SUFC: The Future SUFC up for sale

[North Wales Shrimper]

Think I am right in saying the OR has powers under the Company Directors Disqualification Act 1986 to disqualify a director for a period of time from holding office with any company. Moreover, I believe the OR/Government has powers in some extreme cases not only to disqualify directors but custodial sentences can be imposed down the line to the worst offenders where malfeasance has been demonstrated.

Quite surprised the odious obnoxious toad hasn't been banned as a director yet

 

[kentblues]

I agree. I am worried if as is suggested the other (sounds like Ron's preferred) bidder doesn't have a significant amount of money. The Martins remain in the background, we'll end up paying rent to their companies, and possibly end up with a stadium (if at all) that will not work for our long term stability and potential profitability.

This feels like another short term fix that stores up more trouble to come.

If they don’t have significant money then from where we are they will prove the old saying that fools and their money are easily parted…
Falling down stadium, losing £1-2m a year, big cash injection needed straight away to right the ship…and if they haven’t done a full DD they must be living on Mars.

 

[Hampshire Shrimp]

The trouble is that trying to sell Roots Hall in the state that is in, not helped by our illustrious chairman, is like trying to sell a second hand Lada!?

Who, in their right mind is going to plough money into that alone, without FF included.

The bloke is off his fkn rocker

If he had kept it up to scratch, it may have helped him. I hope that he gets what is coming too him tomorrow. He doesn`t need another stay of execution. #MartinOut

 

[kentblues]

Think I am right in saying the OR has powers under the Company Directors Disqualification Act 1986 to disqualify a director for a period of time from holding office with any company. Moreover, I believe the OR/Government has powers in some extreme cases not only to disqualify directors but custodial sentences can be imposed down the line to the worst offenders where malfeasance has been demonstrated.

I think if a company is liquidated as a matter of course the directors of that company are investigated to see if they have acted appropriately.

 

[Beefy]

I think it's likely that - unless something is announced in the next hour or 2 - Kimura won't be the buyer.

But Ron clearly believes someone will... even if it only means buying the club and not the stadium. That is a much simpler process and keeps us in the game. Ron steps down as Chairman, new owners take over, immediate injection of cash to see us through the new season and catch up with the historic debts. He presumably then gets to keep the houses/flats projected that he was expected to give up.

The club then has to be run profitably. This means we ALL need to support the club as much as possible. We are responsible for a huge part of this clubs income stream. After tomorrow, it will be counter productive to continue a vendetta against RM. He will be irrelevant.

You would hope the new owners would have agreed within the price for the RH rent to be included (or RM to charge but write off the debt as he already has done).

This keeps us in the game until FF is built. Then it's another negotiation which may actually only be about rent. Owning a stadium is ok but it eventually becomes a liability and you have to spend on it annually what you would pay in rent anyway. It's not a disaster.

All Ron has to do is convince a judge of that and I would suggest that he would need firm evidence that a sale was either already agreed or IMMINENT.

The usual minimum time for an adjournment is 28 days but it could be less; however we are entering holiday season so i don't see why it would be less (especially as apparently the NL will agree to the embargo being lifted very quickly).

The only thing I'm not sure about is this £1.5m debt that materialised after agreeing the price. I'm presuming that any new bidder knows about this already (and if they don't, I'm not sure I'd be confident about them being in charge anyway!)

Just my thoughts.

If there's no stadium involved and someone is happy to give Ron a quid be should snap their arm off.

This was my initial fear when the plan to sell was announced - you'd have to be crazy to buy a hugely loss-making football club without the only viable assets being involved.

 

[kentblues]

Can someone text one of the protestors to find out if he’s home or not?

 

[Mad Cyril]

Maybe Ron is up on London?

Early start tomorrow and if that was me I'd want a full English and a couple of pints to steady the nerves.

 

[LeedsSUFC]

Wallop?

 

[hlane17]

Wallop?

It will be a crash, bang and wallop tomorrow with the fall this club is set to take.

 

[turkishm]

Just recently i attended the funeral of my niece dear hannah. It was heartbreaking for her parents but do you know what she loved this club and im glad in a way she not around to see this embarrassment. Sleep qell young hannah.

 

[RONMARTINOUT]

The lack of updates, negative or positive, is the most concerning. The clubs dwindling before our eyes.

 

[Booma]

The lack of updates, negative or positive, is the most concerning. The clubs dwindling before our eyes.

Going out with a whimper

 

[Portuguese Shrimper]

Quite. And you can guarantee the Judge will want really good answers to these questions.

Is it possible that the Judge, after listening to Ron’s pleading spiel, insists that the deal is done and signed now as was pointed out at the last hearing as the deadline, or he will wind up the Club? Ultimately forcing Ron into accepting bid or killing the club? I’m assuming, of course, that Kimura will be in attendance!

 

[Beefy]

Is it possible that the Judge, after listening to Ron’s pleading spiel, insists that the deal is done and signed now as was pointed out at the last hearing as the deadline, or he will wind up the Club? Ultimately forcing Ron into accepting bid or killing the club? I’m assuming, of course, that Kimura will be in attendance!

No, but he might make it categorical that a sale has to go through before the next date (if he were to grant one)

 

[Holy Joe]

Is it possible that the Judge, after listening to Ron’s pleading spiel, insists that the deal is done and signed now as was pointed out at the last hearing as the deadline, or he will wind up the Club? Ultimately forcing Ron into accepting bid or killing the club? I’m assuming, of course, that Kimura will be in attendance!

I don't think the judge can force a sale

 

[hlane17]

Is it possible that the Judge, after listening to Ron’s pleading spiel, insists that the deal is done and signed now as was pointed out at the last hearing as the deadline, or he will wind up the Club? Ultimately forcing Ron into accepting bid or killing the club? I’m assuming, of course, that Kimura will be in attendance!

Without a very good legal reason I see no reason why a court would enforce a sale. Perhaps if an owner was banned/barred for legal reasons? But Ron has not been.

Even if it's the right thing to do in our case, it would set a precedent that in any situation where a sale is the considered the 'right option' the judiciary can force someone into selling their company and associated assets.

As such, the old school way of doing it a.k.a liquidation would be far more likely than a court enforced sale.

 

[kentblues]

Without a very good legal reason I see no reason why a court would enforce a sale. Perhaps if an owner was banned/barred for legal reasons? But Ron has not been.

Even if it's the right thing to do, it would set a precedent that in any situation where a sale is the considered the 'right option' the judiciary can force someone into selling their company and associated assets.

As such, the old school way of doing it a.k.a liquidation would be far more likely than a court enforced sale.

Indeed liquidation does as the only way to rescind is for the debts to be paid within a very short window. Likely the only way would be a sale. A very distressed sale.

 

[ms brush]

Indeed liquidation does as the only way to reducing is for the debts to be paid within a very short window. Likely the only way would be a sale. A very distressed sale.

The trouble with this, no matter what way round is RM keeps Roots Hall, the land and all of the pot of gold. The club may limp along for a short while with no assests and a certain hated chairman calling the shots on rent etc. Worse than liquidation in my humble opinion!

 

[Danshrimper]

Indeed liquidation does as the only way to reducing is for the debts to be paid within a very short window. Likely the only way would be a sale. A very distressed sale.

A company can’t be sold if it’s in liquidation.

 

[Richard Hearn]

Police are involved as well. So I'm told

Someone's been misgendered!