Doug King Takeover (46 Viewers)

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fatso

fatso

Well-Known Member
covmutley said:
No, EFL havent but Sisu have agreed it. So presumably they can say its now out of their hands, so from their point of view they have no choice. king could somehow transfre his right to buy the 85%to Ashley??
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But why would MA want 85% of the pie?
 
pusbccfc

pusbccfc

Well-Known Member
AFCCOVENTRY said:
He knew he wasn’t going to be able to get the stadium. What’s interesting is he’s not giving up.
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Ashley improves the stadium and sells it for a profit to Premier League Coventry City in 2024 for £50m! Everyone is happy.
 
Samo

Samo

Well-Known Member
Matt smith said:
Also

Do we think doug king will stick around and support the manager with some investment?
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I think he will and that MA will nurture the club rather than distressing it while he settles in at CBS and gets it running as it should. Approach to buy CCFC can now safely wait until he is ready as the club is hopefully no longer distressed.
 
Matt smith

Matt smith

Well-Known Member
I’d rather us not own the ground and continue to make strides on the pitch with new investment

than own the ground under Mike Ashley down the line with the club in a terrible state on and off the pitch

surely he would want the club when it is worth the most, which is now.

unless DK supports MR with significant funding
 
MalcSB

MalcSB

Well-Known Member
Alan Dugdales Moustache said:
I think Ashley wanted an investor in CCFC in place before taking over the stadium. Why , I don't know, but I think he may decide to buy the club further down the line and in the meantime wants some stability in the club. I think he'll offer some reassurance to the club and offer a reasonable deal in terms of tenancy .
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We already have a reasonable deal, for the next 8 years.
 
Briles

Briles

Well-Known Member
I gave up on this subject when someone said ashley was planning on turning the stadium round and asked, without irony, whether the entrance would be better the other side.
 
K

KenilworthSkyBlue

Well-Known Member
Samo said:
I think he will and that MA will nurture the club rather than distressing it while he settles in at CBS and gets it running as it should. Approach to buy CCFC can now safely wait until he is ready as the club is hopefully no longer distressed.
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Even at an incredibly inflated rate now is the time to buy the club realistically. As it has the momentum, players and manager that could (potentially with some help in the January transfer window) take us to the PL. Which would be the ultimate end goal for him. It also would be the quickest route.

He isn't going to want to take over the club in 2-3 years as an at best L1 side during which time he's already wasted millions in attempting to distress - a tactic which will result in him having to further invest millions in order to build a brand new squad that is capable of achieving promotion to the Championship and subsequently, the PL.
 
Samo

Samo

Well-Known Member
KenilworthSkyBlue said:
Even at an incredibly inflated rate now is the time to buy the club realistically. As it has the momentum, players and manager that could (potentially with some help in the January transfer window) take us to the PL. Which would be the ultimate end goal for him. It also would be the quickest route.

He isn't going to want to take over the club in 2-3 years as an at best L1 side during which time he's already wasted millions and will have to further invest millions in order to build a brand new squad that is capable of getting us to the PL.
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Yes, I am just suggesting that the pressure is now off and he can afford not to jump straight in. I'm not suggesting that will be years.
 
AFCCOVENTRY

AFCCOVENTRY

Well-Known Member
oldskyblue58 said:
I think in terms of the stadium the only shock i would have had would have been MA/House of Fraser not ultimately owning it. Unlike the efforts of other parties, their bid was carefully choreographed and slickly carried through. I think for the stadium it is probably the right move and fit, for CCFC as it stands not so. The Bondholders for reasons i listed previously on the other thread had little chance to change things. CCFC/KIng/SISU simply tried to bully the court and stir up the bondholders & fans to pressure a different result, it didn't have much substance, he hasnt even bought CCFC yet and would have resulted in weeks of delay.

The announcement saying KIng was buying CCFC now that was a surprise. Excited at first I did get concerned rather than excited by it ultimately

Good news that at first glance SISU were going. Seems they are not. That the new owner has funds to invest - we shall see

I do not buy in to the notion that King needed Seppala around because of her knowledge of CCFC. The biggest asset is the knowledge of the playing side and that is not Seppala and seemingly neither is it King

King is not a CCFC fan so this is nothing more than a business opportunity by another hedge fund based in the Caymans. The opportunity i would think was to buy the arena out of insolvency at a knock down price first and foremost

I get concerned when new owners are going to pay off all liabilities and leave the club debt free, can't really comment on the mechanics of it yet but unless the owners debt is cancelled or money is all put in by way of shares then it becomes owners debt - we have heard that before haven't we Fisher used to regularly spout that the club was debt free, it never was

I listened to the interview given to Simon Gilbert (who i think generally has done a good job covering the Arena & CCFC buy out) and the sense i got from King's answers was pretty much like the judge, a lack of real substance for what was needed. Seemed to deflect SG questions with half answers or self promotion, a bit patronising. I wonder who asked for the interview.

I still get a feeling from the SISU side of "we tried but we were too late or blocked what's going on is unfair"

Apparently making the bigger offer for of the stadium for the benefit of the bondholders .......... Really??? Come on. I wouldn't mind guessing that due diligence would have revealed big problems and the offer would have to have been significantly lowered

Out of interest where does King live is it in the area? if not is he a "local" businessman, his factory is reasonably local. Mind you to be fair Ashley is far from local too.

Clearly he has, whether directly or indirectly links to SISU related parties

I wonder what the deal for CCFC is, and how much of it is cash and how much is a fund or loan swap. if buying in to the share capital from the Cayman Islands hedge fund we may never know

Too many other little things just do not add up for me.

That said if he lives up to the hype and PR, takes CCFC further without risking financial ruin good luck to him. I will probably then forget my concerns, but not just yet. For now will keep my fingers crossed that he delivers on what he has promised.

I would not be surprised if todays decision ended up being challenged in court
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He said he’s Norwich fan.
 
Offhegoes

Offhegoes

Well-Known Member
Managed to not get my hopes up last night with the King news, as ultimately we know any takeover would need to include the stadium to change our fortunes, and he was never going to get it over Ashley.
Our fate it seems now, rests on whether Ashley wants the club, with all the noise over the last few weeks indicating that he's not interested. If that's the case nothing changes, unless King can negotiate a better deal for us playing there, and will genuinely pump some money in.
 
TomRad85

TomRad85

Well-Known Member
I'm always searching for the positive in this even when it constantly gets made more difficult, but Doug renting from MA is still better than SISU renting off Wasps. As long as the council haven't twisted his arm to let the shit back in.

Sent from my SM-G973F using Tapatalk
 
fernandopartridge

fernandopartridge

Well-Known Member
oldskyblue58 said:
I think in terms of the stadium the only shock i would have had would have been MA/House of Fraser not ultimately owning it. Unlike the efforts of other parties, their bid was carefully choreographed and slickly carried through. I think for the stadium it is probably the right move and fit, for CCFC as it stands not so. The Bondholders for reasons i listed previously on the other thread had little chance to change things. CCFC/KIng/SISU simply tried to bully the court and stir up the bondholders & fans to pressure a different result, it didn't have much substance, he hasnt even bought CCFC yet and would have resulted in weeks of delay.

The announcement saying KIng was buying CCFC now that was a surprise. Excited at first I did get concerned rather than excited by it ultimately

Good news that at first glance SISU were going. Seems they are not. That the new owner has funds to invest - we shall see

I do not buy in to the notion that King needed Seppala around because of her knowledge of CCFC. The biggest asset is the knowledge of the playing side and that is not Seppala and seemingly neither is it King

King is not a CCFC fan so this is nothing more than a business opportunity by another hedge fund based in the Caymans. The opportunity i would think was to buy the arena out of insolvency at a knock down price first and foremost

I get concerned when new owners are going to pay off all liabilities and leave the club debt free, can't really comment on the mechanics of it yet but unless the owners debt is cancelled or money is all put in by way of shares then it becomes owners debt - we have heard that before haven't we Fisher used to regularly spout that the club was debt free, it never was

I listened to the interview given to Simon Gilbert (who i think generally has done a good job covering the Arena & CCFC buy out) and the sense i got from King's answers was pretty much like the judge, a lack of real substance for what was needed. Seemed to deflect SG questions with half answers or self promotion, a bit patronising. I wonder who asked for the interview.

I still get a feeling from the SISU side of "we tried but we were too late or blocked what's going on is unfair"

Apparently making the bigger offer for of the stadium for the benefit of the bondholders .......... Really??? Come on. I wouldn't mind guessing that due diligence would have revealed big problems and the offer would have to have been significantly lowered

Out of interest where does King live is it in the area? if not is he a "local" businessman, his factory is reasonably local. Mind you to be fair Ashley is far from local too.

Clearly he has, whether directly or indirectly links to SISU related parties

I wonder what the deal for CCFC is, and how much of it is cash and how much is a fund or loan swap. if buying in to the share capital from the Cayman Islands hedge fund we may never know

Too many other little things just do not add up for me.

That said if he lives up to the hype and PR, takes CCFC further without risking financial ruin good luck to him. I will probably then forget my concerns, but not just yet. For now will keep my fingers crossed that he delivers on what he has promised.

I would not be surprised if todays decision ended up being challenged in court
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SISU know what an exclusivity agreement is, they had one themselves with the same company 10 years ago.
 
H

Happy_Martian

Well-Known Member
D

Deleted member 5849

Guest
Evo1883 said:
Link to the written material ?
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Frasers Group secures purchase of Coventry Building Society Arena — Coventry Building Society Arena

Andrew Sheridan and Raj Mittal, Partners at specialist business advisory firm, FRP have been appointed as joint administrators of Arena Coventry Limited (ACL), Arena Coventry (2006) Limited and IEC Experience Limited. Upon appointment the Joint Administrators immediately completed the sale of the b
www.coventrybuildingsocietyarena.co.uk www.coventrybuildingsocietyarena.co.uk

Thanks to Coventry City for collaboration, too...
 
Evo1883

Evo1883

Well-Known Member
Deleted member 5849 said:

Frasers Group secures purchase of Coventry Building Society Arena — Coventry Building Society Arena

Andrew Sheridan and Raj Mittal, Partners at specialist business advisory firm, FRP have been appointed as joint administrators of Arena Coventry Limited (ACL), Arena Coventry (2006) Limited and IEC Experience Limited. Upon appointment the Joint Administrators immediately completed the sale of the b
www.coventrybuildingsocietyarena.co.uk www.coventrybuildingsocietyarena.co.uk

Thanks to Coventry City for collaboration, too...
Click to expand...
How have they collaborated with coventry city ? Out of curiosity
 
H

Happy_Martian

Well-Known Member
One of our legends has an opinion:

1668699032025.png
 
C

covmutley

Well-Known Member
From Frasers statement:

“By agreeing to sign an exclusivity agreement before the 1st November, Frasers Group was the only interested party that was able to meet the terms of the sale process. This was essential in providing the necessary funding that enabled the Arena to continue trading beyond that date. Without this, and the collaborative and supportive approach taken by all key stakeholders throughout the process as well as the tireless efforts of the core management team, the Arena would have been forced to close on 2nd November resulting in hundreds of job losses and a materially worse outcome for creditors. We wish Frasers Group and all involved in the Arena every success for the future.”

So nobody else agreed to put in the circa £1m to keep it going, which was confirmed to be essential. No other potential bidders can have any complaints then.
 
Flying Fokker

Flying Fokker

Well-Known Member
oldskyblue58 said:
I think in terms of the stadium the only shock i would have had would have been MA/House of Fraser not ultimately owning it. Unlike the efforts of other parties, their bid was carefully choreographed and slickly carried through. I think for the stadium it is probably the right move and fit, for CCFC as it stands not so. The Bondholders for reasons i listed previously on the other thread had little chance to change things. CCFC/KIng/SISU simply tried to bully the court and stir up the bondholders & fans to pressure a different result, it didn't have much substance, he hasnt even bought CCFC yet and would have resulted in weeks of delay.

The announcement saying KIng was buying CCFC now that was a surprise. Excited at first I did get concerned rather than excited by it ultimately

Good news that at first glance SISU were going. Seems they are not. That the new owner has funds to invest - we shall see

I do not buy in to the notion that King needed Seppala around because of her knowledge of CCFC. The biggest asset is the knowledge of the playing side and that is not Seppala and seemingly neither is it King

King is not a CCFC fan so this is nothing more than a business opportunity by another hedge fund based in the Caymans. The opportunity i would think was to buy the arena out of insolvency at a knock down price first and foremost

I get concerned when new owners are going to pay off all liabilities and leave the club debt free, can't really comment on the mechanics of it yet but unless the owners debt is cancelled or money is all put in by way of shares then it becomes owners debt - we have heard that before haven't we Fisher used to regularly spout that the club was debt free, it never was

I listened to the interview given to Simon Gilbert (who i think generally has done a good job covering the Arena & CCFC buy out) and the sense i got from King's answers was pretty much like the judge, a lack of real substance for what was needed. Seemed to deflect SG questions with half answers or self promotion, a bit patronising. I wonder who asked for the interview.

I still get a feeling from the SISU side of "we tried but we were too late or blocked what's going on is unfair"

Apparently making the bigger offer for of the stadium for the benefit of the bondholders .......... Really??? Come on. I wouldn't mind guessing that due diligence would have revealed big problems and the offer would have to have been significantly lowered

Out of interest where does King live is it in the area? if not is he a "local" businessman, his factory is reasonably local. Mind you to be fair Ashley is far from local too.

Clearly he has, whether directly or indirectly links to SISU related parties

I wonder what the deal for CCFC is, and how much of it is cash and how much is a fund or loan swap. if buying in to the share capital from the Cayman Islands hedge fund we may never know

Too many other little things just do not add up for me.

That said if he lives up to the hype and PR, takes CCFC further without risking financial ruin good luck to him. I will probably then forget my concerns, but not just yet. For now will keep my fingers crossed that he delivers on what he has promised.

I would not be surprised if todays decision ended up being challenged in court
Click to expand...
My concern is that he is naive. He says Joy is round for good reason, but she’s missed opportunities so many times. I hope he knows where his skill set lies.
 
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