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Offer come in for the club (rumours thread)

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SingaporeSteve said:
According to EFL rules the only person who needs to provide proof of funds is the entity wishing to assume control. All other directors/significant shareholders (relevant persons) only have to complete background checks to make sure they are not criminals, bankrupt, or are subject to sanctions.

They will have to prove funding to the club though to be able to complete the purchase.

Quick question. Why would they have to provide wedge to contribute to the running of the club when the club is running a self sufficient strategy. In a post COVID world with high attendance we must be turning a profit, even if it’s a small one. We are debt free so there are no creditors to furnish.

Just asking, cause I’ve seen nothing to suggest that the club is about to revert to a more aggressive strategy which would require shareholders ploughing more moneys in. In which case it is kind of just about buying shares.

Unless your leader believes we are about to be completely bought out by rich Awabs who want promotion this year, PL title the year after and the Champions League in year 3.
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We're aiming to be self sufficient but we aren't there yet. We lost money this season just gone, and it's highly likely we'll do so next season as well. At least in the short term there'll be a need for shareholders to put money in. But even if we were breaking even I'd assume there'd be some requirement to show they've got funds which could be used in case of any unforeseen losses
 
Guinness Guzzler said:
We're aiming to be self sufficient but we aren't there yet. We lost money this season just gone, and it's highly likely we'll do so next season as well. At least in the short term there'll be a need for shareholders to put money in. But even if we were breaking even I'd assume there'd be some requirement to show they've got funds which could be used in case of any unforeseen losses
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This
 
rubberface said:
Not saying it is new news, Bob said 2 bids while ago. Prehab still saying just 1 bid this morning.
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I think one problem, with all of these things, is simply terminology.

A basic deal, between the buyer and seller, has to be agreed before the process even starts.

Only then does the potential buyer know if it's worth forking out tens of thousands on due diligence, solicitors, proof of funds, etc.

If the original basic deal is agreed and someone hears about it they may believe it's a done deal, especially if they're keen for it to happen.
(I'm particularly guilty of that.)

But it's only the start of the obstacle race of EFL/banking checks, looking at the books, etc.

And, in the interim, the seller may get a 'better offer' and kick the first into touch.
 
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Bear Heed said:
I think one problem, with all of these things, is simply terminology.

A basic deal, between the buyer and seller, has to be agreed before the process even starts.

Only then does the potential buyer know if it's worth forking out tens of thousands on due diligence, solicitors, proof of funds, etc.

If the original basic deal is agreed and someone hears about it they may believe it's a done deal, especially if they're keen for it to happen.
(I'm particularly guilty of that.)

But it's only the start of the obstacle race of EFL/banking checks, looking at the books, etc.

And, in the interim, the seller may get a 'better offer' and kick the first into touch.
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It sounds like buying a house
 
Grumpy Old Man said:
There are similarities.
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I had the money laundering mob investigating me before I was allowed to buy a house in the UK just recently.
Wanted to know where me wedge has come from and they weren't taking under the mattress or the bookies as an answer.
That was after going through proof of funds etc.
So can understand buying into massive footy clubs takes time.
 
Vauxie said:
I had the money laundering mob investigating me before I was allowed to buy a house in the UK just recently.
Wanted to know where me wedge has come from and they weren't taking under the mattress or the bookies as an answer.
That was after going through proof of funds etc.
So can understand buying into massive footy clubs takes time.
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And, like a house purchase, it's not done until completion.
 
Betty Swollocks said:
Tell me about it! Moving date agreed for tomorrow, removals booked, post redirected, and still not been told that we’ve exchanged contracts yet as of 12.45. Squeaky bum time.
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😂😂

This is an absolutely ridiculous coincidence. I’m waiting on the exact same thing. I’m not buying yours or you buying mine by any chance 😂.

Solicitors are a pain in the bastard arse!!
 
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