That Facebook group is full of wind up merchants . “I’ve got a mate who heard “ bollocks .
Fair few of them on here to be fair too - if this thread teaches us anything it's that hardly anyone knows anything about what is really going on behind the scenes, and those that do usually only get crumbs of information released in a fashion that suits the source's agenda.
I'd rather the EFL takes 2 years to sign off the deal if that's what it takes to be sure ESI are worthy custodians of the club. There are half a dozen examples around the league that show owners can be, and are, worse than Roland, even if he ranks lowly himself.
Having good owners is much more important than having new ones just for the sake of it.
Banks in the UAE follow the same anti money laundering rules as most of the rest of the world, so it shouldn't be too difficult to obtain a letter from the appropriate UAE bank certifying the source of the funding to be used.
There will, however, be a process involved in getting such a letter issued which will probably take a period of time to complete. Such documents tend to be signed off at a pretty high level in the bank, so it is not going to just happen. Hopefully we are just waiting for this certification to be completed.
I sign "source of funds" and AML forms on a weekly basis. Just tell ESI to email them to me & I'll sort it.
Another question - How would RD selling before the end of this tax year benefit him? Is it to write his off his losses?
Don’t know what the Belgian Corporation tax system is like, but would imagine it’s likely to involve him saving money somehow, whether that be their equivalent of being able to write off losses etc. One of the more learned among us might know, but the vehicle that owns the club, Strapix or whatever it’s called will be one of god knows how many ltd companies in his portfolio and these things are all interlinked I imagine when it comes to his tax bill
plus, he’s probably had his fill of funding us as well, Jan is another transfer window etc
Roland wants it done. The EFL want rid of Roland and want it done. East Street want it done, and judging by what I've read about their associations, they have more than enough capital flow connections at their disposal as well as some pretty astute expertise, maybe not in football but in global business.
This latest hold up is a clerical one I'm sure of it. A kind of lost in business translation.
Can we please go back to the information put into the public domain?
The initial release was on November 29.
The indications were EFL interviews with the relevant parties were to be completed by the week ending December 13. Indeed the EFL were considered to have been most accommodating in arranging such interviews. Some if not all interviews were undertaken via conference calls.
The above tweets confirm those deadlines
The outcome from such interviews will have determined the precise requirements for EFL approval. Unless business practice has been transformed the EFL will then have to formally put such requirements in written and legal form to all relevant parties.
It will have been exceptional for such written confirmation and associated legal documents to be issued before the close of business on Friday December 13.
While the relevant parties may have put their own financial institutions on notice no bank will formally respond to any requests without the full written and specific authority from the clients requiring further legal documentation.This is not a standard form of status enquiry.
There is no standard blueprint here. Please recognise no two deals are ever the same. We have no knowledge of the complexities of this sale (bearing in mind the alleged due diligence discoveries of the Australians) nor the nature of any deferred or contingent liabilities built into the deal.
Thus the precise contract of sale between Staprix NV and ESI will have been scrutinized by the EFL clause by clause by clause. Each has the potential to include some indeterminate financial liability.
This IS potentially a £70mn plus transaction.
At all stages legal departments are there to protect the interest of their employers. They are not paid to take risks or establish precedent.
In essence we will be dealing with certainly three, more likely four and possibly five or more banking or corporate legal departments. Recognise such legal departments will likely be operating under potentially three or more different legal jurisdictions.
All of this before you even get to the offices of the various executive.
The timeline positioned with the Eisner takeover of Portsmouth involving US Corporate Lawyers comes as no surprise.
Come on people can we have a dose of reality here - some interviews were held less than a week ago. Today is the 3rd working day since Friday December 13.
All of this leads to where the blame culture has positioned ridiculous expectations on the EFL.
The EFL cannot win. If their validations are too cursory then they risk the integrity of the brand and the wrath of supporters in the event it all goes wrong. If too stringent they face losing important investment in their industry and the ire of club owners trying to sell.
Fans, media, owners harangue the organisation at every opportunity. Did they cause the financial failures at Bury, Bolton, Macclesfield or dream up the allegedly creative accounting of Derby or Sheffield Wednesday? No they are in no stronger position than high street bank managers as they watch a business fail before their very eyes.
They are simply not equipped for the oversight of the financial well being of individual members. To try to step into such a space is understandable but simply beyond their resources and scale of expertise. Do you not think the likes of Chansiri and Duchatelet have a team of lawyers armed with the resources and expertise the EFL can only dream about?
How are they supposed to be experts in delving through the niceties of financial, corporate and accounting law in markets across the world? You go Google leading Global Financial Centres and then Google Global Corporate Tax Havens where confidentiality drives the entire culture.
We are talking 25-30 markets all before you consider the "emerging" markets of the Middle East and Africa. If you were an expert in any one of those markets let alone all of them the last place you would be working is the English Football League.
Then consider the investment base of investors in such markets. They will spread risk across multiple markets how do you pull it all together?
Then imagine you have a series of financial statements from multiple markets how long do you suppose it will take to validate each statement? Let alone the veracity of the source of the funds detailed within such statements. Confidentiality is the watchword within every banking community - whether it be Dublin, Zurich, London, New York, Hong Kong or Abu Dhabi.
I have no idea whether our particular transaction will progress smoothly and be completed before Christmas. I do however question the expectation any deal will be sanctioned within 3 working days of formal interviews.
I would be surprised if all the original EFL documentation had even reached their original destinations let alone any responses received and evaluated.
We have to remember one thing at this time of year.
Can we please go back to the information put into the public domain?
The initial release was on November 29.
The indications were EFL interviews with the relevant parties were to be completed by the week ending December 13. Indeed the EFL were considered to have been most accommodating in arranging such interviews. Some if not all interviews were undertaken via conference calls.
The above tweets confirm those deadlines
The outcome from such interviews will have determined the precise requirements for EFL approval. Unless business practice has been transformed the EFL will then have to formally put such requirements in written and legal form to all relevant parties.
It will have been exceptional for such written confirmation and associated legal documents to be issued before the close of business on Friday December 13.
While the relevant parties may have put their own financial institutions on notice no bank will formally respond to any requests without the full written and specific authority from the clients requiring further legal documentation.This is not a standard form of status enquiry.
There is no standard blueprint here. Please recognise no two deals are ever the same. We have no knowledge of the complexities of this sale (bearing in mind the alleged due diligence discoveries of the Australians) nor the nature of any deferred or contingent liabilities built into the deal.
Thus the precise contract of sale between Staprix NV and ESI will have been scrutinized by the EFL clause by clause by clause. Each has the potential to include some indeterminate financial liability.
This IS potentially a £70mn plus transaction.
At all stages legal departments are there to protect the interest of their employers. They are not paid to take risks or establish precedent.
In essence we will be dealing with certainly three, more likely four and possibly five or more banking or corporate legal departments. Recognise such legal departments will likely be operating under potentially three or more different legal jurisdictions.
All of this before you even get to the offices of the various executive.
The timeline positioned with the Eisner takeover of Portsmouth involving US Corporate Lawyers comes as no surprise.
Come on people can we have a dose of reality here - some interviews were held less than a week ago. Today is the 3rd working day since Friday December 13.
All of this leads to where the blame culture has positioned ridiculous expectations on the EFL.
The EFL cannot win. If their validations are too cursory then they risk the integrity of the brand and the wrath of supporters in the event it all goes wrong. If too stringent they face losing important investment in their industry and the ire of club owners trying to sell.
Fans, media, owners harangue the organisation at every opportunity. Did they cause the financial failures at Bury, Bolton, Macclesfield or dream up the allegedly creative accounting of Derby or Sheffield Wednesday? No they are in no stronger position than high street bank managers as they watch a business fail before their very eyes.
They are simply not equipped for the oversight of the financial well being of individual members. To try to step into such a space is understandable but simply beyond their resources and scale of expertise. Do you not think the likes of Chansiri and Duchatelet have a team of lawyers armed with the resources and expertise the EFL can only dream about?
How are they supposed to be experts in delving through the niceties of financial, corporate and accounting law in markets across the world? You go Google leading Global Financial Centres and then Google Global Corporate Tax Havens where confidentiality drives the entire culture.
We are talking 25-30 markets all before you consider the "emerging" markets of the Middle East and Africa. If you were an expert in any one of those markets let alone all of them the last place you would be working is the English Football League.
Then consider the investment base of investors in such markets. They will spread risk across multiple markets how do you pull it all together?
Then imagine you have a series of financial statements from multiple markets how long do you suppose it will take to validate each statement? Let alone the veracity of the source of the funds detailed within such statements. Confidentiality is the watchword within every banking community - whether it be Dublin, Zurich, London, New York, Hong Kong or Abu Dhabi.
I have no idea whether our particular transaction will progress smoothly and be completed before Christmas. I do however question the expectation any deal will be sanctioned within 3 working days of formal interviews.
I would be surprised if all the original EFL documentation had even reached their original destinations let alone any responses received and evaluated.
We have to remember one thing at this time of year.
Surely the credibility of the source of funds from such a reputable source should take no time at all, and the conflict of interest issue should be cleared up instantly.
The lawyers also surely have all this information to hand particularly as they engaged with the EFL before the announcement and must have been told what information needed to be submitted??
Surely the credibility of the source of funds from such a reputable source should take no time at all, and the conflict of interest issue should be cleared up instantly.
The lawyers also surely have all this information to hand particularly as they engaged with the EFL before the announcement and must have been told what information needed to be submitted??
We are all making the assumption that it's about proof/source of funding. It could be they've omitted something by mistake or they need some form of additional assurance that it isn't linked in any way to Sheikh Mansour for example. It could be anything - either serious or completely trivial.
Comments
We're not f#$#g rich
We're not f#$#rich
We're not f#$#g
We're not f#%#g
We're not f#%#g rich
GOAT
Nanny
plus, he’s probably had his fill of funding us as well, Jan is another transfer window etc
Roland wants it done.
The EFL want rid of Roland and want it done.
East Street want it done, and judging by what I've read about their associations, they have more than enough capital flow connections at their disposal as well as some pretty astute expertise, maybe not in football but in global business.
This latest hold up is a clerical one I'm sure of it. A kind of lost in business translation.
Hold firm.
Can we please go back to the information put into the public domain?
The initial release was on November 29.
The indications were EFL interviews with the relevant parties were to be completed by the week ending December 13. Indeed the EFL were considered to have been most accommodating in arranging such interviews. Some if not all interviews were undertaken via conference calls.
The above tweets confirm those deadlines
The outcome from such interviews will have determined the precise requirements for EFL approval. Unless business practice has been transformed the EFL will then have to formally put such requirements in written and legal form to all relevant parties.
It will have been exceptional for such written confirmation and associated legal documents to be issued before the close of business on Friday December 13.
While the relevant parties may have put their own financial institutions on notice no bank will formally respond to any requests without the full written and specific authority from the clients requiring further legal documentation.This is not a standard form of status enquiry.
There is no standard blueprint here. Please recognise no two deals are ever the same. We have no knowledge of the complexities of this sale (bearing in mind the alleged due diligence discoveries of the Australians) nor the nature of any deferred or contingent liabilities built into the deal.
Thus the precise contract of sale between Staprix NV and ESI will have been scrutinized by the EFL clause by clause by clause. Each has the potential to include some indeterminate financial liability.
This IS potentially a £70mn plus transaction.
At all stages legal departments are there to protect the interest of their employers. They are not paid to take risks or establish precedent.
In essence we will be dealing with certainly three, more likely four and possibly five or more banking or corporate legal departments. Recognise such legal departments will likely be operating under potentially three or more different legal jurisdictions.
All of this before you even get to the offices of the various executive.
The timeline positioned with the Eisner takeover of Portsmouth involving US Corporate Lawyers comes as no surprise.
Come on people can we have a dose of reality here - some interviews were held less than a week ago. Today is the 3rd working day since Friday December 13.
All of this leads to where the blame culture has positioned ridiculous expectations on the EFL.
The EFL cannot win. If their validations are too cursory then they risk the integrity of the brand and the wrath of supporters in the event it all goes wrong. If too stringent they face losing important investment in their industry and the ire of club owners trying to sell.
Fans, media, owners harangue the organisation at every opportunity. Did they cause the financial failures at Bury, Bolton, Macclesfield or dream up the allegedly creative accounting of Derby or Sheffield Wednesday? No they are in no stronger position than high street bank managers as they watch a business fail before their very eyes.
They are simply not equipped for the oversight of the financial well being of individual members. To try to step into such a space is understandable but simply beyond their resources and scale of expertise. Do you not think the likes of Chansiri and Duchatelet have a team of lawyers armed with the resources and expertise the EFL can only dream about?
How are they supposed to be experts in delving through the niceties of financial, corporate and accounting law in markets across the world? You go Google leading Global Financial Centres and then Google Global Corporate Tax Havens where confidentiality drives the entire culture.
We are talking 25-30 markets all before you consider the "emerging" markets of the Middle East and Africa. If you were an expert in any one of those markets let alone all of them the last place you would be working is the English Football League.
Then consider the investment base of investors in such markets. They will spread risk across multiple markets how do you pull it all together?
Then imagine you have a series of financial statements from multiple markets how long do you suppose it will take to validate each statement? Let alone the veracity of the source of the funds detailed within such statements. Confidentiality is the watchword within every banking community - whether it be Dublin, Zurich, London, New York, Hong Kong or Abu Dhabi.
I have no idea whether our particular transaction will progress smoothly and be completed before Christmas. I do however question the expectation any deal will be sanctioned within 3 working days of formal interviews.
I would be surprised if all the original EFL documentation had even reached their original destinations let alone any responses received and evaluated.
We have to remember one thing at this time of year.
A club is for life not just for Christmas.
Would have thought ESI would have proof of funds all ready lined up.
HE TN may well have part ownership of many various international companies through the holding company " Panorama magic general contracting LCC. "
The efl will have to check out all/any of these co owned companies for conflict of interest.
Checking HE TN does not have interests in more than one efl club. That would take some time, I guess.
Could be conflict of interest checks
The lawyers also surely have all this information to hand particularly as they engaged with the EFL before the announcement and must have been told what information needed to be submitted??
It's possible that it's ESI stalling, rather than the EFL, to get clean title first.
Time will tell but I'm not worried.
I am not going to worry until the second week of January.