whay this is such good news we know RM has limited funds
personally i couldnt have wanted a better owner but what does it all mean and why is this better for potential owners
Some one any one expalin it simply
i'll try, but i don't totally understand it myself. as you know most of our debt was owned to the directors, who together controlled the club. well Murray has bought them out and, i guess, agreed a settlement over the debt owed to them. So Murray is now the majority shareholder and controls the club, plus he has settled the majority of our debt. meaning anyone now interested in buying the club doesn't have pay the £20m debt to the directors.
whay this is such good news we know RM has limited funds
maybe he benefited from Celador's large settlement in the States over Who Wants to be a Millionaire. He was involved with Celador then and I read recently that Jaspar Carrot was going to pocket a very tidy sum (5m+) from it. He had said recently that his cupboard was bare so something must have cahanged.
NLA, I don't know the answers and it doesn't sound like all our problems have gone just away but it sounds like we'll be a bit more stable and POTENTIALLY more likely to attract more investment.
As I said it raises more questions than it answers right now.
BTW Steve Kavanagh has said he'll come to Bromley Addicks in Sept. Can't imagine a big turnout with so little to ask him about :-
Now on the SLP site, mentions it only being an agreement and there will be an extraordinary general meeting in August.
CHARLTON chairman Richard Murray has agreed a deal to assume full control of the club.
Pending the consent of shareholders at an extraordinary general meeting in August, Murray will complete the buyout and take sole charge of the Addicks.
"I am very grateful to Derek Chappell, Sir Maurice Hatter, David Hughes, David Sumners, Steven Ward, David White and Bob Whitehand that, together with me, they have agreed to restructure and reduce the company debt, which in itself should make the club highly attractive to potential investors.
"This is a tremendous gesture on their part and I am grateful to each and every one of them for their past support and for the action they are taking now in the interests of the football club they all love.”
Restructure and reduce is not the same as write-off but that said "reduce" implies SOME level of write-off.
As ever the devil is in the detail but hopefully good news which will secure the future of our club.
[cite]Posted By: LenGlover[/cite]"I am very grateful to Derek Chappell, Sir Maurice Hatter, David Hughes, David Sumners, Steven Ward, David White and Bob Whitehand that, together with me, they have agreed to restructure and reduce the company debt, which in itself should make the club highly attractive to potential investors.
"This is a tremendous gesture on their part and I am grateful to each and every one of them for their past support and for the action they are taking now in the interests of the football club they all love.”
Restructure and reduce is not the same as write-off but that said "reduce" implies SOME level of write-off.
As ever the devil is in the detail but hopefully good news which will secure the future of our club.
well, the others mentioned have written off some of their debt and sold the rest to RM. Whatever debt there is is now all his.
Now on the SLP site, mentions it only being an agreement and there will be an extraordinary general meeting in August.
CHARLTON chairman Richard Murray has agreed a deal to assume full control of the club.
Pending the consent of shareholders at an extraordinary general meeting in August, Murray will complete the buyout and take sole charge of the Addicks.
well, considering everyone involved has already agreed it it will hardly not get the consent it requires.
Just done a bit of digging around and noticed that a new company was formed on 16/7/2010 called Charlton Athletic 2010 Limited (Reg No 07317403). Its registered office is in Leeds. It has 2 shareholders; Michael Bold with an address in Cheshire and Sebastien Charles Sainsbury with an address in Geneva. Both of these people have only one other Directorship listed, a company called Caistorian Limited which also has a registered address in Leeds and was incorporated on the same date, 16/7/2010.
Don't think it's going to be milk and honey by any stretch, maybe just enough to do some keyhole debt surgery and less than £250-500k for transfers/new wages
Yes, Henry, we shouldn't get carried away at all by this. I don't believe that finances have suddenly taken a massive boost. I think that the path to investment has just been cleared.
Why no screen and 10 redundancies if we are entering a land of milk and honey?
[cite]Posted By: LenGlover[/cite]"I am very grateful to Derek Chappell, Sir Maurice Hatter, David Hughes, David Sumners, Steven Ward, David White and Bob Whitehand that, together with me, they have agreed to restructure and reduce the company debt, which in itself should make the club highly attractive to potential investors.
"This is a tremendous gesture on their part and I am grateful to each and every one of them for their past support and for the action they are taking now in the interests of the football club they all love.”
Restructure and reduce is not the same as write-off but that said "reduce" implies SOME level of write-off.
As ever the devil is in the detail but hopefully good news which will secure the future of our club.
well, the others mentioned have written off some of their debt and sold the rest to RM. Whatever debt there is is now all his.
I got the impression from reading the OS that shares had been sold, hence RM having sole control, but the loans to the (presumably) former directors remain albeit "restructured" and "reduced."
It does seem paradoxical that the big screen is off to the knackers yard and fans are being asked to clean seats if we are markedly better off.
I don't mean to be negative as I have the utmost respect for RM but I am puzzled.
Yes, Henry, we shouldn't get carried away at all by this. I don't believe that finances have suddenly taken a massive boost. I think that the path to investment has just been cleared.
Why no screen and 10 redundancies if we are entering a land of milk and honey?
Comments
i'll try, but i don't totally understand it myself. as you know most of our debt was owned to the directors, who together controlled the club. well Murray has bought them out and, i guess, agreed a settlement over the debt owed to them. So Murray is now the majority shareholder and controls the club, plus he has settled the majority of our debt. meaning anyone now interested in buying the club doesn't have pay the £20m debt to the directors.
maybe he benefited from Celador's large settlement in the States over Who Wants to be a Millionaire. He was involved with Celador then and I read recently that Jaspar Carrot was going to pocket a very tidy sum (5m+) from it. He had said recently that his cupboard was bare so something must have cahanged.
what about the directors i feel we owe them a huge thanks and i hope they are still involved in some capacity
Not many better people I can think of wanting to run my club than Murray.
I imagine a few of them may be appearing on this interim board under RM, perhaps in a non-executive capacity
I LOVE MUZZA !!!!!
Agree totally with Henry...It's now down to us to do our bit starting with the seat cleaning operation. I'm putting my name forward now.
As I said it raises more questions than it answers right now.
BTW Steve Kavanagh has said he'll come to Bromley Addicks in Sept. Can't imagine a big turnout with so little to ask him about :-
Has to be down to the US/global sell off rights to W.W.T.B.A.Millionaire (Celador) which Mr Murray will greatly benefit from.
Parky's first proper signing coming up, oo-er, let's hope he gets it right, as he has (in all fairness) with most of HIS acquisitions.
Seat cleaning volunteers required
Murray takes over
Not even a Thursday!
Now on the SLP site, mentions it only being an agreement and there will be an extraordinary general meeting in August.
"This is a tremendous gesture on their part and I am grateful to each and every one of them for their past support and for the action they are taking now in the interests of the football club they all love.”
Restructure and reduce is not the same as write-off but that said "reduce" implies SOME level of write-off.
As ever the devil is in the detail but hopefully good news which will secure the future of our club.
http://www.dailymarkets.com/stock/2010/07/07/avesco-to-gain-50-mln-from-celadors-litigation-win-against-disney-update/
Reams will be fuming !!
Ha ha Large, I just can't wait to see how he is going to spin this one!
Mr. Murray, I take my hat off to you, you are a legend in this club's history sir.
Big smiles! Big smiles!
Murray and Varney anyone?
deja vu
well, the others mentioned have written off some of their debt and sold the rest to RM. Whatever debt there is is now all his.
well, considering everyone involved has already agreed it it will hardly not get the consent it requires.
Sebastien Sainbury tried to buy Leeds in 2004.
wouldn't be at all surprised to see him invited onto the new Board. Will be a pretty small one I believe.
which are some of the questions raised.
Why no screen and 10 redundancies if we are entering a land of milk and honey?
Still plenty more to be revealed here.
I got the impression from reading the OS that shares had been sold, hence RM having sole control, but the loans to the (presumably) former directors remain albeit "restructured" and "reduced."
It does seem paradoxical that the big screen is off to the knackers yard and fans are being asked to clean seats if we are markedly better off.
I don't mean to be negative as I have the utmost respect for RM but I am puzzled.
It will all come out in the wash I guess.
toss pot
And yes I said PROXY ; - )