The Takeover Thread - Recon Group - NOW WITH NEW POLL

[silhillvilla]

As we are a loss making business, I'm not sure a leveraged buy out would fly with many funders .

[PaulWinch again]

I still would hope that Randy is a man of his word, which I believe he is, and that he won't sell us to someone who won't at least be competent owners.

[pauliewalnuts]

As we are a loss making business, I'm not sure a leveraged buy out would fly with many funders .

Sell Benteke, Delph, say 50m total. It's easy to raise the money and not lose it if that's what you decide to do and that's the most important thing for you.

[Percy McCarthy]

That screen shot the bloke posted.

It only refers to the guy handling it, it doesn't mean it's him who posted it. I can't believe anyone in a job like that would be so mind-bendingly fucking stupid to do that, so have no doubt it wont be him.

That's by the by, though, the thing that concerned me most was that it referred to a "leveraged buyout".

It isn't where the new owners come from (and let's be honest, all this "I hope it isn' the Chinese" or "no more Americans" is flirting pretty closely with racism) that matters most, it is what they do with the club and that starts with how they buy it.

If the screen shot is from a bid that has supposedly fallen through, who caes?

[paul_e]

That screen shot the bloke posted.

It only refers to the guy handling it, it doesn't mean it's him who posted it. I can't believe anyone in a job like that would be so mind-bendingly fucking stupid to do that, so have no doubt it wont be him.

That's by the by, though, the thing that concerned me most was that it referred to a "leveraged buyout".

It isn't where the new owners come from (and let's be honest, all this "I hope it isn' the Chinese" or "no more Americans" is flirting pretty closely with racism) that matters most, it is what they do with the club and that starts with how they buy it.

If the screen shot is from a bid that has supposedly fallen through, who caes?

Apparently the screenshot was taken by someone who works for a crowdfunding company, which means that the bid that is referred to there was looking into funding options and has now apparently failed.  To me that doesn't sound like the one that will have been given the exclusivity so this is probably the 3rd bid that was referred to, adding to the one with the exclusivity agreement and the Paul Smith ones.  That seems like the most likely outcome, they state it as 'failed due diligence' but I think it's probably a badly written way of stating that they failed to convince Lerner of their credentials and he went with another bid.  I can't imagine the photo was taken by anyone senior so I doubt they'd be someone with details on the funding requirements or access to the client, probably just an admin person who noticed it was a closed request and decided it might be big news.

If you consider the time it would take from the exclusivity agreement (if we accept it started around the time it got reported) for another bidder to get feedback, and decide to withdraw, stopping the search for funds yesterday seems reasonable as well.

I therefore think the screenshot could well be legitimate (and highly unprofessional on the part of whoever took it) but is also largely irrelevant to the ongoing sale.

[kippaxvilla2]

Crowdfunding to buy a £150m company, you couldn't make it up.

[Villa in Denmark]

Crowdfunding? Really

So they wanted to almost treble the previous record for a crowdfunded venture,(as far as I can see, the previous record is $84M whereas our sales price, if the £150M is correct, is around $230M.) to purchase a money pit.


Should add, the $84M, was for development costs for a video game that was looking for $500,000. The "big" wishes tend to fall we short

I struggle to believe that anyone looking to fund the purchase that way would have been given any encouragement to continue.

What would have been the next trick, asking if it was too late to redeem his gran's Green Shield Stamps? (Ask you parents / grandparents)

[OCD]

Where is the screenshot? I must have missed the link. Crowd funding to buy a football club is ridiculous.

[silhillvilla]

Yeah I missed the screenshot too.
Wonder if they tried Amigo loans first.

[Malandro]

Signing Micah Richards is a sure sign we are being taken over by multi-trillionaires

[Legion]

Or possibly Randy is staying and is allowing his choice of manager to build his own team.

[curiousorange]

I saw some bulltwit today to the effect that the Israeli bank owned by the Arison family is playing a part in any takeover.

[Legion]

Arison? This is going on and on and on and on...

[curiousorange]

[ChicagoLion]

Also, since when does the owner of the asset being purchased do due diligence on its purchaser?

Most times, but usually before you open up your books and records.
Asking for proof of funds is normal, particularly if it is not clear that the prospective purchaser has money.