Doug King Takeover (79 Viewers)

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Gibbo

Gibbo

Well-Known Member
Grendel said:
No one has says he would own 1% of the debt even if he ever does acquire the club
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Grendel said:
No one has says he would own 1% of the debt even if he ever does acquire the club
Click to expand...
skybluetony176 said:
Personally I find it hard to believe that Doug will ever own that 85%. My gut feeling is that it was a stunt before yesterday and leverage on the price that SISU end up selling 100% of the club to MA for. I think it’s about SISU putting a stake in the ground of the value of CCFC on the premise that Doug was willing to pay 100% of the debt to own a 85% share of the club so the debt on the books must therefore be market value of CCFC, which of course it isn’t. I can’t see MA wanting to share ownership with SISU so ultimately if SISU want closure on what must surely be their worst investment in their history they’ll have to sell 100%. MA will never pay 100% of the club’s debt for the club and I doubt SISU will be seriously expecting that outcome, although nothing would surprise me with SISU.
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The great puzzle is if, as you say, this was their worst investment ever, why did they not cut and run years ago? They were sold a pup by ray ranson, but then stuck around, and even in the last few years managed the club quite well on a day to day basis - got good people in like Boddy and Robins et etc. But to what end? I remain mystified and always shall. Just remember King comes from the same background...
 
C

Cov kid 55

Well-Known Member
Sorry if this has been covered already, haven’t been able to keep up with all of the thread. A friend has just told me this guy was born in Lowestoft and is a Norwich fan. If so would cheese me off, as I have a number of Norwich City fan friends, and I can‘t forgive them for Maddison and Sam.
 
The Philosopher

The Philosopher

Well-Known Member
Gibbo said:
The great puzzle is if, as you say, this was their worst investment ever, why did they not cut and run years ago? They were sold a pup by ray ranson, but then stuck around, and even in the last few years managed the club quite well on a day to day basis - got good people in like Boddy and Robins et etc. But to what end? I remain mystified and always shall. Just remember King comes from the same background...
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They couldn’t afford to write off their debt.

Now it looks like they have transferred / swapped their debt to another Hedge fund. Ie, SISU are no longer liable to that pool of investors in Arvo or whatever. DK is now liable but has £50m of assets (players, Ryton?, league standing “goodwill”)

Bottom line: SISU have wiped their faces at at no longer “the bottom of the cycle”. They couldn’t cut and run with a L2 goodwill value and £2m squad. No one would swap £50m of taking on debt for that.

That’s what it looks like to me.

The comments about DK “paying off immediate debts” will probably mean the current PAYE debts of (stab based on wages / time behind) £2m

It might be a condition of EFL to ensure proper person agreement to get it sorted. Don’t know.
 
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Nick

Nick

Administrator
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Bet he uses conditioner and everything.
 
skybluetony176

skybluetony176

Well-Known Member
Grendel said:
No one has says he would own 1% of the debt even if he ever does acquire the club
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The club’s statement says “The deal will involve clearing all of the Club’s current debts, leaving it debt free.” So the suggestion seems to be that he’s taking an 85% share for clearing the debt. Would it not?
 
Skyblueweeman

Skyblueweeman

Well-Known Member
AndreasB said:
King is a one man band. He doesnt have a Team who can swoop in and run the club or anything.
In any "normal" takeover, a management team would have been ready and in place from day 1. Now Ashley has the ground, suspect it will be business as usual with Fisher and Boddy running the club.
We dont know where Hoffman fits into it but isnt going to be having any role at the club unless Ashley buys it is he?
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Out of interest, how do you know he's a one man band?

I find it hard to believe that someone who has £25m plus, is a one man band??
 
The Philosopher

The Philosopher

Well-Known Member
skybluetony176 said:
The club’s statement says “The deal will involve clearing all of the Club’s current debts, leaving it debt free.” So the suggestion seems to be that he’s taking an 85% share for clearing the debt. Would it not?
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That’s how I see it. Absorption of the debts that SISU have ascribed to CCFC into his portfolio. Possibly then using own funds to clear HMRC.

OSB / @MalcSB is that how you see it?
 
Skyblueweeman

Skyblueweeman

Well-Known Member
And as far as King goes, my initial enthusiasm has been tempered by the fact that he's apparently involved with another Cayman Islands based Hedge Fund. If that's the case, he's not different to SISU.

I guess we've seen more of him in 48hrs that we have of Joy in 15 years. He's a Norwich City FC fan so he's not in it for the love of the club.

I can only hope that he's going to have bigger kahunas than SISU and take the gamble of getting us to the EPL (using some of that £25m) and then sell us for a profit.
 
D

Deleted member 5849

Guest
Skyblueweeman said:
And as far as King goes, my initial enthusiasm has been tempered by the fact that he's apparently involved with another Cayman Islands based Hedge Fund. If that's the case, he's not different to SISU.

I guess we've seen more of him in 48hrs that we have of Joy in 15 years. He's a Norwich City FC fan so he's not in it for the love of the club.

I can only hope that he's going to have bigger kahunas than SISU and take the gamble of getting us to the EPL (using some of that £25m) and then sell us for a profit.
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My only hopes are that a) he's genuine b) he's competent and c) he brings a different style. Talking about not liking court cases is a refreshing change, for a start!
 
Grendel

Grendel

Well-Known Member
skybluetony176 said:
The club’s statement says “The deal will involve clearing all of the Club’s current debts, leaving it debt free.” So the suggestion seems to be that he’s taking an 85% share for clearing the debt. Would it not?
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Not really - the debt can be moved from Otium entertainment group to Sb s and L or the fund that king and Coleman seem to jointly own

So the charge can remain and structured so it still needs paying like when ccfc was debt free when Sisu first came but the other companies were not

it’s hardly likely that someone pays Arvo off and still allows a 15% equity stake
 
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