SUFC: The Future SUFC up for sale

[NG_Shrimp]

Morning all. Lurker here - rarely post but keeping a keen eye on things as we all are. For what its worth I think its easy to forget this is not really about a football club (sadly). This is a property deal with a football club attached. That football club underpins the FF scheme (as it currently is) so is something of a linchpin in the whole affair.

We have all wanted that scum bag out of our club for god knows how long, its a shame that he waited until it was all collapsing around him to decided (be forced)to sell.

The one thing Ronald is very good at is looking after himself and his family. This is why ultimately I believe things will get resolved in the near term. He wont pass up the opportunity to claw something out of this. Maybe with a points deduction and maybe with a relegation (lets hope neither) but we will have someone new at the helm and a new start for our club and for us fans.

Im looking forward to that excitement of the new, of embargo lifted and Kev being able to build is squad back up and for the collective stress and gloom to have been lifted from all our shoulders. It will happen! Im choosing to be positive! UTB!

 

[meerkat54]

So many opinions and very little in facts.
God this whole takeover scenario is a real mess. Thanks only to one oddball!

 

[Medway Blue]

Let's not forget that the deal is being handled by lawyers. Many on here have alluded to the relationship being fractious between the two sides, so I doubt they have actually spoken to each other often.

Yeah, this. I'm not even sure that the major players on either side are always fully up-to-date or appraised of the exact state of play at that exact moment.

Have a listen to the video from last night again. Ron said, “If Kimura or SOMEONE ELSE want to buy the club, they are welcome to it”

He also said he'd be gone by August, which was an odd thing to say. Ties into the theory that he's stringing it along as much as he can but, whoever he ends up selling to, it has to be done by August as the NL likely won't let us start the season in such an uncertain state.

If there is another group headed by Tom Lawrence, it would seem strange that he wouldn't want to conclude a deal before Wednesday morning. He, more than anyone would know of the potential serious consequences of missing the 12th July deadline.

I don't know how serious a TL consortium is, but they won't have a lot of moolah and certainly couldn't compete with Kimura's offer so he probably wouldn't be in a position to force the issue.

Chill people……we are hanging on. Wednesday won’t be an issue (we are not getting wound and will not get kicked out the league - worst case I’m being told based on the situation is points deduction)

Champagne still on ice for West Stand Blue but it won’t be to long now

National League said yesterday that a points deduction is not on the table at the moment and is unlikely to be applied as things stand. They tend to use them mostly for insolvency events, unfulfilled fixtures and financial irregularities. Their regulations give them the flexibility to apply one to us if they see fit but as of yesterday, it's not being considered right now.

The NL would also be mad to sanction us as that would effectively be them thinking they were more powerful than the Courts. So I'm confident we would get the adjournment and limp on for another 28 days and then the hearing is dismissed.

However, this is the bit I don't get - and I'm happy to be educated on here by anyone who knows - will we not have to stay under the embargo until the new date?

On the first point - they have been very helpful and understanding so far and really don't want to see us go under, but they have the integrity of a competition to uphold. They are working within their rules but there will come a time when the rules will dictate that they have to act.

On the second point, not necessarily. I gather from what they said yesterday that if a sale was completed before the next adjourned court date, that the new owners were showing that they were trying to get the club back onto a healthier and more sustainable financial footing and showing proof of ability and intent to pay off all the debts, then the National League would consider lifting the embargo there and then.

 

[Morty01]

Odds on today?

 

[Smiffy]

Odds on today?

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[8]

On a technicality the Club/Company cannot be sold while it is under a Winding Up Petition (WUP). The WUP cannot be removed until the court case on Wednesday morning. So the Club cannot be sold before Wednesday - but all the paperwork can be in place.

What Is A Winding Up Petition By HMRC or Other Creditor

A winding up petition is a legal notice put forward to the court by a creditor. The creditor petitions to the court if they are owed more than £750 and it has not been paid for more than 21 days. The application, in effect, asks the court to liquidate the company as they believe the company is...

www.companyrescue.co.uk

"Once your company receives a petition you have fewer options available;

It is almost impossible to put the company into creditors voluntary liquidation.

• You CANNOT sell the company or the assets, as this sale may be reversed by the Court
• You cannot issue a Notice of Intention (NOI) to appoint an administrator
• You cannot issue new securities or charges
• You cannot put the company into pre-pack administration"

This post explains so much. If this had been highlighted weeks ago the zone would of not been in meltdown.

So contracts have probably been prepared, everyone affected i.e. players staff signings etc have been informed and it was always going to be wednesday 12th or after. I am now only 25% pessimistic.

 

[SeaSideDoughnut]

Interesting that the £1.5m apparently discovered through DD is bout the same as an additional year in the NL will cost. So we can assume that Kimura aren't remotely relaxed about damage on the pitch, and a points deduction threat would/should make them a lot unhappier still. We fans may not be as concerned but Kimura cam monetize it- and the league is very open this year. One of the reasons I though surely Kimura has given a drop dead deadline (e.g. tomorrow). Ron clearly believes otherwise.

Before when a documentary was thrown around I didn't really see it, but now its clear as day. A points deduction just adds some extra sauce to the against all odds storyline. Assuming we still exist... Small detail.

 

[Callum]

How can he stand there in that video say it’s not me nothing ever is his fault the last 10 years he had ruined this club

 

[Paulie Walnuts]

When he said "gone by August", I do hope he hasn't got a terminal illness, and spends the next few weeks on agonising pain whilst slowly dying away like a plant in a crack heads back garden.

 

[GIBBO]

How can he stand there in that video say it’s not me nothing ever is his fault the last 10 years he had ruined this club

Cause he is a 1st class ****!

 

[rowe23]

Can someone share the extended video as I’m not on socials so can’t see it. Saw the 14 sec clip but would like to see/listen to the longer version please

 

[8]

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Nil

 

[Leeboy]

How can he stand there in that video say it’s not me nothing ever is his fault the last 10 years he had ruined this club

Teflon mate - always has been for 20 odd years

 

[Shrimper Brownie]

Where is the new video of him last night? Can’t seem to find the latest one with him saying “gone by august” etc

 

[Leeboy]

Heard he is going to do a cover of this Supergrass song

 

[Shr1mperBlue]

To add to the woes, I’ve just been told the water company are in their way to Roots Hall to cut off due to non payment. This is just crazy! I’m losing all hope.

 

[Ozzer]

.

On a technicality the Club/Company cannot be sold while it is under a Winding Up Petition (WUP). The WUP cannot be removed until the court case on Wednesday morning. So the Club cannot be sold before Wednesday - but all the paperwork can be in place.

What Is A Winding Up Petition By HMRC or Other Creditor

A winding up petition is a legal notice put forward to the court by a creditor. The creditor petitions to the court if they are owed more than £750 and it has not been paid for more than 21 days. The application, in effect, asks the court to liquidate the company as they believe the company is...

www.companyrescue.co.uk

"Once your company receives a petition you have fewer options available;

It is almost impossible to put the company into creditors voluntary liquidation.

• You CANNOT sell the company or the assets, as this sale may be reversed by the Court
• You cannot issue a Notice of Intention (NOI) to appoint an administrator
• You cannot issue new securities or charges
• You cannot put the company into pre-pack administration"

Now that is very encouraging

 

[Callum]

To add to the woes, I’ve just been told the water company are in their way to Roots Hall to cut off due to non payment. This is just crazy! I’m losing all hope.

It will be the lights being turned off last

 

[Shr1mperBlue]

It will be the lights being turned off last

Apparently Boots and Laces and then Roots Hall.

 

[Callum]

Apparently Boots and Laces and then Roots Hall.

Can’t believe we owe so much money to different people