underdog Posted September 4, 2017 Share Posted September 4, 2017 4 hours ago, Midsblue said: Yeah they can own 5% maximum but their agency cannot broker incoming or outgoing deals. However there's ways around this with who's owning the shares and Abdullah may be only representing the purchaser. 5% equates to £450,000 if you take the suggested £9m asking price....lower obviously if that price is lower. Not a huge amount when then talking funding of development squad, new stand etc. Will be underwhelmed if not a takeover. We need a takeover just to inject some excitement and long-term into the club. Interesting seeing the figures that way. I must admit I have no idea what the club is up for sale for, but like you said, if it's valued for less then the 5% maximum money invested would be less too. Thanks Link to comment Share on other sites More sharing options...
Hands on Posted September 4, 2017 Share Posted September 4, 2017 It is a wonder to behold the lack of understanding on this message board. It has been confirmed that the Trust has not been informed of any sale. As the Trust has a director on the board we can assume that the matter has not been discussed at a Board meeting. The existence of the Trust does not mean that we should get a disclosure but I think the Trust should be kept up to speed but nothing more than we have. Without doubt there have been references to a sale. Without doubt someone who has been looking to sell for some time would have made sure he is in a position to sell and what steps are necessary to complete the sale. My recollection is that Corney only has an interest through his shareholding and employment in the football club he does not have an interest in the property/land/Brass Bank etc. Said football club only has one real asset and that is membership of the football league. How the great white elephant North Stand has been funded is rather obscure but there are suggestions that the football club has most of the debt as well as a lease. If this is the case the football club is not just worth a little it is worthless and only allowed to continue trading because B & G are not going to ask for their £6m back until, it is said, we gain promotion to the Premiership. I stand by the statement that due diligence is straightforward if there is complete disclosure. This is only a football club. The complications are that the stadium and surrounding land are not owned by the football club or Corney even though the football club does have an interest in the stadium. If there is delay in selling the football club the problem lies with a failure to agree the terms of sale, the buyer thinking again or the seller failing to make a complete disclosure which would have been discovered when undertaking due diligence so back to the negotiations. My hunch is that there is delay with the EFL because they have realised this is not simply a rich Arab dabbling with a football club toy but rather something a bit more complicated. Link to comment Share on other sites More sharing options...
Monty Burns Posted September 5, 2017 Share Posted September 5, 2017 6 hours ago, Hands on said: It is a wonder to behold the lack of understanding in my head as to what the phrase 'white elephant' means. Yep, I can agree with you there. Link to comment Share on other sites More sharing options...
Clifford Posted September 5, 2017 Share Posted September 5, 2017 11 hours ago, underdog said: Not a daft question at all, but let's just say...there are so many times you can ask nicely for information then you have ask again and this time, confirm what you are legally entitled to know. The asking bit would be Simon Brooke in his role as board director of OAFC. its those types of " asking for what your legally entitled to know..." That's causing the strained relationship we have at the moment. I'm reading that as 'no we've not asked due to being ignored before'. Link to comment Share on other sites More sharing options...
underdog Posted September 5, 2017 Share Posted September 5, 2017 1 hour ago, Clifford said: I'm reading that as 'no we've not asked due to being ignored before'. Your trust rep does not need to be asked. He has a legal entitlement to know as his role as board director of OAFC. As of yet as that board member has not been advised. Until corney tells the OAFC board of what the deal is and yes, I agree it's his deal, then it remains unconfirmed Link to comment Share on other sites More sharing options...
Midsblue Posted September 5, 2017 Share Posted September 5, 2017 Is the ownership of the club simply 97% to Corney and 3% to the Trust? Do any of the other directors own shares? To be honest I've lost track of who the board members are - is it still Corney, Brooke, Moisley, Gee, Hill and Owen? I'm just surprised that the details of any potential sale hasn't been discussed at board level. Moisley appears to know, which makes me think it has but Brooke has to keep certain matter confidential despite being the Trust Rep. Until the EFL authorise its all rumour but some questions will need clarifying once authorised - 1. Is it only the sale of the club with Brassbank still owning the stadium/land? 2. If only the club, what % of Corney's 97% is being sold? 3. What is the club receiving in return especially on the playing side? 4. If a controlling share, what are the short and long term plans for our new owner? Roy suggesting a new stand that implies new owners could be buying out Brassbank. I just don't see any major assets solely in the club so purchasing any of the 97% is just expenditure especially if the new investor is being asked to buy players or pay wages and invest in the development squad. All speculation without any immediate accumulation. So why invest? Link to comment Share on other sites More sharing options...
HarryBosch Posted September 5, 2017 Share Posted September 5, 2017 1 hour ago, underdog said: Your trust rep does not need to be asked. He has a legal entitlement to know as his role as board director of OAFC. How do we know he has a "legal entitlement to know" until we know what it is that he doesn't know? Link to comment Share on other sites More sharing options...
ChaddySmoker Posted September 5, 2017 Share Posted September 5, 2017 3 hours ago, Monty Burns said: Yep, I can agree with you there. I can explain it quite clearly to you Monty if you are still struggling Link to comment Share on other sites More sharing options...
oafc1955 Posted September 5, 2017 Share Posted September 5, 2017 45 minutes ago, Midsblue said: Is the ownership of the club simply 97% to Corney and 3% to the Trust? Do any of the other directors own shares? To be honest I've lost track of who the board members are - is it still Corney, Brooke, Moisley, Gee, Hill and Owen? I'm just surprised that the details of any potential sale hasn't been discussed at board level. Moisley appears to know, which makes me think it has but Brooke has to keep certain matter confidential despite being the Trust Rep. Until the EFL authorise its all rumour but some questions will need clarifying once authorised - 1. Is it only the sale of the club with Brassbank still owning the stadium/land? 2. If only the club, what % of Corney's 97% is being sold? 3. What is the club receiving in return especially on the playing side? 4. If a controlling share, what are the short and long term plans for our new owner? Roy suggesting a new stand that implies new owners could be buying out Brassbank. I just don't see any major assets solely in the club so purchasing any of the 97% is just expenditure especially if the new investor is being asked to buy players or pay wages and invest in the development squad. All speculation without any immediate accumulation. So why invest? Roy suggesting a new stand that implies new owners could be buying out Brassbank. Not wanting to scroll through 50 posts...which is the stand in question? Link to comment Share on other sites More sharing options...
ChaddySmoker Posted September 5, 2017 Share Posted September 5, 2017 3 minutes ago, oafc1955 said: Roy suggesting a new stand that implies new owners could be buying out Brassbank. Not wanting to scroll through 50 posts...which is the stand in question? FFS There is no new stand apart from the White Elephant Link to comment Share on other sites More sharing options...
oafc1955 Posted September 5, 2017 Share Posted September 5, 2017 I only asked a simple question FFS as you put it!! Link to comment Share on other sites More sharing options...
leeslover Posted September 5, 2017 Share Posted September 5, 2017 1 hour ago, Midsblue said: Is the ownership of the club simply 97% to Corney and 3% to the Trust? Do any of the other directors own shares? To be honest I've lost track of who the board members are - is it still Corney, Brooke, Moisley, Gee, Hill and Owen? I'm just surprised that the details of any potential sale hasn't been discussed at board level. Moisley appears to know, which makes me think it has but Brooke has to keep certain matter confidential despite being the Trust Rep. Until the EFL authorise its all rumour but some questions will need clarifying once authorised - 1. Is it only the sale of the club with Brassbank still owning the stadium/land? 2. If only the club, what % of Corney's 97% is being sold? 3. What is the club receiving in return especially on the playing side? 4. If a controlling share, what are the short and long term plans for our new owner? Roy suggesting a new stand that implies new owners could be buying out Brassbank. I just don't see any major assets solely in the club so purchasing any of the 97% is just expenditure especially if the new investor is being asked to buy players or pay wages and invest in the development squad. All speculation without any immediate accumulation. So why invest? Just on the first point, no other directors own shares in the club. Boardroom votes are on the basis of one per member though Link to comment Share on other sites More sharing options...
LaticMark Posted September 5, 2017 Share Posted September 5, 2017 1 hour ago, Midsblue said: Is the ownership of the club simply 97% to Corney and 3% to the Trust? Do any of the other directors own shares? To be honest I've lost track of who the board members are - is it still Corney, Brooke, Moisley, Gee, Hill and Owen? I'm just surprised that the details of any potential sale hasn't been discussed at board level. Moisley appears to know, which makes me think it has but Brooke has to keep certain matter confidential despite being the Trust Rep. Until the EFL authorise its all rumour but some questions will need clarifying once authorised - 1. Is it only the sale of the club with Brassbank still owning the stadium/land? 2. If only the club, what % of Corney's 97% is being sold? 3. What is the club receiving in return especially on the playing side? 4. If a controlling share, what are the short and long term plans for our new owner? Roy suggesting a new stand that implies new owners could be buying out Brassbank. I just don't see any major assets solely in the club so purchasing any of the 97% is just expenditure especially if the new investor is being asked to buy players or pay wages and invest in the development squad. All speculation without any immediate accumulation. So why invest? Moisley is not listed as a director. 1. This is a key question. Would Blitz and Gazal be prepared to sell only a percentage of the stadium/land? 2. Corney selling a percentage of just the club's shares wouldn't cost that much! I presume any 'new stand' would be an eventual replacement for the Chaddy. (By the way the new houses have been built very close to the back of the stand. How difficult would it be to re-develop?) Link to comment Share on other sites More sharing options...
Clifford Posted September 5, 2017 Share Posted September 5, 2017 3 hours ago, underdog said: Your trust rep does not need to be asked. He has a legal entitlement to know as his role as board director of OAFC. As of yet as that board member has not been advised. Until corney tells the OAFC board of what the deal is and yes, I agree it's his deal, then it remains unconfirmed So the trust has not asked? Are you both sulking with each other? The trust should be big enough to ask, yes you should be told directly but you haven't so should be big enough to ask. Grown adults. Link to comment Share on other sites More sharing options...
youngen Posted September 5, 2017 Share Posted September 5, 2017 1 hour ago, ChaddySmoker said: FFS There is no new stand apart from the White Elephant Not reading through all 50 pages, so can I just ask why we have decided on a White Elephant and not a blue one? Link to comment Share on other sites More sharing options...
Nohairdontcare Posted September 5, 2017 Share Posted September 5, 2017 10 minutes ago, youngen said: Not reading through all 50 pages, so can I just ask why we have decided on a White Elephant and not a blue one? Must be the away elephant. Link to comment Share on other sites More sharing options...
real Posted September 5, 2017 Share Posted September 5, 2017 https://www.gov.uk/government/news/ex-rangers-chairman-craig-whyte-disqualified-as-a-director-for-15-years "Mr Whyte bought a much-loved club, and promised fans that he would provide further cash to bring success. However, he caused the club to use this money to fund the purchase of its own shares, reducing funds for investment. He also failed to consult other directors on important decisions meaning that his behaviour went unchallenged. Such blatant lack of regard for proper corporate behaviour and control does not have a place in modern society. Directors have a clear, statutory duty to ensure that their companies are run properly, for the benefit of the creditors, shareholders and, in this case, fans who believed in him." Link to comment Share on other sites More sharing options...
Dave_Og Posted September 5, 2017 Share Posted September 5, 2017 13 hours ago, Hands on said: It is a wonder to behold the lack of understanding on this message board. It's a bit odd that you say that there is a lack of understanding then spend the rest of a sizeable post speculating and having hunches! Link to comment Share on other sites More sharing options...
mikejh45 Posted September 5, 2017 Share Posted September 5, 2017 1 hour ago, youngen said: Not reading through all 50 pages, so can I just ask why we have decided on a White Elephant and not a blue one? Can we go retro and have a Tangerine one? I thought about a pink elephant but that conjured up an image of Sean Gregan!!! Link to comment Share on other sites More sharing options...
underdog Posted September 5, 2017 Share Posted September 5, 2017 29 minutes ago, real said: https://www.gov.uk/government/news/ex-rangers-chairman-craig-whyte-disqualified-as-a-director-for-15-years "Mr Whyte bought a much-loved club, and promised fans that he would provide further cash to bring success. However, he caused the club to use this money to fund the purchase of its own shares, reducing funds for investment. He also failed to consult other directors on important decisions meaning that his behaviour went unchallenged. Such blatant lack of regard for proper corporate behaviour and control does not have a place in modern society. Directors have a clear, statutory duty to ensure that their companies are run properly, for the benefit of the creditors, shareholders and, in this case, fans who believed in him." Cheers real, I knew there was a Scottish club who's trust was slated for not being more proactive in pressing their owners on the running of the business before it got to such a financial mess, was unsure if it was rangers or another one. l Link to comment Share on other sites More sharing options...
ChaddySmoker Posted September 5, 2017 Share Posted September 5, 2017 1 hour ago, youngen said: Not reading through all 50 pages, so can I just ask why we have decided on a White Elephant and not a blue one? I cannot speak for others but my reason is that it really winds up Monty Burns Link to comment Share on other sites More sharing options...
youngen Posted September 5, 2017 Share Posted September 5, 2017 18 minutes ago, ChaddySmoker said: I cannot speak for others but my reason is that it really winds up Monty Burns Then may I suggest a neutral agreement of Rainbow Elephant, and you to can kiss and make up Link to comment Share on other sites More sharing options...
kowenicki Posted September 5, 2017 Share Posted September 5, 2017 1 hour ago, underdog said: Cheers real, I knew there was a Scottish club who's trust was slated for not being more proactive in pressing their owners on the running of the business before it got to such a financial mess, was unsure if it was rangers or another one. l Apples and oranges. Whyte was in charge for less than a year and behaved appalingly from day one, resulting in administration for Rangers within a very short time frame. Link to comment Share on other sites More sharing options...
singe Posted September 5, 2017 Share Posted September 5, 2017 6 hours ago, ChaddySmoker said: FFS There is no new stand apart from the White Elephant Who is going to mention the elephant in the room? Link to comment Share on other sites More sharing options...
mikejh45 Posted September 5, 2017 Share Posted September 5, 2017 10 minutes ago, singe said: Who is going to mention the elephant in the room? Hold on a minute...... Why has Latics got an elephant? Is it African or Indian? Which room is it in? Has it got an agent? Has it had a sh*t yet? Is it a triallist? Has it got international clearance? So many questions unanswered!!! Link to comment Share on other sites More sharing options...
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