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Fan Owned Club

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MuddyWaters
November 25, 2020, 3:13pm
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Quoted from pen penfras


It wouldn't test whether he's a true fan or not. It'd test whether or not he's willing to let other people play with his money, and increase the debt to him if they got it wrong. We already know the answer to that, like anybody else here, he isn't.


There's thousands of Town fans who have stopped letting him play with their money too.
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KingstonMariner
November 25, 2020, 9:51pm
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Quoted from TheRealJohnLewis


As you have stated you would need to offer to buy all shares if you purchased more than half of the shares, but you would only need to buy out Fenty. So only £975k for shares and £1.55m for loans.  The £325k is only a promise of further funds should the club needed, so you wouldn't actually need to stump up that money. The other debt does not belong to JF so you wouldn't have to give him that money. So you would only need £2.5m to buy out JF.

All that needs to happy is a group that needs to come together and collectively have more shares than Fenty currently has. If the top 5 shareholders who are not on the board. Mike Parker, (500k), Trust, (321k), Mullens (130k), John Elsom (75k). that gives them just over a million (45%) and they would be deemed as having effective control.  I doubt the trust would go against JF though.

This would then test JF and the claims that he is a true fan, as to whether he demands his loans back immediately and puts the club at risk for his own selfish reason..  



You wouldn't have to give JF the £325k, but you'd have to demonstrate that you have it available (and presumably put in some sort of escrow account) . This was the claimed sticking point for the last buy-out proposal. He won't sell unless you meet this. To have effective control without Fenty you'd need the owners of 51% of the shares aligned and have his debt cleared.

I suppose a third party could buy new shares to take a consortium over the threshold (assuming enough new shares are for sale) and buy his debt off him.


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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