SUFC: The Future SUFC up for sale

[CRATE]

All of the different charges and loans, yes are very messy! But you would hope anyone looking to do a deal already has DD and is fully aware of where they stand and what needs to be done, where, when and how.

HMRC are not a football creditor, there is also an issue that we need to clear the full HMRC bill not just he one on the current WUP as they could easily start another WUP for the next outstanding bill.

 

[kentblues]

To be fair the offer publicly on the table looks fair and reasonable. The way to get this done was for the consortium to come out, announce their plans, officially offer that and then Ron wouldn’t have any room to manoeuvre.

Obviously they prefer to risk their hand negotiating with Ron in private without the fan base mobilised to pressure Ron into sticking to his word, and we all know what Ron will do in the shadows if you leave him there.

I’m not ITK here, but to me the consortium are playing a risky game, I would have thought 2/5 of them would have learnt that lesson already.

I would love to say this can’t be true- but in fact it could very well be the case.

 

[Westcliff DGS]

No they're not.

But they still need settling before the NL approves our entry to the league? Is it all football creditors and the HMRC?

 

[danbowen]

But they still need settling before the NL approves our entry to the league? Is it all football creditors and the HMRC?

No just football creditors for now. HMRC needs to be paid before the next court case

 

[Blues4LifeDan]

But they still need settling before the NL approves our entry to the league? Is it all football creditors and the HMRC?

I don't think that is correct. I think our license can be issued when the football creditors are paid. HMRC is separate from the football creditors.

The embargo can be lifted when we pay off both the creditors and HMRC. The latter needing to be paid by the end of August before the court case.

Therefore, it's not inconceivable for the sale to drag on until just before that court case and we start the first few games with a skeleton squad. Absolutely not what we want in any shape or form, but it 'could' happen.

 

[Medway Blue]

But they still need settling before the NL approves our entry to the league? Is it all football creditors and the HMRC?

The paying of football creditors and of HMRC are both conditions of SUFC maintaining its licence.

The NL have been firm on football creditors, for which a deadline of last Friday was given - although they seem to have been satisfied with proof of the required funds sitting in an account for now.

They're a bit less firm on HMRC, insomuch as they appear happy to align with the court's deadline for that, as long as we pay the football creditors.

TL;DR, football creditors were an immediate threat to the club starting the season but have been or are close to being paid. HMRC remains a threat to licence and existence, but not to actually starting the season.

 

[londonblue]

The paying of football creditors and of HMRC are both conditions of SUFC maintaining its licence. The NL have been firm on football creditors for which a deadline of last Friday was given (although they seem to have been satisfied with proof of the required funds sitting in an account for now).

They're a bit less firm on HMRC, insomuch as they appear happy to align with the court's deadline for that, as long as we pay the football creditors.

TL;DR, football creditors were an immediate threat to the club starting the season but have been or are close to being paid. HMRC remains a threat to licence and existence, but not to actually starting the season.

Except we stay under an embargo until HMRC are paid too.

 

[Medway Blue]

Except we stay under an embargo until HMRC are paid too.

We do, yes. But it's not a threat to the club starting the season. Remains a threat to the licence but not am immediate one.

 

[Shrimpergonzo]

The paying of football creditors and of HMRC are both conditions of SUFC maintaining its licence.

The NL have been firm on football creditors, for which a deadline of last Friday was given - although they seem to have been satisfied with proof of the required funds sitting in an account for now.

They're a bit less firm on HMRC, insomuch as they appear happy to align with the court's deadline for that, as long as we pay the football creditors.

TL;DR, football creditors were an immediate threat to the club starting the season but have been or are close to being paid. HMRC remains a threat to licence and existence, but not to actually starting the season.

Read this everyone - it's important!

@Medway Blue knows his stuff - ignore the other posters who are guessing what the key dates are.

 

[Holy Joe]

Agreed,

For example in the case of a house sale - If your mortgage provider is about to repossess your house because you can't make your mortgage payments you might have to sell the house for less than you want for the house to enable the sale to go through.

No. You wouldn't be able to sell if you couldn't clear your mortgage. There is a price where you couldn't go below

 

[Alexshrimper]

Very true but RH has a charge on it through CBRE Loans. So to keep the house analogy, clearing the mortgage is often the floor regarding what you will/can sell for. A buyer will know all about that, as it’s public record. Whether it affects anything who knows..

So effectively there is aml mortgage against the land at RH

Do you know how much this is

 

[Uncle_Rons_Teapot]

 

[Stan33]

No. You wouldn't be able to sell if you couldn't clear your mortgage. There is a price where you couldn't go below

He didn’t say the mortgage was more than he was selling for

 

[Shrimpergonzo]

So effectively there is aml mortgage against the land at RH

Do you know how much this is

Looks like CBRE have 2 outstanding charges against Roots Hall Limited



Link to the most recent one (March 2023):

https://find-and-update.company-inf...Q3MmFkaXF6a2N4/document?format=pdf&download=0

And the older one (July 2022):

https://find-and-update.company-inf...IwMmFkaXF6a2N4/document?format=pdf&download=0

Had a quick scan of the newer one, but couldn't see an amount and frankly it's way beyond my level of understanding anyway!

One for a more knowledgable poster on such things, maybe @West Stand ?

 

[Holy Joe]

He didn’t say the mortgage was more than he was selling for

No. But equally we see many many posts saying Ron accept the deal etc when we don't know if any deal has even been offered (ex Kimura offer from weeks ago), nor the terms of any deal.

The point is there will be deals that Ron cannot accept.

 

[Ian Benjamin]

Looks like CBRE have 2 outstanding charges against Roots Hall Limited

View attachment 27616

Link to the most recent one (March 2023):

https://find-and-update.company-inf...Q3MmFkaXF6a2N4/document?format=pdf&download=0

And the older one (July 2022):

https://find-and-update.company-inf...IwMmFkaXF6a2N4/document?format=pdf&download=0

Had a quick scan of the newer one, but couldn't see an amount and frankly it's way beyond my level of understanding anyway!

One for a more knowledgable poster on such things, maybe @West Stand ?

I have tried to cover this off before - CBRE Loan Services are not a lender - they act purely as a middleman to monitor the loan, collect the interest and undertake admin duties on behalf of the lender / group of lenders.

They typically act for smaller lenders who do not have the back office functions to maintain the loan or lenders who do not want to be included in the public records at companies house or lastly where the lender is a syndicate of lenders - so if there are 4 lenders all equally holding the loan - all 4 have an equal right to the mortgage, so rather than 4 charges, you have 1 charge to CBRE and then a separate document which sits behind it dealing with the 4 lenders.

Hope that makes sense?

 

[Sudbury_Shrimpers]

In terms of dates, Murkey, not Murkey seems to be the man in the know @Sudbury_Shrimpers

I don’t, I just want the date of the take over to be done quickly as possible. Our game against Dagenham on TV was cancelled, as I wonder they wasn’t sure of our future as an football club.

 

[Avl1983]

What a complete mess our club is in.

 

[Barling Magna]

Why should he?. I went potato picking when I was 4 with my mum. Now I can afford Asda but I have never bothered sending a few quid to that farmer.

I never said he should, Riggers. Just wondering whether he might have done. There are those who value their roots and appreciate the help given which allowed them to achieve success and remain grateful, and there are those who, whilst they no doubt appreciated it at the time, see their success as due to their own efforts and talents alone. Neither are right or wrong, just differing natures I guess.

Re. your potato picking analogy...had you become a successful and wealthy potato farmer as a result of your early potato picking experience you might have felt differently.

But then again.....

 

[Westcliff DGS]

I don't think that is correct. I think our license can be issued when the football creditors are paid. HMRC is separate from the football creditors.

The embargo can be lifted when we pay off both the creditors and HMRC. The latter needing to be paid by the end of August before the court case.

Therefore, it's not inconceivable for the sale to drag on until just before that court case and we start the first few games with a skeleton squad. Absolutely not what we want in any shape or form, but it 'could' happen.

Ok i thought someone had said the no want the embargo lifted before the season starts perhaps i read that wrong