[quote][cite]Posted By: LenGlover[/cite][quote][cite]Posted By: LargeAddick[/cite][quote][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.[/quote]
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.[/quote]
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.[/quote]
Yes this sounds like it can only be good news however the club is right to continue as though there is no news (this has not been signed off as yet) and so the non repair of the big screen & the seat cleaning right for a club with no money, which is what we continue to be until informed otherwise.
We got our fingers burned previously by waiting too long for the Zabeel takeover. The expectancy of that cost us dearly, in progress and morale.
This is a step closer to the club finding new owners, whether that be in the form of a complete takeover or a simple investment, but those prospects can be dampened by the fact it doesn't automatically appear that any are on the horizon, but at least the club is seemingly in a better position now.
Prospective investors will, apparently, be dealing with only RM, but the club now has a reduced debt burden as a consequence of the generosity of former shareholders absolving the debt the club owes them. The fact that also the existing debt has been re-structured again to make the club appear healthier, in a financial sense, is good news too. The only forseeable problem from all this is if RM cannot find any investment and finds himself in an increasingly desperate situation to offload the club in a year or two.
who is Steven Ward?.......never heard of him before.
Wasn't he the doctor in the Profumo Affair who topped himself. Most likely not the same person.
No, never heard of him either.
Bang on Henry Dr Stephen Ward 1912-1963 was accused of pimping and took his own life on the last day of the trial. So that probably rules him out!
On the serious matter of RM assuming full control of the club- I am very pleased for him(and us) and I feel that this could be the start of the turning point for our great club.
[cite]Posted By: Red_in_SE8[/cite]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.
[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.
It will all come out in the wash I guess.
but surely they have written off their debt/sold it to RM otherwise if they were still owed by the Club they'd want to retain a seat on the Board, I know I would. Seems to me that if say David White had shares/loans of 4m he has agreed to write off say 1.5 and sell the rest to RM for 2.5m. Massive gesture to the Club by all involved. I don't think we are markedly better off and things like the screen/seat washing are all part of general cutbacks. If RM has injected some cash in then I'd rather it went on the squad and promotion than a big screen and paying a company 10k to clean 27,000 seats.
[cite]Posted By: Red_in_SE8[/cite]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.
Comments
There we go. Murray has slowly killed this club and apparently over here on Charlton Life we've started a "celebratory thread".
"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.[/quote]
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.[/quote]
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.[/quote]
Yes this sounds like it can only be good news however the club is right to continue as though there is no news (this has not been signed off as yet) and so the non repair of the big screen & the seat cleaning right for a club with no money, which is what we continue to be until informed otherwise.
We got our fingers burned previously by waiting too long for the Zabeel takeover. The expectancy of that cost us dearly, in progress and morale.
We got where we were by all pulling together. We're being asked to do it again, only this time with a duster!
who is Steven Ward?.......never heard of him before.
The BBC have removed this before I could see it, the b@st@rds.
Wasn't he the doctor in the Perfumo Affair who topped himself. Most likely not the same person.
No, never heard of him either.
Prospective investors will, apparently, be dealing with only RM, but the club now has a reduced debt burden as a consequence of the generosity of former shareholders absolving the debt the club owes them. The fact that also the existing debt has been re-structured again to make the club appear healthier, in a financial sense, is good news too. The only forseeable problem from all this is if RM cannot find any investment and finds himself in an increasingly desperate situation to offload the club in a year or two.
Bang on Henry Dr Stephen Ward 1912-1963 was accused of pimping and took his own life on the last day of the trial. So that probably rules him out!
On the serious matter of RM assuming full control of the club- I am very pleased for him(and us) and I feel that this could be the start of the turning point for our great club.
Apologies Mr Ward.
Good work, very interesting.
but surely they have written off their debt/sold it to RM otherwise if they were still owed by the Club they'd want to retain a seat on the Board, I know I would. Seems to me that if say David White had shares/loans of 4m he has agreed to write off say 1.5 and sell the rest to RM for 2.5m. Massive gesture to the Club by all involved. I don't think we are markedly better off and things like the screen/seat washing are all part of general cutbacks. If RM has injected some cash in then I'd rather it went on the squad and promotion than a big screen and paying a company 10k to clean 27,000 seats.
Just wait till you hear the news on Thursday ;-)
(I'm Joking of Course!!)
So how rich are they? ;-)
Hmm - this is interesting
can everyone stop speculating and just wait and see or atleast move it to the takeover thread
either that or every time you go to the ground it costs 40 quid
i have never ever left sainsburys without being 40 quid lighter
Too much missing detail
When RM says we can now start the season with a competitive squad he might just mean we no longer have to sell Racon/Semedo