roboto Posted January 14, 2021 Share Posted January 14, 2021 Working on alternatives to make sure everyone gets paid. Link to comment Share on other sites More sharing options...
GermanRam Posted January 14, 2021 Share Posted January 14, 2021 Well he says takeover is on track but he didn’t confirm and didn‘t answer the question if the takeover does actually happen did he?! No complications by buyer or seller he said though Link to comment Share on other sites More sharing options...
roboto Posted January 14, 2021 Share Posted January 14, 2021 Pearce just confirmed that everything is still going ahead with the takeover as far as he is aware. Link to comment Share on other sites More sharing options...
Anag Ram Posted January 14, 2021 Share Posted January 14, 2021 Academy and non-playing staff have been paid. Link to comment Share on other sites More sharing options...
Topram Posted January 14, 2021 Share Posted January 14, 2021 Nothing new today then Link to comment Share on other sites More sharing options...
Rampage Posted January 14, 2021 Share Posted January 14, 2021 Only senior players and some coaching staff as yet unpaid apparently. Deal was expected on Dec 24th but did not happen. Pearce expects it will go ahead. Parties in daily contact. Confidentiality very important apparently. Link to comment Share on other sites More sharing options...
Carl Sagan Posted January 14, 2021 Share Posted January 14, 2021 Stephen Pearce (SP) Expected the transfer to new ownership on 24th December. SP: Number one priority is to source other funds to pay the players. Simon Jordan says "I don't think there's any danger of the club going into administration because no creditors will want to put your there". SP agrees. And confirms all members of staff and academy players have been paid. It's senior players and some coaching staff who haven't. SP blames working on international jurisdictions. Also talks about sourcing funds from other places. Says they expect the takeover to go through and relations are continuing normally with Sheikh's group over the sale. Confidentiality need to be respected. Link to comment Share on other sites More sharing options...
Rammy03 Posted January 14, 2021 Share Posted January 14, 2021 No threat of administration he says. No complications in the takeover, expects it to go through. Same old story Link to comment Share on other sites More sharing options...
bimmerman Posted January 14, 2021 Share Posted January 14, 2021 Sounded like SP wasn't telling the whole truth there..... It'll collapse Link to comment Share on other sites More sharing options...
Gaspode Posted January 14, 2021 Share Posted January 14, 2021 The worrying part is that they are looking for alternative sources of funding - do they mean to cover the wages (the loan that has been suggested) or the takeover itself? - if the latter, we may have new owners and still not be able to afford a pot to piss in...... EDIT - just seen @Carl Sagan response that it's to cover the wages.... Link to comment Share on other sites More sharing options...
sage Posted January 14, 2021 Share Posted January 14, 2021 Does this interview mean some folk can put their pitchforks down now? Link to comment Share on other sites More sharing options...
belperram9 Posted January 14, 2021 Share Posted January 14, 2021 I kind of understand where Stephen is coming from. It’s not like it’s a normal bank transfer in the UK. it is coming from a part of the world were nefarious money related activities are common place, it needs to pass numerous checks etc and probably adhere to a range of international rules. It’s not a Bond film where someone presses a button and the finances are straight in the bank regardless of where you are in the world. There will be added scrutiny by international law in the deal. People will still blame Mel and Stephen however, as if they purposely are holding up the deal. Baffling. Link to comment Share on other sites More sharing options...
Ted McMinn Football Genius Posted January 14, 2021 Share Posted January 14, 2021 1 hour ago, Orphanram said: It will be interesting to see if anything gets mentioned on Jim White’s talk sport show. I’m still in ‘the deal is going to happen’ camp following on from this interview. Stephen Pearce is talking as openly as he can (considering the NDA in place) and clearly states the deal is happening and more importantly there is no way we are going into administration. I’m pleased to hear that the staff and academy players have all been paid. It is (as most of us thought) a case of Tw@erres, Trolls and WUMs trying to make something out of nothing. Talk-sport gets some pellets at times but they are good at getting it from the horses mouth ?????? Link to comment Share on other sites More sharing options...
MK-Ram Posted January 14, 2021 Share Posted January 14, 2021 That interview has left me more concerned than I was before. I just really didn't feel comfortable about it. Does the Sheikh really want to keep Morris as a consultant? Link to comment Share on other sites More sharing options...
kevinhectoring Posted January 14, 2021 Share Posted January 14, 2021 39 minutes ago, CornwallRam said: He used all his footballing assets as security. In the event of a default, they all transfer to MSD. An insolvency event (even a meeting discussing insolvency) is classed as a default. It was commented on at the time that it was a draconian charge, but assumed that it was only of academic interests as Mel was so wealthy he would always be able to avoid a default. Sure they can enforce if there is default. What they cannot do is keep the assets if they are worth more than the loan amount. Surely the stadium and club are worth more than 30m even in this market !? Link to comment Share on other sites More sharing options...
Anag Ram Posted January 14, 2021 Share Posted January 14, 2021 Just now, Rammy03 said: No threat of administration he says. No complications in the takeover, expects it to go through. Same old story Didn’t quite go as far as confirming the deal was definitely going through when prompted to do so. Said merely that he had as recently as this morning not heard anything to say it wouldn’t. Not quite the same thing and protects his integrity if it doesn’t. A shame that he wasn’t asked what exactly what was holding things up. Anyway, at least he came on and reassured fans. Link to comment Share on other sites More sharing options...
Hathersage Ram Posted January 14, 2021 Share Posted January 14, 2021 Without doubt there are some issues. As I said in a previous post when takeovers etc get to this stage and it doesn't happen, in my experience money is the issue, either you want it for less, you want more for it, or more commonly you haven't got the money - Just my experience Link to comment Share on other sites More sharing options...
HorsforthRam Posted January 14, 2021 Share Posted January 14, 2021 Why would the club be looking for alternative sources of finance for paying the wages if the takeover is imminent. Implies that it would be faster to get those in place than for the funds to land? Link to comment Share on other sites More sharing options...
Shang Posted January 14, 2021 Share Posted January 14, 2021 Alternative funding comment is a temporary third party loan to keep them going in between the transition period. Mel doesn't want to spend out of his own pocket, as it would mean writing up and legally clearing another time consuming agreement with the new owners. Working with the third party lender will avoid this, as there is most likely an agreement in place that they can revise or copy more quickly, without effecting the current handover process between Mel and the new owners. Mel spending money now would delay the takeover process more, as lawyers and accountants would need to check and clear documents and filings again. Link to comment Share on other sites More sharing options...
Ramslad1992 Posted January 14, 2021 Share Posted January 14, 2021 1 hour ago, JuanFloEvraTheCocu'sNesta said: So, any takers for date on when the fire sale of young talent will start? Plenty of names that'll be interesting; Knight Sibley Jozwiak Bird Bielik Buchannan Gordon Low ball offers that we have to accept incoming I suspect. The awful thing is we will probably sell Jozwiak on the cheap and the money we make will just have to pay whatever we still owe for him! Link to comment Share on other sites More sharing options...
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