SUFC: The Future SUFC up for sale

[londonblue]

No they were quite specific, regardless of any adjournment if the bill isn't paid by the next court date there will be a 10 point deduction

They could have just said "when the bill isn't paid by the next court date there will be a 10 point deduction".

Or even easier, "on the 23rd August there will be a 10 point deduction".

 

[Holy Joe]

I was thinking about that a few days ago. Either that was an outright lie or it never happened for some reason.

Have we moved yet? Thought we were still at B&l

 

[Richard Hearn]

Strangely there is a house in the same road that was/is called The Joker !
Once owned by Hughie Green iirc.
Sorry off topic!

That's always been the story.

 

[Ron Manager]

New Aussie investors eh?

Pre-season tour to Brisbane incoming

 

[danbowen]

So safe to say a takeover isnt happening this week considering Ron is now entertaining others.

 

[kentblues]

I was thinking about that a few days ago. Either that was an outright lie or it never happened for some reason.

Yes we are very easily distracted. Normally in any sales process a key step is to put yourself in the other persons shoes. Particularly difficult in this case because the working assumption is that Ron is not a rational actor...

But. Lets say the 5 are still chatting amongst themselves. Maybe they haven't even put a bid in yet. Ron has until 23rd August and maybe he is doubting there is (by his measure) a serious buyer. His plan B is unlikely to be just find another buyer from somewhere. It will include what if there is no buyer?

FF has planning permission granted. And part of that planning was the training ground and that has already started. So in that sense (and a planning sense) the development is underway. His most obvious apparent problem is that it includes the "wrong" stadium.

But remember the phasing is he only needs the three sides built. He can build the original three sides and worry about the 4th later..

So I would see any appearance of an Australian Bank/Lender/Investment company in this light. Of course, they maybe looking solely at a potential charge on the land at B&L, lending against that or some future revenue stream from it, even a bridging loan...

Of course they may run a mile.

The sooner there is clarity about a real, viable bid on the table that all parties can get behind the sooner there is some hope of the pressure building? Question mark because the 5 may have decided (or been persuaded by Ron) that the best chance of success is secrecy. Does rather play into Ron's hands re the long game (note I am not saying it the wrong approach...Kimura have way more experience of dealing with him than most)...

 

[West Stand]

They could have just said "when the bill isn't paid by the next court date there will be a 10 point deduction".

Or even easier, "on the 23rd August there will be a 10 point deduction".

In effect the NL are saying failure to settle by 23/8 will effect be an insolvency event
The question is , and it’s something I keep banging the drum about, is if the club entered a CVA after 5/8 if the funds aren’t there to pay HMRC in full would a CVA be a far better option ?

 

[kentblues]

In effect the NL are saying failure to settle by 23/8 will effect be an insolvency event
The question is , and it’s something I keep banging the drum about, is if the club entered a CVA after 5/8 if the funds aren’t there to pay HMRC in full would a CVA be a far better option ?

I know what you mean - I think more correctly it will be a breach of the license conditions we have been given and we are pre notified that such a breach will bring a 10 point penalty.

 

[NZamba Legend]

Sorry, if I've missed this but do we know where RM got the money to pay the backdated staff wages and football creditors this week? I know the account had to be unfrozen etc. but where did the funds come from?

I guess there must be similar rush on now to pay July's wages otherwise we get hit with a 10 deduction, as per the NL statement?

 

[Medway Blue]

Sorry, if I've missed this but do we know where RM got the money to pay the backdated staff wages and football creditors this week? I know the account had to be unfrozen etc. but where did the funds come from?

I guess there must be similar rush on now to pay July's wages otherwise we get hit with a 10 deduction, as per the NL statement?

Accounts were already unfrozen, but he did have to get permission from the court and from the WUP creditors to pay non-WUP creditors ahead of them.

No idea where the money came from. Likely from the Mezcal account, which is offshore and therefore no readily-available accounts for.

 

[Tommy2holes]

Accounts were already unfrozen, but he did have to get permission from the court and from the WUP creditors to pay non-WUP creditors ahead of them.

No idea where the money came from. Likely from the Mezcal account, which is offshore and therefore no readily-available accounts for.

The real question is.

Will the staff be paid again this week and will the tax man be paid.

If not then we are finished. Maybe the shortest season in history.

How are things progressing with the Sale.

We are told things are happening in the background but we need answers with just 10 days to go and the club in the balance.

 

[sufcfed]

In terms of news I know about. There is currently no updates that can be made, but be aware the people continue to work to find a way!

Yesterday, the club hosted representatives from an Australian investment firm at Boots and Laces. Unsure if anyone knows anything more than this, but I know for a fact it happened!

The protests up Essex Way need ramping up IF he's still looking for investment to stay at the helm. Ron YOU ARE NOT WANTED ANYWHERE NEAR OUR CLUB

 

[Shrimper1985]

Sadly, the NL have given RM more time to be slippery. They could have held his feet to the fire and said the embargo needs to be lifted before the first day of the season. Which would have forced RMs hand. Sadly. They’ve just given him a months wriggle room.

You seem less confident than a week ago. I completely understand why but is it fair to say we are now in a worse position than this time last week in terms of a takeover?

 

[JAL]

My assumption would be that either a bid has not been submitted, or a bid has been submitted and he's not interested.

He'll long it out until the 28th August deadline and we'll be dead in the water at the start of the season.

 

[Yorkshire Blue]

The protests up Essex Way need ramping up IF he's still looking for investment to stay at the helm. Ron YOU ARE NOT WANTED ANYWHERE NEAR OUR CLUB

We should keep protesting but he may need investment to tie him over until a sale is completed.

I’ve yet to heard anything about the 5 local businessmen actually submitting an offer so we’re going to need a cash injection pdq to avoid a 10 point penalty.

 

[kentblues]

The protests up Essex Way need ramping up IF he's still looking for investment to stay at the helm. Ron YOU ARE NOT WANTED ANYWHERE NEAR OUR CLUB

Imagine if there were no serious buyer and it was a choice between the club being liquidated and Ron getting funds from somewhere and keeping us going? We would be in meltdown...but ultimately what way would we fall...would we really say I would rather the club no longer existed? This is why its so important for the 5 to show themselves as very real and very credible with an offer on the table, and we build some pressure behind it....else the danger is we fall into the trap of Ron finding a way not to let go because there was no credible alternative.

 

[Napster]

My assumption would be that either a bid has not been submitted, or a bid has been submitted and he's not interested.

He'll long it out until the 28th August deadline and we'll be dead in the water at the start of the season.

Or he's refusing to listen to offers?

 

[JAL]

Or he's refusing to listen to offers?

Basically the same thing.

 

[M_Simps]

The NL statement has this covered quite clearly:

“The Club HMRC debt is to be discharged in full by their next court date, 23 August 2023. It should be noted that this remains a requirement from the League even if the court hearing is further adjourned past the 23 August 2023.”

Thank you, missed that bit!

 

[kentblues]

We should keep protesting but he may need investment to tie him over until a sale is completed.

I’ve yet to heard anything about the 5 local businessmen actually submitting an offer so we’re going to need a cash injection pdq to avoid a 10 point penalty.

This is what worries me. The offer he put out last Monday was relatively small beer. And K already have full DD done. How long do you need to keep meeting pre offer before you get the cow over the bucket? But we don't know. An offer may have gone in and been rejected. There may be negotiations with Ron seeing now 23rd Aug as the deadline (always looking for an alternative to come along).

In terms of transparency at this moment the NL has stepped up to the plate. RM put a clear proposal out their last Monday (apparent transparency, maybe forced by loose comments at the protest and of course low trust levels). The 5 we know virtually nothing.

I have gone from pretty confident there was one buyer in the game, Kimura and it would get done, to not having a clue whats going on...