Doug King Takeover (45 Viewers)

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Grendel

Grendel

Well-Known Member
The Philosopher said:
Standing back:

It cost £1m (plus vat) to buy a stadium that cost £115m for £15m.

Argue the value all you like - £30m whatever, don’t care but we will never build another CBS for £15m. It’s a steal.

It’s the worst £1m Joy never spent.
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Its buying the lease - the original lease was purchased by Wasps at £5.6m, the extension £1m. The lease drives the value and even the £51m independent valuation is now derided as unrealistic. The build cost is totally irrelevant
 
stay_up_skyblues

stay_up_skyblues

Well-Known Member
Can’t help but think this is a tactic to add value to the club ahead of an Ashley purchase. They’d have known there was a big chance the judge wouldn’t entertain their bid today. Is it a debt shift/restructure meaning MA can’t argue the club is worth a pound or something.
 
Nick

Nick

Administrator
What I dont get is, why didn't they just say "you have offered £20m, £1m and you are exclusive"
 
C

CCFCSteve

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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Agree with all of that. Not sure about challenging decision in court, anyone normal wouldn’t bother…SISU on the other hand…fair point !
 
shmmeee

shmmeee

Well-Known Member
Just caught up. It’s what I suspected. As soon as Ashley has exclusivity it was all in his hands and the bondholders pulling out and Ashley not made it pretty clear nothing would stop that today.

Frankly bored of the arena talk now. All I want to hear is what Kings plans on the pitch are. He seems to not have a clue and I expect that side of the club are all on holiday right now, but I’d hope before we come back we have heard a proper plan for January.

Failing that, I hope he flips the club to Ashley who we know has an interest in football at least. But still worried about the Robins project under Ashley. One benefit of an owner who doesn’t really get football is the manager is left alone, Ashley doesn’t strike me as the type even if he doesn’t replace Robins straight away.
 
Grendel

Grendel

Well-Known Member
David O'Day said:
so ma and the acl directors through a wobbler
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Gynnsthetonic

Gynnsthetonic

Well-Known Member
shmmeee said:
Just caught up. It’s what I suspected. As soon as Ashley has exclusivity it was all in his hands and the bondholders pulling out and Ashley not made it pretty clear nothing would stop that today.

Frankly bored of the arena talk now. All I want to hear is what Kings plans on the pitch are. He seems to not have a clue and I expect that side of the club are all on holiday right now, but I’d hope before we come back we have heard a proper plan for January.

Failing that, I hope he flips the club to Ashley who we know has an interest in football at least. But still worried about the Robins project under Ashley. One benefit of an owner who doesn’t really get football is the manager is left alone, Ashley doesn’t strike me as the type even if he doesn’t replace Robins straight away.
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I'm sure Hoffman will be involved with the football side of things when Ashley takes the club on too
 
Nick

Nick

Administrator
CCFCSteve said:
Wonder if one of these was SISU ?!

Another offer started at £35m as due diligence went on, reduced to £25m, then £15m, then £10m.

An offer of £18m was received with no bridging funding.
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Wonder why those at £18m and just above didn't want to bridge fund for exclusivity and just take it off the purchase price?
 
K

KenilworthSkyBlue

Well-Known Member
CCFCSteve said:
All standard ish stuff. SISU/King pressure from one direction, Ashley threatening to walk away pressuring from the other

Judge had to make what they considered as best/safest call

Does anyone think king would’ve paid £25m if Ashley has walked ?!
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I think that probably answers itself.

But no, and in all honesty you have to question whether he had that amount to hand in the first place.

If he did, why wait to the 11th hour to put his hat in the ring.
 
Nick

Nick

Administrator
How long does it take to show things on companies house?
Will they still have to post the list of creditors for administration?
 
Nick

Nick

Administrator
So reading that is going to bond holders and administrators. Does that mean Richardson isn't getting anything?
 
B

Brighton Sky Blue

Well-Known Member
TomRad85 said:
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
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Why bother with a hedge fund middle man? They need to stand aside.
 
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