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Zabeel switch attention to West Ham - Denied

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    I understand that West Ham have denied they are up for sale. Clearly there appears to be pressure on the Icelandic owner from the Icelandic Govt, to move his money back to Iceland. Does that make West Ham insolvant/about to go into administration? No not necessarily is my view. West Ham is a separate legal entity which has it's own assets and liabilities and the Icelandic guy merely owns the shares. There may be in problems because, either, they have cash tied up in the Icelandic Bank/Banks, or more likely their debt financing has unravelled and they are finding it difficult to find new lines of credit. On the other hand the Icelandic guy is supposed to have a great deal of personal wealth outside of his banking interests so his personal guarantees may still have some value. Clearly things have moved fast in the last couple of weeks and if Zabeel did approach West Ham a while ago and were given the bums rush, there may now be a new situation arisen.

    As for the £30-50M potential liability for the Tevez affair, well things have improved somewhat on that front as it appears that an appeal may possibly be heard at the Court of Arbitration for sport. Of course West Hams accounts will show that as a contingent liability which will affect the value of the club.

    What we know is that Zabeel have spoken publically about their desire to purchase us, there is a due dilligence process going on. Sounds to me like a very clear attempt to purchase rather than some half whispered negotiation to buy the Hammers (or Liverpool) (Both stories come from the Guardian).
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    Cheers ali, that really looks like I know what I'm doing now.
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    Stories in newspapers & other media are just sell papers/get readers/viewers in order to sustain/increase advertising revenue. Any relevance to truth is merely co-incidental.


    The OS is possibly the most cautious news outlet on the planet - and I doubt very much if they'd been authorised to release news of possible/probable takeover without Richard Murray & co being in a very confident position.

    That article also directly said that Zabeel had approved Charlton's news release.
    In my opinion, I don't believe that would have been permitted unless negotions were well advanced.

    Sit tight, everyone!
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    to be fair the OS press release is entirely consistent with the possibility of the bid being hijacked or not, it simply states we are subject to dd pending a formal offer.
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    edited October 2008
    [cite]Posted By: bingaddick[/cite]As for the £30-50M potential liability for the Tevez affair, well things have improved somewhat on that front as it appears that an appeal may possibly be heard at the Court of Arbitration for sport. Of course West Hams accounts will show that as a contingent liability which will affect the value of the club.
    Bing, I thought for the appeal to be heard at the Court of Arbitration for sport that both parties had to agree to it being heard there. Seeing as Sheff Utd have already had a ruling in their favour, why would they risk agreeing to it and then having that ruling turned over? Sounds like wishful thinking on the Hammers part to me. Just cos they keep saying it, doesn't make it true.
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    [cite]Posted By: aliwibble[/cite]
    [cite]Posted By: bingaddick[/cite]As for the £30-50M potential liability for the Tevez affair, well things have improved somewhat on that front as it appears that an appeal may possibly be heard at the Court of Arbitration for sport. Of course West Hams accounts will show that as a contingent liability which will affect the value of the club.
    Bing, I thought for the appeal to be heard at the Court of Arbitration for sport that both parties had to agree to it being heard there. Seeing as Sheff Utd have already had a ruling in their favour, why would they risk agreeing to it and then having that ruling turned over? Sounds like wishful thinking on the Hammers part to me. Just cos they keep saying it, doesn't make it true.

    Things have moved on since then.

    Appeal link
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    There not interested

    No to West Ham

    Great News
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    At least that article contains a worthy quote denying interest, good find Curbey.
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    [quote][cite]Posted By: Curbey[/cite]There not interested

    [url=[url]http://www.thisislondon.co.uk/standard-sport/article-23572422-details/article.do?ito=newsnow&[/url]]No to West Ham[/url]

    Great News[/quote]

    That looks great for us.
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    That seems pretty f*cking conclusive to me, and backs up the point about being in due diligence.
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    nice one!
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    A lesson here then one an all. Don't read everything you believe.
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    Right, so can people please change their nappies now!
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    [cite]Posted By: bingaddick[/cite]A lesson here then one an all. Don't read everything you believe.

    playing devils advocate here....

    why should we believe that then?!!
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    [cite]Posted By: Off_it[/cite]Right, so can people please change their nappies now!
    lol
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    [cite]Posted By: SE10Addick[/cite]
    [cite]Posted By: bingaddick[/cite]A lesson here then one an all. Don't read everything you believe.

    playing devils advocate here....

    why should we believe that then?!!

    Oh pleaaaaaaaaase come on. Res ipsa loquiter.
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    The guardians "report" was the best example of lazy journalism ive seen for a good month or so. lets just wait for official statements and take it from there. the wait is frustrating but that is business.
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    then we can put that c**nt reporter in the stocks
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    I have seen his email address somewhere..... we could bombard him with toot
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    yes please
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    [cite]Posted By: PeteF[/cite]I have seen his email address somewhere..... we could bombard him with toot
    Nah, don't be daft. Just wait til it's all gone through then send him gloating emails about how he got suckered by the Hammers board.
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    feel better Steve... I certainly do....

    my boss over here doesnt understand and didnt understand why id suddenly gone very quiet at work ...
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    i just want to sleep for a couple of weeks and then someone wake me up and say it's all happy days.
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    me to pal.... Ive got a bottle of chanpagne at work so if I here there I will pop and celebrate the future of charlton athletic football club
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    It would be nice if it can be done and dusted asap, not just for us but also for the squad's piece of mind. The uncertainty might upset them as much as us and considering the panic from some on here think how the players might be reacting to each twist.
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    [quote][cite]Posted By: cfgs[/cite]It would be nice if it can be done and dusted asap, not just for us but also for the squad's piece of mind. The uncertainty might upset them as much as us and considering the panic from some on here think how the players might be reacting to each twist.[/quote]

    exactly what I was thinking and I think thats maybe why zabeel came out and made the statement within three hours of it coming out....
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    wouldn't want anything else to upset them would we poor little loves.
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    I'm boycotting the guardian for the foreseeable future.
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    [cite]Posted By: northstandsteve[/cite]wouldn't want anything else to upset them would we poor little loves.

    LOL.....yep, so when Barnsley & Bristol City turn us over at home in the next couple of weeks they can all blame the ongoing due dilligence, its an excuse made in heaven for them (I for one wouldnt be surprised)
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    Well with this latest news my comment are now out of date but no matter…

    I have not read the Guardian article. I neither know the author nor his journalistic status in terms of seniority or field of expertise. What we all now know following the global banking crisis is business standards and ethics were not what they were. Though due diligence does not automatically prevent other dialogue from my albeit limited experience with Middle East organizations they have a strong set of values.

    We know Zabeel committed itself to an indicative offer and agreed the public announcement terms. In such circumstances Zabeel WILL NOT ONLY NOT be speaking to anyone else during due diligence (it may well breach any heads of agreement with Charlton) they will take serious offence at the very suggestion.

    They have no need to prostitute their reputation. Other opportunities noted in the media will not be going anywhere in a hurry. All of which reduces the content value of this speculative article.

    Respecting West Ham fans wishes (they have my sympathy for the way their club has been run in recent years)for a quick sale, unless at a ridiculously low price, it will not happen. It carries a lot of baggage (much of it unresolved). One can but imagine the level of due diligence needed. In any event in a buyer’s market the passage of time (even to administration) strengthens a buyer’s position.

    This does not guarantees Zabeel will invest in Charlton. They can complete due diligence, withdraw and start all over again elsewhere. It happens. Nor does it negate someone else in the Maktoum family exploring other opportunities.

    Never the less I suspect the Guardian writer feels he has scaled new heights. I doubt he has ever penned an article to attract such attention.

    As for us - be patient, if the deal is right for Charlton and Zabeel it will happen. If not it is better it does not happen at all.


    Grapevine49
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