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Title: 'Two late amendments killed deal': Fitton Post by: ghanimah on Friday, December 7, 2007, 08:19:51 http://www.thisisswindontownfc.co.uk/news/headlines/display.var.1887963.0.two_late_amendments_killed_deal_fitton.php
Quote A 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. advertisement 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." Title: 'Two late amendments killed deal': Fitton Post by: Batch on Friday, December 7, 2007, 08:22:47 Worth hundreds of millions -packer?
My blood is boiling. Title: 'Two late amendments killed deal': Fitton Post by: Melksham Red on Friday, December 7, 2007, 08:50:17 Makes me feel even more sick reading that.
Title: 'Two late amendments killed deal': Fitton Post by: Spencer_White on Friday, December 7, 2007, 08:53:54 Quote from: "Melksham Red" Makes me feel even more sick reading that. Check your personal message. Title: 'Two late amendments killed deal': Fitton Post by: lambourn red on Friday, December 7, 2007, 08:57:09 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:
Title: 'Two late amendments killed deal': Fitton Post by: Peter Venkman on Friday, December 7, 2007, 09:04:24 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. Title: 'Two late amendments killed deal': Fitton Post by: Sippo on Friday, December 7, 2007, 09:11:38 Maybe, just maybe the board will go running back to fitton with their tails between their legs?
Or am i'm being hopeful? Title: 'Two late amendments killed deal': Fitton Post by: Leggett on Friday, December 7, 2007, 10:33:27 hopefull, i fear. :S
Title: 'Two late amendments killed deal': Fitton Post by: Foggy on Friday, December 7, 2007, 10:47:21 According to the adver, James Wills is holding talks with Fittons advisors to try and rescue the deal.Lets get those fingers crossed.
Title: 'Two late amendments killed deal': Fitton Post by: Ardiles on Friday, December 7, 2007, 10:48:15 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.
Title: 'Two late amendments killed deal': Fitton Post by: Sippo on Friday, December 7, 2007, 10:49:48 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.
Title: 'Two late amendments killed deal': Fitton Post by: Frigby Daser on Friday, December 7, 2007, 10:53:26 Quote from: "Fogster" 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? Title: 'Two late amendments killed deal': Fitton Post by: ghanimah on Friday, December 7, 2007, 10:54:44 http://www.thisisswindontownfc.co.uk/display.var.1888770.0.town_attempt_to_resurrect_fitton_deal.php
Title: 'Two late amendments killed deal': Fitton Post by: Panda Paws on Friday, December 7, 2007, 10:54:56 Quote from: "The Moonraker" Quote from: "Fogster" 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 ... Title: 'Two late amendments killed deal': Fitton Post by: Tails on Friday, December 7, 2007, 10:55:14 Quote from: "Ardiles" 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. Title: 'Two late amendments killed deal': Fitton Post by: Peter Venkman on Friday, December 7, 2007, 10:55:31 Yeah I have been looking on the adver website and found nothing...link please.
Title: 'Two late amendments killed deal': Fitton Post by: BANGKOK RED on Friday, December 7, 2007, 10:55:32 Quote from: "The Moonraker" Quote from: "Fogster" 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? http://www.thisisswindontownfc.co.uk/news/headlines/display.var.1888770.0.town_attempt_to_resurrect_fitton_deal.php COME ON ANDY BOY Title: 'Two late amendments killed deal': Fitton Post by: Peter Venkman on Friday, December 7, 2007, 10:56:45 Well well well. Looks like the crawl back on hands and knees has stared in earnest!
Title: 'Two late amendments killed deal': Fitton Post by: Foggy on Friday, December 7, 2007, 10:57:04 To be honest i think that Andrew Fitton has got the measure of MD and his cronies, AF holds all the aces and has called their bluff. Jabba the greek can only hold out for so long. AF should say" you will get what i am offering you or you will get fuck all when the club is liquidised, take or leave it"
Title: 'Two late amendments killed deal': Fitton Post by: wheretherealredsare on Friday, December 7, 2007, 10:57:20 Together? Or just both in Ramsbury/
Grouse for lunch, perhaps. Title: 'Two late amendments killed deal': Fitton Post by: Ardiles on Friday, December 7, 2007, 10:58:21 Come on you Andy Fitton!!
(Jeez. I never thought I'd cheer a business negotiation.) Title: 'Two late amendments killed deal': Fitton Post by: Barnard on Friday, December 7, 2007, 10:58:56 Quote from: "Ardiles" 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. Looks like he is completely deluded, seems to me that because Power, Best Holdings, and now Fitton have all tried to buy the club Wills has been convinced by Diamandis that its worth money. Not so long ago he was threatening to walk away if criticised. jog on then Wills you muppet. Title: 'Two late amendments killed deal': Fitton Post by: wheretherealredsare on Friday, December 7, 2007, 10:59:28 Town attempt to resurrect Fitton deal
Exclusive By Owen Houlihan Comment | Read Comments (2) TOWN owners were today holding talks with Andrew Fitton's consortium in an attempt to resurrect the Wiltshire businessman's takeover bid for the club. The Swindon Advertiser understands that James Wills was in meetings with members of Fitton's buying group to try and get the deal back on. A spokesman for the club said this morning: "James Wills will be meeting with members of the Andrew Fitton consortium today and they are hoping there will be a positive outcome.'' advertisement As first revealed by www.swindonadvertiser.co.uk, Fitton pulled the plug yesterday morning declaring his bid "a dead deal", leaving Town with up to £5million of debts and the clock ticking on their future. He blamed the breakdown on two suggested changes to the agreed deal and insisted the club was "too messy" for him to conclude a deal. Fitton added Town's owners would need to "crawl back on their hands and knees" to resurrect any deal. Town directors appealed to the Wills family to urgently provide funds to keep the club trading but were also urging the majority shareholders to perform a U-turn and "reach agreement with Fitton" for the sake of the Robins' future. There have also been unconfirmed reports that members of the Town board were on the brink of resigning. Title: 'Two late amendments killed deal': Fitton Post by: redbullzeye on Friday, December 7, 2007, 11:04:25 Lets hope Fitton has played a blinder - the mention of a backer in the consortium worth millions certainly hit home with me. Fingers bloody crossed again
Title: 'Two late amendments killed deal': Fitton Post by: Panda Paws on Friday, December 7, 2007, 11:06:33 Quote from: "wheretherealredsare" Together? Or just both in Ramsbury/ Grouse for lunch, perhaps. Don't know, just know they're lunching ... Title: 'Two late amendments killed deal': Fitton Post by: le god cuervo on Friday, December 7, 2007, 11:06:43 Mike D will not 'crawl back on his hands & knees'. He is too stubborn. As we've seen with Bill Power/BEST it's either his way or no way. The only way this will get resurrected is if the Wills ditch their 'advisor'. Which I can't see happening. They need to realise the club is worth fuck all & take whats on the table from Fitton before it's too late.
Title: 'Two late amendments killed deal': Fitton Post by: Foggy on Friday, December 7, 2007, 11:11:20 I think that Mikey boy will be taken out of the equation, It not his money that is about to be pissed down the drain .
Title: 'Two late amendments killed deal': Fitton Post by: wheretherealredsare on Friday, December 7, 2007, 11:11:37 Even if MD is ditched does he not hold enough shares to prevent the acquisition of a controlling 75% stake, as required by AF?
Title: 'Two late amendments killed deal': Fitton Post by: Foggy on Friday, December 7, 2007, 11:12:19 Not sure to be honest.
Title: 'Two late amendments killed deal': Fitton Post by: Panda Paws on Friday, December 7, 2007, 11:13:49 Quote from: "wheretherealredsare" Even if MD is ditched does he not hold enough shares to prevent the acquisition of a controlling 75% stake, as required by AF? From what I remember SSW/MD hold somewhere between 70/75% between them so I think MD's shares could be crucial. Title: 'Two late amendments killed deal': Fitton Post by: Panda Paws on Friday, December 7, 2007, 11:14:28 Quote from: "Terry Tibbs" Quote from: "wheretherealredsare" Even if MD is ditched does he not hold enough shares to prevent the acquisition of a controlling 75% stake, as required by AF? From what I remember SSW/MD hold somewhere between 70/75% between them so I think MD's shares could be crucial. ... the other option is the other 25% - the fans - give up their shares to Fitton. I'd happily give my one share up if it'll help Fitton get control of the club!!!!!! Title: 'Two late amendments killed deal': Fitton Post by: Ardiles on Friday, December 7, 2007, 11:15:03 Surely by now it's dawned on Wills that everything Diamandis touches turns to shit. Get that awful man out of the room, and then maybe our club has a chance of being saved.
Title: 'Two late amendments killed deal': Fitton Post by: Phil_S on Friday, December 7, 2007, 11:17:43 Quote from: "le god cuervo" Mike D will not 'crawl back on his hands & knees'. He is too stubborn. As we've seen with Bill Power/BEST it's either his way or no way. The only way this will get resurrected is if the Wills ditch their 'advisor'. Which I can't see happening. They need to realise the club is worth fuck all & take whats on the table from Fitton before it's too late. I agree. He hasn't changed in the last year so why now. The Wills are stupid enough to believe what he says. Trouble is that the people that have the resources to buy the club have made there money themselves. You don't do that by being stupid. The only people who would give them what they are demanding are people who are as stupid as them & have been lucky enough to inherit money too. I oersonally think we should get Wills sectioned. Title: 'Two late amendments killed deal': Fitton Post by: Peter Venkman on Friday, December 7, 2007, 11:18:26 Quote from: "redbullzeye" Lets hope Fitton has played a blinder - the mention of a backer in the consortium worth millions certainly hit home with me. Fingers bloody crossed again I think he already has, hes called their bluff and now the club are on the back foot. Come on Andrew, stick the knife in and swirl it round a bit, the club needs you, we need you, you have to be our last hope. One Andrew Fitton, theres only one Andrew Fitton, one Andrew Fitton.... I truly feel the same as when I knew my mum was dying, you know its coming, you prey and prey it wont actually happen but in some ways are prepared that it might do. Hoping beyond hope that there is a miracle cure, when you find out there is and the doctors prescribing it wont actually pay for the treatment. If this fails now I will fucking cry like a new born baby. :( this is our last hope now. Title: 'Two late amendments killed deal': Fitton Post by: yeo on Friday, December 7, 2007, 11:23:56 It annoys the hell out me how people are still acting as if this is all down to Diamandis and the Wills are just some dotty old Toffs taking bad advice.
Title: 'Two late amendments killed deal': Fitton Post by: wheretherealredsare on Friday, December 7, 2007, 11:25:12 Quote from: "Terry Tibbs" Quote from: "Terry Tibbs" Quote from: "wheretherealredsare" Even if MD is ditched does he not hold enough shares to prevent the acquisition of a controlling 75% stake, as required by AF? From what I remember SSW/MD hold somewhere between 70/75% between them so I think MD's shares could be crucial. ... the other option is the other 25% - the fans - give up their shares to Fitton. I'd happily give my one share up if it'll help Fitton get control of the club!!!!!! Or ... not sure if this could be done ... AF & co buy as near to 75% as possible then arrange a rights issue to provide capital for expansion or whatever. Price the rights issue so that only AF & co can afford to take it up, and those rights not taken by others can also be purchased by AF & co. This should increase their %age holding and dilute others below 25%. Title: 'Two late amendments killed deal': Fitton Post by: RobertT on Friday, December 7, 2007, 11:27:05 Quote from: "Oevil red" It annoys the hell out me how people are still acting as if this is all down to Diamandis and the Wills are just some dotty old Toffs taking bad advice. oh no, James is as much to blame, I don't think SSW actually knows what day it is anymore though. The whole family must take ultimate responsibility for their complete inability to do anything resembling the right thing for the past god knows how many years. There is a difference though, James seems incompetent whereas Mike seems vindictive. Title: 'Two late amendments killed deal': Fitton Post by: Reeves for King on Friday, December 7, 2007, 11:34:17 All this blaming... how about blaming all the previous administrations going back years for the systematic shocking mismanagent of a football club.... and whilst it is now time for Wills to sell the shares we also have to remember if it wasn't for him there wouldn't be a club to support anyway.
Title: 'Two late amendments killed deal': Fitton Post by: stfctownenda on Friday, December 7, 2007, 11:44:42 Quote from: "Reeves for King" All this blaming... how about blaming all the previous administrations going back years for the systematic shocking mismanagent of a football club.... and whilst it is now time for Wills to sell the shares we also have to remember if it wasn't for him there wouldn't be a club to support anyway. Absolute bollocks fucking hate Will's he is no saviour should of walked away a long time ago. Title: 'Two late amendments killed deal': Fitton Post by: axs on Friday, December 7, 2007, 11:45:19 so if i save you one day and threaten to kill you the next it's ok?
Title: 'Two late amendments killed deal': Fitton Post by: genf_stfc on Friday, December 7, 2007, 11:47:22 yes, you can't really set yourself up as a 'saviour' when one of the major expenses of the club that has crippled the finances in recent years are the interest payments made on your own loans, and when what appears to be a genuinely good deal is blocked by you and your employees. He's an arsehole of the highest order, and no mistake about it
Title: 'Two late amendments killed deal': Fitton Post by: stfctownenda on Friday, December 7, 2007, 11:52:44 Actually Reeeves4King I would be interested to see if you could name another regime that has been worse than the current administration in the last 20 years, fact of the matter is the current incumbents have taken us to the brink of bankruptcy on countless occasions with this most recent one being the most worrying of them all. Am I grateful to Sir Seton? am I fuck him and his cronies have been milking our club for too long and have done one of the worst jobs running a football club ever at a professional level.
Title: 'Two late amendments killed deal': Fitton Post by: flammableBen on Friday, December 7, 2007, 11:55:09 Ricky Hunt was a bit of a... errr... idiot.
Title: 'Two late amendments killed deal': Fitton Post by: tans on Friday, December 7, 2007, 11:57:00 Cunt more like.
Title: 'Two late amendments killed deal': Fitton Post by: stfctownenda on Friday, December 7, 2007, 11:59:40 Quote from: "flammableBen" Ricky Hunt was a bit of a... errr... idiot. He was but did we lose as much money under him? did he take as much admin costs? when we were on the brink of going out of business did he turn down 3 recuse attempts (takeovers)? how anyone could defend Sir Seton now is beyond a joke, the myth that he kept us in business has died the guy is a crook and has contributed massively to our demise. Title: 'Two late amendments killed deal': Fitton Post by: sonic youth on Friday, December 7, 2007, 12:21:48 Plan B: beg for mercy like a little bitch.
Title: 'Two late amendments killed deal': Fitton Post by: Peter Venkman on Friday, December 7, 2007, 12:28:00 Quote from: "sonic youth" Plan B: beg for mercy like a little bitch. Isnt that prononced bbeeeeeeiiitchhhhhh? :D |