ghanimah
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« on: Friday, December 7, 2007, 08:19:51 » |
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http://www.thisisswindontownfc.co.uk/news/headlines/display.var.1887963.0.two_late_amendments_killed_deal_fitton.phpA FRUSTRATED Andrew Fitton admits Town would need to "crawl back on their hands and knees" to resurrect any takeover deal - revealing two late amendments were the final nail in the coffin.
The Wiltshire businessman broke off negotiations with Town yesterday morning, declaring the deal dead, after claiming extra clauses were being added to the initial contract as late as yesterday morning.
With the County Ground outfit now on the brink of receivership and potentially ceasing to exist, Fitton has expressed his sympathy for fans and players alike but insisted there was no way he could do the deal. He revealed:
1) A monetary issue, not including property rights, were late amendments received by letter yesterday morning.
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2) He genuinely believes the deal is dead forever.
3) The majority shareholders are still holding out for money from a club that is worthless.
4) His consortium would have been worth hundreds of millions of pounds and would have secured Town's long term future.
5) Liquidation is a distinct possibility which would result in a 15 point deduction.
Town claim the major hurdle was regarding the repayment of the interest from a £2.8million loan to St Modwen - who formed Shaw Park Developments as part of a joint venture with Town's Holding Company.
But Fitton said: "If they believe that the breakdown was down to a loan owed to St Modwen then they are more deluded than I thought.
"It was very clear what the deal was and it was actually drawn up and agreed to as long ago as October. Are you telling me they have just seen something in the deal now?
"We received two amendments to the deal this morning (Thursday).
"One was monetary, which I don't think it is fair to talk about, and the other was to the development rights.
"We said from the start the development rights must come back into the deal. That was very clear.
"It slowly dawned on the club, as I pointed out, there were various technicalities for why they could not do that.
"If they could not do it then there is no deal. They just said it should be sorted out later."
Fitton described his consortium as "fatigued" by the protracted talks and admitted it was difficult to see any way forward.
"The problem is they cannot get their head round the fact this club is not worth a lot of money," he said.
"We had agreed to clear £5m of debts and we were going to put another £1m in ourselves.
"We would have ensured the club survived and moved on for the first time for a long time.
"We would also have been able to make decisions for footballing reasons rather than financial ones.
"It is difficult to see any way back.
"The only way is if they came crawling back and agreed to anything we put in front of them.
"One of our members is a very wealthy businessman.
"I am rich but this guy is in a different league.
"Our consortium, with just four men, was worth hundreds of millions of pounds."
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"We perform the duties of freemen; we must have the privileges of freemen ..."
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Batch
Not a Batch
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Posts: 56512
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« Reply #1 on: Friday, December 7, 2007, 08:22:47 » |
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Worth hundreds of millions -packer?
My blood is boiling.
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Melksham Red
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« Reply #2 on: Friday, December 7, 2007, 08:50:17 » |
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Makes me feel even more sick reading that.
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Spencer_White
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« Reply #3 on: Friday, December 7, 2007, 08:53:54 » |
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Makes me feel even more sick reading that. Check your personal message. |
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lambourn red
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« Reply #4 on: Friday, December 7, 2007, 08:57:09 » |
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Obviously Diamond Mike and SSW know that this consortium have serious cash so they are playing chicken with them unfortunately they are so deluded that they actually think the club is worth something, fairplay to Fitton he has them by the scrotum now. Lets see how keen they are to do a deal if we take the fight to their personal lives :evil:
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Peter Venkman
Is totally unexceptional
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Posts: 61248
Perfection is not attainable
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« Reply #5 on: Friday, December 7, 2007, 09:04:24 » |
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That really upsets me even more, a very rich man...my thoughts being James Dyson...saving the club for the future.
And them Wham Bam...the board get wind of who is involved and stick extras onto the deal thinking the rich consortium would pay it, well done Fitton for having the backbone to withdraw the offer and not be blackmailed into it.
Yes it hurts me but you did the right thing, those running the club deserve FUCK ALL.
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Well, we know where we're goin'
But we don't know where we've been
And we know what we're knowin'
But we can't say what we've seen
And we're not little children
And we know what we want
And the future is certain
Give us time to work it out
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Sippo
Living in the 80s
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Posts: 15601
I ain't gettin on no plane fool
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« Reply #6 on: Friday, December 7, 2007, 09:11:38 » |
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Maybe, just maybe the board will go running back to fitton with their tails between their legs?
Or am i'm being hopeful?
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If my calculations are correct, when this baby hits 88 miles per hour, you're gonna see some serious shit...
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Leggett
Do you like popsicles?
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« Reply #7 on: Friday, December 7, 2007, 10:33:27 » |
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hopefull, i fear. :S
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Fuck you Leggett, fuck you.
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Foggy
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Ketchup wanker
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« Reply #8 on: Friday, December 7, 2007, 10:47:21 » |
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According to the adver, James Wills is holding talks with Fittons advisors to try and rescue the deal.Lets get those fingers crossed.
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Sad to say, i must be on my way
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Ardiles
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Stirlingshire Reds
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« Reply #9 on: Friday, December 7, 2007, 10:48:15 » |
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Can anyone think of a reason that Wills may have for taking us under? I can't. This may well be brinkmanship...pure & simple. The cards Wills is holding are all duds. I can't work out how he thinks he's going to win this. Unless of course he's completely deluded.
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Sippo
Living in the 80s
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Posts: 15601
I ain't gettin on no plane fool
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« Reply #10 on: Friday, December 7, 2007, 10:49:48 » |
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If i was Andrew Fitton i would lay my offer on the table, stick to it- then tell them to take it or leave it.
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If my calculations are correct, when this baby hits 88 miles per hour, you're gonna see some serious shit...
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Frigby Daser
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« Reply #11 on: Friday, December 7, 2007, 10:53:26 » |
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According to the adver, James Wills is holding talks with Fittons advisors to try and rescue the deal.Lets get those fingers crossed. Where does it say that? |
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ghanimah
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Posts: 3639
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« Reply #12 on: Friday, December 7, 2007, 10:54:44 » |
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"We perform the duties of freemen; we must have the privileges of freemen ..."
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Panda Paws
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Posts: 2170
Arse
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« Reply #13 on: Friday, December 7, 2007, 10:54:56 » |
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According to the adver, James Wills is holding talks with Fittons advisors to try and rescue the deal.Lets get those fingers crossed. Where does it say that? Fitton/SSW are having lunch today ... |
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Tails
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Posts: 10035
Git facked
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« Reply #14 on: Friday, December 7, 2007, 10:55:14 » |
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Can anyone think of a reason that Wills may have for taking us under? I can't. This may well be brinkmanship...pure & simple. The cards Wills is holding are all duds. I can't work out how he thinks he's going to win this. Unless of course he's completely deluded. Have you ever met Seton or James? They are both idiots. |
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