G STAR RAM Posted July 11, 2021 Share Posted July 11, 2021 6 minutes ago, NottsRam77 said: There must be a point in time surely where monies are frozen ?? No ? to allow for exchange of contracts and liabilities and so on and so forth Not in any transaction that I have ever been involved in to be honest. CBRammette 1 Link to comment Share on other sites More sharing options...
Tamworthram Posted July 11, 2021 Share Posted July 11, 2021 21 minutes ago, NottsRam77 said: Really ? Iv only bought one business and that was exactly the process why would u commit to paying the next mortgage payment .. DD on the next gas ,next electricity , next business rates instalment after the date of an agreed deal ? In my case it was all plain sailing but I wasn’t trying to pull the wool over someone’s eyes and do a runner at the last minute someone else pointed out this with the example of a simple house sale? Also When was the other time we didn’t pay ? To use your analogy, surely the seller (of a business or private property) is liable for things like gas, electric, rates (business or domestic) until such time as you hand the keys over. I.e. completion not exchange of contracts. That why you read the meters on the day you move out. You don't do on the day you exchange contracts or project/estimate them forward to you proposed or agreed completion date. JuanFloEvraTheCocu'sNesta 1 Link to comment Share on other sites More sharing options...
NottsRam77 Posted July 11, 2021 Share Posted July 11, 2021 (edited) 29 minutes ago, Tamworthram said: To use your analogy, surely the seller (of a business or private property) is liable for things like gas, electric, rates (business or domestic) until such time as you hand the keys over. I.e. completion not exchange of contracts. That why you read the meters on the day you move out. You don't do on the day you exchange contracts or project/estimate them forward to you proposed or agreed completion date. That’s a Fair point although selling a football club I’m sure I’d imagine is a wee bit more complicated than a house sale especially when your dealing with people’s salaries and a dodgy / fake sheik/ potential owner but it’s a valid point ? Edited July 11, 2021 by NottsRam77 Tamworthram 1 Link to comment Share on other sites More sharing options...
ram59 Posted July 11, 2021 Share Posted July 11, 2021 I think that we would have had some kind of defence of the players had been paid a couple of days late, as soon as we realised that the deal hadn't gone through. Unfortunately, it was done 2 or 3 weeks later. Link to comment Share on other sites More sharing options...
G STAR RAM Posted July 11, 2021 Share Posted July 11, 2021 1 hour ago, ram59 said: I think that we would have had some kind of defence of the players had been paid a couple of days late, as soon as we realised that the deal hadn't gone through. Unfortunately, it was done 2 or 3 weeks later. Not sure about you but I could not just magic up £1.4m overnight. Also, if the club were led to believe the transaction was still going ahead I don't think they would have desperately trying to get the funds in place. Link to comment Share on other sites More sharing options...
ram59 Posted July 11, 2021 Share Posted July 11, 2021 27 minutes ago, G STAR RAM said: Not sure about you but I could not just magic up £1.4m overnight. Also, if the club were led to believe the transaction was still going ahead I don't think they would have desperately trying to get the funds in place. MM's assets are measured in millions and mine in thousands, I'm sure that I could raised £1,400 much quicker than the club did, to pay the players. I have sympathies regarding the club being strung along regarding the buyout, but the facts were that players weren't being paid and rules were being broken, at a time when the club was already under investigation. The Weds' punishment is disproportionate though and should be questioned. Link to comment Share on other sites More sharing options...
Coneheadjohn Posted July 11, 2021 Share Posted July 11, 2021 Start us on -36,give us 3 every time the players are paid. That would make it interesting. JuanFloEvraTheCocu'sNesta and Norman 2 Link to comment Share on other sites More sharing options...
richinspain Posted July 11, 2021 Share Posted July 11, 2021 7 minutes ago, Coneheadjohn said: Start us on -36,give us 3 every time the players are paid. That would make it interesting. Unfortunately the season only runs till May! 48 hours 1 Link to comment Share on other sites More sharing options...
Ghost of Clough Posted July 11, 2021 Share Posted July 11, 2021 1 hour ago, richinspain said: Unfortunately the season only runs till May! That's alright. Instead of being paid monthly, they're now going to be paid weekly richinspain and 48 hours 2 Link to comment Share on other sites More sharing options...
San Fran Van Rams Posted July 11, 2021 Share Posted July 11, 2021 Mel's issue was liquidity at the time we didn't pay the wages, hence why we had to get a short term loan to pay them. In an acquisition you normally agree a networking capital position that the acquiring company will furnish the target with once the deal closed, and is taken into account in the purchase price. Before that, the target has to pay all creditors as per normal. If Mel was short on liquidity he should (and probably did) ask for a loan from the acquirer. This obviously didnt come through as expected which left us scrambling. The cash flow projections we're obviously considered in light of the acquisition and being provided the net working capital at a point in time. I can't remember the timeline but it seems whatever cash buffer there was, it was eroded too early. COVID obviously didn't help matters. Not paying wages shouldn't happen. It was a naive business move to trust that dodgy sheikh. It should not happen again. Being that close to the wire is poor financial management and I hope the CEO has learnt from that. How he still has a job is anyone's business. Must be a family friend of Mels. Link to comment Share on other sites More sharing options...
Woodley Ram Posted July 12, 2021 Share Posted July 12, 2021 14 hours ago, San Fran Van Rams said: Mel's issue was liquidity at the time we didn't pay the wages, hence why we had to get a short term loan to pay them. In an acquisition you normally agree a networking capital position that the acquiring company will furnish the target with once the deal closed, and is taken into account in the purchase price. Before that, the target has to pay all creditors as per normal. If Mel was short on liquidity he should (and probably did) ask for a loan from the acquirer. This obviously didnt come through as expected which left us scrambling. The cash flow projections we're obviously considered in light of the acquisition and being provided the net working capital at a point in time. I can't remember the timeline but it seems whatever cash buffer there was, it was eroded too early. COVID obviously didn't help matters. Not paying wages shouldn't happen. It was a naive business move to trust that dodgy sheikh. It should not happen again. Being that close to the wire is poor financial management and I hope the CEO has learnt from that. How he still has a job is anyone's business. Must be a family friend of Mels. I agree with you re Pearce, he has dropped the ball a few times (as CEO he has to take the responsibility). When we are taken over I would be surprised if he kept his job Link to comment Share on other sites More sharing options...
NottsRam77 Posted July 12, 2021 Share Posted July 12, 2021 14 hours ago, San Fran Van Rams said: Mel's issue was liquidity at the time we didn't pay the wages, hence why we had to get a short term loan to pay them. In an acquisition you normally agree a networking capital position that the acquiring company will furnish the target with once the deal closed, and is taken into account in the purchase price. Before that, the target has to pay all creditors as per normal. If Mel was short on liquidity he should (and probably did) ask for a loan from the acquirer. This obviously didnt come through as expected which left us scrambling. The cash flow projections we're obviously considered in light of the acquisition and being provided the net working capital at a point in time. I can't remember the timeline but it seems whatever cash buffer there was, it was eroded too early. COVID obviously didn't help matters. Not paying wages shouldn't happen. It was a naive business move to trust that dodgy sheikh. It should not happen again. Being that close to the wire is poor financial management and I hope the CEO has learnt from that. How he still has a job is anyone's business. Must be a family friend of Mels. We’re all very wise with hindsight arnt we … the dodgy shiek only become dodgy retrospectively Link to comment Share on other sites More sharing options...
GboroRam Posted July 12, 2021 Share Posted July 12, 2021 53 minutes ago, NottsRam77 said: We’re all very wise with hindsight arnt we … the dodgy shiek only become dodgy retrospectively I think there was a lot of scepticism in the fan base right from the get-go. The same goes with Alonso. GenBr and RadioactiveWaste 2 Link to comment Share on other sites More sharing options...
NottsRam77 Posted July 12, 2021 Share Posted July 12, 2021 9 minutes ago, GboroRam said: I think there was a lot of scepticism in the fan base right from the get-go. The same goes with Alonso. Oh totally …but we’re all experts with hindsight arnt we lol RadioactiveWaste and jono 2 Link to comment Share on other sites More sharing options...
richinspain Posted July 12, 2021 Share Posted July 12, 2021 1 hour ago, GboroRam said: I think there was a lot of scepticism in the fan base right from the get-go. The same goes with Alonso. How much of that is due to their nationality? It's also true that we knew names, I know. The Americans are all: "I've seen that X is trying to buy a club" "I hope it's Y, he's loaded" There doesn't seem to be anything about "dodgy Americans" or "tyre kickers" at the moment. Once names are named, if before the deal is completed, I'm sure that those comments will come. NottsRam77 1 Link to comment Share on other sites More sharing options...
Pearl Ram Posted July 12, 2021 Share Posted July 12, 2021 (edited) Didn’t have anything to with nationality from where I was coming from, the Liverpool and Newcastle attempts and the informed post from a Newcastle fan were enough to make me sceptical of the sheikh. Alonso, again nothing to do with his nationality, more to do with ridiculous tweets like If Wayne wants 20 mill for a striker, he’ll get it. Drivel. I don’t care where the new owner comes from provided he/she/they have a drop of integrity. Edited July 12, 2021 by Pearl Ram GenBr, GboroRam, richinspain and 1 other 2 2 Link to comment Share on other sites More sharing options...
Macintosh Posted July 12, 2021 Share Posted July 12, 2021 As someone on the DET website pointed out, how is this going to play out, the non-payment of bonuses to the England squad, all due to the Government's Covid loan they took out and have not paid back. As have Arsenal, as have Spurs. Championship clubs were not given access to this. Are the EFL going to deduct points from them ahead of the World Cup qualifiers and send them a sternly-worded letter, via the media? https://www.telegraph.co.uk/football/2021/03/22/fa-use-taxpayer-money-fund-euro-2020-player-bonuses/ Link to comment Share on other sites More sharing options...
richinspain Posted July 12, 2021 Share Posted July 12, 2021 44 minutes ago, Pearl Ram said: Didn’t have anything to with nationality from where I was coming from, the Liverpool and Newcastle attempts and the informed post from a Newcastle fan were enough to make me sceptical of the sheikh. Alonso, again nothing to do with his nationality, more to do with ridiculous tweets like If Wayne wants 20 mill for a striker, he’ll get it. Drivel. I don’t care where the new owner comes from provided he/she/they have a drop of integrity. I know, you and many more gave valid arguments as to why you were worried. Simply saying that none of the phrases used by some have been repeated regarding the Americans. Pearl Ram 1 Link to comment Share on other sites More sharing options...
RoyMac5 Posted July 12, 2021 Share Posted July 12, 2021 49 minutes ago, richinspain said: I know, you and many more gave valid arguments as to why you were worried. Simply saying that none of the phrases used by some have been repeated regarding the Americans. Which Americans is it so I can google for info on them? Link to comment Share on other sites More sharing options...
Gaspode Posted July 12, 2021 Share Posted July 12, 2021 8 minutes ago, RoyMac5 said: Which Americans is it so I can google for info on them? Mickey Mouse, Homer Simpson and Bill Cosby..... RoyMac5 1 Link to comment Share on other sites More sharing options...
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