I am blessed with an array of friends from different backgrounds…but all are supporters of “top 6 clubs”.
I have the delusional entitled Chelsea one who thinks 3rd place and a Europa League trophy are abject failure and the managers head should roll.
I have the obligatory Man Utd fan who talks a good game but has never been to Old Trafford and is still getting used to being a real supporter that doesn’t win the league 2 out of 3 seasons.
Liverpool fans that still wish it was the 80’s and Man City fans who have become a lot like Man Utd fans in the 90’s.
All of them consider me the footballing poor relation and every season tell me how they are glad Newcastle are still a Premier League side because that’s 6 points they can rely on this season.
Cue Sheikh Khaled and now before anything has happened we are going to try and buy the title, because none of their teams could be accused of that now could they?
I’m more hopeful of this happening than any of the other reported bids in the past. Do I think it will confirm us as a European powerhouse? No! Do I have aspirations of winning trophies? Absolutely, but am under no illusion of what it takes. To me this take over is about levelling the playing field.
If the Premier League was a casino, the top 7 or 8 teams are playing on the high stakes table with the free drinks and the beautiful women. We are playing the slot machines looking on enviously. The takeover would give us a seat at the table, would allow us to compete as equals.
We won’t be spending like City or Liverpool but I would like to get to a point where we hear about West Ham or Bournemouth being interested in one of our transfer targets and we dont just throw in the towel because we know we will be out gunned financially.
What does a successful takeover really mean?
It’s a seat at the big table.
It’s St James Park being the worst away day for every team in the league instead of “an easy 3 points”.
It’s being able to compete with and beat the likes of Bournemouth, Palace and Brighton financially.
It’s about giving our world class manager the resources he deserves because for £100mil Rafa will give you £200mil worth of results.
It’s about restoring pride!
Repost – My 2 cents worth – as a solicitor with experience of takeover transactions, the steps to the transaction are usually:
(1) Heads of Terms / MOU signed usually with a Confidentiality Clause and/or Grant of Exclusivity to potential buyer for X amount of time to complete Due Diligence, with a definitive agreement ie Sale & Purchase Agreement (S&P) to be entered into at the end of the period, otherwise the Heads of Terms (HOT) loses effect. Usually the Seller will ask for a Deposit as Consideration to enter into the HOT but in our case, it could also be evidence of Proof of Funds such as a Financial Resources Confirmation Letter from a bank.
(2) Upon completion of satisfactory Due Diligence, parties enter into a formal Share S&P, with one key Condition Precedent (ie conditions that have to be satisfied before the completion of the transaction) being approval from the relevant authorities (in our case the Premier League Board with their Fit & Proper Assessment).
(3) Upon satisfaction of all Conditions Precedent, completion of transaction takes place with payment of remaining consideration by buyer and transfer of shares (to be notified to Companies House) from seller to buyer.
I keep reading from the Chronicle that there is no “bid” – the simple answer to this is that as a private company owned by private person(s), the only documents you need to buy and sell the company is the Share S&P. You only lodge a formal offer / bid and issue an Offer Document if you are taking over a Public Listed Company. So this obsession with there not being a “bid” sounds like bull to me. Mike Ashley is the only person that needs to sign off on the S&P with the buyer.
I also notice that the media has another obsession with the takeover being conducted in public. As I mentioned in (1) above, there may have been a Confidentiality Clause in the Heads of Terms preventing disclosure during the period of Due Diligence. However, once the S&P has been signed, and assuming that there is no further Confidentiality Clause in the S&P itself, both Buyer and Seller are free to publicise the transaction. Having said this however, I would usually put in a Confidentiality Clause in the S&P just so as to prevent any possibility of a last minute competitor coming in, inducing the Seller to breach the S&P and go to the competitor offering more attractive terms. So it does seem odd that this whole transaction is being conducted in public.
I have no idea what kind of “terms” or documentation has been submitted to the Premier League as intimated by BZG, but if the S&P has been signed, then it would be difficult for Mike Ashley to back out unless he wants to have his pants sued. And assuming Due Diligence has been completed and satisfactory, then the sole remaining obstacle / condition precedent to be satisfied will be the Fit and Proper Person Assessment by the Premier League.
Fingers & toes all crossed this takeover gets through!
DT(Quote)
Its good to see that you, Archie and those with contacts and knowledge are all sing off the it’s genuine hymn sheet
PremAndUp(Quote)
Nice to see an article on here that isnt just a recycled chronicle article from 2 days ago
Good read
Asha(Quote)
Glad you enjoyed!
Harsh comment mind – you can’t read much of the blog if you think we only post old articles from the Chronicle! If anything, we share what’s in the media quickly 9/10 – before it’s made the Chronicle’s daily ‘live blog’ or being talked about all over Twitter/FB.
Yes we share the news that other outlets have reported, I don’t deny that, but it’s a blog that brings everything that’s being claimed together and has includes our opinion on it all.
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Olly Hawkins(Quote)