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saints_is_the_south

By saints_is_the_south
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bridge too far

bridge too far

Posted
Posted
Yes you have in theory but not in practice. In Bournemouth's case they accepted a 17 point penalty and fifteen other conditions including giving up their right to appeal in order to get their golden share back. Leeds went further, having originally agreed to accept the FL edicts they then reneged on that and threatened to go to law. A panel of the clubs was set up as an alternative and Leeds agreed to abide by the decision. The panel found in favour of the FL. As a result a new rule about clubs giving access to an independent auditor was passed. SFL withdrew co-operation from the auditor. You are in a lose lose situation. You got his name wrong it is Lord "we'vemadeitupalreadybeforeyoucamealong" mwhiny. Of course you've got a right of appeal from League2. Feeling lucky?

 

When auditors are appointed to review something, Terms of Reference are submitted by the auditors to the auditees for approval and agreement. Auditors are not permitted to delve outside those Terms of Reference.

 

I think the Administrator feels that the auditors in this case did, indeed, go beyond the agreed Terms of Reference.

Saintjersey

Saintjersey

Posted
Posted (edited)
BREAKNIG NEWS: A statement on the takeover deal will be announced at 13:00hrs on Tuesday 23rd October, 2042. There are some last minute details to tidy up. The club will not be taking part in the Football League for the next 33 years while the deal is concluded.

 

Oh FFS, it just keeps getting worse and worse, I bet Lowe is behind all of this. Just wrecked my day, how am I supposed to live without football for 33 years!

Edited by Saintjersey
ecuk268

ecuk268

Posted
Posted
BREAKNIG NEWS: A statement on the takeover deal will be announced at 13:00hrs on Tuesday 23rd October, 2042. There are some last minute details to tidy up. The club will not be taking part in the Football League for the next 33 years while the deal is concluded.

 

23/10/2042 is actually a Thursday

Frank's cousin

Frank's cousin

Posted
Posted
the story at the time was that the FL investigators wanted to delve further than their remit allowed, Mr Fry correctly and politely declined when they attempted that, the investigators threw a wobbly and the FL put some spin on it to try and make themselves look good.

Why a FL investigation would have the power to demand details from a different company to the football club is beyond me....?

 

Sadly Lord tosser's gang now look like a bunch of people who dropped a clanger then shot themselves in the foot, and they are currently reloading before shooting a hole in their other flip flop.

 

A casual observer might consider that the former duck-house owning, moat-cleaning, dog food purchasing, false-mortgage claiming leech on society could stick his penalty where the sun don't shine, but that would be harsh and something I couldn't support.

 

Pure class

SO16_Saint

SO16_Saint

Posted
Posted

am down at SMS currently. Have been talking to a TV guy and he said that he expects a press release / some news 'shortly'. He said that from his POV there is nothing (NOTHING) holding up the confirmation of the take-over / buy out whatever you want to call it - apart from the FL issue.

 

He stated that he understnds that contracts are ready to be exchanged shortly and completion soon thereafter - to use a housebuying analagy.

 

keep calm guys, keep calm.

fisho

fisho

Posted
Posted
am down at SMS currently. Have been talking to a TV guy and he said that he expects a press release / some news 'shortly'. He said that from his POV there is nothing (NOTHING) holding up the confirmation of the take-over / buy out whatever you want to call it - apart from the FL issue.

 

He stated that he understnds that contracts are ready to be exchanged shortly and completion soon thereafter - to use a housebuying analagy.

 

keep calm guys, keep calm.

 

Can't keep calm any LONGER!!!!

SaintBobby

SaintBobby

Posted
Posted
Realistically it could be as late as 10 or 11pm if side letters (to the main agreement)dealing with various scenarios have to be drafted, assuming both Mr Fry and Mr X /Pinnacle want to get a deal signed by the end of today.

Can someone explain the Golden Share please- is that in FL rules somewhere?

 

Maybe...but if we don't finish by close of play, why not assume it drags on till Monday. Is today's deadline 5pm/close of business or midnight?

sotonist

sotonist

Posted
Posted
am down at SMS currently. Have been talking to a TV guy and he said that he expects a press release / some news 'shortly'. He said that from his POV there is nothing (NOTHING) holding up the confirmation of the take-over / buy out whatever you want to call it - apart from the FL issue.

 

He stated that he understnds that contracts are ready to be exchanged shortly and completion soon thereafter - to use a housebuying analagy.

 

keep calm guys, keep calm.

Well I'm glad a TV guy is so confident. That's good enough for me. I'm convinced.

Eyes k8

Eyes k8

Posted
Posted
Realistically it could be as late as 10 or 11pm if side letters (to the main agreement)dealing with various scenarios have to be drafted, assuming both Mr Fry and Mr X /Pinnacle want to get a deal signed by the end of today.

Can someone explain the Golden Share please- is that in FL rules somewhere?

 

My last post of the day. The golden share is basically your membership card to the club. If you go into administration you will lose your membership card. When SLH went into administration the FL announced two measures, the first being which got a lot of publicity was the points penalty, the second which was almost completely ignored was that the administration rules became operative- nobody even started a thread on here about what that meant. Almost certainly it meant your membership was revoked (no golden share). You can only go back into their league and the division you want if you accept their additional stipulations. There are likely to be a number of them. One will be giving up your right of appeal. I suspect that this is illegal as it is unreasonable, but the only way to prove that is to go to law and you might well win. But in the meantime you won't have your golden share or a league to play in. I think there is also an FA golden share that is still witheld from Leeds. Perhaps someone could post the administration rules that the FL made operative some while ago.

niceandfriendly

niceandfriendly

Posted
Posted
He stated that he understnds that contracts are ready to be exchanged shortly and completion soon thereafter - to use a housebuying analagy.

 

Christ. Completion usually occurs approx 1 week after exchange. Hopefully this reporter wasn't being too literal in his analogy. :|

Channon's Sideburns

Channon's Sideburns

Posted
Posted
Maybe...but if we don't finish by close of play, why not assume it drags on till Monday. Is today's deadline 5pm/close of business or midnight?

 

I could be wrong...but surely if Pinnacle satisfy all parts of Mark Fry's requirements (i.e Proof of Funds etc)...and the delay is from the end of the FL and Lord Bungleandzippy...he would be entitled to give them until Monday to complete??

 

Just another thought...could the 'manager' delay be negotiations with Newcastle to release Shearer, Dowie and Keegan from their obligations????

 

Would like to see Tim Flowers back...he's a top bloke...spent some time with him during work experience at The Dell...also sat in Branfoot's office whilst he was chatting about Micky Adams' plans to go into coaching.

 

Branfoot was nice as well...

Smirking_Saint

Smirking_Saint

Posted
Posted
am down at SMS currently. Have been talking to a TV guy and he said that he expects a press release / some news 'shortly'. He said that from his POV there is nothing (NOTHING) holding up the confirmation of the take-over / buy out whatever you want to call it - apart from the FL issue.

 

He stated that he understnds that contracts are ready to be exchanged shortly and completion soon thereafter - to use a housebuying analagy.

 

keep calm guys, keep calm.

 

Well, thats a bit better news, hope that this is news i can trust.

 

F'n god damn Fl.

Guided Missile

Guided Missile

Posted
Posted
You can only go back into their league and the division you want if you accept their additional stipulations. There are likely to be a number of them. One will be giving up your right of appeal. I suspect that this is illegal as it is unreasonable, but the only way to prove that is to go to law and you might well win. But in the meantime you won't have your golden share or a league to play in.

In practical terms, this argument means nothing, because there is no way the League would risk a legal fight if there is a chance they would lose. The reason?

  • Damages if they are wrong....massive
  • Additional benefits to the league if they are right....f*** all

The best thing is to let the club play this coming season with both sides reserving their legal position...and that is what they will do.

Gingeletiss

Gingeletiss

Posted
Posted
My last post of the day. The golden share is basically your membership card to the club. If you go into administration you will lose your membership card. When SLH went into administration the FL announced two measures, the first being which got a lot of publicity was the points penalty, the second which was almost completely ignored was that the administration rules became operative- nobody even started a thread on here about what that meant. Almost certainly it meant your membership was revoked (no golden share). You can only go back into their league and the division you want if you accept their additional stipulations. There are likely to be a number of them. One will be giving up your right of appeal. I suspect that this is illegal as it is unreasonable, but the only way to prove that is to go to law and you might well win. But in the meantime you won't have your golden share or a league to play in. I think there is also an FA golden share that is still witheld from Leeds. Perhaps someone could post the administration rules that the FL made operative some while ago.

 

But, the club ie SFC, never went into administration........this is the whole point, so it stands to reason, that we should not lose/have lost our Golden share!!!

Saint J 77

Saint J 77

Posted
Posted

Oh dear me! Its another depressing takeover day gone wrong. I'm so hacked off. Against my better judgement I got sucked in and I really thought it would happen today. I should have stayed true to my normal cynical belief that nothing good ever happens to Southampton anymore.

Channon's Sideburns

Channon's Sideburns

Posted
Posted
What zeeee fook is a golden share?

 

Bit like a Golden Shower....but not as nice as Golden Wonder...

 

Basically the only p1ss poor leg that some old Tory Wet can stand on in a very very weak argument...

 

'Ex-MP in ar$ehole shocker'

simo

simo

Posted
Posted

So the fa wont sing it off because they have structured the deal so it shows sfc and slh are 2 companys hence missing the minus 10 points?

St Will

St Will

Posted
Posted
So the fa wont sing it off because they have structured the deal so it shows sfc and slh are 2 companys hence missing the minus 10 points?

 

Football league not FA

Channon's Sideburns

Channon's Sideburns

Posted
Posted
I said share, not shower. I am quite aware of what a Golden Shower is! Now, is there anyone out there who is actually helpful?

 

Ease up Andy...I was trying to be ironic...must have come across as Moronic...apologies..

 

The Golden Share is really like the 'ticket to compete' within the FL. Without it, you aren't able to play....so basically the FL have our ball and won't let us play with it.

 

They won't necessarily return our 'Share' unless we meet their requirements.

1976_Child

1976_Child

Posted
Posted

So the deal is off and that means that Fry has to liquidate the assets of the club which means that St. Mary's Young Men's Association F.C is no more and we can all go down the pub and get liver disease.

sussexsaint

sussexsaint

Posted
Posted

My greatest hope when this does finally all go through is that we can rebuild ourselves not only as a team but as a fanbase as well. We have become so jaded, pessimistic and mistrustful over the last few years that it is becoming destructive.

 

Oh to finally only be talking about football and potential signings that the endless backroom stuff. When I was a kid supporting the team I couldn't even have told you who the chairman was.

saint_stevo

saint_stevo

Posted
Posted
Ease up Andy...I was trying to be ironic...must have come across as Moronic...apologies..

 

The Golden Share is really like the 'ticket to compete' within the FL. Without it, you aren't able to play....so basically the FL have our ball and won't let us play with it.

 

They won't necessarily return our 'Share' unless we meet their requirements.

 

Apparently you can play without it?

Saintandy666

Saintandy666

Posted
Posted
Ease up Andy...I was trying to be ironic...must have come across as Moronic...apologies..

 

The Golden Share is really like the 'ticket to compete' within the FL. Without it, you aren't able to play....so basically the FL have our ball and won't let us play with it.

 

They won't necessarily return our 'Share' unless we meet their requirements.

 

Ahahaha, thankyou :)

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