[cite]Posted By: Algarveaddick[/cite]Can someone explain to me why they are selling them so cheaply?
One grotty house for £200k seems reasonable IMO
Not so sure about the land at the training ground but hope to hear that point answered today.
More concerned about the land in Landsdowne Mews because of its location and impact on any East Stand development than Sparrows Lane to be honest. That is also a concern but very much long term.
[cite]Posted By: Algarveaddick[/cite]Can someone explain to me why they are selling them so cheaply?
One grotty house for £200k seems reasonable IMO
Not so sure about the land at the training ground but hope to hear that point answered today.
More concerned about the land in Landsdowne Mews because of its location and impact on any East Stand development than Sparrows Lane to be honest. That is also a concern but very much long term.
In terms of property valuation the original letter referred to the Board taking independent advice but said no more. I would like to think that the point is answered a bit more fully at the meeting.
Looking from the reverse side of the deal the Trustees of the Pension Plans (albeit Murray and Hatter) would need to act correctly with their assets as I guess other members of the families would be beneficiaries. I know we as shareholders dont give a toss about that but I think there is no need for this transaction to be anything but fully transparent.
[cite]Posted By: Algarveaddick[/cite]Can someone explain to me why they are selling them so cheaply?
One grotty house for £200k seems reasonable IMO
Not so sure about the land at the training ground but hope to hear that point answered today.
More concerned about the land in Landsdowne Mews because of its location and impact on any East Stand development than Sparrows Lane to be honest. That is also a concern but very much long term.
two grotty houses for 200k
Exactly, so back to my original question. Why are they selling two houses so cheaply?
I think a simple statement that both parties appointed a Commercial Estate Agent/Valuer and the auditor nominated an Independent and they agreed on the mid price valuation of the 3 reports would save on this sort of speculation.
[cite]Posted By: Imissthepeanutman[/cite]I think a simple statement that both parties appointed a Commercial Estate Agent/Valuer and the auditor nominated an Independent and they agreed on the mid price valuation of the 3 reports would save on this sort of speculation.
Dave Rudd is part of a Charlton Fans Forum that has had the chance to meet with board members and he is confident that fellow supporters should not worry about the sale.
Rudd said: "I spoke to members of the board last week and have been told this will not hinder our chances of a takeover.
"The club want to secure our future and by selling to the board members we still have internal control of the club. I trust them."
I didn’t take minutes so this is not a full record. Others who were there will be able to correct or add to what I say. There are no verbatim quotes unless stated.
There were 35 shareholders present that I counted. From the Club Gideon Franklin, Martin Simons, Richard Murray, Stuart from Vertex Law, Nigel Capelin, Steve Waggott and Steve Kavenagh were present. Bob Whitehand wasn’t there which was a surprise to me at least although he may have had a good reason for not being able to make it.
The formal part of the meeting was covered resolution by resolution and was voted on
Richard Murray (RM) explained the background with the losses of £8.2m last year, the almost impossibility to for any football clubs to borrow money that lead to the club needing a cash injection. RM said that sales of the assets was the best way to bring cash in without damaging the club, the board having already postponed “almost indefinitely” the interest on the bond scheme.
On the various parts of the training ground the sale covers all of the Sparrows Lane complex.
There will be a 25 year lease.
There is a buy back clause the price of which will be determined at the time but which can not be more than 20% more than the price paid. This is to allow for legal and other costs such as Stamp duty.
The club has the first option to buy back.
The club purchased the training ground for £0.5m in 1999 so this is profit but will not incur tax.
The price was set from two valuations one in June 2008 (obviously no longer valid) and Jan 2009. The price was discounted by 20% to allow for marketing, cost of sale and other costs and to factor in the need for capital relatively quickly
Rent will be paid at 7 or 8% of price. RM made the point that a higher sale price would have meant a higher rental ie 7% of £2m is double that of £1m.
The situation with the one house in Landsdowne Mews was very similar in terms of valuations, buy back, etc. Bob Whitehand was not present but without speaking for him the panel said they believed his intention was to refurbish and rent out the house rather than develop.
All resolutions were passed as Shirty5 says.
On wider issues Administration was commented on and RM said that we had a “better business than that” and that while things were bad we were still relatively better off than some.
There is a major cost cutting and redundancy programme, as well known, that could leave up to 50 posts unfilled either through redundancy and a freeze on recruitment to vacancies. No more info was given as to who but will effect both the Training Ground and The Valley.
The option being considered by Southampton of the council buying the Stadium was seen as a possibility that could be considered with Greenwich although it didn’t seem that it was a plan, merely an idea. Greenwich were said to be very pro the club and would see us not being in the borough, for whatever reason as a big blow.
RM said we have a “viable forecast” on the budget but we might have to sell “1 or 2” players. Many of the high earners will be leaving in anycase.
We could operate financially OK in the CCC so need to get back up ASAP.
No decision on Parky as manager although RM said they could see an improvement but accepted it had taken a long time. Will decide in next couple of weeks.
RM said that PP views were very different from Pardews on just about everything from the type of player to the style of play. PP for example wanted to keep Iwelumo and very much looks for players with character.
Hope to offer Jon Fortune a contract. Darren Ward – would love to keep but he gets a big pay rise from Wolves when they go up. We will get a bonus from Brum if they go up for Marcus Bent and from Bordeux if they make the Champs League.
Said that Pardew was given every chance to succeed.
RM said “it was our (the board’s) collective mistakes but I personally also have to take the blame….. we backed two men who didn’t spend our money wisely”
RM also said he was “sorry and embarrassed” about the way things have happened including relegation.
Asked to predict the future RM said “we are definitely going down this year” (it was a joke and people laughed before anyone jumps on it).
The elephant in the room was a potential takeover. No news but RM did say he couldn’t and wouldn’t comment in any case but the club are being pro-active and the whole world knows we, and just about every other club, is for sale.
The sale of the assets will not hinder any sale.
The Ivory Coast deal is in the third year of a three year deal. We have 5 players in France but the pick of the players was sold to Standard Leige despite us having an option on him and this is now a source of dispute.
We are still trying to get special dispensation from the Home Office to bring the 5 other players over to the UK but the whole deal is being reviewed in light of the cuts and what happened with the player going to Standard.
Can’t remember what else was said. I’m sure others will.
despite a few errors of judgement, RM = still a top top 'charlton' man
Can't we bung the bonus from Brum for Bent to Darren Ward and hopefully keep him on the promise of 1st team football...assuming they both go up of course!
Comments
;o)
Dam, i was going to put a bid in of £205k for the 2 properties in Landsdowne Mews. ;-)
See you there.
One grotty house for £200k seems reasonable IMO
Not so sure about the land at the training ground but hope to hear that point answered today.
More concerned about the land in Landsdowne Mews because of its location and impact on any East Stand development than Sparrows Lane to be honest. That is also a concern but very much long term.
two grotty houses for 200k
In terms of property valuation the original letter referred to the Board taking independent advice but said no more. I would like to think that the point is answered a bit more fully at the meeting.
Looking from the reverse side of the deal the Trustees of the Pension Plans (albeit Murray and Hatter) would need to act correctly with their assets as I guess other members of the families would be beneficiaries. I know we as shareholders dont give a toss about that but I think there is no need for this transaction to be anything but fully transparent.
Exactly, so back to my original question. Why are they selling two houses so cheaply?
Or something of that nature.
But conspiracy theories are so much more fun.
forgot about this !
That's been talked about recently.
As Suzi has said before it's one house. BTW Nice ring.
When I get round to it I'll put something up in the Shareholders Only category : - )
Any objections?
No objections for the first two resolutions, and only one against the Landsdowne Mews property.
Questions were asked and answered on all 3 resoultions.
: - )
:P
Thanks Shirty
I didn’t take minutes so this is not a full record. Others who were there will be able to correct or add to what I say. There are no verbatim quotes unless stated.
There were 35 shareholders present that I counted. From the Club Gideon Franklin, Martin Simons, Richard Murray, Stuart from Vertex Law, Nigel Capelin, Steve Waggott and Steve Kavenagh were present. Bob Whitehand wasn’t there which was a surprise to me at least although he may have had a good reason for not being able to make it.
The formal part of the meeting was covered resolution by resolution and was voted on
Richard Murray (RM) explained the background with the losses of £8.2m last year, the almost impossibility to for any football clubs to borrow money that lead to the club needing a cash injection. RM said that sales of the assets was the best way to bring cash in without damaging the club, the board having already postponed “almost indefinitely” the interest on the bond scheme.
On the various parts of the training ground the sale covers all of the Sparrows Lane complex.
There will be a 25 year lease.
There is a buy back clause the price of which will be determined at the time but which can not be more than 20% more than the price paid. This is to allow for legal and other costs such as Stamp duty.
The club has the first option to buy back.
The club purchased the training ground for £0.5m in 1999 so this is profit but will not incur tax.
The price was set from two valuations one in June 2008 (obviously no longer valid) and Jan 2009. The price was discounted by 20% to allow for marketing, cost of sale and other costs and to factor in the need for capital relatively quickly
Rent will be paid at 7 or 8% of price. RM made the point that a higher sale price would have meant a higher rental ie 7% of £2m is double that of £1m.
The situation with the one house in Landsdowne Mews was very similar in terms of valuations, buy back, etc. Bob Whitehand was not present but without speaking for him the panel said they believed his intention was to refurbish and rent out the house rather than develop.
All resolutions were passed as Shirty5 says.
On wider issues Administration was commented on and RM said that we had a “better business than that” and that while things were bad we were still relatively better off than some.
There is a major cost cutting and redundancy programme, as well known, that could leave up to 50 posts unfilled either through redundancy and a freeze on recruitment to vacancies. No more info was given as to who but will effect both the Training Ground and The Valley.
The option being considered by Southampton of the council buying the Stadium was seen as a possibility that could be considered with Greenwich although it didn’t seem that it was a plan, merely an idea. Greenwich were said to be very pro the club and would see us not being in the borough, for whatever reason as a big blow.
RM said we have a “viable forecast” on the budget but we might have to sell “1 or 2” players. Many of the high earners will be leaving in anycase.
We could operate financially OK in the CCC so need to get back up ASAP.
No decision on Parky as manager although RM said they could see an improvement but accepted it had taken a long time. Will decide in next couple of weeks.
RM said that PP views were very different from Pardews on just about everything from the type of player to the style of play. PP for example wanted to keep Iwelumo and very much looks for players with character.
Hope to offer Jon Fortune a contract. Darren Ward – would love to keep but he gets a big pay rise from Wolves when they go up. We will get a bonus from Brum if they go up for Marcus Bent and from Bordeux if they make the Champs League.
Said that Pardew was given every chance to succeed.
RM said “it was our (the board’s) collective mistakes but I personally also have to take the blame….. we backed two men who didn’t spend our money wisely”
RM also said he was “sorry and embarrassed” about the way things have happened including relegation.
Asked to predict the future RM said “we are definitely going down this year” (it was a joke and people laughed before anyone jumps on it).
The elephant in the room was a potential takeover. No news but RM did say he couldn’t and wouldn’t comment in any case but the club are being pro-active and the whole world knows we, and just about every other club, is for sale.
The sale of the assets will not hinder any sale.
The Ivory Coast deal is in the third year of a three year deal. We have 5 players in France but the pick of the players was sold to Standard Leige despite us having an option on him and this is now a source of dispute.
We are still trying to get special dispensation from the Home Office to bring the 5 other players over to the UK but the whole deal is being reviewed in light of the cuts and what happened with the player going to Standard.
Can’t remember what else was said. I’m sure others will.
Can't we bung the bonus from Brum for Bent to Darren Ward and hopefully keep him on the promise of 1st team football...assuming they both go up of course!