Breaking News When will the takeover go through? Council / Citizen Housing agree new Heads of Terms 26 June

[Che's Left Foot]

What’s really getting me is the is in his lair absolutely ****ing himself.
He knows that he is in control of this sad episode in the clubs history.
If COSO allows the to pull this stunt off, it’s just never going to end.
The club and supporters torment will continue, this will just go on and on. It’s all a game to him to keep screwing the consortium to keep his club going.
The man’s a parasite on the back of good honourable people . I hope the trust will release details of a plan to make the families life unbearable, even Mrs is fair game.

He is not in control.

If anyone walks away:

- we lose a club. We'll live.
- the council lose their housing. They'll cope.
- the rat dynasty lose everything

 

[blake]

Exactly that. See s. 2 Local Government Act 1986 (as amended) and in the Code of Recommended Practice.that councillors must observe. Cllr. Cowan acted perfectly correctly.

 

[meerkat54]

He is not in control.

If anyone walks away:

- we lose a club. We'll live.
- the council lose their housing. They'll cope.
- the rat dynasty lose everything

Really, he seems pretty good at playing games his way, with little recourse.

 

[Che's Left Foot]

Really, he seems pretty good at playing games his way, with little recourse.

The man is balls deep in debt.

He needs this or he's ruined.

 

[Southchurch shrimper]

Another blinder played by Ron. He can now attend the WUP, pleading his innocence to the judge that he has worked really hard to get a deal over the line but the mean council have back tracked on a previously agreed deal so it’s not his fault. To show what a collaborative gent he is, he has “agreed” to a revised offer from the council, that’s significantly worse in his eyes, and requests a further adjournment of 6-8 weeks to get the club sold It’s the same tactic with every hearing, always finding a way to kick the can down the road.

 

[TUMBO]

The man is balls deep in debt.

He needs this or he's ruined.

Nothing personal friend, but fed up of seeing "he needs this"

We've got no idea, how he keeps living in that massive house. Driving that car, surviving and surviving. Appreciate the first two can be a front, but he's held the facade up for too long now.

There's more than meets the eye here

 

[meerkat54]

The man is balls deep in debt.

He needs this or he's ruined.

Everyone knows he is neck deep in debt.
A reasonable man would have taken the SCC offer, but when has the ever been reasonable.

 

[Shrimperborn1957]

Seems to me that 5,30pm was very late to say 'that's it.' Personally I would have asked soon as they walked in the room.'do you accept' 'no' Cowan 'goodbye' and walk out. Now IT is back in the driving seat. Really do fear more than ever that we are ****ed

 

[CllrDanielCowan]

@CllrDanielCowan stated the deal will sail through DD and it won't take so long

We are close

CllrDan, could you explain to us fans how and why the council are involved and the DD process.

Why is PP for x amount of houses not given and then the council could negotiate ownership/rental deal later?

Not asking for any financial secrets but some clarity for us fans.

It’s a model called Income Strip where the tenant (in this case SCC) agree to rent all of the units for X price minus the value of Y which is called OpEx (operational expenditure) to cover the costs of maintenance voids etc (although not all costs are met this way as it’s a best guess).

The rest of the income (X minus Y) is then “stripped” by a private investor, usually a pension company, over the term of the lease (35-55 years depending on the deal).

This guaranteed income over a long period of time allows the investors to release large levels of capital funding which the developer (RM/JM) use to to build the properties and extract their profit.

It’s a really complicated financial transaction that requires an AfL (agreement for lease) before funding can be drawn so the tenant has to be certain they can cover the rents before they sign up.

There’s a lot more to it but that’s it in a nutshell

 

[londonblue]

The man is balls deep in debt.

He needs this or he's ruined.

Everyone knows he is neck deep in debt.
A reasonable man would have taken the SCC offer, but when has the ever been reasonable.

So which is it, neck or balls?

 

[Che's Left Foot]

Do which is it, neck or balls?

Depends if they float.

 

[Colblue]

Confused
Statement says they got close enough to red lines to continue talks. Yet comments from Cllr Cowan on X say that citizen accepted final offer from SCC at 17:30

So did council move their own red lines, in which case they weren’t red at all

 

[SHRIMPERPETER]

It’s a model called Income Strip where the tenant (in this case SCC) agree to rent all of the units for X price minus the value of Y which is called OpEx (operational expenditure) to cover the costs of maintenance voids etc (although not all costs are met this way as it’s a best guess).

The rest of the income (X minus Y) is then “stripped” by a private investor, usually a pension company, over the term of the lease (35-55 years depending on the deal).

This guaranteed income over a long period of time allows the investors to release large levels of capital funding which the developer (RM/JM) use to to build the properties and extract their profit.

It’s a really complicated financial transaction that requires an AfL (agreement for lease) before funding can be drawn so the tenant has to be certain they can cover the rents before they sign up.

There’s a lot more to it but that’s it in a nutshell

Still no idea

 

[Jmayhew32]

Confused
Statement says they got close enough to red lines to continue talks. Yet comments from Cllr Cowan on X say that citizen accepted final offer from SCC at 17:30

So did council move their own red lines, in which case they weren’t red at all

He said that this morning they were 100 yards apart. SCC moved 20 yards and The Martins moved 80 yards.

 

[Tribal Chief]

Are you sure? Well blow me down.

To be fair mate, I’m not a Conservative man either.

 

[Tribal Chief]

He said that this morning they were 100 yards apart. SCC moved 20 yards and The Martins moved 80 yards.

Nailed it.

 

[BoyWonder2]

So at 17:30 we were Cooked the counsellor and team uped and left got as far as the lift and the scum called them back and agreed to the revised deal!! Wtf is going on

That isn’t what happened.

He was using that as a metaphor, hence why he put metaphorically.

 

[Westcliff DGS]

It’s a model called Income Strip where the tenant (in this case SCC) agree to rent all of the units for X price minus the value of Y which is called OpEx (operational expenditure) to cover the costs of maintenance voids etc (although not all costs are met this way as it’s a best guess).

The rest of the income (X minus Y) is then “stripped” by a private investor, usually a pension company, over the term of the lease (35-55 years depending on the deal).

This guaranteed income over a long period of time allows the investors to release large levels of capital funding which the developer (RM/JM) use to to build the properties and extract their profit.

It’s a really complicated financial transaction that requires an AfL (agreement for lease) before funding can be drawn so the tenant has to be certain they can cover the rents before they sign up.

There’s a lot more to it but that’s it in a nutshell

Wasn't this the type of deal that bankrupted Croydon council and or a few others? If so how does this impact DD

 

[meerkat54]

I’m pretty much ****ed with off with this saga. Think I will reserve any further comments on the subject until I see the COSO statement.
Had enough for today.

 

[Petejames]

That isn’t what happened.

He was using that as a metaphor, hence why he put metaphorically.

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See you at the protest blue eyes