SUFC: The Future SUFC up for sale

[Mr Browns Ghost]

I would be pleasantly surprised if it was only £1.25M.

Surely the trust can just pay that no questions asked or no contract needed

 

[Tommy's Mooney]

Chill out everyone, this is all just to make the first few episodes of the documentary as entertaining as possible

 

[Mr Browns Ghost]

Anyone know when the £500k + safety certificate needs to be approved and paid for?

Maybe impacted areas/stands could be closed if somehow we pay HMRC and manage to build a team of nobodies to start!

That made up 500k that Ron used to sell us ?

 

[mark387]

Can someone ITK confirm that there is definitely a roadblock/stalemate/issue going on? There is so much guessing, feelings and misinformation here and on twitter it would be nice for someone that knows to put down just the facts (that they can/are allowed to) into one post.

I say that because whilst the situation is dire and we are all very impatient, the timeline for this sale doesn't seem too out of the ordinary if Ron is to believed (HA!) that terms were agreed on June 2nd.

Whilst it is a whole different kettle of fish, I have had shop sales and purchases take months from offer accepted to being finalised and I'd imagine that, that is far less complex of a transaction than the purchase of SUFC from the Great Pyramid of Insolvent Companies.

I ask the above because I have genuinely lost track of what is confirmed and what is bollocks

 

[Che's Left Foot]

Chill out everyone, this is all just to make the first few episodes of the documentary as entertaining as possible

I see it now

EPISODE 1:"Interesting day"
EPISODE 2: Wealdstone
EPISODE 3: Negotiations
EPISODE 4: Wallop
EPISODE 5: The Boy That Cried Wolfy
EPISODE 6: Watergate
EPISODE 7: Ron f***s off
EPISODE 8: All Aboard HMS P*ss The League

 

[LucindaC]

This should all be flushed out during DD, which is why posts on here of the price being agreed pre-completion of DD would have been premature. Until you know what the current or future financial commitments are, and financial risks, you simply would not be in a position to agree a price. Likewise the terms and conditions of a sale can affect the price, so the price might still be fluid until the end of negotiations.

My understanding, from talking to a lawyer, is that DD won't change the agreed price. It will change the warranties built into the contract.

Sorry I was not able to reply sooner. My background is contract law (albeit military helicopter sales). I suspect you probably meant indemnities as opposed to warranties, but that would still change the price. Indemnities come at a cost. Until the sales contract is signed between the two parties anything and everything can change.

If after DD Kimura ask Ron to provide an indemnity, say against future financial or legal litigation arising out of the sale, Ron might judge that to be a financial risk for himself and up the sales price by x% to cover it - of course if Ron is 100% sure their will be no comeback on the sale in the future he may leave the price unchanged.

 

[Sudbury_Shrimpers]

Shrimpers Trust is hopeless in last 1 month, they have gone quiet, which is deafening their statement wasn’t enough, now they must be strong and push him to take the offers and tell Kimura to pull their fingers out, would they want to be backing a club in Ryman Premier League or lower after 13th of July!?

 

[Shrimp and two veg]

Classic Ron Martin to the end.
Not paying the players on time, denial and deflection of blame, financial skeletons found in the cupboard that he'll gloss over, the list goes on.

Meanwhile, we fans are looking at another poor season in non league, if Ron stays or goes. Can't see us winning much in the first few months if we are taken over, it normally takes us till November to get started. We have brilliance at this club with recruitment and team management, i find this so frustrating when you think of the rubbish in the past we've endured.

The Trust and the fans HAVE to oust Ron Martin and quickly. Sitting on our hands allows Martin to carry on as he has done for so long, negotiating a long drawn out deal for himself, bollocks to that, get him out of the club. It's in our hands to do just that.

 

[LucindaC]

In the email from RM, he has clearly breached the NDA where he stats the terms were agreed on June 2nd. Not that I care.

But surely if the terms are agreed, and Kimura actually want to buy the club, they just will.

Unless you know the T&Cs of the NDA you cannot be sure that RM has breached the Agreement. NDA's normally consists of several pages of T&Cs with an Annex detailing the scope of what the NDA covers and a duration. It's possible that the NDA only covered discussions leading up to an agreement, in which case RM has not breached anything.

The terms of a sale may be agreed but until both parties sign on the doted line and contracts are exchanged, nothing is final.

 

[KiwiRob]

Someone definitely getting a bit touchy

View attachment 27056

What is remarkable about RM's response is that he seems to be talking as if the process of DD - which RM has often cited with approval in his spell as Chairman - does not count. De-coded, RM seems to be saying a price was agreed on 2 June and that the findings of DD - even if it unearths a number of hidden debts - must be largely discounted and the costs of undeclared debts should be absorbed by the prospective buyer! If that is true, Kimura have predictably and rightly said that the original price cannot but be affected by the discoveries of DD.

 

[Ron Manager]

Maybe time for the Trust to be checking this file hasn’t been deleted?

 

[Fitz]

I have resisted posting on this….or at least I think I have but after 495 pages it’s difficult to remember.

Today we have genuinely hit a new low. I do wonder what the National League will think about this, there has got to be a real possibility we will be thrown out of the league….with fixture release day only days away.

If it’s true those lawyers really need to push this through before things get terminal….but I don’t believe a word Ron says anymore….I’m not sure I ever did.

Will Maher and Co stay now…how many of the squad will disappear….surely some monies could have been advanced if the sale is this far along as some kind of pre sale/contract agreement. Or if Ron knows he is getting his money he could find it from one of his other companies/properties….beginning to feel the end is well and truly nigh

All so depressing…..

 

[catholic blue boys]

Simple question has anyone tried to contact the potential buyers or have I missed something, surely the guy who posted on Instagram the other week is contactable by someone to get his side of things, yes we know Ron is a ----- , so let's talk to the potential new owner get his take on things I might be Barking up the wrong tree here, but like many of you I love my club and not to have it to go to on a weekend would be soul destroying.

So someone please try and contact these people.

 

[The Clairvoyant]

What is remarkable about RM's response is that he seems to be talking as if the process of DD - which RM has often cited with approval in his spell as Chairman - does not count. De-coded, RM seems to be saying a price was agreed on 2 June and that the findings of DD - even if it unearths a number of hidden debts - must be largely discounted and the costs of undeclared debts should be absorbed by the prospective buyer! If that is true, Kimura have predictably and rightly said that the original price cannot but be affected by the discoveries of DD.

Yes , but if the revised figure is below the bid of a competitor why should Ron accept this revised Kimura bid . He will want the best deal possible for himself .

 

[Medway Blue]

Yes , but if the revised figure is below the bid of a competitor why should Ron accept this revised Kimura bid . He will want the best deal possible for himself .

This assumes that the competitor will fit Ron's mould of somebody that is happy to either not do any meaningful DD, or to wave through the issues that they encounter when they do. Ultimately, the bid of the competitor will probably also get lowered when they make the same discoveries that Kimura have perhaps made.

 

[kentblues]

What is remarkable about RM's response is that he seems to be talking as if the process of DD - which RM has often cited with approval in his spell as Chairman - does not count. De-coded, RM seems to be saying a price was agreed on 2 June and that the findings of DD - even if it unearths a number of hidden debts - must be largely discounted and the costs of undeclared debts should be absorbed by the prospective buyer! If that is true, Kimura have predictably and rightly said that the original price cannot but be affected by the discoveries of DD.

Thing is no-one knows if anything came out of the DD process that has caused a problem. Just loads of people assuming it, but as far as I can see they don’t know. If heads of terms, including price were agreed on 2nd, there would still need to be detailed contracts drawn up and agreed? And either or both parties might be looking to get certain clauses agreed the other is pushing back on. I think the only thing we can say is surely those terms have very meaningful financial impacts (or effect e.g. control or potential liabilities going forward, particularly maybe around FF/RH) or surely it would be sorted? And if it were just lawyers doing there bit, given the chaos caused by these, delays surely they would have been locked in a room, and not allowed out, until done?

In any event the pressure to get agreement could not be greater?

 

[Tommy2holes]

We have heard from Ron via email but what about Kimura.

 

[united we stand]

Russian Roulette !
That court hearing is going to be one not to be missed, i think some TV channel should show it live . Media going to have a field day too .

RM Your honour Kimura accepted a deal ,then tried to change it.
Kimura. Yes your honor a deal was agreed , but after the DD it was found that RM had hidden several debts amounting to a very high number not just in the 100000s ,so yes we have attempted to broker a new deal.
RM Your Honour its my club ,i own it ,a deal is a deal ,
Judge , Bailiff take this Narcissistic mentally deranged man away and have him assessed for incarceration at Runwell Hospital

Showing your age, runwell hospital closed 13 years ago, it’s houses now

 

[Tommy2holes]

Showing your age, runwell hospital closed 13 years ago, it’s houses now

Yes it was but there is still a secure psychiatric unit there.

 

[The Clairvoyant]

This assumes that the competitor will fit Ron's mould of somebody that is happy to either not do any meaningful DD, or to wave through the issues that they encounter when they do. Ultimately, the bid of the competitor will probably also get lowered when they make the same discoveries that Kimura have perhaps made.

That is good logical thinking and explains why the third party would really like to see the club put into administration . You are then able to avoid meaningful DD which is very expensive to do . A new company is set up which inherits SUFC assets which are minimal - player registrations only . Only a proportion of SUFC creditors will be paid off . Of course football creditors- players ,staff , other football clubs etc - must be paid back in full.. But all other creditors perhaps only 25p in the £1 would be necessary to meet league membership rules . Don't forget that the administrator only has responsibility for the club- he has no responsibility for selling a stadium which does not exist .