Gemmel Posted 8 July, 2009 Posted 8 July, 2009 http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html Not sure if that was always the case or whether it means anything in relation to any more points deductions
Scummer Posted 8 July, 2009 Posted 8 July, 2009 http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html Not sure if that was always the case or whether it means anything in relation to any more points deductions I read it that he's bought all the assets of SLH, but not the company itself.
Nolan Posted 8 July, 2009 Posted 8 July, 2009 http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html Not sure if that was always the case or whether it means anything in relation to any more points deductions they bought the ASSETS of SLH, not SLH
VectisSaint Posted 8 July, 2009 Posted 8 July, 2009 http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html Not sure if that was always the case or whether it means anything in relation to any more points deductions Doesn't say that at all. It says they have purchased the assets, prinicipally the football club. That does not mean they have bought SLH. That would require an agreement with the shareholders. The assets have been bought and SLH will now be liquidated because it is no longer a going concern (because it has no assets)
Weston Super Saint Posted 8 July, 2009 Posted 8 July, 2009 are we defo not a PLC any more ?? Defo not
SaintRobbie Posted 8 July, 2009 Posted 8 July, 2009 they bought the ASSETS of SLH, not SLH Correct. plc is dead. Lowe is gone. God bless Barclays Bank.... FREEEEEEDOMMMMMMM!!!!!!!
ChicagoSaint Posted 8 July, 2009 Posted 8 July, 2009 I would imagine that the Football club was the only "asset" SLH had.
Saint Richard of Woolston Posted 8 July, 2009 Posted 8 July, 2009 yep, 'the assets'. You can all frame your SLH Certificates confident in the knowledge they are worth nothing. I held mine in my Broker's Account so I do not even have the priv.
Smirking_Saint Posted 8 July, 2009 Posted 8 July, 2009 I would imagine that the Football club was the only "asset" SLH had. Stadium Jackson farm Players World class catering
snowboomer Posted 8 July, 2009 Posted 8 July, 2009 Does that mean he has bought the stadium outright or do we still have a mortgage?
gonzo Posted 8 July, 2009 Posted 8 July, 2009 are we defo not a PLC any more ?? Single owner = no PLC HTH
Scummer Posted 8 July, 2009 Posted 8 July, 2009 I would imagine that the Football club was the only "asset" SLH had. Think the training ground, Jacksons Farm, the academy lodge etc were all separate in the consolidated accounts of SLH.
gonzo Posted 8 July, 2009 Posted 8 July, 2009 Does that mean he has bought the stadium outright or do we still have a mortgage? I believe the price he paid included writing off all debts, so if that is the case then SFC is completely debt-free. The Liebherr business empire has expanded without ever incurring any debt apparently, so I would be surprised if any debts were outstanding.
Clapham Saint Posted 8 July, 2009 Posted 8 July, 2009 Does that mean he has bought the stadium outright or do we still have a mortgage? Although you can't be 100% sure without seeing the detail of the agreement I would expect that we are now debt free.
corky morris Posted 8 July, 2009 Posted 8 July, 2009 If we are not servicing debt any more then we are in an extremely strong position in Div 3! I cant stop smiling!
mattyd Posted 8 July, 2009 Posted 8 July, 2009 I would imagine that the Football club was the only "asset" SLH had. No Southampton Stadium Ltd was also an asset. The holding company now has no assetts and will be subject of a "Winding up order" at the request of Fry. He will then distribute the money to the creditors and seek permission from the court to dissolve the company. SFC and SSL have new owners.
Ken Tone Posted 8 July, 2009 Posted 8 July, 2009 If we are not servicing debt any more then we are in an extremely strong position in Div 3! I cant stop smiling! Which is part of the FL's justification for the -10. By going into administration we (eventually!) gained a financial advantage. K.
ribbo Posted 8 July, 2009 Posted 8 July, 2009 Which is part of the FL's justification for the -10. By going into administration we (eventually!) gained a financial advantage. K. yeah and can you imagine the profit the club will be making if we get 20k+ in for our home games and a trimmed down wagebill!
alpine_saint Posted 8 July, 2009 Posted 8 July, 2009 I read it that he's bought all the assets of SLH, but not the company itself. Me too. SLH is GONE. Thank f**k.
SOTONS EAST SIDE Posted 8 July, 2009 Posted 8 July, 2009 Stadium Jackson farm Players World class cateringYou missed the Train picture!
ringwood Posted 8 July, 2009 Posted 8 July, 2009 he bought the assets which are listed as Subsidiaries Southampton Football Club Ltd; St Mary's SPV Ltd; St Mary's Stadium Ltd
Gemmel Posted 8 July, 2009 Author Posted 8 July, 2009 he bought the assets which are listed as Subsidiaries Southampton Football Club Ltd; St Mary's SPV Ltd; St Mary's Stadium Ltd Yep, Unless the article was changed i completelty mis- read it. I had asked for it to be locked or deleted.
Scummer Posted 8 July, 2009 Posted 8 July, 2009 Yep, Unless the article was changed i completelty mis- read it. I had asked for it to be locked or deleted. No it's going to remain so we can all laugh at stupid Gemmel. Stupid. ;)
Red and White Army Posted 8 July, 2009 Posted 8 July, 2009 Although you can't be 100% sure without seeing the detail of the agreement I would expect that we are now debt free. I wouldn't! I expect the creditors have an option on future revenue.
bugenhagen Posted 8 July, 2009 Posted 8 July, 2009 Yep, Unless the article was changed i completelty mis- read it. I had asked for it to be locked or deleted. It was indeed changed. I also read "bought SLH and its assets", and now it doesn't say anything about SLH in that sentence.
Clapham Saint Posted 8 July, 2009 Posted 8 July, 2009 I wouldn't! I expect the creditors have an option on future revenue. 1) Who do you mean by creditors, Barclays and Aviva? 2) Why? They are creditors of SLH Plc which is no longer SFC Limited's problem. 3) What purchaser would pay £12.5m for the club and then agree to give future revenue to creditors of a different company?
graveworm Posted 8 July, 2009 Posted 8 July, 2009 1) Who do you mean by creditors, Barclays and Aviva? 2) Why? They are creditors of SLH Plc which is no longer SFC Limited's problem. 3) What purchaser would pay £12.5m for the club and then agree to give future revenue to creditors of a different company? Yep I would expect this to be the situation.......without the takeover the above would be sitting on billy squat as regards any money being returned to them..........``a bird in the hand`` springs to mind
Mole Posted 8 July, 2009 Posted 8 July, 2009 Correct. plc is dead. Lowe is gone. God bless Barclays Bank.... FREEEEEEDOMMMMMMM!!!!!!! Amen to that. Happy days.
EastleighSoulBoy Posted 8 July, 2009 Posted 8 July, 2009 I wouldn't! I expect the creditors have an option on future revenue. No way, would you buy a house and agree to pay off the previous owners second mortgage on that house? 1) Who do you mean by creditors, Barclays and Aviva? 2) Why? They are creditors of SLH Plc which is no longer SFC Limited's problem. 3) What purchaser would pay £12.5m for the club and then agree to give future revenue to creditors of a different company? Correct, in my view. SLH will no longer exist. The creditors, in accepting the pay off, surrender all rights to any future revenue streams from the new owner or company.
Gemmel Posted 8 July, 2009 Author Posted 8 July, 2009 No it's going to remain so we can all laugh at stupid Gemmel. Stupid. ;) No one can upset me today - call me what you like (Although have a look a couple of posts down) ;)
Dalek2003 Posted 8 July, 2009 Posted 8 July, 2009 This is so brilliant it is unreal, truly unreal. Now all we need is a united fan base for the first time in five years and a full stadium.
Eggs-11 Posted 8 July, 2009 Posted 8 July, 2009 Oh happy days!!!! Time for a few beers!!!!!!!!!!!!!!!!!!!!!!!!!!
PaulSaint Posted 8 July, 2009 Posted 8 July, 2009 Great news indeed but why post pics of the Fratton faithful waiting for us to get off the train?
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