Saint Charlie Posted 2 April, 2009 Share Posted 2 April, 2009 http://www.timesonline.co.uk/tol/sport/football/football_league/article6025206.ece Latest Times update. Includes the following: Mark Fry, of Begbies Traynor, the administrator, said last night that he had received “a good half-dozen” expressions of interest in the club, which essentially comprises the foot-ballers’ contracts, but had not yet assessed their viability. A sale would not include the club’s 30,000-seat St Mary’s stadium or its training ground. Link to comment Share on other sites More sharing options...
darren Posted 2 April, 2009 Share Posted 2 April, 2009 why would the sale not include the stadium? Link to comment Share on other sites More sharing options...
bridge too far Posted 2 April, 2009 Share Posted 2 April, 2009 why would the sale not include the stadium? Is the stadium a separate company - St Mary's Stadium Ltd? Link to comment Share on other sites More sharing options...
Spades Posted 2 April, 2009 Share Posted 2 April, 2009 Heres to hoping at least 1 of those parties has the funds to back up their interest and make a solid bid Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 2 April, 2009 Share Posted 2 April, 2009 The sale doesn't include SMS or Staplewood - surely if SLH owned them the administrators would be obliged to sell any asset. So who owns them? or have they been repossessed? Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 2 April, 2009 Share Posted 2 April, 2009 Is the stadium a separate company - St Mary's Stadium Ltd? Surely it is a subsiduary company of SLH? Link to comment Share on other sites More sharing options...
docker-p Posted 2 April, 2009 Share Posted 2 April, 2009 Does the fact that SMS is not included suggest Norwich Union intend to keep hold of it and charge the new owners rent? If so wouldn't that make it easier for a consortium to buy the club? Link to comment Share on other sites More sharing options...
bridge too far Posted 2 April, 2009 Share Posted 2 April, 2009 Surely it is a subsiduary company of SLH? As is the Football Club. I think that's the point. A buyer buys the Football Club, a buyer buys the Stadium Ltd. etc. etc. They're all subsidiaries and that is what the administrator is trying to sell. Link to comment Share on other sites More sharing options...
Spades Posted 2 April, 2009 Share Posted 2 April, 2009 Does the fact that SMS is not included suggest Norwich Union intend to keep hold of it and charge the new owners rent? If so wouldn't that make it easier for a consortium to buy the club? I would imagine it would become easier. If NU keep hold of the ownership, then surely the 24m debt we hold would be wiped? We would then simply pay the rent for it. Link to comment Share on other sites More sharing options...
Doctoroncall Posted 2 April, 2009 Share Posted 2 April, 2009 This is a good website for this type of issue to see what state the club and others are in: http://www.footballeconomy.com/ "Wealthy Saints fans have offered cash to help the club remain afloat, but the total debts of an estimated £30m are beyond most of them. The last three remaining home games also represent an opportunity to replenish the club's funds." Link to comment Share on other sites More sharing options...
gaz Posted 2 April, 2009 Share Posted 2 April, 2009 I would imagine it would become easier. If NU keep hold of the ownership, then surely the 24m debt we hold would be wiped? We would then simply pay the rent for it. If thats the case, happy days. Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 2 April, 2009 Share Posted 2 April, 2009 As is the Football Club. I think that's the point. A buyer buys the Football Club, a buyer buys the Stadium Ltd. etc. etc. They're all subsidiaries and that is what the administrator is trying to sell. Agreed - so why is the administrator saying that SMS is not for sale? I'm having a horrible thought that Lowe has no intention of coming back for the football club, but what if he did a deal for SMS & Staplewood. That would show a real vindictive streak, hence I wouldn't put it past him. Link to comment Share on other sites More sharing options...
Rational Rich Posted 2 April, 2009 Share Posted 2 April, 2009 It's probably best not to take as gospel the words of journalists who probably only know half the story. What they're probably talking about is that SFCL don't own staplewood or sms but there wouldn't be anything to stop the buyers of SFCL making an offer to the administrators for them. Link to comment Share on other sites More sharing options...
krissyboy31 Posted 2 April, 2009 Share Posted 2 April, 2009 My understanding is that St Marys Stadium Ltd owns a chunk of SMS but obviously Aviva owns the vast majority. This could in theory be sold to the same buyer as the football club, a third party or if no buyer is found would become Aviva's in a repossession. I think that option 2 (3rd party) is probably the most likely but it could be that the buyer of the football club would also become a significant shareholder in SMS Ltd, along with the 3rd Party, with maybe the Council also getting involved? Just thinking aloud but a possibility. Link to comment Share on other sites More sharing options...
Stepgar Posted 2 April, 2009 Share Posted 2 April, 2009 I don't get it. The adminsitrators are there to find a buyer for the company and all it assets surely. This includes ground land etc. There was a clause in the Jackson farm if memory serves me correctly. So maybe this falls outside of the package? Either way we will soon find out our destiny. Le God help us. Link to comment Share on other sites More sharing options...
krissyboy31 Posted 2 April, 2009 Share Posted 2 April, 2009 I don't get it. The adminsitrators are there to find a buyer for the company and all it assets surely. This includes ground land etc. There was a clause in the Jackson farm if memory serves me correctly. So maybe this falls outside of the package? Either way we will soon find out our destiny. Le God help us. I very much doubt anyone is going to buy SLH in it's entirety. All most of us care about is that the FC survives and that it has somewhere to play. Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 2 April, 2009 Share Posted 2 April, 2009 I would imagine it would become easier. If NU keep hold of the ownership, then surely the 24m debt we hold would be wiped? We would then simply pay the rent for it. Same difference. Rent / mortgage repayments. All we are arguing over is the freehold title. Link to comment Share on other sites More sharing options...
Danny Posted 2 April, 2009 Share Posted 2 April, 2009 http://www.timesonline.co.uk/tol/sport/football/football_league/article6025206.ece Latest Times update. Includes the following: There was an offer on the table last night, according to the administrator. http://www.dailyecho.co.uk/news/4254471.Hunt_for_a_saviour_as_Lowe_and_Wilde_resign_from_Saints/ Link to comment Share on other sites More sharing options...
NickG Posted 2 April, 2009 Share Posted 2 April, 2009 I don't get it. The adminsitrators are there to find a buyer for the company and all it assets surely. This includes ground land etc. There was a clause in the Jackson farm if memory serves me correctly. So maybe this falls outside of the package? Either way we will soon find out our destiny. Le God help us. my understanding is; the plc holding company is in admin and they need to sell its assets on of those assess is the club - so a single purchase can buy the club, the ground etc are under separate parts of the plc and therefore do not need to be sold to someone buying the club. Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 2 April, 2009 Share Posted 2 April, 2009 Same difference. Rent / mortgage repayments. All we are arguing over is the freehold title. Not really. We would not be liable for 'elf & safety, staffing the bars / kiosks, stewards, policing etc etc.... I imagine the rent would therefore be higher than the mortgage :smt102 Link to comment Share on other sites More sharing options...
Stepgar Posted 2 April, 2009 Share Posted 2 April, 2009 So effectivley somone could buy the club (Saints) someone esle could buy the staduim, soemone else buy the farm, some one buy the training facilities and also someone could buy SLH PLC? That from what people are saying is what could happen, but I thought the job of the Admin was to to find someone to buy the whole lot not just the club. Forgive me if I am wrong. Link to comment Share on other sites More sharing options...
Marsdinho Posted 2 April, 2009 Share Posted 2 April, 2009 "Mark Fry, of Begbies Traynor, the administrator, said last night that he had received “a good half-dozen” expressions of interest in the club, which essentially comprises the foot-ballers’ contracts, but had not yet assessed their viability. A sale would not include the club’s 30,000-seat St Mary’s stadium or its training ground" Arent these "expressions of interest" bids for players? Link to comment Share on other sites More sharing options...
krissyboy31 Posted 2 April, 2009 Share Posted 2 April, 2009 "Mark Fry, of Begbies Traynor, the administrator, said last night that he had received “a good half-dozen” expressions of interest in the club, which essentially comprises the foot-ballers’ contracts, but had not yet assessed their viability. A sale would not include the club’s 30,000-seat St Mary’s stadium or its training ground" Arent these "expressions of interest" bids for players? No, it's basically saying that the assets of the club are the players, as opposed to the company's assets, the stadium etc. Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 2 April, 2009 Share Posted 2 April, 2009 My understanding is that SLH is in admin and so the admin team is looking to sell the 'assets' these being primarily (as in football related) the club (with footballing contracts), the stadium and staplewood. The question i think he was answering was they have had offers for the club (as this was the main concern) although yes i believe that different people, could in theory buy each seperate asset however i see this as completely rediculous and surely if they have any sense would sell them all together. Unless they absolutely have to that is. Also, there is jacksons farm but i couldn't really care for this right now. Link to comment Share on other sites More sharing options...
NickG Posted 2 April, 2009 Share Posted 2 April, 2009 So effectivley somone could buy the club (Saints) someone esle could buy the staduim, soemone else buy the farm, some one buy the training facilities and also someone could buy SLH PLC? That from what people are saying is what could happen, but I thought the job of the Admin was to to find someone to buy the whole lot not just the club. Forgive me if I am wrong. hope this helps; Insolvency and bankruptcy Administration and administrative receivership When a company or partnership gets into financial trouble an administrator or administrative receiver may be appointed. Administration The role of an administrator is to get the company out of trouble and trading again if possible. Administrators can be appointed to a company that is unable, or is likely to become unable, to pay its debts. They can be appointed by any of the following: the courts - on application from a creditor, directors or partners the holder of a qualifying floating charge over the assets of the business the company or its directors An administrator's primary goal is to rescue the company as a going concern. If this isn't possible, the administrator will try to get a better result for the creditors than would be possible if the company was wound up. If neither of these is possible, the administrator will sell the company's property to make at least a partial payment to one or more secured or preferential creditors, such as employees or the bank. Administration can also apply to partnerships. Administrative receivership When a company borrows money, the lender is usually given some security over the company's assets to guarantee payment. If the company fails to keep the terms of the loan or encounters financial difficulties, the lender may be entitled to appoint an administrative receiver. An administrative receiver is an insolvency practitioner who has control of the whole, or a substantial part, of the company's property and wide powers over the business. The administrative receiver is mainly concerned with getting back the money owed to the secured creditor. The administrative receiver may sell the assets piecemeal, or sell the whole business as a going concern to pay off the secured creditor, and the costs of the receivership. Since 15 September 2005 the right to appoint an administrative receiver is generally limited to debenture holders whose charge existed at that date. Link to comment Share on other sites More sharing options...
AwaySaint1 Posted 3 April, 2009 Share Posted 3 April, 2009 said last night that he had received “a good half-dozen” expressions of interest in the club". Whats he selling a football club or a used car ? Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now