The breaking News thread...

[Lost Leopard Spot]

That may all be shit too, but I suggest it's no less credible than anything else I've seen posted about the club's ownership issues on this board to date.

You must have missed that bit where I queried the astuteness of not paying the taxman. Like that was ever going to help

[Lost Leopard Spot]

... and repeat.

Any news breaking?

no

[thebish]

but apparently not quite enough for him to keep us ticking over until a sale is eventually agreed.

... and for me that's where the panic fanny case stutters.

We are ticking over and for all we know that nice Mr Davies may be set to keep us ticking over until such time as he finds a credible investor. Just because some fella puts his hand up and says, 'I'll have it!' doesn't mean they're worth a second glance. Even if it's someone we all harbour fond memories of.

The fact that we're shit on the pitch may not be uppermost in his mind. He may be of the opinion that we've been shit for long enough with his financial support, we may as well have a go at being shit without it. That doesn't necessarily equate to his letting the club liquidate.

That may all be shit too, but I suggest it's no less credible than anything else I've seen posted about the club's ownership issues on this board to date.

However from what staff at the club are saying, we're not actually ticking over which is why Lennon had to do a whip-around for non footballing staff.

unless I have this wrong - that wasn't an issue of eddie refusing to give us money to keep us "ticking over" it was an issue of the clubs assets being frozen - or at least us not being able to access them in order to make the staff payments happen via the sale of some land - or summat complicated to do with the ongoing winding-up order - and that was fairly quickly resolved.

[Enoch]

What! Lennon had a whip round and paid the staff!

How did that ever get out?

[Lord Kangana]

Knowing him as we do, I think he had the staff roundly whipped....

[Lost Leopard Spot]

but apparently not quite enough for him to keep us ticking over until a sale is eventually agreed.

... and for me that's where the panic fanny case stutters.

We are ticking over and for all we know that nice Mr Davies may be set to keep us ticking over until such time as he finds a credible investor. Just because some fella puts his hand up and says, 'I'll have it!' doesn't mean they're worth a second glance. Even if it's someone we all harbour fond memories of.

The fact that we're shit on the pitch may not be uppermost in his mind. He may be of the opinion that we've been shit for long enough with his financial support, we may as well have a go at being shit without it. That doesn't necessarily equate to his letting the club liquidate.

That may all be shit too, but I suggest it's no less credible than anything else I've seen posted about the club's ownership issues on this board to date.

However from what staff at the club are saying, we're not actually ticking over which is why Lennon had to do a whip-around for non footballing staff.

unless I have this wrong - that wasn't an issue of eddie refusing to give us money to keep us "ticking over" it was an issue of the clubs assets being frozen - or at least us not being able to access them in order to make the staff payments happen via the sale of some land - or summat complicated to do with the ongoing winding-up order - and that was fairly quickly resolved.

Precipitated by the fact we didn't pay the taxman.

[Nicko58]

Marc Iles has tweeted that there are 'reservations about mortgaging on assets and interest' in relation to Sports Shield's bid. Could someone please explain to a financial novice such as myself, does that mean borrowing against the assets in order to buy the club?

If it does, that hardly sounds encouraging.

[Lord Kangana]

That's what the Glazers did wasn't it? Leveraged buying I think they call it, don't they?

[BWFC_Insane]

That's what the Glazers did wasn't it? Leveraged buying I think they call it, don't they?

There won't be many assets to leverage against soon.......

[TKIZ!]

Iles is reporting that the Trust are trying to get in to the running.

Hang on, I thought the Trust members were going to decide the mandate of the trust and that the Trust couldn't possibly comment on wanting to buy the club until the members decided the direction of the club. Etc etc etc.

Sounds to me an unelected few are (if Iles is correct) doing something they expressly said they wouldn't. They *are* supposed to be setting the Trust up and then holding elections...nothing less and nothing more...

I've decided they need a devil's advocate. I've had a word with Satan and I've appointed myself the anti-trust chairman. On an interim basis, until I can be arsed to elect myself.

LLS, I'd vote for that

[Lost Leopard Spot]

Marc Iles has tweeted that there are 'reservations about mortgaging on assets and interest' in relation to Sports Shield's bid. Could someone please explain to a financial novice such as myself, does that mean borrowing against the assets in order to buy the club?

If it does, that hardly sounds encouraging.

Yes.
No fxcker's got the money.
Potential buyers are borrowing shekels.
We have not attracted another Bill Gates/ Abramovich to the table.

How often does this shit need to be pointed out FFS?
We've known this for a minimum of thirty five 48 hour periods.

[StaffsTrotter]

That's what the Glazers did wasn't it? Leveraged buying I think they call it, don't they?

There won't be many assets to leverage against soon.......

wouldnt you sell them now if you were ED or in your benevolence would you let them have them for a quid and watch them sell them or raise loans against them a few weeks later ?

[Worthy4England]

From the BN:

"...the sticking point for Sports Shield and most of the other parties who have explored the purchase of the club has been to prove they have the money to cover future bills. That figure has changed consistently through the process but is now thought to be around £8million."

Call me fussy, but I agree that it'd be nice for the new owners to prove they have the money to make it to May.

In his twitter though Iles has been saying that isn't the problem and that he doesn't know "what is holding it up". Oh and if Iles reporting is correct Sports Shield have put down the requested amount to get through this season already.

I mean I agree broadly it is good to know the resources of any new owner, though it is easy to say "prove it" and much harder to do in reality. If someone had asked Eddie when he came on board "prove you have the money to run this thing for 10 years" I suspect he wouldn't have been able to do so. In fact he came in and put limited amounts in at the start.

I think proving you can run it beyond this season depends entirely on your business plan. And again, in my view any business plan needs contrasting with what we've got now. Which is a court date on the 22nd of February where we may have to prove we're not insolvent.

More I think about this, whether it is with the best of intentions or otherwise, it is a rather pointless thing to ask. Even if I proved that I had billions in the bank, it means little because I may ultimately not be prepared to invest it. If I said I only have XM and then the club needs to be self sufficient that is still better than 0 and the club being immediately insolvent.

You ask them to put the funds in Financial Escrow...we did this previously...

[BWFC_Insane]

^^they have done that already. But how far forward do you go? I bet you anything Eddie would have baulked if asked initially to stump up x years running costs to prove he was serious.

Also depends on their business plan. Perhaps they believe they can raise money in certain ways. I get that business plan may be very risky. Comes back to what the other options are.

[Worthy4England]

At the time ED took over, we probably didn't need to ask him...He'd also served on the Board for 4/5 years. I think we was a much more "known quantity"

[thebish]

^^they have done that already. But how far forward do you go? I bet you anything Eddie would have baulked if asked initially to stump up x years running costs to prove he was serious.

Also depends on their business plan. Perhaps they believe they can raise money in certain ways. I get that business plan may be very risky. Comes back to what the other options are.

aye - probably does - so, for the sake of a few days (and we were given five weeks) - it's worth weighing them up properly before signing on the dotted line.

[TKIZ!]

Marc Iles
@Bigjohnny58 Deano's a resourceful chap. It comes down to Eddie and whether he fancies the way they fund it. But yes, there's another option

[TKIZ!]

Ken Bates has now claimed on Radio Yorkshi(TE)re that he was asked to be involved in a consortium and said no as he thought we're more than likely to go into administration.

[jmjhb]

BWFCST have launched a bid (sent an impassioned letter to Eddie) to buy the club.

[Gary the Enfield]

BWFCST have launched a bid (sent an impassioned letter to Eddie) to buy the club.

Wha?