Time for club to make a statement on takeover

It is 4 weeks now since the last club statement which basically said everything was agreed buyers due diligence completed and the only outstanding matter was the EFL approval of buyers financial plan which it was hoped would be received ‘shortly’..The new owners added a similar statement.’Shortly” to me has passed.Meanwhile we sink ever nearer the drop.We may not quite be in the last chance saloon but the doors are swinging  open. In the current circumstances the delay matters. Fans are in despair. New manager appointment hasn’t produced a new manager bounce. I express no opinion on whether we have reached the point where the last throw of the device is another change of manager or we have to see this through but it would be nice to know if someone is in charge and making decisions in such a bleak time in the clubs history. To go out the league with a whimper would be unbearable. We need an update and something from the club that provides hope.

However impatient I am for positive news, I'd rather not read another single club statement from the present incumbents thanks..

The trust should be all over this.

I agree it is time for a statement to give clarity and lay out the schedule for the take over. We need to have an understanding of what is happening.

Fenty and his Cohorts have gone to ground...  can't think why... rudderless

You would need some substance/back bone as a board to make a statement.. so don't hold your breath..

All I want to read is they've cleared their desks and Gone JUST GONE

[quote=120850]The trust should be all over this.

Agree .. will it be more of the same or a new a trust ?

Don't worry we'll soon have a statement from the old board when they want money of us fan's

Quoted from Plankton

The trust should be all over this.

I agree it is time for a statement to give clarity and lay out the schedule for the take over. We need to have an understanding of what is happening.

The takeover panel has told all parties that they must make no public comment whilst the takeover is proceeding.

Be patient, it will not be much longer

Thinking about this you have to ask the question what have the EFL got to do with all this. Day said it's a private matter between the consortium and Fenty and nothing to do with the club.

I have to admit he is right.

So what's it to do with the EFL or anybody else. The consortium are not buying a controlling share in the club, as it is owned by the majority of shareholders who have not been bought out by the consortium. The consortium are a minority shareholder.

So what is the problem?

Quoted from DB

Thinking about this you have to ask the question what have the EFL got to do with all this. Day said it's a private matter between the consortium and Fenty and nothing to do with the club.

I have to admit he is right.

So what's it to do with the EFL or anybody else. The consortium are not buying a controlling share in the club, as it is owned by the majority of shareholders who have not been bought out by the consortium. The consortium are a minority shareholder.

So what is the problem?

Thank you gutless for your X in less than minute of this post. Obviously you are highly intelligent of company matters so could you provide us with reason why I am wrong. On the other hand you could be a mindless troll who has nothing better to do try to wind people up. Certainly you have no compassion for Town or you would have the guts to speak up.

However been benevolent to you let me help up XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Quoted from DB

Thinking about this you have to ask the question what have the EFL got to do with all this. Day said it's a private matter between the consortium and Fenty and nothing to do with the club.

I have to admit he is right.

So what's it to do with the EFL or anybody else. The consortium are not buying a controlling share in the club, as it is owned by the majority of shareholders who have not been bought out by the consortium. The consortium are a minority shareholder.

So what is the problem?

As far as my understanding the EFL have to 'accept' a new owner, in the sense that they're good for the money, which isn't unreasonable given the past record of multiple clubs who spent far and beyond.
I may be wrong and I would welcome a correction.

Quoted from Plankton

As far as my understanding the EFL have to 'accept' a new owner, in the sense that they're good for the money, which isn't unreasonable given the past record of multiple clubs who spent far and beyond.
I may be wrong and I would welcome a correction.

I've been down the shareholder business post before and got slaughtered and got slaughtered again The consortium will not be the major shareholder in buying the shares of JF. The balance of over 50% is owned by others, so they will only be the owners with the consent of others.

Let’s not got bogged down in procedure . I could equally have headed my post time for the club and prospective new owners to provide an update on takeover. While DB has a point i would be surprised
If the consortium do not have sufficient other larger shareholders onboard to give them effective control before committing.

Quoted from HerveJosse

It is 4 weeks now since the last club statement which basically said everything was agreed buyers due diligence completed and the only outstanding matter was the EFL approval of buyers financial plan which it was hoped would be received ‘shortly’..The new owners added a similar statement.’Shortly” to me has passed.Meanwhile we sink ever nearer the drop.We may not quite be in the last chance saloon but the doors are swinging  open. In the current circumstances the delay matters. Fans are in despair. New manager appointment hasn’t produced a new manager bounce. I express no opinion on whether we have reached the point where the last throw of the device is another change of manager or we have to see this through but it would be nice to know if someone is in charge and making decisions in such a bleak time in the clubs history. To go out the league with a whimper would be unbearable. We need an update and something from the club that provides hope.

Two weeks since I posted this message at the top of this string.
No meaningful news on takeover other then ‘be patient’
Two points achieved since then and run of 4 home games in 5 about to come to an end.
Meanwhile Barrow who took the bold decision to remove new manager after 8 weeks failed to produce a bounce and looked as hopeless as us prior to tha are rewarded with three straight  wins.
No time left for patience as I said above the worst thing for me is that we go down with a whimper without anyone in charge!

Who shall we blame for our demise seems to be the gist of your need to know who, what and when on the ownership front.

Not really though I can see a situation developing where everyone can say not me guv.
I don’t particularly care who is to blame . I am still despaeratly hoping someone can pull a rabbit out of the hat and save us and fear the present limbo we are in makes that impossible.

Well tonight results pretty much kill off any hope of us surviving dont they so it is definately still going to be the holy trinity of JF, Day & Co holding the reigns.

Regards the consortium, on the Trust pages on here I read the minutes of their recent meeting , it stated in those that the consortium will have to offer to buy shares because of their shareholding level when the deal goes through....which means another significant  vote looming for trust members to decide on whether to sell their full holding, keep their whole share or partially sell.

By the time the takeover happens there will be no club left to take over.

That would imply the takeover has some way to go ffs

As long as the takeover goes through before late June does it actually matter when?

SSP cannot change much now.

It could be argued that they won’t be able to change much in Year 1 anyway. It will take a long time to turn the club around so we will all require patience.

The takeover is not a silver bullet.

Quoted from Knut Anders Fosters Voles

As long as the takeover goes through before late June does it actually matter when?

SSP cannot change much now.

It could be argued that they won’t be able to change much in Year 1 anyway. It will take a long time to turn the club around so we will all require patience.

The takeover is not a silver bullet.

Not necessarily. A vision and timeline for club infrastructure, new stadium and training ground could be presented. A clear direction of the club's medium term aims. This will provide the fanbase a vision of the future, something to look forward to. We haven't had that for a very long time. That could be done by the summer along with many other instant changes around fan engagement. The consortium have had enough time these past eighteen months or so to get a broad strategy together.

Secondly, if we get relegated, we could be bold and set about the season with the ambition and conviction of only staying down there for one season rather than the Hurst-like approach of incremental building. Plenty of clubs in the National League have been severely hit financially. We've got to go with the attitude of brushing them all aside, even the likes of Notts County. There will be nothing to lose by taking that mental approach and we're all grown up enough to take it on the chin if it doesn't work first time.

We've had too many cold doses of pragmatic realism the past couple of decades, and it just doesn't work..

Were I involved in the takeover I would delay until we are mathematically down and so the relegation is pinned totally to the existing owners. There is no sugar coating the relegation and so if I were them I would prefer to talk only about the future utm

Quoted from Zmariner

Were I involved in the takeover I would delay until we are mathematically down and so the relegation is pinned totally to the existing owners. There is no sugar coating the relegation and so if I were them I would prefer to talk only about the future utm

I think they're clever enough to know that they won't be blamed for any of this mess even if they took the club over tomorrow.. No point in wasting time avoiding getting their feet under the table to sort the wheat from the chaff and plan for the future over blame that's nigh on unanimously been apportioned already..

It's a takeover, not a makeover. We won't be sailing off in the sunset either, it will the coach to King's Lynn.

Take over . what take over ,  It does not take 4 months to buy something . Everything  seems to have been done except one vital thing ..... Handing over the cash . Have they got it ?  are they hanging on for a better price while the fans suffer , Something does not seem right to me . Buying a non league club for 2.5 mill is well over the top  + it will need another 3 mill on players to get us anywhere near a promotion team . Add to that better training ground  and then there is the new ground at what ever price . They are men that are used to making a profit in there line of work  not to lose money.. IMO we are going to be stuck with fenty for a good while yet  and another drop down the leagues will be well on the cards

Quoted from denni266

Take over . what take over ,  It does not take 4 months to buy something . Everything  seems to have been done except one vital thing ..... Handing over the cash

Apologies if you are actually an expert on corporate finance but why do you think a transaction should complete in four months?

What are you basing that on?

Have you ever purchased a football club?

Have you ever purchased a company?

I’ve had house purchases that have taken longer. Less money and less complicated than this transaction.

Quoted from KingstonMariner

I’ve had house purchases that have taken longer. Less money and less complicated than this transaction.

I agree. I’ve just had an offer accepted on a house and there’s little chance of me completing by 30 June.

Quoted from KingstonMariner

I’ve had house purchases that have taken longer. Less money and less complicated than this transaction.

I recall a house purchase that had a problem on the day of completion. Mortgage duly approved and signed, funds allocated, everything going along fine until a solicitor forgot to ask for the money from the  loan source.

In the paperwork the solicitor should have applied for the money from the lender a week prior to completion and forgot. Fortunately everybody in the chain were friends, or known to each other, so the moves went ahead for the paperwork and cash to be completed the next week.

So problems can happen.

Less than 3 months after getting hourly statements from Fenty's mob about what type of milk they were taking in their tea and how it was a better choice than what the tyre-kickers opted for, are we really thirsty for a statement that will say nothing?

The takeover is where it is, it's underway.  SSP are shrewd and experienced operators, rest assured they are not about to get involved in something that is little more than pie in the sky.  It's happening and there's no real reason why it won't complete.

However, as others have said, lets be sensible about what they can achieve.  Bigdog is right in that a very pro-active approach is required from the day they walk into the building.  Rome wasn't built in a day and we've frankly got some levelling of the rubble to do before we start rebuilding, but a fair expectation is that these guys will come in and start to make changes that will improve this club.  I think the nod that Mark Palmer  (think I've got his name right) will have some sort of CEO type role initially suggests that a shake-up is ahead.

But this season is beyond the reach of SSP.  Even if the takeover is announced tomorrow there's absolutely nothing that they can do to influence the outcome of this season.  Our squad is what we've got for the next 13 games.  All I can think of that could make any change is that they give Hurst the backing to bring in an improved back room set-up, which we've started to see with the appointment of a performance analyst.  But the impact from that sort of stuff generally doesn't happen within a few months.

If the delays are just administrative the simple solution would be for both parties to put out a statement explaining that and that subject to that the deal s still on.In our current circumstances I think that it was what we deserve not least because previous statements by both parties suggested a timeline that has passed.

They have already made a statement to say that neither party will be commenting whilst the process is ongoing.

Any timelines that people have cooked up have come from their own assumptions & guesswork.

What do you even want the statement to say? It’ll either be “everything’s ongoing”, which is of no use, “everything’s off” or “everything’s done”, which you’ll hear about anyway when they happen.

A statement would end all this speculation.

What speculation?

They are buying the club and unless they say otherwise, there is nothing to report until it's done.

They have already said as much.

Makes you wonder if there is some degree of renegotiation going on behind the scenes given our by now almost certain relegation.  

i was told a couple of weeks ago that the deal was done and dusted and was with the FL for final approval

Quoted from Zmariner

Were I involved in the takeover I would delay until we are mathematically down and so the relegation is pinned totally to the existing owners. There is no sugar coating the relegation and so if I were them I would prefer to talk only about the future utm

The only joy I can extract from our situation is the knowledge that Fenty is sat squirming on his seat in the Upper witnessing his 'legacy' collapse before his very eyes.

#Fentyout.

Quoted from RonMariner

Makes you wonder if there is some degree of renegotiation going on behind the scenes given our by now almost certain relegation.  

Can't see it. They knew the situation and even tried to negotiate a deal in case of that happening but JF wouldn't accept it and it was an all or nothing deal whichever league we were in. The consortium agreed to that in the end.

Personally I think that as and when SSP have control, instead of throwing money into the very rare occurance of GTFC actually paying for a player, I think they should invest in backroom staff first and foremost. More coaches.....a new fitness coach.....more physios....etc etc. This is where we are failing.

We do have players that we occasionally see moments of class from, but its that talent that needs nurturing and improving and that can only be done with a strong support team. Relying on Deputy Doig and Ben Davies is far from ideal, obviously, and another thing, has anyone actually seen Hurst physically training his players? Even Ollie could be seen telling and showing his players what he wanted. All we see is Hurst stood watching them aimlessly kicking a ball round.