Takeover 50/50 ?

[CP Gull]

Like Dave (Forever) says, I think the covenant issue isn't a major one in the big scheme of things. I think I am right in saying that it was put in place nearly a hundred years ago and times have moved on. It is impractical to continue to "enforce" these type of things when the needs of the population have changed dramatically during that period.

I wouldn't be surprised at all if the new "investors" do have one eye on a property deal ... if that is the case we just have to hope that they are not entirely in it for their own personal gain but that they still have the interests of the club at heart. It could well be an interesting few days ....

[wodger of awabia]

Well obviously the prospective new board will have worked out that if the club is losing £500K a year, then they will either have to top up income to the sum of around £10k a week, or cut the expenditure by £10K a week.Is it possible to save this sum from the playing budget? I suppose it would be ideal if there were say 10 of them who each bunged in an initial £100K ,this would provide "breathing space" for drastic reforms at the club to get the finances back in order. I find it very difficult to comprehend how badly the club has been run to end up in this state. This would not have happened in Mike Bateson's day! It is no good pointing out that most of the Prem. teams are losing tens of millions a year, because it is not the same thing, & in any case Newcastle made a profit of around £18m.

[Admiral]

In the past good FA Cup runs have definitely played their part and the past few seasons have seen us get knocked out early and lose potential income. We can't rely on this potential income, however.

I've heard from a 'reliable source' that the club has already been sold 3 weeks ago to a group led by two American businessmen. Struggling to believe this though as surely with the MLS and soccer in America growing this would be a better place to invest!

[nickbrod]

Golly the excitement is increasing daily. What's in store? Can it be the takeover saga or the General Election?! Seems there could be a parallel between the two!

[Kit_robin]

Hector is a poster I respect, but I do think he is being unduly negative at the present time when we know very little (I. E. None) information about the new owners.

That's not to say we should all be jumping up and down in excitement because, as above, we know very little about the new owners.

I think it is self defeating to be negative at the moment and will only hinder progress. When the new owners are I situ I would like to hear what their plans are and how the expect to achieve this. I would also like to know a bit about their backgrounds. At this point I will decide whether to be positive or sceptical, not before.

I also think people need to be careful about being overly sceptical of radical plans. I have said for a long time that for this club to achieve a platform for success we need to move away from Plainmoor. There is no reason a move away cannot be beneficial for both the new owners and the football club. There is of course a possibility of the club being hung out to dry in a deal of this nature, but it's our job as fans to decide on the facts when they are presented, not to blindly support or criticise on no information on whatsoever.

I welcome the news that the deal is drawing to a close. Obviously all preludes have been conducted and it's a matter of signing on the line. A lot can happen to prevent this, but I would be hopeful that negotiations have been conducted properly and there are no nasty surprises to scupper a deal.

I remain on the positive side for now. It was obvious our club could not continue in its current form so change was needed. I was keen for TUST to be the owners but will wait and see what's in store before I start any negative propaganda.

[SWgull]

Hector is a poster I respect, but I do think he is being unduly negative at the present time when we know very little (I. E. None) information about the new owners.

That's not to say we should all be jumping up and down in excitement because, as above, we know very little about the new owners.

I think it is self defeating to be negative at the moment and will only hinder progress. When the new owners are I situ I would like to hear what their plans are and how the expect to achieve this. I would also like to know a bit about their backgrounds. At this point I will decide whether to be positive or sceptical, not before.

I also think people need to be careful about being overly sceptical of radical plans. I have said for a long time that for this club to achieve a platform for success we need to move away from Plainmoor. There is no reason a move away cannot be beneficial for both the new owners and the football club. There is of course a possibility of the club being hung out to dry in a deal of this nature, but it's our job as fans to decide on the facts when they are presented, not to blindly support or criticise on no information on whatsoever.

I welcome the news that the deal is drawing to a close. Obviously all preludes have been conducted and it's a matter of signing on the line. A lot can happen to prevent this, but I would be hopeful that negotiations have been conducted properly and there are no nasty surprises to scupper a deal.

I remain on the positive side for now. It was obvious our club could not continue in its current form so change was needed. I was keen for TUST to be the owners but will wait and see what's in store before I start any negative propaganda.

[PhilGull]

Hector is a poster I respect, but I do think he is being unduly negative at the present time when we know very little (I. E. None) information about the new owners.

That's not to say we should all be jumping up and down in excitement because, as above, we know very little about the new owners.

I think it is self defeating to be negative at the moment and will only hinder progress. When the new owners are I situ I would like to hear what their plans are and how the expect to achieve this. I would also like to know a bit about their backgrounds. At this point I will decide whether to be positive or sceptical, not before.

I also think people need to be careful about being overly sceptical of radical plans. I have said for a long time that for this club to achieve a platform for success we need to move away from Plainmoor. There is no reason a move away cannot be beneficial for both the new owners and the football club. There is of course a possibility of the club being hung out to dry in a deal of this nature, but it's our job as fans to decide on the facts when they are presented, not to blindly support or criticise on no information on whatsoever.

I welcome the news that the deal is drawing to a close. Obviously all preludes have been conducted and it's a matter of signing on the line. A lot can happen to prevent this, but I would be hopeful that negotiations have been conducted properly and there are no nasty surprises to scupper a deal.

I remain on the positive side for now. It was obvious our club could not continue in its current form so change was needed. I was keen for TUST to be the owners but will wait and see what's in store before I start any negative propaganda.

Wot e sed.

[gullintwoplaces]

I suspect that part of Hector's negativity comes from seeing what happened at Hereford & Salisbury. I keep my fingers crossed that any new owners of the Gulls will have football as their prime motivator. The owners at Hereford & Salisbury did not, but this should have been spotted during due diligence by the previous owners. The Hereford buyer was a convicted criminal (and not a minor crime), the Salisbury buyer was, to put it gently, a dodgy gentleman from sunny climes on the other side of the Mediterranean.

[Richinns]

For me the biggest worry/intrigue for me is the lengths which have been gone to for the identity of the consortium to remain a secret. The fact that the other members of the board have not been told indicates this and in reality there always someone who knows something about the ongoing of the club and on this there has not been a sniff of inside information from anybody (including Dave Thomas) on this over the weeks it has been ongoing

I worry because are the investors insisting on this secrecy to prevent a backlash from the fanbase which might derail their plans (which will not be in the best interests of the club)?

and am intrigued as to thinking perhaps there may be a public figure heading the consortium who wish to remain unannounced until all is completed (a Neil Warnock or Helen Chamberlin perhaps) which will bring a much needed influx of investment to their plans?

To ease my worry I have to think (after the kindness of making the club debt free and the memory of Paul Bristow and his Bench) there is no way Thea will (knowingly) sell the club down the river. I just hope the advice she is getting supports this!

Interesting times but I will try to remain in the positive camp for now!

[PhilGull]

Maybe Dave Thomas and others do know but are keeping schtum because it's the right thing to do. There is no need for anyone outside of the negotiations to know anything.

[happytorq]

Richinns - that doesn't bother me at all; it's pretty standard when you're negotiating something like this. It means that the seller can't tout you around town hoping to get a rival bidder, it also means you can quietly get things in place (like financing maybe, or you can look at the people you want to bring in without giving them the advantage in negotiations)

Also, no matter who is looking at buying the club, there will be some people unhappy about it. keeping things quiet until it's a fait accompli means you avoid that crap and it's a lot easier to say sorry than to ask permission

[Kit_robin]

For me the biggest worry/intrigue for me is the lengths which have been gone to for the identity of the consortium to remain a secret.

That's funny, because I feel exactly the opposite!

I would be quite worried if we had heard lots of leaks about who is involved, as that is the behaviour of an egomaniac who is in it for the ride and not the behaviour of a serious business person.

For all sorts of reason confidentiality is the best thing for everyone during negotiations like these,and I have been pleased about how I know nothing (if that makes sense)!

[happytorq]

I've heard from a 'reliable source' that the club has already been sold 3 weeks ago to a group led by two American businessmen. Struggling to believe this though as surely with the MLS and soccer in America growing this would be a better place to invest!

Torquay United:
Cost to acquire club: £750k at the outside
Stadium: not owned, but part of deal.

MLS
Franchise fee: $100m
Stadium: depends on location but at least $80m

(also it's not "the MLS". Ever. Gah. )

[RoadGull]

I do wish people would stop calling the new buyers/owners 'INVESTORS'!

An investor is a person who allocates capital with the expectation of a future financial return. (Wikipedia)

Invest = The action or process of investing money for profit. (Oxford Dictionary)

The new owners will never make any money from purchasing TUFC .... so in no way can they be investing their money - ask Thea!

[hector]

I do wish people would stop calling the new buyers/owners 'INVESTORS'!

An investor is a person who allocates capital with the expectation of a future financial return. (Wikipedia)

Invest = The action or process of investing money for profit. (Oxford Dictionary)

The new owners will never make any money from purchasing TUFC .... so in no way can they be investing their money - ask Thea!

Oh they could. Building and land is probably at the centre of this deal. An astute poster on a different site has already made the link between the timing of the supposed deal completion and the Mayoral election.