SUFC: The Future SUFC up for sale

[Cricko]

Hurtling towards #10,000

Keep your posts and answers short and we'll soon get over the line.

 

[dusterman]

View attachment 27065

Is this a sign?!

 

[Cricko]

Is this a sign?!

I wished.

 

[Liam AAS]

Didn’t we hear before from that expert that if Martin voluntarily puts the club into administration then he would be able to choose the administrator so could basically buy the club back himself? I’m far from an expert on these things but I’m sure it’s something like that.

Let’s hope Kimura feel we’re a good enough prospect and take a punt on us.

That's correct but seems an unlikely course of action as he could have done that in March if he wanted to. He didn't.

 

[Cricko]

I would like to see in the very near future the Umbongo drink replaced by this.

 

[ColinMorrisWalksOnWater]

If we go into administration, then the administrator is appointed by the courts, nothing to do with Ron. Their job is to sell to the best offer or close the club. There is no control given to Ron.

It would not be inconceivable that Kimura could buy us from the administrator. It would just have to be the best offer.

 

[JB Shrimper]

If we go into administration, then the administrator is appointed by the courts, nothing to do with Ron. Their job is to sell to the best offer or close the club. There is no control given to Ron.

It would not be inconceivable that Kimura could buy us from the administrator. It would just have to be the best offer.

But they would only have the club and not the land that is so coveted would they not?

 

[Liam AAS]

If we go into administration, then the administrator is appointed by the courts, nothing to do with Ron. Their job is to sell to the best offer or close the club. There is no control given to Ron.

It would not be inconceivable that Kimura could buy us from the administrator. It would just have to be the best offer.

That isn't what we were told by several isolvency practitioners

 

[AlfaShrimper]

No one’s had heard anything from them very poor imo

Shock. When it comes to actually taking action and not just statements the crumble

 

[basilrobbie]

Insolvency events do not always end up with a bad outcome . Dealing with Ron is an extremely difficult and frustrating experience for any prospective new owner . Dealing with the appointed administrator would be a much less harrowing experience . Portsmouth FC is a good example of a club which was saved by the action taken by its resilient supporters trust . They later sold their majority interest to Michael Eisner, ex-Disney CEO. So, out of bad some good has come .

Pompey were saved by their Trust. But they had to raise the best part of three million pounds to do so, and quite quickly found that they couldn't sustain it in the long term.

I'm not sure they are an example or a model for anything. The problems at your club stem from something more basic. And that is that you have an owner who lacks a basic level of interest in the club's prosperity, largely because it is of secondary importance to him when compared with his property development role.

Everything else - the neglect of Rootes Hall, the poor decision making, the absence of strategy or leadership and the abysmal communication - they all stem from that.

Put another way, remove the main impediment and you have a club with history, tradition, a big geographical hinterland, a sizeable and loyal fanbase and a promising manager with the nucleus of a good squad. Administration looks a lot like throwing the baby, its nappies and the pram out with the bath water to me.

 

[The Clairvoyant]

Are you suggesting that the directors of SUFC should put the club into administration ahead of the season beginning, then allowing another party (not Kimura) to then take the club out of administration, pretty much debt free but with charges held by Mezcal and technically Ron still having some form of hold over the club?

Obviously this will result in at least -10 points deduction and possibly our license revoked by NL, depending on when this was initiated and how ****ed off they are. You have also said this other party does not have much money, which is also a concern when Ron claims there is a £200k per month shortfall. Also obviously this type of action would screw over a lot of people/businesses at the same time.

Not exactly appealing to many fans I wouldn't of thought. Vultures, nothing more and will result in previously unseen levels of backlash from the fanbase I suspect.

I sincerely hope a deal can be done with Kimura in the next couple of weeks . But what happens if it is not . There does need to be a Plan B . What is your Plan B ? The most important thing of all is to get the club out from under a mountain of debt . If there is no buyer coming forward who has deep pockets then the only alternative solution ends up with the club creditors taking the hit . Footballing creditors have full protection under the regulations because they are super creditors . The only form of control Ron ends up with is a tenant /landlord relationship . The charges held by Mezcal are no longer relevant .

 

[Booma]

That isn't what we were told by several isolvency practitioners

Do you think there is a plan here? Wait for the club to go into administration, and buy it cheap without the debt and RM

 

[Holy Joe]

This was the clauses I was referring to

Yep that's the one.


I also note, and mentioned it a couple of times on here, that the new revised planning application for FF stadium doesn't satisfy the condition for the number of seats in phase 1. So there is likely to be an application to revise the conditions to allow RH to be demolished with less seats available at FF

 

[Holy Joe]

But does that inter company debt still exist . I understood that it had been replaced by charges put in place on SUFC . Also someone reported that the BVI registered company ,Mezcal was now the sole owner of South Eastern Leisure UK Ltd so company relationships have become simplified following Ron's strategic review .

Yes. The charges have just secured that debt against the assets of the club, previously it was unsecured debt.

 

[Liam AAS]

Do you think there is a plan here? Wait for the club to go into administration, and buy it cheap without the debt and RM

No, administration could result in explusion from the NL steps and entry into the Ithsmian (or other). It would devalue the asset enormously. It is in no ones interest to allow that to happen.

 

[Mad Cyril]

Yes. The charges have just secured that debt against the assets of the club, previously it was unsecured debt.

Did anyone think Ron would walk away from the money his companies have put into the club without realising the profit on FF first?

 

[Cricko]

I sincerely hope a deal can be done with Kimura in the next couple of weeks . But what happens if it is not . There does need to be a Plan B . What is your Plan B ? The most important thing of all is to get the club out from under a mountain of debt . If there is no buyer coming forward who has deep pockets then the only alternative solution ends up with the club creditors taking the hit . Footballing creditors have full protection under the regulations because they are super creditors . The only form of control Ron ends up with is a tenant /landlord relationship . The charges held by Mezcal are no longer relevant .

A mountain of debt the owner has created, so what **** them all off so he can still own nearly everything debt free. It makes me sick you think this is a good plan, small businesses and staff suffer because of his grand plan. It matters zilch that he could lose a few mill through Mezcal or whoever to him in the long run.

If you wanted to **** off supporters anymore you will struggle.

 

[united we stand]

In the short term getting some wages paid would be good if not critical. If as reliably suggested seven of the players have been paid it would presumably take about £10-£20K to get the rest up to date and avoid contract breaches then at least we have a squad to start the season with. Compared with the sums allegedly spent on DD it sounds quite trivial.

I think you might want to look at your maths

 

[Jasrod]

A mountain of debt the owner has created, so what **** them all off so he can still own nearly everything debt free. It makes me sick you think this is a good plan, small businesses and staff suffer because of his grand plan. It matters zilch that he could lose a few mill through Mezcal or whoever to him in the long run.

If you wanted to **** off supporters anymore you will struggle.

But surely if this was the case he would have to go through fit and proper tests which surely he would fail or would that not be the case?

 

[Medway Blue]

I sincerely hope a deal can be done with Kimura in the next couple of weeks . But what happens if it is not . There does need to be a Plan B . What is your Plan B ? The most important thing of all is to get the club out from under a mountain of debt . If there is no buyer coming forward who has deep pockets then the only alternative solution ends up with the club creditors taking the hit . Footballing creditors have full protection under the regulations because they are super creditors . The only form of control Ron ends up with is a tenant /landlord relationship . The charges held by Mezcal are no longer relevant .

This is a terrible idea.