Administration

[Hands on]

IF you think that is a clear and unambiguous statement that explains some of the debates you have on here.  It is clearly at odds with the reports of the administration hearing today.

[rudemedic]

9 minutes ago, Hands on said:

Interesting!  Implies that the club is going to buy the ground and surrounding land and has made a payment towards the final settlement figure.  This is at odds with AL having paid some of the money owed but then you would not have expected both parties to be singing from the same hymn sheet.  Not the outcome I was hoping for - I hope it all breaks down and we go into administration by 16.49 on the 26th March.

 

I will still wait for All Fools' Day before renewing, if I do, my season card.

 

P.S.  It is dumb beyond belief for the owner of a football club to put ownership of the stadium with the football 'business'.  It needs to be held safely somewhere else so its sale isn't available to fund debts on administration with a lease to the football club - same ownership but not in the same entity.

It's dumb beyond belief to own a football club. Only a very select few or those incredibly well run or lucky make a profit. Only the likes of the top tier PL teams can be guaranteed to make a profit every year. 

 

Like I said in a previous post, I can see the FA doing something about splitting ownership of grounds, primarily connected to inflated prices paid in relation to FFP, but it stops issues like ours and Bury's. 

 

[kowenicki]

A statement from FLG might help clear some things up to.
 

I’m presuming they aren’t happy and their own “agreement in principal to buy the ground” is dead? Or perhaps it isn’t yet?  I also presume they didn’t have an exclusivity agreement? 
 

They were supposed to be launching the stadium purchase share offer in February? What went wrong? 
 

 

[mick26]

14 minutes ago, GlossopLatic said:

 

He won't own the ground if he can't provide the funds. He has paid off a "significant sum" of the £600k that he owes and has done for sometime. Where is he going to find 10x that to buy the ground?

Interesting that Sky Sports changed their wording about Bassini's involvement to "investing" rather than "buying".

[kowenicki]

5 minutes ago, Hands on said:

IF you think that is a clear and unambiguous statement that explains some of the debates you have on here.  It is clearly at odds with the reports of the administration hearing today.

I’m not aware of the wording at the hearing. You can enlighten me. But this is clear:

 

The Club has reached an in-principle agreement with Brass Bank to purchase Boundary Park and the surrounding land. The Club has also paid Brass Bank a significant sum towards the final settlement figure. Contrary to reports, the ownership of the Club has not changed at all.

 

The application was heard at 14:00 today, and adjourned until 21 April 2020 at the request of both the Club and Brass Bank, allowing the parties further time to formalise the agreement and for the Club to pay final sums to Brass Bank.

 

 

[rudemedic]

1 minute ago, mick26 said:

Interesting that Sky Sports changed their wording about Bassini's involvement to "investing" rather than "buying".

Murdoch owned enterprise altering their words with hindsight - shocked. 

[al_bro]

2 minutes ago, kowenicki said:

A statement from FLG might help clear some things up to.
 

I’m presuming they aren’t happy and their own “agreement in principal to buy the ground” is dead? Or perhaps it isn’t yet?  I also presume they didn’t have an exclusivity agreement? 
 

They were supposed to be launching the stadium purchase share offer in February? What went wrong? 
 

 

Maybe their agreement has expired.

[Chris15Arm]

5 minutes ago, Hands on said:

IF you think that is a clear and unambiguous statement that explains some of the debates you have on here.  It is clearly at odds with the reports of the administration hearing today.

Its exactly the same as the courts report? Nearly word for word. Sum paid off and extra time to finalise an agreement which both parties have asked for.....

[League one forever]

This means shitpeas isn’t going anywhere.

[Chris15Arm]

21 minutes ago, GlossopLatic said:

 

Your Wrong!

 

It is not back under our Brolly they have agreed a fee principle that is not the same as buying it. Simon Blitz and Brassbank still own the ground.

Blitz AND al asked for extension and now STs r goin on sale. Pretty sure none of that would have happened if the ground wasnt as good as purchased. And if not then its admin which will mean the club and ground r together anyway

[Dave_Og]

39 minutes ago, kowenicki said:

Club Statement

 

 

After working extremely hard over the past week to secure the future of Oldham Athletic, we are very pleased to be able to provide an update regarding the application for administration made by Brass Bank Limited (current owners of Boundary Park).

 

The Club has reached an in-principle agreement with Brass Bank to purchase Boundary Park and the surrounding land. The Club has also paid Brass Bank a significant sum towards the final settlement figure. Contrary to reports, the ownership of the Club has not changed at all.

 

The application was heard at 14:00 today, and adjourned until 21 April 2020 at the request of both the Club and Brass Bank, allowing the parties further time to formalise the agreement and for the Club to pay final sums to Brass Bank.

In terms of the North Stand, this agreement means that we can begin to sell season tickets for next year. We will update fans with the details as soon as possible.

 

We will of course now also be working on completing the safety improvements mandated by the Council safety advisory group and hope to re-open the stand as soon as these are satisfied.

 

We know that this has been a very unsettling time for the fans and all associated with Oldham Athletic AFC.

We believe this to be the right deal for the future of the Club and that it will, once complete, put us in a far stronger position to be able to deliver the experience, football and results we all desire.

 

The focus can now turn back onto to the pitch tomorrow and we know our great away support will be cheering on the players at Crawley Town.

 

 

Just about the only things the have done rigjht are to rename the Jimmy Frizzell and Joe Royle stands.  And they can't even be bothered using the names

[Dave_Og]

8 minutes ago, rudemedic said:

Murdoch owned enterprise altering their words with hindsight - shocked. 

Murdoch doesn't own Sky.

[inspectormorose]

Couldn't pay the wages last week, minted comparatively this week, It's a conundrum.

[League one forever]

3 minutes ago, inspectormorose said:

Couldn't pay the wages last week, minted comparatively this week, It's a conundrum.

Wealthy man finds money when it’s in his interest. 
 

Shocker. 

[nzlatic]

18 minutes ago, Chris15Arm said:

Sum paid off

Is it? If the sum owed that led to the threat of admin is paid off which I presume is what you mean, why was the admin hearing adjourned and not dismissed?

[inspectormorose]

1 minute ago, League one forever said:

Wealthy man finds money when it’s in his interest. 
 

Shocker. 

I get that but if he is really wealthy then at the very least it's disrespectful to not pay peoples wages on time as there's no excuse to do it. If he's not paying wages on time, again, is he really that wealthy. Following on from that, if that's the case, where has todays money come from? 

[kowenicki]

5 minutes ago, nzlatic said:

Is it? If the sum owed that led to the threat of admin is paid off which I presume is what you mean, why was the admin hearing adjourned and not dismissed?

No it isn’t. But Blitz and his lawyers obviously believe AL is acting in good faith and wants to proceed otherwise they would have requested it continued.  Perhaps you are more in the know than Blitz, AL and all the lawyers? 
 

 

[losesome]

So if the club can now put matters in the north stand right i assume this means they were responsible for this in the first place!!!!!

If so it just confirms what lieing barstewards AL and Barry boy are.

[kowenicki]

Just now, losesome said:

So if the club can now put matters in the north stand right i assume this means they were responsible for this in the first place!!!!!

If so it just confirms what lieing barstewards AL and Barry boy are.

Neither side behaved well during this recent mess.
 

Looks like FLG has been sidelined. So perhaps AL and his advisers had a plan and/or a nod from Blitz on how the things could be progressed behind FLG’s back. 

[Magic Mikey]

7 minutes ago, losesome said:

So if the club can now put matters in the north stand right i assume this means they were responsible for this in the first place!!!!!

If so it just confirms what lieing barstewards AL and Barry boy are.

My thoughts exactly. Confirming they were using the fans as pawns. Disgusting 

[No Pyro No Party]

 

[nzlatic]

15 minutes ago, kowenicki said:

No it isn’t. But Blitz and his lawyers obviously believe AL is acting in good faith and wants to proceed otherwise they would have requested it continued.  Perhaps you are more in the know than Blitz, AL and all the lawyers? 
 

 

What are you on about now? You were saying how the statement was clear, I said it was misleading. Which it is - some think that the debt is paid. And I’m not surprised, it’s worded to sound like the “significant sum” relates to the agreed purchase price for the stadium. 
 

 

[GlossopLatic]

24 minutes ago, Chris15Arm said:

Blitz AND al asked for extension and now STs r goin on sale. Pretty sure none of that would have happened if the ground wasnt as good as purchased. And if not then its admin which will mean the club and ground r together anyway

 

No what it means is that AL has paid off a chunk of money owed to Brassbank. Administration has been avoided for now but we could be in Administration 6 weeks from now if AL doesn't pay the rest we are in administration.

 

If we go into administration the club and the ground are still in seperate companies Blitz doesn't take over if we go into admin.

[oafcmetty]

1 minute ago, nzlatic said:

What are you on about now? You were saying how the statement was clear, I said it was misleading. Which it is - some think that the debt is paid. And I’m not surprised, it’s worded to sound like the “significant sum” relates to the agreed purchase price for the stadium.

 

Blitz did well out of today - got some money out of AL, and kicked the can down the road. If he doesn't get the rest, admin, and back to the FLG. As soon as AL stumped something up, he had to take it and defer the proceedings. Not sure it changed that much really (other than the point deduction timing, which could well now be next season rather than this).

 

Would it be a new record for OAFC to have burnt through all the season ticket money by the end of April? Impressive if so. We're fucked next season, aren't we?

[Midsblue]

Love to be proved wrong but I’m led to believe Lemsagam doesn’t have the funds and has been backed since Day 1.  Outcome today is one of the following;

 

1. He’s convinced his backer into funding the purchase of the stadium etc and he’s genuinely going for it in terms of trying to deliver a sustainable future via promotion and convincing fans to return.  Haemorrhaging money to Blitz month in, month out will continually push that plan back.  
 

2. Delay tactic to generate enough time to sell the club.  Payment had to be made to avoid administration now because it’ll kiss goodbye to repaying the money he’s already borrowed 

 

3. Bassini has brokered a deal with another backer but needs time so has helped Lemsagam to stave off administration until this happens.  Helps Lemsagam to buy before it’s sold on.

 

Lemsagam is a fuckwit, surrounded by even bigger fuckwits but part of me wants scenario 1 to be true or even what I’ve heard is incorrect and Lemsagam is actually minted personally.  He just needs to dump all those fuckwits and rebuild not only the club but the fanbase, the PR and deliver a legacy mirroring our previous purple patches.  Furthermore he needs to trust the fans and engage regularly with Push the Boundary - together the can rebuild what’s broken.  It’s never too late.