Reply To: Takeover

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#190531
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This is how in panned
No one was coming forward, lots were hanging around in the background then the Spanish came forward with a deposit.

One the the guys failed an EFL check therefore delaying but admin decided on the easy option to stick with it and extend it not once but twice. Although the person was only putting in a small amount of money and he was not been added to the board the EFL felt it was right to knock him back.
Admin then thought it was solid enough bid and the Spanish meant business so why offer it to anyone else ?? they must mean it as they’ve paid the deposit !! so even though exclusivity ran out lets not offer i to anyone else ,HUGE MISTAKE!!..But admin said, it was the only bid, true, this was the case but you refused to take any other interested parties serious as you weren’t listening because to them, you had put all your eggs in one basket and got it oh so fcukin wrong.

Delay after delay by the EFL meant the takeover pushed into and through December and then woooosh Covid took a turn for the worse and the Spanish filled their nappies. When we were just about thinking about getting back into stadiums that door was slammed shut meaning no funds coming in till next season.
If the EFL had of got the finger out we could be in the hands of the Spanish but,,,,,,,,,

would that be such a good thing as we wouldn’t be the first club the Spanish put into admin and come Jan and Covid tightening they might have changed their minds as quick as the Chinese deadly duo did last year wack us straight back into admin and more than likely at a small profit.

The problem for me stemmed from the admin, exclusivity been extended twice then the EFL. Admin thought the Spanish was a done and dusted deal simply because they’d put a chunk of cash on the table then the EFL (1 man and his dog0 took a fcukin eternity to do basic financial checks 3 months in total which was an utter piss take of the highest calibre.

Were the problem lies is,
When you sell a house business a sales contract of is drafted up. Solicitors iron out the finer points and both parties make sure both sides understand what’s for sale. In the case of a football club it’s different there’s a 3rd party, an overseeing inapt organization called the EFL who have proven to be useless, understaffed and not qualified enough to do these simple checks. Not only that in these trying times business has to be conducted at the speed of light and they have proven the are incapable and for me they will be our downfall of our club.

Then admin,
Although the Spanish bid was the only bid that was because they were in exclusivity they should have kept other interested closer so close they were ready with bankers drafts in place to move straight in, if it ever fell through which it did then they can step straight into their shoes and complete within days
but
ELF like I said took 3 months to go over the Spanish, 3 months we do not have. They cannot speed up as they do not know how and because they fcuked up first time round with Choi and Way they are been over cautious to the point that, if your short changed someone while working behind a student bar you cannot run a football club.

It’s the role of the admin to do their best in finding us a buyer and with the Spanish they totally got it wrong. They were hoodwinked into thinking they were good guys “HEY THEY MUST BE THEY PAID A DEPOSIT” admin were not been prepared with a pan B, talking to other interested parties while the deal was going though. Admin have now stated that the sales contract is in place so it’s a case of others running over it. So if that’s the case why didn’t admin not do this when exclusivity ran out for the Spanish, hand sales contracts out to other interested parties, I’ll tell you why , it was too much like hard work.

For me exclusivity is utter fcukin crap and right now, cannot work, it’s got to be a first come first served, contacts handed out there you go that what’s for sale so;

Draw up a contract of sales,
Pass it onto all interested parties,
Negotiate the right price,
No deposit, cash down and buy.

But at the end of the day, time will be our downfall, the EFL cannot move fast enough so an independent party needs to be brought in to do the checks in days not weeks. And those potential buyers need to be prepared and show clarity as to who they are and were the funds are coming from.

And my final question,

who keeps the Spanish deposit ? and how much was it?