Takeover / New Investment - What Rumours Have You Heard?

[Magic Mikey]

33 minutes ago, hollandspies said:

Seems absolutely ridiculous this; I know we've all been waiting for several months so far, but it now looks like we are going to have to wait until next year now before we get some news one way or another ? ? ?

Not heard a thing all year.

[latics22]

12 hours ago, latics22 said:

Nicky 

Nicky banger

[underdog]

Bet lost £10 sent today to help with the running  cost of OWTB.

 

Its a good cause too

[kowenicki]

18 hours ago, BP1960 said:

 

Disgraceful of the big four Dickie, if Labour get in power they should change it to 30 days and if not paid by then a daily fine added.

 

No they wouldn’t. It’s not possible. Pretty sure he was only referring to anyone tendering for Government work. Making it illegal to have payment terms more than 30 days would be restriction of trade.  But anyway, the legal default is already 30 days. 

[BP1960]

20 minutes ago, kowenicki said:

 

No they wouldn’t. It’s not possible. Pretty sure he was only referring to anyone tendering for Government work. Making it illegal to have payment terms more than 30 days would be restruction of trade.  But anyway, the legal default is already 30 days. 

 

If the legal default is 30 days why aren't they penalised if they don't meet the condition?

[jorvik_latic]

1 minute ago, BP1960 said:

 

If the legal default is 30 days why aren't they penalised if they don't meet the condition?

 

Because that’s the default unless other terms are agreed to. The overriding terms will be written into purchase orders etc. 

[BP1960]

1 hour ago, jorvik_latic said:

 

Because that’s the default unless other terms are agreed to. The overriding terms will be written into purchase orders etc. 

 

I'd change the law, if you owe it pay on time or pay a penalty. Too much pandering to big business who have the resources to pay on time, but won't.

[GlossopLatic]

42 minutes ago, BP1960 said:

 

I'd change the law, if you owe it pay on time or pay a penalty. Too much pandering to big business who have the resources to pay on time, but won't.

 

Its not quite as black and white as that their can be lots of reasons for late payments. But if a company pays its suppliers late regularly then they will start to find less people want to do business with them.

 

The amount of times weve paid our staff late means Latics arent the type of company you would want to work for. It would also be one that many suppliers would be put off doing business with.

[kowenicki]

45 minutes ago, BP1960 said:

 

I'd change the law, if you owe it pay on time or pay a penalty. Too much pandering to big business who have the resources to pay on time, but won't.

 

Trust me. Some small businesses are just as bad. 

[Dick_Valentine]

5 minutes ago, kowenicki said:

 

Trust me. Some small businesses are just as bad. 

Yes they are, we’re regularly told we can’t be paid until they’ve been paid. Ours are paid on or before 30 days no question. Even though the big supermarket has 3 monthly terms, at least they pay on time. Every little helps. Hopefully once AL comes in the late payments will be a thing of the past? 

[Hands on]

Every time we hear that someone has not been paid there seems to be a dip in form.  We do need somebody even an agent to take over and run the club within its means.  Come on EFL and FA if the guy tells you he is no longer an agent just believe him.

[sjk2008]

This takeover needs to happen ASAP!

[underdog]

3 hours ago, Hands on said:

Every time we hear that someone has not been paid there seems to be a dip in form.  We do need somebody even an agent to take over and run the club within its means.  Come on EFL and FA if the guy tells you he is no longer an agent just believe him.

I can't remember the actual legal terminology, but an agent is not allowed to have more than a 5% share in a football club.

 

I believe Abadallah has resigned from his own sporting agency now so that's been ticked off so to speak as we went from investment to takeover

 

in my mind it was never going to done and dusted quickly and this is not a bad thing either. All parties have to approve of or agree their own price for their slice of BP. Think someone has already quoted 10 months for the Barnsley take over.

 

lets get the right owner who can not only sustain us but is willing to help us develop and grow. We have been starved enough

[Lee Sinnott]

6 minutes ago, underdog said:

I can't remember the actual legal terminology, but an agent is not allowed to have more than a 5% share in a football club.

 

I believe Abadallah has resigned from his own sporting agency now so that's been ticked off so to speak as we went from investment to takeover

 

in my mind it was never going to done and dusted quickly and this is not a bad thing either. All parties have to approve of or agree their own price for their slice of BP. Think someone has already quoted 10 months for the Barnsley take over.

 

lets get the right owner who can not only sustain us but is willing to help us develop and grow. We have been starved enough

"Resigned." I reckon the FA/EFL are onto him...

[underdog]

Dear all....I know it's frustrating as we are all desperate for good news. In the meantime, I will just copy over the Trust Oldham "best case scenario" we posted  in September time to answer some questions at the time

 

Negotiations with the current shareholder who is looking to sell 
Potential investor would seek Due Dilligence in order to confirm details disclosed/not disclosed in negotiations
Initial consultation with EFL/FA regarding F&PP test requirements
Acceptable proposal to the current shareholder
Proposal presented to the club board of directors and Trust Oldham
Permission would need to be sought from the current debenture holders (Brass Bank and Necarcu) as both debenture agreements do not permit the sale of any of the 97% shareholding without the settlement of the debentures*
Debentures settled, board permission granted and Trust Oldham blessing acquired
F&PP test undertaken on relevant individuals (potential new directors/shareholders disclosed to FA/EFL)
Appointment of any new directors at Companies House
Investor/Takeover largely completed
*At present it should be noted that due to the debentures in place, the control of the 97% shares rests with them and therefore permission would have to be granted by them for any sale.  Both the Oldham Athletic board of directors (via a majority vote) and Trust Oldham would have to give their approval for any investment/sale before the 97% shareholder can complete any investment/takeover.
Even in the case of exclusive negotiations, a new investor / shareholder can not be exercising influence over club contractual issues, and certainly if an agent is involved this should extend towards the team or playing staff.
The case outlined above is a best case scenario and would largely constitute the “best” way a process should run.
We’ve outlined the major steps to try and  Most of the steps outlined are not simple tick-box exercises, though the timescales can vary based on the resources and will of all parties involved.
We hope this goes someway to outlining to you how any new investment / takeover could happen (regardless of who is involved) and clarifies a few basic governance points.
We remain hopeful that the current interest (and indeed any other) can be progressed in a manner that suits all parties.

[archiecat]

 

 

[Midsblue]

1 hour ago, underdog said:

Dear all....I know it's frustrating as we are all desperate for good news. In the meantime, I will just copy over the Trust Oldham "best case scenario" we posted  in September time to answer some questions at the time

 

Negotiations with the current shareholder who is looking to sell 
Potential investor would seek Due Dilligence in order to confirm details disclosed/not disclosed in negotiations
Initial consultation with EFL/FA regarding F&PP test requirements
Acceptable proposal to the current shareholder
Proposal presented to the club board of directors and Trust Oldham
Permission would need to be sought from the current debenture holders (Brass Bank and Necarcu) as both debenture agreements do not permit the sale of any of the 97% shareholding without the settlement of the debentures*
Debentures settled, board permission granted and Trust Oldham blessing acquired
F&PP test undertaken on relevant individuals (potential new directors/shareholders disclosed to FA/EFL)
Appointment of any new directors at Companies House
Investor/Takeover largely completed
*At present it should be noted that due to the debentures in place, the control of the 97% shares rests with them and therefore permission would have to be granted by them for any sale.  Both the Oldham Athletic board of directors (via a majority vote) and Trust Oldham would have to give their approval for any investment/sale before the 97% shareholder can complete any investment/takeover.
Even in the case of exclusive negotiations, a new investor / shareholder can not be exercising influence over club contractual issues, and certainly if an agent is involved this should extend towards the team or playing staff.
The case outlined above is a best case scenario and would largely constitute the “best” way a process should run.
We’ve outlined the major steps to try and  Most of the steps outlined are not simple tick-box exercises, though the timescales can vary based on the resources and will of all parties involved.
We hope this goes someway to outlining to you how any new investment / takeover could happen (regardless of who is involved) and clarifies a few basic governance points.
We remain hopeful that the current interest (and indeed any other) can be progressed in a manner that suits all parties.

 

Has The Trust had anything presented to them yet regarding takeover?  Tad concerning when that's in the very early stages of your list and when someone suggested late last week that it could be completed within days.

 

Mr Lemsagam was at the Bristol Rovers home game with his lad yet again a mascot.  I seriously hope this guy has the funds to strengthen us and move us on rather than someone doing a lot of talking and playing the prospective owner before stepping aside when the incumbent gets impatient 

[peanuts]

8 hours ago, Midsblue said:

 

Has The Trust had anything presented to them yet regarding takeover?  Tad concerning when that's in the very early stages of your list and when someone suggested late last week that it could be completed within days.

 

Mr Lemsagam was at the Bristol Rovers home game with his lad yet again a mascot.  I seriously hope this guy has the funds to strengthen us and move us on rather than someone doing a lot of talking and playing the prospective owner before stepping aside when the incumbent gets impatient 

ala this guy hopping we are not being made mugs of 

[blueatheart]

18 hours ago, kowenicki said:

 

Trust me. Some small businesses are just as bad. 

Latics being one of them.

[Ritchierich]

Is it any wonder that a takeover or investment is difficult given the complex and opaque corporate structure the 3 Amigos have put in place to protect their “investment “ and extract profits where they can from the club.....land deals, houses, dodgy loans from 3rd parties, the events centre etc etc

 

They have run the club in a secretive way and dismissed any requests for clarity on what is going on with the finances....none of our business apparently 

 

That said, and as bad as it’s been, I am even more concerned about the potential “investor”...something doesn’t add up here but of course we’ll never know given the usual silence from the owners and the impotent Trust

[underdog]

48 minutes ago, Ritchierich said:

Is it any wonder that a takeover or investment is difficult given the complex and opaque corporate structure the 3 Amigos have put in place to protect their “investment “ and extract profits where they can from the club.....land deals, houses, dodgy loans from 3rd parties, the events centre etc etc

 

They have run the club in a secretive way and dismissed any requests for clarity on what is going on with the finances....none of our business apparently 

 

That said, and as bad as it’s been, I am even more concerned about the potential “investor”...something doesn’t add up here but of course we’ll never know given the usual silence from the owners and the impotent Trust

Ouch....impotent Trust? Just because we don't spit our dummies out over every hurdle, block, rug pulled out of us, doesn't mean we are not acting in the best way for our club. 

 

Do you think we sit twiddling our thumbs because the powers to be usually tell us..."don't worry Trust because we say everything is okay...it's okay?".

 

Ohhhhh if only we could do a kiss and tell story....but less of the kissing bit. Sometimes, we have to make decisions that puts the club first not back stab it and it's been bloody hard of late to do that. The survival of OAFC is pivotal and we have to bite our tongues off regularly to protect it....not the chairman....the club.

 

please don't mistake our silence  as oh well no news is good news.....we have to put our own wheels in motion, monitoring the on going situation, doing our own checks/legal implications.

 

impotent? I've been deflated recently but impotent? Well I can only "raise" it with the males on the team.

 

 

 

[palmer1]

30 minutes ago, underdog said:

Ouch....impotent Trust? Just because we don't spit our dummies out over every hurdle, block, rug pulled out of us, doesn't mean we are not acting in the best way for our club. 

 

Do you think we sit twiddling our thumbs because the powers to be usually tell us..."don't worry Trust because we say everything is okay...it's okay?".

 

Ohhhhh if only we could do a kiss and tell story....but less of the kissing bit. Sometimes, we have to make decisions that puts the club first not back stab it and it's been bloody hard of late to do that. The survival of OAFC is pivotal and we have to bite our tongues off regularly to protect it....not the chairman....the club.

 

please don't mistake our silence  as oh well no news is good news.....we have to put our own wheels in motion, monitoring the on going situation, doing our own checks/legal implications.

 

impotent? I've been deflated recently but impotent? Well I can only "raise" it with the males on the team.

 

 

 

 

Yeah its a good job you don't do that!

[Ritchierich]

1 hour ago, underdog said:

Ouch....impotent Trust? Just because we don't spit our dummies out over every hurdle, block, rug pulled out of us, doesn't mean we are not acting in the best way for our club. 

 

Do you think we sit twiddling our thumbs because the powers to be usually tell us..."don't worry Trust because we say everything is okay...it's okay?".

 

Ohhhhh if only we could do a kiss and tell story....but less of the kissing bit. Sometimes, we have to make decisions that puts the club first not back stab it and it's been bloody hard of late to do that. The survival of OAFC is pivotal and we have to bite our tongues off regularly to protect it....not the chairman....the club.

 

please don't mistake our silence  as oh well no news is good news.....we have to put our own wheels in motion, monitoring the on going situation, doing our own checks/legal implications.

 

impotent? I've been deflated recently but impotent? Well I can only "raise" it with the males on the team.

 

 

 

 

I appreciate the work you and your colleagues put in but it still frustrates me the way the business affairs of the club are shrouded in secrecy and rumour .....whatever anyone says, Football clubs are unique entities with a "customer base" unlike any other business sector.....I feel that if the club and the 3 Amigos specifically had been more transparent then they would have had a lot more support from the fan base and the wider community....maybe i'm an idealist but the Trust appears to be placed in an impossible position....supposedly acting as the voice of the supporters but effectively unable to update the supporters on anything substantial so as not to break confidentiality....this further allows Corney et al to hide behind yet another screen and leaves more rumours to flourish

 

.......basically, it's all a bit crap and an all too familiar story in the murky world of Football

 

How about the club (aka Blitz and Gazal) actually tell us what the financial and legal structure of the club is and how the cash flows work, what the playing budget look like etc etc and you know what, there might have been a lot of Latics fans willing and able to help and support in more ways if they felt they could trust where their money was going  

[Nohairdontcare]

Hi Underdog - I appreciate the difficulty of your position given a multitude of circumstances. 

 

Would I be correct in thinking that the trust has information on what goes on behind the scenes that - if made public - would jeopardise the survival of the club?

 

if that’s the case no wonder things are dragging on. 

 

Another question - does the trust have any information not already in the public domain regarding the takeover? 

 

Genuine questions - no anti-trust agenda or point scoring here. 

[Hands on]

Buying everything i.e. the football club - Oldham Athletic (2004) Association Football Club Limited - and the land, stadium and buildings and all businesses run from said land, stadium and buildings would be a ball ache but I suspect if anyone came along with the outrageous amounts of money they seem to want it wouldn't be a problem - problem here is that so far nobody stupid enough with the money has come along.

 

Buying the 97% shareholding in Oldham Athletic (2004) Association Football Club Limited shouldn't be that difficult unless there are problems, hinted at by the limited information we have, concerning the debts the company has.  Even then you find out the deal with the stadium and the loans.  If you don't like it you walk away.  If there is room for a deal you negotiate.  Once this is agreed and surely this can't have been left until after Corney spoke out of turn, benefit of hindsight, in August.  Can't take five months from then to buy the 97% shareholding in one loss making football club.

 

Of course it is a problem that someone who was an Agent is the buyer because the FA & EFL have to be certain that he is in fact no longer an Agent.  Easy if the Agency had been sold to a third party but not so easy when as I understand there is a connection with the purchaser.

 

What really concerns me on 2nd January 2018 is that, correct me if I'm wrong Underdog, the Trust still hasn't been contacted which implies that the deal is not yet finalised nor cleared by FA and EFL.