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Three questions

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Ipswin
December 30, 2020, 6:06pm
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1 Who owns Blundell Park ?

2 Will shares still be on public sale ? and

3 if so. Will John Fenty be able to buy shares ?


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Hagrid
December 30, 2020, 6:11pm

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Club own it i believe?

dont know

If so cant see why he couldnt. But why would he
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GrimExile
December 30, 2020, 6:44pm
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Aren’t shares permanently on sale?
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Gaffer58
December 30, 2020, 6:46pm
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Would assume Mr Fenty has basically sold all his shares to the new boys, so he’d have to buy a fair few to gain any influence.
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grimsby pete
December 30, 2020, 6:48pm

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If Fenty wanted to retain some shares he could have done.

He did not have to sell every one.

They could have let him keep a couple.


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Les Brechin
December 30, 2020, 6:52pm

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Wiki (not the most reliable source I know) list the owners of Blundell Park as Grimsby Town FC.


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BobbyCummingsTackle
December 30, 2020, 6:53pm
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The issue with Fenty was always that he had a controlling share and what he said was the law. Shutes et al have bought that controlling stake and now their word is the law (or will be).

Fenty could buy shares and could buy enough to be a royal pain in the backside to the new owners but he can't buy enough to control the club.

Personally, I can't see why he would buy enough to get back on the board when he is almost guaranteed to be ignored when the decisions need to be made.


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BobbyCummingsTackle
December 30, 2020, 6:55pm
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Quoted from grimsby pete
If Fenty wanted to retain some shares he could have done.

He did not have to sell every one.

They could have let him keep a couple.


But he had to sell enough to give the consortium control.


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RonMariner
December 30, 2020, 7:20pm

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My understanding is that The Club own BP, but that Fenty's loans are secured on it, i.e. if the club defaulted he could force the sale of BP to pay off his loans.  When his loans are repaid this lein in hios favour would thus end.

It would be interesting to see how the l;oan element of the deal is transacted. If the consortium buy the loans then there will still be a debt in the balance sheet, but now to the new owners rather than Fenty. This may still be secured on BP.  

The other option is that Fenty gets his £2.5 mill and waves the loans. However under this scenarios I think the club may have a tax problem in that waiving the loans may give rise to a taxable gain of £1.5m?

Another option is that the loans are 'repaid' to Fenty by issuing £1.5m shares, which he then sells. Not sure if that would get round the tax issue but it would leave the club debt free. I am not a tax accountant and so can't speak with any authority on this.

Anyone have any knowledge on this?
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Caveman
December 30, 2020, 7:28pm
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The Grimsby Town Football Club plc are the owners of Blundell Park.

At the moment it is part of the assets that are held as security securing
the debt owed to John Fenty.
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