused, that last part would take at least a few weeks I'd imagine. I've never personally done a deal this size but I've seen via my lass this part drag on months in trying to structure how payments are made, shareholdings etc
  11. At that point, an announcement would be made.
So where are we? I'd guess based on the ITK rumblings, somewhere between 4 and 6, but could be as far on as 8 or as early as 3 and I wouldn't like to say which is more likely. I don't think anyone has agreed to buy the club to the level needed to say the deal is only contingent on the legal contracts, but they may want to buy us if a detailed deal can be worked out.
 
Wayne The Punk said:
I thought that came into place as from today? (I may have dreamed that) so if he was already here he avoided it

f***ing hell, I was right :) Travellers to Switzerland, Jamaica and Czech Republic who return to the UK from 04:00 BST on Saturday will have to self-isolate for two weeks.
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So if he flew in yesterday (the deadline was well flagged), he's OK.
KittenMittens said:
Who knows. People jump at shadows when there's no news, start saying the ITK's don't know what they're talking about, but there are ups and downs in any deal.

Put it this way, I did a deal and my solicitors went back and forth with theirs for months, even after we all agreed that we'd generally like to do it. Mine was simpler because I owned all of the company and there was very little in the way of DD questions.

Process for investment/takeover is usually fairly long even at it's most efficient:
  1. Initial meeting to discuss what is ideal for current owner (takeover, investment, debt)
  2. Prospective investors go away and decide what they want to do, work out what they are worried about
  3. Follow up discussion(s) to learn more about the business, understand the opportunity in real detail and ask those awkward high-level concerns.
  4. Depending on how long that goes on for (could be multiple rounds) after that point, the prospective new owner will agree in principle that this is something they are interested in doing.
  5. If multiple parties are involved, once all are to the point where they want to do DD, you would usually then agree a period of exclusivity with a preferred bidder.
  6. DD begins - even if it's someone who did it before, there's not a chance in hell that DD is relevant to the new reality of the club. I'd expect it to be even more difficult as far as projections and legal situation re: salary cap, covid concerns, contracts.
  7. At this point, the prospective buyer will either be happy, or they will not. If the concerns are small scale financial, they may ask for a slight reduction in fee/increase in equity to mitigate it.
  8. If the concerns are fundamental, they may walk away completely. If they have none, they will agree to buy the club.
  9. From there, there is a legal process that takes as long as it takes to herd cats (solicitors) into creating the documents. There are often back and forths about legal clauses in the agreements. If the owner stays on, there will be more contentious clauses and everything will be very very cautiously dealt with to avoid anyone getting shafted. I've seen some mental clauses that needed binning.
  10. For a deal of this size, even if everyone is focused, that last part would take at least a few weeks I'd imagine. I've never personally done a deal this size but I've seen via my lass this part drag on months in trying to structure how payments are made, shareholdings etc
  11. At that point, an announcement would be made.
So where are we? I'd guess based on the ITK rumblings, somewhere between 4 and 6, but could be as far on as 8 or as early as 3 and I wouldn't like to say which is more likely. I don't think anyone has agreed to buy the club to the level needed to say the deal is only contingent on the legal contracts, but they may want to buy us if a detailed deal can be worked out.
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At point 7, they'd more likely ask for indemnities.

If what was being rumoured last night in correct, we're at 9. Barnes has said there's a group in exclusivity, so that puts us at at least 6/7.
KittenMittens said:
Argung semantics about separation between Madrox and SAFC is just pointless on all fronts. Whether Madrox's shareholding changes or the club is sold from Madrox to another holding company, it is clearly only about ownership of SAFC.
Click to expand...

I was arguing more that any negotiations will be taking place outwith the club, and that we shouldn't be expecting information to come from it (at least until after the event). If they're doing it right, within BCH, Rodwell and Lowes should be the only ones to know anything about it, and even they won't have a great amount of detail.
 
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Howard the Duck said:
Who said the deal was dead at that point? Parkinson said the exact opposite.

I don’t particularly believe the twitter account saying he’s here now but there’s been nothing to say it’s definitely not happening either.
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Read it on the previous page i think. Fair enough.
I’d rather we signed a strong pacy creative attacking mid player as a priority tbh.
 
Ageing Grey Mackem said:
Read it on the previous page i think. Fair enough.
I’d rather we signed a strong pacy creative attacking mid player as a priority tbh.
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Those kinds of players are most likely dragging their heels in the hopes that a Championship team will give them more money. There's going to be a lot of movement at the end of September when players start to realise it's L1/L2 or the dole.
 
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