It's finally happening...

I seem to recall in Mr Shutes original statement, he said that he/they would get the majority shareholding, and then would also purchase any other shareholders shares if they wanted to sell them, thus covering all bases.

Quoted from Davec

If we wait for replies from all of them then it will never ever be because they aren't going to get replies from those who have since passed away, and even those alive not all of them will reply

Come back same time tomorrow for more obvious stuff from Aaron.

Heard today are soon to be ex leader has bought a plot of land, building a house and soon to be a resident of Spain, 1 of the brothers may be off too, the bust one

Quoted from Supersixty

Heard today are soon to be ex leader has bought a plot of land, building a house and soon to be a resident of Spain, 1 of the brothers may be off too, the bust one

Lloret or Tossa?

Quoted from MarshMariner

No but we will never know if the budget may have been bigger...

So what you're saying is a "more than competitive" budget?  

Quoted from Knut Anders Fosters Voles

Lloret or Tossa?

I’m surprised you had to ask ......😂

Quoted from Knut Anders Fosters Voles

Lloret or Tossa?

Superb.

Wigan have had their takeover passed by the EFL and it took 3 weeks maximum.

We're still waiting.

Don’t believe it’s because they have to get in touch with all shareholders. This only applies when you go above 50%. Fenty’s shareholding is 40ish %. I don’t think any of the consortium have 10% already.

Fenty’s is deemed to control the club because of his loans.

So the consortium could buy out Fenty first then if they want control of the club by owning over 50% of the shares they would then, and only then have to offer to buy all the rest.

What we don’t know is if they are lending the club the money to pay off Fenty’s loans.

Quoted from KingstonMariner

Don’t believe it’s because they have to get in touch with all shareholders. This only applies when you go above 50%. Fenty’s shareholding is 40ish %. I don’t think any of the consortium have 10% already.

Fenty’s is deemed to control the club because of his loans.

So the consortium could buy out Fenty first then if they want control of the club by owning over 50% of the shares they would then, and only then have to offer to buy all the rest.

What we don’t know is if they are lending the club the money to pay off Fenty’s loans.

Currently there are £2,379,900 of issued shares in GTFC. Fenty owns £975,000 of those shares which equates to 40.97%.

My understanding (from what I've been told) is that the new owners are obliged to also buy all the shares belonging to Chapman (£500), Day (£2,950) & Marley (£4,100) unless any of the trio want to retain any/all of their shares. I'm not sure if they are obliged to buy Ian Holloway's £500 of shares or not.

I have no idea whether they will also try to buy the £500,000 of shares owned by Mike Parker or whether he would sell if they did approach him, but I was told there's no legal obligation.

Paying off the directors loans will of course go through the books for tax purposes. It will add to the historic losses on the club account and potentially avoid paying tax if the club ever becomes profitable to the point that historic losses have turned into historic profit.

It doesn't really matter how that money is put into the club. Loan or additional share purchases. As I pointed out previously every other owner in football treat loans they make to their club as the same as the bank of mum and dad- i.e. a gift rather than something that needs to be repaid. They are kept on the books until the owner sells the club and at that point they are written off.

The previous owner of Wigan has written off a debt of £35 million to facilitate them exiting administration and being sold to a new owner- had he not done that Wigan would have had to agree to repay 25% of what was owed (£8.75 million) to him by a CVA or face another point deduction. Obviously that debt would have made it impossible to sell Wigan Athletic as a going concern. Who would buy a L1/L2 club with a CVA of £10 million or so to be serviced?

We owe directors £1,550,000. I was told that £1,500,000 is owed to Fenty, £25,000 is owed to Day and £25,000 to others (I presume to Marley and/or Chapman).

Financing the repayment of Fenty's (and other director's) "benign" loans will probably be split between additional share purchases (to allow new owners to control over 50% of the club) and new loans to the club.