Ram-Alf Posted January 20, 2021 Share Posted January 20, 2021 28 minutes ago, G STAR RAM said: Pretty sure exchange of contracts makes it legally binding. There can of course be caveats if anything happens between exchange and completion. Sold your house after exchange of contracts, The buyer has stopped funds to their lawyer, Do you part with your home? Link to comment Share on other sites More sharing options...
Shaftesbury Street Posted January 20, 2021 Share Posted January 20, 2021 2 minutes ago, ShoreRam said: If this is purported to be from someone ITK, it doesn't really stand up to much scrutiny I'm afraid. "consortium of middle Eastern construction tycoons under the BZG umbrella" doesn't make sense, if they were entering a joint venture, why would they use an existing private company? "Used a couple of European football finance power houses to set up Derventio holdings and give credibility to the deal" One doesn't need a couple of 'European football finance power houses' to set up a company, it takes a few minutes and anyone can do it. One could further argue that a) They're financiers, not 'football finance power houses' and b) Setting up a limited company doesn't give any credibility as per my previous point. I could go on but I think you get the gist. It doesn't, I think the person who has written as gone through a chain of Chinese whispers without actually understanding what they are saying but the 'propped up by wealthy construction people rather than the Sheik's own money' I believe there was middle Eastern journalist reporting on that the other night, so don't think that's far off the mark. Link to comment Share on other sites More sharing options...
Elwood P Dowd Posted January 20, 2021 Share Posted January 20, 2021 33 minutes ago, G STAR RAM said: Pretty sure exchange of contracts makes it legally binding. There can of course be caveats if anything happens between exchange and completion. Not without the consideration (payment) they is why you often see quite valuable items “given away” for a £1. The exchange of even a £1 fulfills the consideration (payment) conditions of a contract. Link to comment Share on other sites More sharing options...
Shaftesbury Street Posted January 20, 2021 Share Posted January 20, 2021 3 minutes ago, Shaftesbury Street said: It doesn't, I think the person who has written as gone through a chain of Chinese whispers without actually understanding what they are saying but the 'propped up by wealthy construction people rather than the Sheik's own money' I believe there was middle Eastern journalist reporting on that the other night, so don't think that's far off the mark. Oh the European guy, I guess thats referring to Samuelson who brokered the Reading/Villa takeovers. Not sure if he's a football finance guy but would add credibility to the takeover attempts. Link to comment Share on other sites More sharing options...
GenBr Posted January 20, 2021 Share Posted January 20, 2021 43 minutes ago, YouRams said: This could be why he’s taken the loan though people see “MM worth £500m” and think this is a bottomless pit of cash. That will be assets, business’s etc etc. I’d guess his actual cash pot has taken a huge dent which is why it’s ludicrous to think he’d just let us fall into administration, he deserves a return on his investment for how much he’s put In even if this deal is pulled and he finds a buyer for a lesser amount. I’d hate to see the likes of Knight and Sibley sold but if that has to happen for the good of the club and ultimately to find us another buyer then it has to happen. I agree. Stephen Pearce said they had liquidity issues. Doesn't mean Mel isn't rich anymore, but as I have said previously on this thread he would be insane to sell any assets in the middle of the greatest recession we've had for 200 years - he may not even have his money invested in stuff he can easily get out of anyway. If he doesn't have any cash he will have to find it somewhere else if he is going to stop us going into administration. With the likes of Sibley and Knight I'd rather sell if it means the club survives even if we have to drop down to League 2 to do it. Link to comment Share on other sites More sharing options...
Mihangel Posted January 20, 2021 Share Posted January 20, 2021 3 minutes ago, GenBr said: I agree. Stephen Pearce said they had liquidity issues. Doesn't mean Mel isn't rich anymore, but as I have said previously on this thread he would be insane to sell any assets in the middle of the greatest recession we've had for 200 years - he may not even have his money invested in stuff he can easily get out of anyway. If he doesn't have any cash he will have to find it somewhere else if he is going to stop us going into administration. With the likes of Sibley and Knight I'd rather sell if it means the club survives even if we have to drop down to League 2 to do it. Indeed, someone will be advising/managing Morris' cash flow, that will mean there is readily available cash for an emergency such as repairing the roof or even replacing his car but probably not continuing to keep afloat a football club. Link to comment Share on other sites More sharing options...
RoyMac5 Posted January 20, 2021 Share Posted January 20, 2021 38 minutes ago, derby8 said: Derby County sale price, touted as £60m, unclear whether included stadium. Any views on how much you would need to pay for club, stadium, training ground all in, including all debts. An agreed cash sum to give a new owner a fresh start. Are you offering? Link to comment Share on other sites More sharing options...
kevinhectoring Posted January 20, 2021 Share Posted January 20, 2021 10 hours ago, one_chop said: I don't want to put a negative vibe on this thread but I can see the club entering into Administration next week. One problem MM has is he wants to find the club a bridging loan whilst he sorts out a purchaser. But the only financier who can lend the club money is MSD because they have all the assets as security. They have obviously refused. So it’s down to MM. But it seems covid and our form has him staring at a situation where he may not get all his loans to the club repaid when he sells. So he does not want to lend more - he’s gagging to get a sale done before the cash runs out. The players are helping him out here, by deferring wages Another week and surely he’ll have to lend money to the club to get business done in the transfer window. But the fact he has not already agreed to lend the club cash I think suggests a sale could be done in Jan. The statements suggest the Derventio sale contracts are fully agreed but not signed. If so that might be another reason he doesn’t want to lend to the club now. The contracts may need to be changed if all the numbers change as a result of new loans. So, not great BUT WE’RE NOT GOING INTO ADMINISTRATION Link to comment Share on other sites More sharing options...
Mihangel Posted January 20, 2021 Share Posted January 20, 2021 10 hours ago, one_chop said: I don't want to put a negative vibe on this thread but I can see the club entering into Administration next week. Considering who the clubs major creditors are and the nature of the charges those creditors have on the club, who could or would put the club in to administration, and why? Link to comment Share on other sites More sharing options...
FindernRam Posted January 20, 2021 Share Posted January 20, 2021 4 minutes ago, ShoreRam said: Considering who the clubs major creditors are and the nature of the charges those creditors have on the club, who could or would put the club in to administration, and why? With all the shell companies and various levels it sounds a bit like those old Pyramid /Ponzi schemes that are now outlawed so it can;t be that can it? If one of those folds the house of cards comes tumbling down! Link to comment Share on other sites More sharing options...
Elwood P Dowd Posted January 20, 2021 Share Posted January 20, 2021 https://hallellis.co.uk/contractual-consideration/ Just to clear the point up, here is some information on consideration (payment), as you will see consideration is an essential element to make a contract. Link to comment Share on other sites More sharing options...
Ken Tram Posted January 20, 2021 Share Posted January 20, 2021 On 30/10/2020 at 11:25, tinman said: A member of the Abu Dhabi royal family is looking to buy the club. ... the original post that started this 400 page monster! Do you feel proud of yourself for starting this false rumour about a takeover? ? Time to get you a new heart! Link to comment Share on other sites More sharing options...
Barney1991 Posted January 20, 2021 Share Posted January 20, 2021 Could Mel and msd not come to an agreement and say right you have 30 million just for example take that off the 60 million and the au the rest and own the club. Then again maybe msd don’t want to pay 60 million to own the club Link to comment Share on other sites More sharing options...
Ken Tram Posted January 20, 2021 Share Posted January 20, 2021 On 30/10/2020 at 12:06, cheron85 said: My Newcastle fan mate said this guy fundamentally failed to prove he actually had any money ... ... the first post on page 2! (Maybe we should limit threads to two pages?) Link to comment Share on other sites More sharing options...
G STAR RAM Posted January 20, 2021 Share Posted January 20, 2021 Just now, Barney1991 said: Could Mel and msd not come to an agreement and say right you have 30 million just for example take that off the 60 million and the au the rest and own the club. Then again maybe msd don’t want to pay 60 million to own the club They loan money at around about 8 or 9% I read somewhere. If they bought the club their return would be 0 unless we get promoted. Can't see why MSD, or anyone for that matter, would want to buy us. Link to comment Share on other sites More sharing options...
CornwallRam Posted January 20, 2021 Share Posted January 20, 2021 30 minutes ago, ShoreRam said: Indeed, someone will be advising/managing Morris' cash flow, that will mean there is readily available cash for an emergency such as repairing the roof or even replacing his car but probably not continuing to keep afloat a football club. That's the bit that doesn't ring true though. It's not that hard to predict cash flow. Mel has controlled the club's finances for several years, so he's engineered the cash flow situation. He will have been fully aware of the point where the cash would be too low to pay the wages. Indeed, he's taken out at least two loans to ensure sufficient liquidity in the club. He's already had the Gabay investment failure and knew that BZI had failed to complete their takeover at Newcastle. This situation is causing reputational damage - harder to bring in payers even after the embargo is lifted and lower offers for ours as we're perceived as desperate. It's also likely to be driving down the value of the club. It is hard to believe that he wouldn't have a contingency plan to avoid this situation, if he was in a position to do so. Certainly Covid restrictions will have been a massive problem, but it's the same for every other club and few seem to be having our problems. I'd suggest that Mel's issue is unlikely to be liquidity - he's either choosing not to put any more money in or he has no more to actually put in. I suspect that Mel needs to offload the club for personal reasons and is doing all he can to protect his other assets in the meantime. Link to comment Share on other sites More sharing options...
derby8 Posted January 20, 2021 Share Posted January 20, 2021 41 minutes ago, RoyMac5 said: Are you offering? Sadly no. Suspect the whole lot could be available for under £100m, just wondering how low it could be persuaded to go, maybe even below £60m, depends which League in 2021/22 in part. Link to comment Share on other sites More sharing options...
Barney1991 Posted January 20, 2021 Share Posted January 20, 2021 2 minutes ago, G STAR RAM said: They loan money at around about 8 or 9% I read somewhere. If they bought the club their return would be 0 unless we get promoted. Can't see why MSD, or anyone for that matter, would want to buy us. That’s true they will just wait till Morris can’t pay them back and then take the club on Link to comment Share on other sites More sharing options...
Elwood P Dowd Posted January 20, 2021 Share Posted January 20, 2021 6 minutes ago, Barney1991 said: Could Mel and msd not come to an agreement and say right you have 30 million just for example take that off the 60 million and the au the rest and own the club. Then again maybe msd don’t want to pay 60 million to own the club Having failed to pay the original agreed price what guarantee is there that the Sheik would pay the outstanding 30 million? Even if he has the first 30 million to put down in the first place. Link to comment Share on other sites More sharing options...
Elwood P Dowd Posted January 20, 2021 Share Posted January 20, 2021 6 minutes ago, G STAR RAM said: They loan money at around about 8 or 9% I read somewhere. If they bought the club their return would be 0 unless we get promoted. Can't see why MSD, or anyone for that matter, would want to buy us. Quite right, MSD are in the money lending business not the football business. MSD want their 8 or 9% profit on the loan no matter what happens, promotion or relegation Link to comment Share on other sites More sharing options...
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