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 GrimRob |
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Well yes, but the club isn’t worth buying without the regeneration and commercial opportunities in the background. Mr Shutes is absolutely right to line his ducks up (or whatever the phrase is.)
I may be naive but aren't there some people who just buy football clubs for the glory/buzz/ego/attention/love? I know without a new ground we'll probably struggle to stay in this division long-term, maybe Shutes wouldn't be interested without the commercial opportunities attached to it, but would it really stop every other potential owner? |
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| MuddyWaters |
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I may be naive but aren't there some people who just buy football clubs for the glory/buzz/ego/attention/love? I know without a new ground we'll probably struggle to stay in this division long-term, maybe Shutes wouldn't be interested without the commercial opportunities attached to it, but would it really stop every other potential owner?
I agree Rob. There are many owners who have clubs as a vanity project, some who can afford to and others that can’t. Some become bottomless pits whilst others thrive, some owners are lucky, others aren’t. What doesn’t help is our geographical location. |
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| arryarryarry |
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Agreeing a sale price for Grimsby Town is not the stumbling block with regards to a proposed takeover of the club, according to John Fenty.
Of course, that has not proved to be the case.
Speaking as a guest on the Burnsy Show – on BBC Radio Humberside – the club’s majority shareholder revealed that, while a sale price is not the issue, further checks still have to be made by Town and the EFL.
Mr Fenty said: “It was agreed many, many months ago. There was an offer I accepted, so that’s all done and dusted. There is no stumbling block over that whatsoever.
“From the football club’s point of view, proof of funding and passing the fit and proper test, with relation to the EFL, are clearly very important.
“Those have yet to be done.
“When all is said and done, Tom (Shutes) is a developer and I’ve no doubt he’s looking to get all of his ducks in a row before he can progress and satisfy the requirements of the EFL and the final requirements of the club which is, in particular, to make sure there is funding available in the event of a downturn at the club.
“It can be very, very costly if things don’t go right on the field, or go according to budget, as we know.
“It’s important for the club that, if we are going to pass over to new custodians, that we can at least be seen to fund a future downturn, should it occur – not that anybody wants that, of course.”
First reported by Grimsby Live, back in June, the takeover bid headed up by Mr Shutes is part of wider regeneration plans for the town and area; with the London-based businessman playing a key role in the Greater Grimsby Town Deal.
Talks between Mr Shutes and the club date back more than 12 months.
Mr Fenty added: “He’s still working on, I guess, his lot in terms of executing a proposed acquisition of the football club, and also delivering other regeneration plans, in Grimsby in particular.
“If all of that can come off it will be fantastic for the area, fantastic for the football club.
“And we just look forward to hoping that he can get his ducks in a row and making it happen.”
In terms of the proposed relocation of the club, to a new stadium, Mr Fenty shed some further light on the current state of play.
He continued: “Clearly in terms of the council, I can’t speak on behalf of the council. That’s in the hands of the chief executive, and the leader of the council, Philip Jackson.
“Aside of that, obviously the aspirations continue to relocate as far as the football club is concerned.
“I’m now speaking on behalf of the football club.
“We want to do that. At the minute, we have paused on Peaks Parkway at the request of the council.
“We have looked at Freeman Street and, of course, there are some wider proposals for potential location at the fish docks.”
So as I understand it JF and the current board want proof of funding going forward. My question therefore is has JF and the current board guaranteed funding going forward if the club isn't sold? Also how much has JF and the current board put into the club in the past 3 years? |
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| Rik e B |
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I think I heard Fenty is a guarantor though that hasn't been required as the Club making a profit. But like has been touched upon, with Fenty gone the Club wouldn't be paying him back 200k per annum and surely that extra in the coffers each term would go a long way to covering any rainy-day fund needed?
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| KingstonMariner |
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So as I understand it JF and the current board want proof of funding going forward.
My question therefore is has JF and the current board guaranteed funding going forward if the club isn't sold? Also how much has JF and the current board put into the club in the past 3 years?
To be fair to Fenty arry, he has provided guarantees totalling £325,000 for several years. As we know, more has been taken out in terms of loan repayments in recent years. |
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| arryarryarry |
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To be fair to Fenty arry, he has provided guarantees totalling £325,000 for several years.
As we know, more has been taken out in terms of loan repayments in recent years.
It would be interesting how much in guarantees are the board looking for because if that figure of £325,000 over several years is right, in the scheme of things that isn't much. |
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| gtfc98 |
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To make this thread easier to moderate we have moved some of the contents into an archive which is not visible to non-moderators. All recent posts have been kept and a few of the earliest messsages. Many of the posts which have been removed are perfectly OK but have been removed as they are old and have largely been read
The messages have not been deleted and may be restored at some point in the future once the dust has settled and a resolution to the ongoing talks has been reached.
To help us moderate this discussion please try not to post "inside information" about the talks. Opinions are fine but please don't post facts which are not in the public domain or your posts (and any replies quoting them) may be removed,
Danny Braithwaite’s been posting? |
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| KingstonMariner |
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It would be interesting how much in guarantees are the board looking for because if that figure of £325,000 over several years is right, in the scheme of things that isn't much.
It could be £325,000 in one year. That's the commitment. Obviously if in one year we end up with drastically lower income than budgeted for and all that £325k is swallowed up, we don't know if he'll do it another year. Bear in mind the turnover in 2018 was £3m that's a significant % of income. But you're right, it would be unreasonable to expect the prospective buyers to guarantee more. |
| Through the door there came familiar laughter,
I saw your face and heard you call my name.
Oh my friend we're older but no wiser,
For in our hearts the dreams are still the same. |
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| mimma |
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I would like to point out the £600 in 2013 includes my buying of one share of £100, so that I can now say that I am a shareholder of GTFC, and can attend the AGM. I didn't realise that I accounted for one sixth of the shares sold that year!
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| ska face |
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And your saying I'm wrong??...go check it for yourself...he has a net worth of -£2.3 million...and that is a fact before the mods jump on me.
I’m saying you’re wrong, yes, mainly because the website you got that figure from (by googling “Tom Shutes net worth”) also gives John Fenty’s “net worth” as minus half a million quid. The companies of which he is involved may have a combined net worth of £-2m, but you have no idea how much money he has as an individual. He might have a billion quid sat in the bank for all you know. |
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