- Print Topic - Archive

Whilst Grimsby Town PLC is not a large organisation in the big scheme of things, this is still a seven figure transaction for a business with a complex asset structure.

The last time I bought a house (and it wasn't quite for seven figures, by the way), it still took over three months from 'agreeing' the deal with the previous owner to receiving the keys because there are a series of slow moving legal procedures that have to be followed to make sure that neither party gets shafted. The sale of GTFC is more complex than that.

It's less than two months since head terms were agreed - it's still early days. We all want this done quickly so we can move on and hopefully look forward to a brighter future, but we will have to be patient. I've seen absolutely nothing to suggest that there is anything awry with the deal - it will absolutely happen in my opinion, we're just going to have to wait for the legal wrangling's to complete.

Whilst we're all desperate for it to happen, well most of us, other than the lift it would give the fans we wouldn't really get a benefit now anyway.

We've got what we've got in the building now, that's what will either keep us or or see us go down.  Stockwood et al. coming in tomorrow wont improve anything on the field and whilst they'll no doubt crack on with the operational stuff in the background, as fans we won't really see or feel any improvements until we're utilising the club for something other than a glorified TV show every Saturday afternoon.

Stockwood especially is a legitimate figure.  He isn't going to put his name out there on Twitter and talk about takeovers unless it's the real deal.

I totally get it regarding just wanting it done and would love to see it announced midweek, right before a key home game and then BP absolutely packed to the rafters on the Saturday with the mood effectively giving us a 2-0 lead before we've even kicked a ball.  But that isn't the case, sadly.

It'll be done and when we're back as proper customers I'm sure it'll slowly feel better and we enjoy the product and experience that little bit more.  It'll be refreshing to go back with the club under a different direction and with refreshed focus.  I just hope that our focus is on progression through 2021 and beyond, not feeling like we're in 2015 all over again and everything is about getting out of non-league.

Thank you for your replies but I don't do social media and just wondered, as you do.

Incidentally Poojah I was once involved with mortgages and the quickest I knew of was 12 hours. Everything in place and ready to execute.

I imagine they’re still waiting for Fenty to stop spinning on the floor from when he realised he was getting £2.5m for running the club into the dirt.

[img]https://i.postimg.cc/L8H3T2s8/7-EDA1-EE8-E4-A0-4735-9-BCD-CDD45-AF5-EA46.gif[/img]

Quoted from DB

Incidentally Poojah I was once involved with mortgages and the quickest I knew of was 12 hours. Everything in place and ready to execute.

Without wanting to go off on a tangent, are you suggesting that the full conveyancing process was completed in 12 hours? Depending on your circumstances, there are aspects of that process that you can opt not to do, but then more fool you should you get sold a pup.

When the checks and balances are complete we will have the Club with good captains at the helm and all sailing calmly on the same course.  No one shouting “shut up!” To the crew or breaking ships flags.

We will feel confident in their decisions and trust them.  Well, hopefully we will.

Ironic that when May was going to join the Board/be the new owner, it was going to happen very quickly.  Thank God it did not happen.  (You see, God does watch over GTFC - this comment links to another thread today).

Not sure if anyone’s mentioned this, but in his Humberside interview Hurst said his understanding is that the takeover is all going as planned and it will be “weeks, not months” until completion.

It’s not a question of being impatient Poojah, and I do understand it’s not a straightforward issue, but 3 weeks ago someone said we were at the EFL DD stage having got everything else sorted.

And DHM appreciate that it isn’t going to mean extra resources for the team in the short term either. I never said it was.

All I’m doing is asking if anyone has any information. You don’t need to read anything into it like I’m a kid wanting his Christmas presents early. If you don’t have any information then don’t say anything or a simple ‘I don’t know’.

Quoted from KingstonMariner

It’s not a question of being impatient Poojah, and I do understand it’s not a straightforward issue, but 3 weeks ago someone said we were at the EFL DD stage having got everything else sorted.

And DHM appreciate that it isn’t going to mean extra resources for the team in the short term either. I never said it was.

All I’m doing is asking if anyone has any information. You don’t need to read anything into it like I’m a kid wanting his Christmas presents early. If you don’t have any information then don’t say anything or a simple ‘I don’t know’.

Easy now, I wasn't responding directly to you or anyone particular, nor was there any intent to patronise. I was just making a general point that there is no cause for concern at this stage because it's most likely simply a case of due procedure being followed.

Sometimes we hear of deals going through in the Premier League etc. that appear as if some oligarch rocked up at the club's front door with a briefcase full of rubles, did the deal and held a photoshoot with a club scarf around this neck. The reality is that there will have been just as much if not more due diligence and legal red tape as there is in our case, only most of it will have been done before any deal became public knowledge.

Our takeover isn't quite the same. This was a deal struck quickly and opportunistically thanks to Fenty stitching himself up through his relationship with Alex May, and so it's been in the public domain right from the very beginning. For that reason, it might seem as though things are moving slowly, but in reality that's not the case.

That's the point I was trying to make - absolutely no offence intended to you or anyone else. Apologies if any caused.

[quote=1541]. (You see, God does watch over GTFC.

I will always be there for you my son

Quoted from Poojah

Easy now, I wasn't responding directly to you or anyone particular, nor was there any intent to patronise. I was just making a general point that there is no cause for concern at this stage because it's most likely simply a case of due procedure being followed.

Sometimes we hear of deals going through in the Premier League etc. that appear as if some oligarch rocked up at the club's front door with a briefcase full of rubles, did the deal and held a photoshoot with a club scarf around this neck. The reality is that there will have been just as much if not more due diligence and legal red tape as there is in our case, only most of it will have been done before any deal became public knowledge.

Our takeover isn't quite the same. This was a deal struck quickly and opportunistically thanks to Fenty stitching himself up through his relationship with Alex May, and so it's been in the public domain right from the very beginning. For that reason, it might seem as though things are moving slowly, but in reality that's not the case.

That's the point I was trying to make - absolutely no offence intended to you or anyone else. Apologies if any caused.

No worries. Obviously I was a bit narked but no real damage to my fragile sensibilities.

I did wonder if should ask It Gripes what to do about being bullied. 😉

Quoted from Poojah

Without wanting to go off on a tangent, are you suggesting that the full conveyancing process was completed in 12 hours? Depending on your circumstances, there are aspects of that process that you can opt not to do, but then more fool you should you get sold a pup.

Absolutely done 12 hours. Everything in place documents money people to sign, only new of it once and never again.

Quoted from DB

Absolutely done 12 hours. Everything in place documents money people to sign, only new of it once and never again.

No, surveys or searches then . Surprised at a mortgage lender agreeing to that , could just about understand it if it was a cash buy

Part of my job is to find buyers for A shares in businesses which takes 6 - 8 weeks but the valuations are relatively simple and the only people we need to satisfy are the lawyers and HMRC, no but jobs like the EFL.

On the odd occasion we’ve sold B shares it takes a lot longer as you have to do a lot of extra work around the fixer assets etc...

I’d imagine for this to be done from HOT till completion would be up to 3 months.

Quoted from HertsGTFC

Part of my job is to find buyers for A shares in businesses which takes 6 - 8 weeks but the valuations are relatively simple and the only people we need to satisfy are the lawyers and HMRC, no but jobs like the EFL.

On the odd occasion we’ve sold B shares it takes a lot longer as you have to do a lot of extra work around the fixer assets etc...

I’d imagine for this to be done from HOT till completion would be up to 3 months.

Thank you Herts. I think that’s the first time I’ve seen anyone quote a timescale of this order. Something in the region of 4-5 weeks was bandied around at Christmas, then a few weeks ago it was ‘within the next week’.

I can go back to sleep in this for another month.

Quoted from HertsGTFC

Part of my job is to find buyers for A shares in businesses which takes 6 - 8 weeks but the valuations are relatively simple and the only people we need to satisfy are the lawyers and HMRC, no but jobs like the EFL.

On the odd occasion we’ve sold B shares it takes a lot longer as you have to do a lot of extra work around the fixer assets etc...

I’d imagine for this to be done from HOT till completion would be up to 3 months.

Thank you. I didn't realise how long something like this takes. Hopefully by April it might be done and dusted