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Author Topic: New beginnings - 25% Truth, 80% Bollocks  (Read 1043548 times)
Mooneyraker

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« Reply #3765 on: Friday, May 19, 2023, 19:03:03 »

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.

Why would that be?
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RobertT

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« Reply #3766 on: Friday, May 19, 2023, 19:07:31 »

Because it got competed quickly and without questions - the wage bill was a mess.  His gesture of writing off a chunk of the debt owed to him shows it was desire to just get the fuck out of dodge as quickly as humanly possible.  Anyone with an ounce of acumen would have taken a bit of a look around the books and thought, hang on a second, I'm going to get rinsed here.
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Mooneyraker

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« Reply #3767 on: Friday, May 19, 2023, 19:15:18 »

Because it got competed quickly and without questions - the wage bill was a mess.  His gesture of writing off a chunk of the debt owed to him shows it was desire to just get the fuck out of dodge as quickly as humanly possible.  Anyone with an ounce of acumen would have taken a bit of a look around the books and thought, hang on a second, I'm going to get rinsed here.

I get that but someone reputable 'in the market' for a football club at that time (if such a person exists!) might have taken the view that there was a shitshow of a wage bill for 6 months but also a pretty solid chance of advancing to the Championship.

I don't think Black was vindictive, and I took your wording to mean "he wanted a shyster to buy the club" which felt a tad unfair!
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Legends-Lounge

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« Reply #3768 on: Friday, May 19, 2023, 19:28:15 »

I get that but someone reputable 'in the market' for a football club at that time (if such a person exists!) might have taken the view that there was a shitshow of a wage bill for 6 months but also a pretty solid chance of advancing to the Championship.

I don't think Black was vindictive, and I took your wording to mean "he wanted a shyster to buy the club" which felt a tad unfair!

No assets…. Club value? Fuck all. Players value only.
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RobertT

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« Reply #3769 on: Friday, May 19, 2023, 19:30:20 »

I get that but someone reputable 'in the market' for a football club at that time (if such a person exists!) might have taken the view that there was a shitshow of a wage bill for 6 months but also a pretty solid chance of advancing to the Championship.

I don't think Black was vindictive, and I took your wording to mean "he wanted a shyster to buy the club" which felt a tad unfair!

No, I meant he wanted a very quick completion, not a sale that took several months to get over the line.
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Mooneyraker

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« Reply #3770 on: Friday, May 19, 2023, 19:33:40 »

No assets…. Club value? Fuck all. Players value only.

Nigel Eady passed away in Jan 2012 and had been speaking with Fitton et al for a couple of years before that about his legacy so that was in the offing...

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« Reply #3771 on: Friday, May 19, 2023, 20:13:19 »

Nigel Eady passed away in Jan 2012 and had been speaking with Fitton et al for a couple of years before that about his legacy so that was in the offing...


Talk is cheap. Actions speak louder than words. I’m sorry. Power probably talked to the executors of the Eady trust….
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Mooneyraker

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« Reply #3772 on: Friday, May 19, 2023, 20:16:49 »

Talk is cheap. Actions speak louder than words. I’m sorry. Power probably talked to the executors of the Eady trust….

He did and they had his number thankfully. I'm just saying that there was potentially more than zero value to the club to a prospective owner. I'm quite sure it was a factor in Clem's efforts to secure the ownership too.
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horlock07

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« Reply #3773 on: Friday, May 19, 2023, 20:18:42 »

No, I meant he wanted a very quick completion, not a sale that took several months to get over the line.
Plus a sale to someone whose interests were only ever in the short term ego trip of being owner and whatever could be bled short term and thus wouldn't much care about the sodding great debentures attached to the club at the sale.
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ChalkyWhiteIsGod
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« Reply #3774 on: Friday, May 19, 2023, 20:28:53 »

The mental thing is that Black hired that diplomat to come in and find the right buyer.....and he somehow found Jed.

I dread to think what he is like at his day job.
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Uncletrunx

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« Reply #3775 on: Friday, May 19, 2023, 20:32:24 »

Was he also the diplomat who sent the whole fanbase into a panic by mentioning administration when it wasn't really on the cards?

If that's how we're talking to the heads of other nations, it's no wonder the world's in the state it is.
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ChalkyWhiteIsGod
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« Reply #3776 on: Friday, May 19, 2023, 20:51:43 »

This is him

https://www.bbc.co.uk/sport/football/21188916
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BambooToTheFuture

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« Reply #3777 on: Friday, May 19, 2023, 22:46:34 »

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.

Oh I understand the part of a 'no questions asked' element but a decentish business person would likely have seen through the excessive wage bill problem and looked at workarounds for the debentures. They would have seen the possibility for redeveloping the ground. STFC has always had skeletons in proverbial closets [like most clubs] AND Black most definitely could have still got out of dodge relatively quickly. I'm sure the likes of Sir Martyn Arbib and co could have waited a few more months. I know that from their POV that is moot but for us and STFC [and probably PdC tbh], it really was the worst possible timing for them/us.

Make no mistake, I know why but it still irks me.

NB: Let's add the the fact that most people who buy football clubs are much like people who buy boats - in most cases they will never get their ROI, generally have to continue pumping money in and either don't care because their wealth makes this a plaything/projects/ego trip or they will use the asset/club to make money via other channels/streams. If we look at the 92 Pro League clubs, there aren't particularly many that are in any real form of profit. Yet most are either in some form of debt directly or soft debt via a generous owner.
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BambooToTheFuture

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« Reply #3778 on: Friday, May 19, 2023, 22:59:32 »

Thinking about it [recent and possibly current owners], and the more I do, it feels to me like it's The Eady Trust who should be more associated with the tag of ''saving are club''. If they were much softer in allowing funds to be accessed then we all know what could have happened to that estate and potentially to Town too.
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It means you're alive. You've won.
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« Reply #3779 on: Saturday, May 20, 2023, 07:46:11 »

Listening to the latest Price of Football podcast, Jed's name came up twice, linked with the shenanigans of the outgoing owner of Yeovil, and a second club, West Brom I think it was... We were lucky to escape their sticky little mitts, but was a 'out of the frying pan...' with Power, I guess.
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