I know the answer might well be “how long is a piece of string” but just how long does a due diligence take ?
Charlton can’t be described as a very big business. In fact I would imagine that a football club and it’s assets would be a relatively straightforward business to audit.
I’m genuinely have no experience in which to even make an educated guess.
I read a while ago that an average premiership club is comparable is size to a large supermarket. Not a chain, but an individual outlet. If this is true, it's not very big. Like you, I can't imagine that size would be an issue in auditing and assessing what's actually up for sale (not that I have any knowledge). What I can imagine being a problem is that it's been run in a rather un orthodox manner (and that's putting it politely) we know that from some of the public nonsense that's taken place, but what's gone on under the radar? I expect that makes it a little more difficult to arrive at a real value and to untangle what wrongs a potential owner would be looking to put right. Oh, and the fact that the current owner is untrustworthy can't help - although I guess that's the underlying assumption with any due diligence work.
I think that was true in the 90s and early 2000s but premier league club's income has increased greatly sicne then due to TV money.
In terms of assets and staff numbers then yes they are still roughly the same size.
In case Mrs Perks is looking in and wants to do something constructive to ingratiate herself with the new regime, here's a recipe for kangaroo vol-au-vents (serves 12):
Directions: In a large frying pan, heat oil, add half the meat and cook for three to five minutes, constantly stiring until brown. Remove and set aside. In the same frying pan, add mushrooms, onion, carrot, celery and garlic and cook until onion is soft. Add meat, tomato, wine, stock, rosemary and mixed herbs. Using a wooden spoon, stir to combine. Turn heat to low and cover with tightly-fitting lid, cook, stirring occasionally until meat is tender, normally about 90 minutes. Season and stir in tomato paste. Spoon into pastry cases and bake in moderate oven until golden brown.
The only connection I want Bernie to have with a kangaroo is when the thing kicks her up the a***.
With charges (debentures?) over the assets, the former Directors hold all the aces before anything can be done with the land and buildings, unless of course they are paid off or are prepared to postpone their priority
So are we to conclude that it’s pretty much done and dusted provided the previous directors who have first dibs are willing to play ball ?
They don't have a veto. The most they can do is insist on full repayment up front and even in that case I expect there would be different positions among them.
If my life savings are tied up with say Barclays and they get taken over by say Santander would I be able to put a halt to proceedings if I thought they wouldn't honour it?
If so,I suppose we have to remember that these are the same directors that gave a fruit cake like Duchatelet the green light to look after their nest egg!
Tis very close apparently. Bit of a hurdle to get over re former Directors apparently.
Can't verify accuracy of source as it's second hand (at least) to me.
Need to approach a hurdle in order to get over it...
So you've spoken to them now then?
Someone spoke to two of them at the game on Saturday. It wasn't me. They said they hadn't been approached.
Do they need to be approached? So long as the buyers accept the existing obligations between the club and the ex directors why do the ex directors need to be approached?
I should think it would be a courtesy for them to be informed of what was going on.
Tis very close apparently. Bit of a hurdle to get over re former Directors apparently.
Can't verify accuracy of source as it's second hand (at least) to me.
Need to approach a hurdle in order to get over it...
So you've spoken to them now then?
Someone spoke to two of them at the game on Saturday. It wasn't me. They said they hadn't been approached.
Do they need to be approached? So long as the buyers accept the existing obligations between the club and the ex directors why do the ex directors need to be approached?
I should think it would be a courtesy for them to be informed of what was going on.
So are we to conclude that it’s pretty much done and dusted provided the previous directors who have first dibs are willing to play ball ?
They don't have a veto. The most they can do is insist on full repayment up front and even in that case I expect there would be different positions among them.
Why would they be able to insist on full repayment upfront in the event of a sale?
Because their agreement states thats the case unless they come to some other agreement at point of sale. I’m guessing
Comments
Can't verify accuracy of source as it's second hand (at least) to me.
...then we find out RD has sold us to his son.
Thought that was only a concern on reach So you've spoken to them now then?
If my life savings are tied up with say Barclays and they get taken over by say Santander would I be able to put a halt to proceedings if I thought they wouldn't honour it?
If so,I suppose we have to remember that these are the same directors that gave a fruit cake like Duchatelet the green light to look after their nest egg!
There's still hope.