sounds more like a short term investment to cover the £3m six monthly loss they have just announced than a take-over. And five million investment isn't going to boost them to our current level.
More alarming was the fact that they admitted that the loss was not sustainable & if backers were not found Millsmall could go to the wall. Now I know we are not their biggest fans but that is not acceptable, someone has gotta come in & sort that mess out in Bermondsey.
I've got a friend who lives in Massachusetts who's told me by e-mail today that he's heard of that guy who's bought Millwall, owner of Chustnut Estates, apparently a big property developer there. They also apparently invested in The New England Patriots in 1959 when they earnt their place in the national football league over there, since when they've gone on to become a renowned force in American football. He reckons that they are sports lovers and have also invested in Harvard girls soccer team.
I don't think this is just a punt, they look like serious investors to me. Clearly though the Spanners were in pretty dire straights prior to this injection.
"Struggling Millwall Holdings, owner of Millwall Football Club, warned its shareholders today that unless they approved a £5 million rescue loan it would have to consider closure.
Chestnut Hill, a boutique US finance firm, has conditionally agreed to advance up to £5 million, which is convertible into shares in the club and would ultimately give it a stake of more than 50 per cent.
The club will hold an extraordinary general meeting on March 28 for shareholders to vote on the loan, but Heather Rabbatts, the chairman, warned: "If the proposals are not approved ... the company will not be able to raise alternative funding in the time available and may have to consider ceasing to trade."
Since Millwall’s relegation from the Championship League its finances have suffered. Last week Ms Rabbatts, who took over from the property entrepreneur Peter de Savary, reported that first-half losses had deepened from £2.8 million to £2.9 million. Revenue had fallen 15 per cent, cash outflow had grown from £1.6 million to £1.9 million and net debt stood at £2.5 million.
The club also needs cash to develop derelict land around its ground in Bermondsey, South London.
If shareholders approve the loan, at an extraordinary general meeting set for March 28, Chestnut Hill will appoint two of its own directors, John Berylson as non-executive chairman and Demos Kouvaris as a non-executive director.
Peter de Savary will also invest in the loan notes alongside Chestnut Hill.
The private financier Nash Fitzwilliams is providing other £1.5 million convertible loan".
Looks like they're in serious finanical problems to me
What I put on earlier was just a little joke before I went out by the way. Just got back to see it hasn't caused a stir so I own up now because it's boring. I don't like Millwall anyway - who cares - they don't.
[cite]Posted By: jimmymelrose[/cite]What I put on earlier was just a little joke before I went out by the way. Just got back to see it hasn't caused a stir so I own up now because it's boring. I don't like Millwall anyway - who cares - they don't.
i know a few (half) decent millwall fans and would feel sorry for those. that however would be completly outweighed by the 'pissing myself with laughter' at the w*****s that threw rocks, bottles and whatever they could get their hands on at us whilst being kept locked, (by the police who did nothing) in a compound at the old toolbox.
Comments
ha ha ha
ask yourself this, why would an overseas investor with no emotional ties to Millwall put £5m into a company losing £6m a year ?
one way or another, they are in trouble....
regeneration
Altogether now... they're turning Senegal Fields into another housing estate...
Maybe the Harvard girls team are on the look out for a feeder club?
"Struggling Millwall Holdings, owner of Millwall Football Club, warned its shareholders today that unless they approved a £5 million rescue loan it would have to consider closure.
Chestnut Hill, a boutique US finance firm, has conditionally agreed to advance up to £5 million, which is convertible into shares in the club and would ultimately give it a stake of more than 50 per cent.
The club will hold an extraordinary general meeting on March 28 for shareholders to vote on the loan, but Heather Rabbatts, the chairman, warned: "If the proposals are not approved ... the company will not be able to raise alternative funding in the time available and may have to consider ceasing to trade."
Since Millwall’s relegation from the Championship League its finances have suffered. Last week Ms Rabbatts, who took over from the property entrepreneur Peter de Savary, reported that first-half losses had deepened from £2.8 million to £2.9 million. Revenue had fallen 15 per cent, cash outflow had grown from £1.6 million to £1.9 million and net debt stood at £2.5 million.
The club also needs cash to develop derelict land around its ground in Bermondsey, South London.
If shareholders approve the loan, at an extraordinary general meeting set for March 28, Chestnut Hill will appoint two of its own directors, John Berylson as non-executive chairman and Demos Kouvaris as a non-executive director.
Peter de Savary will also invest in the loan notes alongside Chestnut Hill.
The private financier Nash Fitzwilliams is providing other £1.5 million convertible loan".
Looks like they're in serious finanical problems to me
Jimmy, you got me going.