Gemmel Posted 8 July, 2009 Share Posted 8 July, 2009 http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html Not sure if that was always the case or whether it means anything in relation to any more points deductions Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 8 July, 2009 Share Posted 8 July, 2009 are we defo not a PLC any more ?? Link to comment Share on other sites More sharing options...
Scummer Posted 8 July, 2009 Share Posted 8 July, 2009 http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html Not sure if that was always the case or whether it means anything in relation to any more points deductions I read it that he's bought all the assets of SLH, but not the company itself. Link to comment Share on other sites More sharing options...
Nolan Posted 8 July, 2009 Share Posted 8 July, 2009 http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html Not sure if that was always the case or whether it means anything in relation to any more points deductions they bought the ASSETS of SLH, not SLH Link to comment Share on other sites More sharing options...
VectisSaint Posted 8 July, 2009 Share Posted 8 July, 2009 http://www.saintsfc.co.uk/page/NewsDetail/0,,10280~1716797,00.html Not sure if that was always the case or whether it means anything in relation to any more points deductions Doesn't say that at all. It says they have purchased the assets, prinicipally the football club. That does not mean they have bought SLH. That would require an agreement with the shareholders. The assets have been bought and SLH will now be liquidated because it is no longer a going concern (because it has no assets) Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 8 July, 2009 Share Posted 8 July, 2009 are we defo not a PLC any more ?? Defo not Link to comment Share on other sites More sharing options...
SaintRobbie Posted 8 July, 2009 Share Posted 8 July, 2009 they bought the ASSETS of SLH, not SLH Correct. plc is dead. Lowe is gone. God bless Barclays Bank.... FREEEEEEDOMMMMMMM!!!!!!! Link to comment Share on other sites More sharing options...
ChicagoSaint Posted 8 July, 2009 Share Posted 8 July, 2009 I would imagine that the Football club was the only "asset" SLH had. Link to comment Share on other sites More sharing options...
Saint Richard of Woolston Posted 8 July, 2009 Share Posted 8 July, 2009 yep, 'the assets'. You can all frame your SLH Certificates confident in the knowledge they are worth nothing. I held mine in my Broker's Account so I do not even have the priv. Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 8 July, 2009 Share Posted 8 July, 2009 I would imagine that the Football club was the only "asset" SLH had. Stadium Jackson farm Players World class catering Link to comment Share on other sites More sharing options...
snowboomer Posted 8 July, 2009 Share Posted 8 July, 2009 Does that mean he has bought the stadium outright or do we still have a mortgage? Link to comment Share on other sites More sharing options...
gonzo Posted 8 July, 2009 Share Posted 8 July, 2009 are we defo not a PLC any more ?? Single owner = no PLC HTH Link to comment Share on other sites More sharing options...
Scummer Posted 8 July, 2009 Share Posted 8 July, 2009 I would imagine that the Football club was the only "asset" SLH had. Think the training ground, Jacksons Farm, the academy lodge etc were all separate in the consolidated accounts of SLH. Link to comment Share on other sites More sharing options...
gonzo Posted 8 July, 2009 Share Posted 8 July, 2009 Does that mean he has bought the stadium outright or do we still have a mortgage? I believe the price he paid included writing off all debts, so if that is the case then SFC is completely debt-free. The Liebherr business empire has expanded without ever incurring any debt apparently, so I would be surprised if any debts were outstanding. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 8 July, 2009 Share Posted 8 July, 2009 Does that mean he has bought the stadium outright or do we still have a mortgage? Although you can't be 100% sure without seeing the detail of the agreement I would expect that we are now debt free. Link to comment Share on other sites More sharing options...
corky morris Posted 8 July, 2009 Share Posted 8 July, 2009 If we are not servicing debt any more then we are in an extremely strong position in Div 3! I cant stop smiling! Link to comment Share on other sites More sharing options...
mattyd Posted 8 July, 2009 Share Posted 8 July, 2009 I would imagine that the Football club was the only "asset" SLH had. No Southampton Stadium Ltd was also an asset. The holding company now has no assetts and will be subject of a "Winding up order" at the request of Fry. He will then distribute the money to the creditors and seek permission from the court to dissolve the company. SFC and SSL have new owners. Link to comment Share on other sites More sharing options...
Ken Tone Posted 8 July, 2009 Share Posted 8 July, 2009 If we are not servicing debt any more then we are in an extremely strong position in Div 3! I cant stop smiling! Which is part of the FL's justification for the -10. By going into administration we (eventually!) gained a financial advantage. K. Link to comment Share on other sites More sharing options...
ribbo Posted 8 July, 2009 Share Posted 8 July, 2009 Which is part of the FL's justification for the -10. By going into administration we (eventually!) gained a financial advantage. K. yeah and can you imagine the profit the club will be making if we get 20k+ in for our home games and a trimmed down wagebill! Link to comment Share on other sites More sharing options...
alpine_saint Posted 8 July, 2009 Share Posted 8 July, 2009 I read it that he's bought all the assets of SLH, but not the company itself. Me too. SLH is GONE. Thank f**k. Link to comment Share on other sites More sharing options...
SOTONS EAST SIDE Posted 8 July, 2009 Share Posted 8 July, 2009 Stadium Jackson farm Players World class cateringYou missed the Train picture! Link to comment Share on other sites More sharing options...
ringwood Posted 8 July, 2009 Share Posted 8 July, 2009 he bought the assets which are listed as Subsidiaries Southampton Football Club Ltd; St Mary's SPV Ltd; St Mary's Stadium Ltd Link to comment Share on other sites More sharing options...
Gemmel Posted 8 July, 2009 Author Share Posted 8 July, 2009 he bought the assets which are listed as Subsidiaries Southampton Football Club Ltd; St Mary's SPV Ltd; St Mary's Stadium Ltd Yep, Unless the article was changed i completelty mis- read it. I had asked for it to be locked or deleted. Link to comment Share on other sites More sharing options...
Scummer Posted 8 July, 2009 Share Posted 8 July, 2009 Yep, Unless the article was changed i completelty mis- read it. I had asked for it to be locked or deleted. No it's going to remain so we can all laugh at stupid Gemmel. Stupid. ;) Link to comment Share on other sites More sharing options...
Red and White Army Posted 8 July, 2009 Share Posted 8 July, 2009 Although you can't be 100% sure without seeing the detail of the agreement I would expect that we are now debt free. I wouldn't! I expect the creditors have an option on future revenue. Link to comment Share on other sites More sharing options...
bugenhagen Posted 8 July, 2009 Share Posted 8 July, 2009 Yep, Unless the article was changed i completelty mis- read it. I had asked for it to be locked or deleted. It was indeed changed. I also read "bought SLH and its assets", and now it doesn't say anything about SLH in that sentence. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 8 July, 2009 Share Posted 8 July, 2009 I wouldn't! I expect the creditors have an option on future revenue. 1) Who do you mean by creditors, Barclays and Aviva? 2) Why? They are creditors of SLH Plc which is no longer SFC Limited's problem. 3) What purchaser would pay £12.5m for the club and then agree to give future revenue to creditors of a different company? Link to comment Share on other sites More sharing options...
graveworm Posted 8 July, 2009 Share Posted 8 July, 2009 1) Who do you mean by creditors, Barclays and Aviva? 2) Why? They are creditors of SLH Plc which is no longer SFC Limited's problem. 3) What purchaser would pay £12.5m for the club and then agree to give future revenue to creditors of a different company? Yep I would expect this to be the situation.......without the takeover the above would be sitting on billy squat as regards any money being returned to them..........``a bird in the hand`` springs to mind Link to comment Share on other sites More sharing options...
Mole Posted 8 July, 2009 Share Posted 8 July, 2009 Correct. plc is dead. Lowe is gone. God bless Barclays Bank.... FREEEEEEDOMMMMMMM!!!!!!! Amen to that. Happy days. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 8 July, 2009 Share Posted 8 July, 2009 I wouldn't! I expect the creditors have an option on future revenue. No way, would you buy a house and agree to pay off the previous owners second mortgage on that house? 1) Who do you mean by creditors, Barclays and Aviva? 2) Why? They are creditors of SLH Plc which is no longer SFC Limited's problem. 3) What purchaser would pay £12.5m for the club and then agree to give future revenue to creditors of a different company? Correct, in my view. SLH will no longer exist. The creditors, in accepting the pay off, surrender all rights to any future revenue streams from the new owner or company. Link to comment Share on other sites More sharing options...
Gemmel Posted 8 July, 2009 Author Share Posted 8 July, 2009 No it's going to remain so we can all laugh at stupid Gemmel. Stupid. ;) No one can upset me today - call me what you like (Although have a look a couple of posts down) ;) Link to comment Share on other sites More sharing options...
Dalek2003 Posted 8 July, 2009 Share Posted 8 July, 2009 This is so brilliant it is unreal, truly unreal. Now all we need is a united fan base for the first time in five years and a full stadium. Link to comment Share on other sites More sharing options...
Eggs-11 Posted 8 July, 2009 Share Posted 8 July, 2009 Oh happy days!!!! Time for a few beers!!!!!!!!!!!!!!!!!!!!!!!!!! Link to comment Share on other sites More sharing options...
PaulSaint Posted 8 July, 2009 Share Posted 8 July, 2009 Great news indeed but why post pics of the Fratton faithful waiting for us to get off the train? Link to comment Share on other sites More sharing options...
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