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Author Topic: New beginnings - 25% Truth, 80% Bollocks  (Read 1297888 times)
horlock07

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« Reply #3750 on: Thursday, May 18, 2023, 19:16:44 »

Interesting speculation on the LS pod that we may just be clearing the decks in preparation for a sale of the club. I’m looking forward to the ITK posters telling us more… can we have a Hollywood actor or oil baron please?
Unless he is short of cash and needs to get some money in sharpish I cannot see sny reason whatsoever that Clem would have for selling up now....

Unless he is aware of something very shitty incoming which could fuck up the limited value of the club even more....
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DMC

« Reply #3751 on: Thursday, May 18, 2023, 19:20:32 »

Unless he is short of cash and needs to get some money in sharpish I cannot see sny reason whatsoever that Clem would have for selling up now....

Unless he is aware of something very shitty incoming which could fuck up the limited value of the club even more....
Agree, i think the end game will be leave us on a sound finacial footing in a higher league with ground redevelopement achieved or at last with planning
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Legends-Lounge

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« Reply #3752 on: Thursday, May 18, 2023, 19:24:37 »

Interesting speculation on the LS pod that we may just be clearing the decks in preparation for a sale of the club. I’m looking forward to the ITK posters telling us more… can we have a Hollywood actor or oil baron please?

Now it is interesting you say that… I’m NOT ITK by any stretch of anyone’s wild imagination but I was having this convo the other day with someone else who is also NOT ITK. Nor do we frequent this LS pod either.

I am extremely grateful to Clem for rescuing the club from Pee Lower, however, the circumstances leading up to the rescue of the club need looking at. It has to be remembered that Mr. Morfuni’s 10% buy-in was with as of at the time at worst a ‘trusted’ business acquaintance and at best a ‘bezzie’ partner ‘in crime’ so to speak. Introduced by a certain Mr. Austin, he of a dubious past. Mr.Morfuni’s intent I assume was to make a nice return on a club he’d probably not heard of alongside Harrow Borough who were the beneficiary of some ‘sponsorship’ money which we are led to believe kickstarted his interest in getting involved with a larger club in a bigger way.

Nothing wrong in that TBF, perfectly legitimate business opportunity, except it happened to be with someone who turned out to be a bit of a shark. This shark hadn’t bargained on his antipodean investor being a bigger shark (in a positive way so far) in what suddenly became a fucking very small pond thanks to covid. So from suddenly being a bit part investor in a lowly fourth division club with seemingly not even a pot to piss in he then by default becomes the bone fide 100% owner. So why invest in the first place? Potential freehold opportunity perhaps? A certain Nigel’s legacy (if we could only get our hands on it) perhaps? Untapped potential with minimal downside? Massive upside to develop the ground using Nigel’s Legacy (if we only we could get our hands on it)? You could develop the ground Clem me old cock Sparra. Pee Lower obviously spun digger a fucking good story at some point to some degree, after all a man in charge of a poxy plumbing bizzo from down under turning over $Aus200m didn’t get that sat on his arse did he? Oh no, he worked his arse off, took chances, saw opportunities etc. well fuck me sideways here’s one staring him in the face.

Like I hope I’ve alluded to, Clem isn’t here by accident. Maybe he’s now seen what a huge undertaking it’s going to be. So if, and it is a big if he’s looking to sell, in part or lock stock and barrel then good luck to him I hope he gets a decent return for his troubles and sells us to someone who will have the club and it’s fans at heart and do the right thing.

As I started out I’m not ITK but the op just happened to be a coincidence to a convo the other day.

I will always be grateful for his time effort and money to save from that cunt and extinction.
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singingiiiffy

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« Reply #3753 on: Thursday, May 18, 2023, 20:22:38 »

He doesn't get anywhere near the £6m he's put in back as it stands.

Think with old Clemente reality has just hit about how expensive it is to run a football club, and how much more investment he or the real owners will have to put in.

Has clem really invested 6 mill!? I thought he got the club cheap.
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The Artist Formerly Known as Audrey

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« Reply #3754 on: Thursday, May 18, 2023, 20:32:18 »

Bought from Power for £215,000.
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« Reply #3755 on: Thursday, May 18, 2023, 20:53:39 »

Has clem really invested 6 mill!? I thought he got the club cheap.

Technically he has invested very little, he has loaned the business a lot of money.  I appreciate that is a very soft loan and he would not have any great rights to recover that in the event of any type of liquidation, but should he ever sell the business, a new owner would owe him all that money.

The business is quite clearly more valuable than it has been in a long time.  We now have a long term lease on a part owned asset and have reverted some secured debts to soft Directors Loans.  We have also returned the business to a close to break even operating position.  It's not worth a small fortune, but it's, without doubt, in the best shape since Black had control (not the bit where he wanted a fire sale), if not well before then (probably 1993, in real terms).
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ChalkyWhiteIsGod
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« Reply #3756 on: Thursday, May 18, 2023, 23:53:03 »

Technically he has invested very little, he has loaned the business a lot of money.  I appreciate that is a very soft loan and he would not have any great rights to recover that in the event of any type of liquidation, but should he ever sell the business, a new owner would owe him all that money.

The business is quite clearly more valuable than it has been in a long time.  We now have a long term lease on a part owned asset and have reverted some secured debts to soft Directors Loans.  We have also returned the business to a close to break even operating position.  It's not worth a small fortune, but it's, without doubt, in the best shape since Black had control (not the bit where he wanted a fire sale), if not well before then (probably 1993, in real terms).

Thing that bugs me is, why would anyone want to buy a club for good money that comes with £6m of debt or whatever we're up to at the moment?

That's where you just get tin pot chances like Jed McCory coming out of the woodwork. I can't see anyone who could possibly have the clubs best interests at heart doing that.

Very best I could imagine hoping for would be a £1 purchase and then paying off the debts over a period of time (actually paying them off, not loaning the club money)
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Pookemon

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« Reply #3757 on: Friday, May 19, 2023, 04:57:52 »

Thing that bugs me is, why would anyone want to buy a club for good money that comes with £6m of debt or whatever we're up to at the moment?

That's where you just get tin pot chances like Jed McCory coming out of the woodwork. I can't see anyone who could possibly have the clubs best interests at heart doing that.

Very best I could imagine hoping for would be a £1 purchase and then paying off the debts over a period of time (actually paying them off, not loaning the club money)
A directors loan is a perfectly normal way to fund any business, if Clem had put equity in instead it would make no difference to the price a buyer would pay for the business.   This one is interest free so a very friendly loan compared to Wrexhams 8% or the one Lee Power had.

In addition It's not a normal business.   It's a football club so regardless of the state of the balance sheet people will buy it.

Their will be some that look at, Brentford, Brighton, Bournemouth, Luton, Coventry etc and see a massive opportunity to repeat that with a club with a higher average gate than any of those clubs when they were at the same level, and make a bucket load.   

There will be others who may have an emotional attachment to the club, which makes you make irrational business decisions, and others that just want a play thing.

Oh and chancers and crooks of course.
« Last Edit: Friday, May 19, 2023, 05:09:36 by Pookemon » Logged
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« Reply #3758 on: Friday, May 19, 2023, 12:47:05 »

Would the club not be worth more to someone wanting to sell if it had a redeveloped stadium and was a steady L1 club - although the money to redevelop said stadium has to come from somewhere
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horlock07

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« Reply #3759 on: Friday, May 19, 2023, 12:48:49 »

Would the club not be worth more to someone wanting to sell if it had a redeveloped stadium and was a steady L1 club - although the money to redevelop said stadium has to come from somewhere

Yep, hence why I fear if as many are suggesting Clem is trying to sell now its for negative reasons either for him personally or for the club.
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DMC

« Reply #3760 on: Friday, May 19, 2023, 12:57:25 »

Yep, hence why I fear if as many are suggesting Clem is trying to sell now its for negative reasons either for him personally or for the club.
He isn't trying to sell it
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JanAirplaneMan

« Reply #3761 on: Friday, May 19, 2023, 13:02:40 »

Yep, hence why I fear if as many are suggesting Clem is trying to sell now its for negative reasons either for him personally or for the club.
Can definitely confirm Clem is in this for the long haul and not trying to sell the club..
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ChalkyWhiteIsGod
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« Reply #3762 on: Friday, May 19, 2023, 17:23:10 »

Would the club not be worth more to someone wanting to sell if it had a redeveloped stadium and was a steady L1 club - although the money to redevelop said stadium has to come from somewhere

Would have been worth a lot more to Andrew Black if he held on six months and we were in Chanpionship too, but he cut his nose off as he'd had enough.
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BambooToTheFuture

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« Reply #3763 on: Friday, May 19, 2023, 17:52:04 »

Would have been worth a lot more to Andrew Black if he held on six months and we were in Chanpionship too, but he cut his nose off as he'd had enough.

Will never understand that decision. Yep lots of money was being spent but from a financial reclamation point of view, Town were as good as going up. To pull the plug halfway through a very successful season was very odd. He could easily have cut and run at the season's end, recouped much more back, left the club on a decent division and definitely attracted buyers with proper wealth. Instead we got the Roar of McRoary and the entrepreneurial nous of Steve Murrall...

//sighs in sombre 'wise men say' vibes\\

It's been done a death though. Can't believe that is over ten years ago now. It's eight EIGHT years since a cried as a grown man [recently out of a long term relationship so I was a mess] at the Wembley deterioration and absolute spanking versus Preston  Sad
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« Reply #3764 on: Friday, May 19, 2023, 18:57:12 »

Will never understand that decision. Yep lots of money was being spent but from a financial reclamation point of view, Town were as good as going up. To pull the plug halfway through a very successful season was very odd. He could easily have cut and run at the season's end, recouped much more back, left the club on a decent division and definitely attracted buyers with proper wealth. Instead we got the Roar of McRoary and the entrepreneurial nous of Steve Murrall...

//sighs in sombre 'wise men say' vibes\\

It's been done a death though. Can't believe that is over ten years ago now. It's eight EIGHT years since a cried as a grown man [recently out of a long term relationship so I was a mess] at the Wembley deterioration and absolute spanking versus Preston  Sad

You are missing some very important factors that were likely driving Black.

A quick sale under pressure to complete would mean a significantly less challenging period of Due Diligence by any prospective buyer.  This was not about making a "profit" from any sale, but instead about  stopping the cashflow outwards from his bank balance (even a club in a higher division is going to have some challenges selling when it becomes evident they've created an entirely unsustainable business thanks to massive over spending).

That quick sale not only stopped the cash burn, it also banked a Loss that likely worked out well for the tax period.

I'd wager, pardon the pun, that the buyer was precisely the sort of person/people Black was hoping for.
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