NickG Posted 13 May, 2009 Posted 13 May, 2009 Radio solent largest offer so far £8m to buy club plus investment Fry wants £9m There is separate bid in to buy just stadium should any consortium want it game canceled announcement possibly today but should be this week They also went onto say how embarrassing it would be to ring those 30 players to cancel the game! The OS only ever lists 4 as playing and I think that was part of the problem
John B Posted 13 May, 2009 Posted 13 May, 2009 Radio solent largest offer so far £8m to buy club plus investment Fry wants £9m There is separate bid in to buy just stadium should any consortium want it game canceled announcement possibly today but should be this week They also went onto say how embarrassing it would be to ring those 30 players to cancel the game! The OS only ever lists 4 as playing and I think that was part of the problem Sounds good to me. Any idea wht Fry wants £9 million are his expenses very high What is the situation with the Stadium with regards the £8 million bid I wonder
Ken Tone Posted 13 May, 2009 Posted 13 May, 2009 (edited) Already at work so didn't hear. But what does £ 8 or 9 mill to buy actually mean? Is it £9 mill to pay off overdraft and buy shares, then take over ongoing mortgage with Aviva? Or £9mill to pay off part of overdraft and mortgage so creditors getr X p in the £, and shareholders get nothing? Big difference. Second version leaves us debt free, with a clean slate. K. Edited 13 May, 2009 by Ken Tone
alpine_saint Posted 13 May, 2009 Posted 13 May, 2009 Radio solent largest offer so far £8m to buy club plus investment Fry wants £9m There is separate bid in to buy just stadium should any consortium want it game canceled announcement possibly today but should be this week They also went onto say how embarrassing it would be to ring those 30 players to cancel the game! The OS only ever lists 4 as playing and I think that was part of the problem Seeing as the Barclays debt is only ~4m, this must be for the club and the stadium. Reckon this is good news. Hope Fry and bidder can close the gap, and the bidder has some money for the squad.
alpine_saint Posted 13 May, 2009 Posted 13 May, 2009 Already at work so didn't hear. But what does £ 8 or 9 mill to buy actually mean? Is it £9 mill to pay off overdraft and buy shares, then take over ongoing mortgage with Aviva? Or £9mill to pay off part of overdraft and mortgage so creditors getr X p in the £, and shareholders get nothing? Big difference. Second version leaves us debt free, with a clean slate. K. The second one, I reckon. Lowe and Wilde to get nothing. Great news if this is the case.
John B Posted 13 May, 2009 Posted 13 May, 2009 (edited) Seeing as the Barclays debt is only ~4m, this must be for the club and the stadium. Reckon this is good news. Hope Fry and bidder can close the gap, and the bidder has some money for the squad. But what does There is separate bid in to buy just stadium should any consortium want it Mean Are the bidders buying the Stadium and paying off the mortgage? Edited 13 May, 2009 by John B
dubai_phil Posted 13 May, 2009 Posted 13 May, 2009 Hmm Would be interesting to know the figure he had on the table last week
sticksaint Posted 13 May, 2009 Posted 13 May, 2009 But what does There is separate bid in to buy just stadium should any consortium want it Mean Most likely the council,i would say.
John B Posted 13 May, 2009 Posted 13 May, 2009 The second one, I reckon. Lowe and Wilde to get nothing. Great news if this is the case. There are other shareholders beside Lowe and Wilde who will lose money
Puddings and Monkeys Posted 13 May, 2009 Posted 13 May, 2009 There are other shareholders beside Lowe and Wilde who will lose money Quite - most of them being supporters.....like me.
SuperSAINT Posted 13 May, 2009 Posted 13 May, 2009 Not a consortium. The solent report said that they understand a multi-millionaire businessman would buy the stadium, and lease it back to the club, should the new owners not want the stadium as part of they're bid. (That's how I heard the report at 8.20am).
LostBoys Posted 13 May, 2009 Posted 13 May, 2009 Thanks for that. The situation regarding the stadium is interesting. Other items which appear to indicate something is happening is that SFC have turned down both the second Dyer bid yesterday and the loan fee for Rasiak from Watford - both in local press in Swansea and Watford. You can only turn hard cash if you are fairly certain of receiving some from another source.
rallyboy Posted 13 May, 2009 Posted 13 May, 2009 presumably some chancer/white knight is poised in the background offering to buy the stadium off new owners, doing them a favour by reducing their debt while making shedloads from concerts etc. I'm no expert but I think if you were buying the club you would plan to keep control of the major asset! And if you couldn't afford to keep it you can't afford the club.
Ken Tone Posted 13 May, 2009 Posted 13 May, 2009 But what does There is separate bid in to buy just stadium should any consortium want it Mean Are the bidders buying the Stadium and paying off the mortgage? Presumably either the council (good, but I'd be surprised they could to be so definite without more public political discussion) or a property chancer (bad) offering to buy stadium and lease to club if any consortium wants to play things that way ...presumably because they are struggling to afford the whole thing. K.
Chez Posted 13 May, 2009 Posted 13 May, 2009 Most likely the council,i would say. I thought the council hadn't even got close to making a decision on whether they woud try to buy the stadium.
Viking Warrior Posted 13 May, 2009 Posted 13 May, 2009 Is true to say that the bid to buy the stadium is more about buying the land it sits on and not the stadium. How many flats can you buy St Mary's? Im starting to lose faith in Mr Fry now. I questioned his ability early on and got flamed for it. So if a bidder offers 9million will he suddenly up it to 10?
Smirking_Saint Posted 13 May, 2009 Posted 13 May, 2009 good news it seemsd. any word on wealth ?? or anticipated level of investment ???? Even if the stadium is bought by a third party it would cut down the debt for a while (i presume it would be pretty crippling for a league 1 club with prices and lower ticket sales)
Chez Posted 13 May, 2009 Posted 13 May, 2009 Thanks for that. The situation regarding the stadium is interesting. Other items which appear to indicate something is happening is that SFC have turned down both the second Dyer bid yesterday and the loan fee for Rasiak from Watford - both in local press in Swansea and Watford. You can only turn hard cash if you are fairly certain of receiving some from another source. I wonder how interested the two clubs will be when they are faced with having to fork out what SFC values the two for.
Scummer Posted 13 May, 2009 Posted 13 May, 2009 Is it £9 mill to pay off overdraft and buy shares Whatever the offer is, none of it will be going towards buying shares. The shares are gone.
Chez Posted 13 May, 2009 Posted 13 May, 2009 Is true to say that the bid to buy the stadium is more about buying the land it sits on and not the stadium. How many flats can you buy St Mary's? Im starting to lose faith in Mr Fry now. I questioned his ability early on and got flamed for it. So if a bidder offers 9million will he suddenly up it to 10? whenever I see `property developer' as an interested party that is what crosses my mind.
dubai_phil Posted 13 May, 2009 Posted 13 May, 2009 OK on reflection. Fry has just told everybody how much one group have bid. Somehow that cannot be right when there are NDA's in place everywhere, did he actually have permission from whoever made that bid to announce it? Has he spoken to anyone apart from the group he met yesterday before doing this? Seems odd to suddenly start making these noises in the media. Hope he doesn't upset anyone.
Viking Warrior Posted 13 May, 2009 Posted 13 May, 2009 Wasnt Salzt or fullthorpe only interested in buying the stadium for a nominal sum or getting the council to purchase it and then lease it back to the club. This would tie in with what solent are apparrently saying
Smirking_Saint Posted 13 May, 2009 Posted 13 May, 2009 OK on reflection. Fry has just told everybody how much one group have bid. Somehow that cannot be right when there are NDA's in place everywhere, did he actually have permission from whoever made that bid to announce it? Has he spoken to anyone apart from the group he met yesterday before doing this? Seems odd to suddenly start making these noises in the media. Hope he doesn't upset anyone. Unless it is more speculation ?? Or perhaps he has announced his prefered bidder ??
dubai_phil Posted 13 May, 2009 Posted 13 May, 2009 Is true to say that the bid to buy the stadium is more about buying the land it sits on and not the stadium. How many flats can you buy St Mary's? Im starting to lose faith in Mr Fry now. I questioned his ability early on and got flamed for it. So if a bidder offers 9million will he suddenly up it to 10?[/quote] Don't think you are the only one who has noticed this and they got "flamed" for it as well
Marley Posted 13 May, 2009 Posted 13 May, 2009 I don't live in the Southampton area and have never listened to Solent - how accurate does everyone think this info is? Do Solent have a good record for being correct?
Smirking_Saint Posted 13 May, 2009 Posted 13 May, 2009 I don't live in the Southampton area and have never listened to Solent - how accurate does everyone think this info is? Do Solent have a good record for being correct? I would imagine there are a few more twists to come yet. We have had many a false dawn, and until Fry openly comes out and says this sort of info in the public i am not really inclined to believe it. That said, it's a bit more cheery then the usual doom and gloom
alpine_saint Posted 13 May, 2009 Posted 13 May, 2009 There are other shareholders beside Lowe and Wilde who will lose money And I am one of them. Are you ???
miserableoldgit Posted 13 May, 2009 Posted 13 May, 2009 OK on reflection. Fry has just told everybody how much one group have bid. Somehow that cannot be right when there are NDA's in place everywhere, did he actually have permission from whoever made that bid to announce it? Has he spoken to anyone apart from the group he met yesterday before doing this? Seems odd to suddenly start making these noises in the media. Hope he doesn't upset anyone. Are you suggesting that Fry doesn`t know what he is doing?
Ken Tone Posted 13 May, 2009 Posted 13 May, 2009 Is true to say that the bid to buy the stadium is more about buying the land it sits on and not the stadium. How many flats can you buy St Mary's? Im starting to lose faith in Mr Fry now. I questioned his ability early on and got flamed for it. So if a bidder offers 9million will he suddenly up it to 10? Don't see that it is a matter of ability. We have to keep remembering that his job is to get the best deal for the creditors, not for the club. If for example he knows there is a consortium with say £12mill available, offering £8 mill, with £4 mill to invest, it is his *job* to try to get more of that £12 mill up front for the creditors... and sod the long term investment. On the other hand if the deal is £8 mill up front for creditors with promises of more later as and when club trades at a profit, in effect a re-scheduling of the mortgage for Aviva, he has to balance jam today against jam tomorrow for the creditors. This sort of deal is complicated. That is why it takes time and why it is not just a matter of bid made, take it or leave it. It is actually --initial bid made then administrator will tweak it with what looks like the most promising one, whilst trying to keep others ticking over in background just in case it all falls apart. If only one bid which then falls apart in negotiation, big problem ...cf Bournemouth K.
dubai_phil Posted 13 May, 2009 Posted 13 May, 2009 Radio solent largest offer so far £8m to buy club plus investment Fry wants £9m There is separate bid in to buy just stadium should any consortium want it game canceled announcement possibly today but should be this week They also went onto say how embarrassing it would be to ring those 30 players to cancel the game! The OS only ever lists 4 as playing and I think that was part of the problem Just re-read this OP, Nick - you sure you got this right? If so So Fry wants to take 1mil of the bidders investment. Reducing what they have to spend on the club next season FRY OUT
EastleighSoulBoy Posted 13 May, 2009 Posted 13 May, 2009 OK on reflection. Fry has just told everybody how much one group have bid. Somehow that cannot be right when there are NDA's in place everywhere, did he actually have permission from whoever made that bid to announce it? Has he spoken to anyone apart from the group he met yesterday before doing this? Seems odd to suddenly start making these noises in the media. Hope he doesn't upset anyone. Brinkmanship? Maybe the offer on the table is for, say, 7 million. So Fry just happens to mention an 8 million bid. Not breaking any NDA but making thoese with the 7 million bid think. Dangerous game? Almost certainly!
LostBoys Posted 13 May, 2009 Posted 13 May, 2009 I don't live in the Southampton area and have never listened to Solent - how accurate does everyone think this info is? Do Solent have a good record for being correct? Only when Mr Merrington is not involved:D
INFLUENCED.COM Posted 13 May, 2009 Posted 13 May, 2009 Hmm Would be interesting to know the figure he had on the table last week 12M ? come on Phil tell us what you know about the figure and why that which was on the table has not been formalised into a bid or has it ? or..well I dunno..just tell us something more
Smirking_Saint Posted 13 May, 2009 Posted 13 May, 2009 And I am one of them. Are you ??? Your not the only one though... as much as i would like to see Lowe, Wilde and the other backroom cowards shafted i wouldn't like the misery to be pushed onto others. Still... that is life.
Weston Saint Posted 13 May, 2009 Posted 13 May, 2009 Most of the media reports have been wide of the mark so far. I have a feeling this one might be the exception to the norm. Today could be an interesting day. Let's hope it does not all end in tears and the end of SFC. If he announces a preferred bidder today don't forget that will only trigger a further period of due diligence. As Dubai Phil has already said on another thread, the Administrator will not give a guarantee that the information he gave in the due diligence documents are correct. However it would be unusual for it to be wide of the mark.
lordswoodsaints Posted 13 May, 2009 Posted 13 May, 2009 It would be better to keep all assets in one basket IMO,selling the stadium to third party indicates to me that the bidder doesn't have the dish needed to take us furthur.
NickG Posted 13 May, 2009 Author Posted 13 May, 2009 Most likely the council,i would say. no private businessman
dubai_phil Posted 13 May, 2009 Posted 13 May, 2009 12M ? come on Phil tell us what you know about the figure and why that which was on the table has not been formalised into a bid or has it ? or..well I dunno..just tell us something more I'm sure Mr Fry will of course write a book about his time at SLH PLC and tell all. (FF - off you go!) If he doesn't, and you want to play detective (Trousers?) just check out how often he is allowed in the box at his beloved West Ham next year. Less than once a month then we know he probably didn't do so well, every home game then of course he is a hero
Weston Saint Posted 13 May, 2009 Posted 13 May, 2009 OK on reflection. Fry has just told everybody how much one group have bid. Somehow that cannot be right when there are NDA's in place everywhere, did he actually have permission from whoever made that bid to announce it? Has he spoken to anyone apart from the group he met yesterday before doing this? Seems odd to suddenly start making these noises in the media. Hope he doesn't upset anyone.Looks like Russian Roulette and brinkmanship at play. Like you, I hope the fragile position is not shattered by this revelation (if Radio Solents attributation to the Administrator is correct)
Red and White Army Posted 13 May, 2009 Posted 13 May, 2009 Im starting to lose faith in Mr Fry now. I questioned his ability early on and got flamed for it. So if a bidder offers 9million will he suddenly up it to 10? It is his job to get the best deal for the creditors remember.
Smirking_Saint Posted 13 May, 2009 Posted 13 May, 2009 I was gonna have an hours kip and get some reports done but now i am gonna be glued to this all bloody day.... damn rumour mill
DT Posted 13 May, 2009 Posted 13 May, 2009 whenever I see `property developer' as an interested party that is what crosses my mind. Come on, think about it. It would cost a LOT of money to demolish the stadium if that is what you mean. It would cost a LOT of money to do ground works including remediation. It would take a LONG time to get planning, and there is no assurance that they would. It would take a LONG time to draw up plans in any case. The residential market is awful at the moment, especially in such a location. Do you think a property developer would even think about working the numbers? I don't. Unless you mean someone else buys the stadium and the developer gets the land around...
John B Posted 13 May, 2009 Posted 13 May, 2009 It would be better to keep all assets in one basket IMO,selling the stadium to third party indicates to me that the bidder doesn't have the dish needed to take us furthur. I would rather SFC leased the Stadium and invested in players. Than owning the stadium and not investing in players.
saints_is_the_south Posted 13 May, 2009 Posted 13 May, 2009 so £9m = £4m for Barclays & £5m for the club value? Or am i right in saying that as SLH are in admin the shares are worth nothing so the £5m could indeed be to pay off a part of the stadium mortgage & pay off other creditors? I'd imagine aslong as we can matain the usual mortgage repayments on the stadium then Aviva wouldn't want any more money?
John B Posted 13 May, 2009 Posted 13 May, 2009 (edited) so £9m = £4m for Barclays & £5m for the club value? Or am i right in saying that as SLH are in admin the shares are worth nothing so the £5m could indeed be to pay off a part of the stadium mortgage & pay off other creditors? I'd imagine aslong as we can matain the usual mortgage repayments on the stadium then Aviva wouldn't want any more money? Yes so many questions which will probably not be answered today but some will post with a wide ranges of answers which may or may not be correct. However I am now confident SFC will be playing next season in League 1 DESPITE http://www.dailyecho.co.uk/sport/4364179.Talks_held_up_again_in_twist_in_takeover/ Edited 13 May, 2009 by John B
Scummer Posted 13 May, 2009 Posted 13 May, 2009 so £9m = £4m for Barclays & £5m for the club value? Or am i right in saying that as SLH are in admin the shares are worth nothing so the £5m could indeed be to pay off a part of the stadium mortgage & pay off other creditors? I'd imagine aslong as we can matain the usual mortgage repayments on the stadium then Aviva wouldn't want any more money? Shares are worth nothing. Barclays won't get their £4M back, they will have to settle for a percentage. Ideally someone will make Aviva an offer to write off the stadium debt for a much lower figure (as they did with Ipswich), however I'd have thought they'd probably want getting on for £10M themselves, which would tend to indicate that this deal sees the mortgage continue.
fanimal Posted 13 May, 2009 Posted 13 May, 2009 The offer of 8M was originally 12M if we stayed up. Hopefully 1M will go toward an appeal to get rid of the -10 points.
LestWeForget Posted 13 May, 2009 Posted 13 May, 2009 so £9m = £4m for Barclays & £5m for the club value? Or am i right in saying that as SLH are in admin the shares are worth nothing so the £5m could indeed be to pay off a part of the stadium mortgage & pay off other creditors? I'd imagine aslong as we can matain the usual mortgage repayments on the stadium then Aviva wouldn't want any more money? The flaw in that argument is that SFC don't OWN the stadium, it is owned by a seperate subsidiary of SLH, and is thus an asset that needs to be sold. The club will have to pay rent to either : a) A new stadium buyer or b) Aviva if they foreclose and rent the stadium to the club. The costs either way COULD be astronomical for a League 1 club, even with strong support. If a buyer is not found and Aviva take back ownership, they will want to run it at a profit both short and long term. The mortgage payment equivalent (£1m/year did I hear?) of about £44000 per home game would not produce a sufficient return, so be looking at about £75000/match rental. Add to this the fact that the club would not benefit from other stadium events, nor from catering, sales etc as these would be controlled and franchised by the stadium owners who would take any profit. In my opinion, the £8-12M offer "on the table" is derisory, considering it cannot include the stadium, and would not secure the future of SFC. Mr Fry has a LOT of work to do yet!
batterseasaint Posted 13 May, 2009 Posted 13 May, 2009 Come on, think about it. It would cost a LOT of money to demolish the stadium if that is what you mean. It would cost a LOT of money to do ground works including remediation. It would take a LONG time to get planning, and there is no assurance that they would. It would take a LONG time to draw up plans in any case. The residential market is awful at the moment, especially in such a location. Do you think a property developer would even think about working the numbers? I don't. Unless you mean someone else buys the stadium and the developer gets the land around... I could be wrong here, but I vaguely recall when St. Mary's was built that there was an issue with contamination (I am guessing from the gasworks) that meant the land could not be used for residential, but a football stadium was OK. Presuming that is why the council put the site on a plate for us, because it was good for very little else.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now