Let’s have a kick around on this.
Firstly, SISU are a hedge fund investing other people’s money. They cannot afford to sell the club at less than they have the share values on their investment balance sheet. If they do, they crystalize their losses and will have an investment hole. So long as they can show, say, 5% return on investment either by taking fees or adding to investment “value” they will trade on and not sell.
Now I’m not sure of total “real cash” they’ve put in, let’s say £30m. They might have converted other costs (their own staff management costs) and “returns” (money distributed to remote investors into “shares”.
Imagine it’s a Ponzi scheme but not Madhoff style, more Allen Stamford style.
I’ll punt that SISU can’t sell for less than £60m.
In terms of real value, it’s players (£20m absolute max), Ryton, and sundry assets and debtors less non-SISU creditors. Call it £30m as a top top top line value on a good day with the sun shining.
Quick aside, the reason for the Ricoh row is because SISU needed to show the value of their RICOH share as an asset to balance up the £60m. As it is they have a huge hole.
To answer the question, SISU cannot sell for less than £60m.
Any buyer will be getting £20 odd million of assets (top end) and the golden share in a Champ club with a turnover of say 10m. The additional opportunity value is the 3 in 20 chance of making £100m getting to the Prem.
Feel free to rate my thoughts apart, but I’ll stick to:
SISU cannot sell for less than 60m
