SSN Breaking News .... Mags officially for sale

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Grumpy Old Man

Grumpy Old Man

Striker
Mags officially up for sale. due diligence will be interesting with the HMRC thing hanging over them. I'd be looking for a massive indemnity clause.
 


mag in peace said:
Who is to say it will end well. We are more likely to end up with Venkys than a city scenario.
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I'm surprised by the timing. As I hinted in the OP, the HMRC thing, which is something there, represents a fundamental uncertainty for anyone trying to value the business. I've heard nothing about Newcastle appealing the court case, so I presume that HMRC will now be crawling all over whatever they took.

molthemackem said:
Can you see them managing to get any indemnity with HMRC looming? The premium would be huge.
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Not that kind of indemnity. In a takeover, you insert a clause in the purchase agreement that the vendor will meet any costs you incur if certain things go wrong. So, if was buying the Mags, I'd want a stonking amount of my money back if the club ended up fined and/or relegated if the HMRC case was lost.
 
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So, they spent the money required to keep a good manager, get back to the PL and restore a bit of pride and now they're a more attractive asset?? What a surprise.....you don't need to be a business genius to see that the way we've approached things is only going to make things worse in the long run.

I'd be amazed if Short wasn't born into money because he's absolutely shocking at making any if his stint here is anything to go by. He doesn't seem to understand even the most basic of business notions....except for screwing people over in far flung places. He's managed that both in Sunderland and South Korea.

I wonder how much he'll be able to sell a league one club with no supporters and a stadium he hasn't bothered to maintain for?
 
Grumpy Old Man said:
I'm surprised by the timing. As I hinted in the OP, the HMRC thing, which is something there, represents a fundamental uncertainty for anyone trying to value the business. I've heard nothing about Newcastle appealing the court case, so I presume that HMRC will now be crawling all over whatever they took.



Not that kind of indemnity. In a takeover, you insert a clause in the purchase agreement that the vendor will meet any costs you incur if certain things go wrong. So, if was buying the Mags, I'd want a stonking amount of my money back if the club ended up fined and/or relegated if the HMRC case was lost.
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True but isnt there a potential that it is wrong doings by people rather than the club? They therefore could and still will be held accountable. Im sure us being sold wont stop hmrc from their work. It has been hinted at that us and WHU are part of a much bigger french scandal so maybe we are a small part? Noone really knows.

Id be massively surprised if an oil rich sheikh bought us. Knowing our luck it will be a Joe Kinnear esque owner.
 
I don't get this like, who on earth is gonna touch it with a barge-pole with the HMRC shit potentially being a huge problem :confused:

They could quite easily be made a massive example of in the coming months, the consequences might be off the scale - how the hell is Fat Mike going to flog the club in the meantime? It's a non-starter surely.

I love how the local press are totally turning a blind eye to it as well #magedia
 
I dont know why people get so excited by takeovers post City I highly doubt another rich Gulf State backed group want to buy into the league.

PSG's Qatar owners and the richest bloke in China invested in France and Spain as its much easier to get CL football, the reality is in England you have 3 very strong sides in City, Utd and Chelsea and another 3 well financed sides in Spurs, Arsenal and the Kopites.

All these chinese owners who have bought into the league have hardly done a man city neither has our new owner or any of the Americans, 90% of new owners want a slice of the PL pie, not investing a billion in the guarantee of a regular top 4 finish which they would get in Italy, Spain etc.
 
mag in peace said:
True but isnt there a potential that it is wrong doings by people rather than the club? They therefore could and still will be held accountable. Im sure us being sold wont stop hmrc from their work. It has been hinted at that us and WHU are part of a much bigger french scandal so maybe we are a small part? Noone really knows.

Id be massively surprised if an oil rich sheikh bought us. Knowing our luck it will be a Joe Kinnear esque owner.
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The court reports were citing allegation of evasion of PAYE, NI and VAT by the club. That's a pretty strong allegation, and clearly meant to underpin why they felt they need for the raid.
 
Does the fact he wants rid by Christmas suggest Ashley might not want HMRC to see any reason to look into other areas of his business dealings so is trying to distance himself from it?
 
naughtynose said:
I don't get this like, who on earth is gonna touch it with a barge-pole with the HMRC shit potentially being a huge problem :confused:

They could quite easily be made a massive example of in the coming months, the consequences might be off the scale - how the hell is Fat Mike going to flog the club in the meantime? It's a non-starter surely.

I love how the local press are totally turning a blind eye to it as well #magedia
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There is of course the mere chance that we are a minor part... not that this will go down well here.
 
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