trousers Posted 2 June, 2009 Share Posted 2 June, 2009 Apologies if already covered but haven't had much chance to keep up with developments over the last few days.... As I understand it, the "21 days" exclusivity period is 'simply' being used by Pinnacle to tie up the legalities rather than for further financial due diligence. Is this 100% the case? In other words, is there anything left in the "all you need to know about the club" filing cabinet to be uncovered by Pinnacle that could make them do a u-turn or did they know everything they needed to know to complete the deal before entering the exclusivity phase? If there is still some due diligence type activity left to do, anyone know what sort of area(s) we're talking about and what the likelihood of uncovering any showstoppers are at this juncture? Apologies for my over-caution but just want to understand if we're in 'fait a complis' mode as far as the technicalities are concerned. Thanks Link to comment Share on other sites More sharing options...
Toadhall Saint Posted 2 June, 2009 Share Posted 2 June, 2009 I think you'll find its dotting the i's and crossing the T's. All the messages seem to point to that. Link to comment Share on other sites More sharing options...
Saint Charlie Posted 2 June, 2009 Share Posted 2 June, 2009 And if they are being allowed to speak to Wotte then it must be fairly far down the line... Link to comment Share on other sites More sharing options...
Foxstone Posted 2 June, 2009 Share Posted 2 June, 2009 Its looking very likely that you can breathe again with the rest of us Trousers ! Link to comment Share on other sites More sharing options...
Frank's cousin Posted 2 June, 2009 Share Posted 2 June, 2009 I would suspect its more detailed due diligence - I dont believe they would have had the time to go into player contracts in detail before? and these will dictate the budget and impact on what sort of time and resources are required to bring us abck in line with income - Given taht we have no advance ST sails I suspect they will budget on the lower side given that atendance and ticket prices are likely to be lower again - and therefore any increase will be a bonus... The backer will not want hidden surprises eg if prepared to suport in year 1 to Xmil, he wont want to find out there is still a mill+ shortfall at the end of next season etc ... Link to comment Share on other sites More sharing options...
Doctoroncall Posted 2 June, 2009 Share Posted 2 June, 2009 If this was the Grand National I would say there is a furlong to go with one fence to jump. Link to comment Share on other sites More sharing options...
trousers Posted 2 June, 2009 Author Share Posted 2 June, 2009 The backer will not want hidden surprises eg if prepared to suport in year 1 to Xmil' date=' he wont want to find out there is still a mill+ shortfall at the end of next season etc ...[/quote'] Aye. That's the crux. I've racked my meagre brain to come up with an example of a "hidden surprise" that could crop up now but can't believe that the pre-exclusivity due diligence wouldn't cover all bases, at least at a comfort factor level. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 2 June, 2009 Share Posted 2 June, 2009 If this was the Grand National I would say there is a furlong to go with one fence to jump. Fair, but i would add its likely to be teh only horse left in the race so everything to lose if we dont clear it comfortably... positive signs, but not yet teh formality some consisder it to be - probably actually made simpler by there only being one backer Link to comment Share on other sites More sharing options...
INFLUENCED.COM Posted 2 June, 2009 Share Posted 2 June, 2009 If this was the Grand National I would say there is a furlong to go with one fence to jump. And thats a long jump, so are you suggesting we have overcome The Chair ? Link to comment Share on other sites More sharing options...
trousers Posted 2 June, 2009 Author Share Posted 2 June, 2009 If this was the Grand National I would say there is a furlong to go with one fence to jump. Link to comment Share on other sites More sharing options...
trousers Posted 2 June, 2009 Author Share Posted 2 June, 2009 Its looking very likely that you can breathe again with the rest of us Trousers ! Aw...I was quite enjoying being this shade of blue! Link to comment Share on other sites More sharing options...
Frank's cousin Posted 2 June, 2009 Share Posted 2 June, 2009 Aye. That's the crux. I've racked my meagre brain to come up with an example of a "hidden surprise" that could crop up now but can't believe that the pre-exclusivity due diligence wouldn't cover all bases, at least at a comfort factor level. Sorry Trousers, not trying to be negative, I think its all pretty close now and should be fine, but they will want thsi time to complete teh detail of the business plan and thus be as accurate as possible with the budget so that they can be sure they can run within our means based on backers proposed support. This will of course become easier when they have got rid of those high wage earners not prepared to have reduced contracts etc, so in Season two and beyond we should be less reliable of the backer unless he has a desire to donate several mil to the cause ;-) (which we know he will once hooked and can see us edging ever closer to promotion and teh premiership!) Link to comment Share on other sites More sharing options...
NSS Posted 2 June, 2009 Share Posted 2 June, 2009 I would suspect its more detailed due diligence - I dont believe they would have had the time to go into player contracts in detail before? and these will dictate the budget and impact on what sort of time and resources are required to bring us abck in line with income - Given taht we have no advance ST sails I suspect they will budget on the lower side given that atendance and ticket prices are likely to be lower again - and therefore any increase will be a bonus... The backer will not want hidden surprises eg if prepared to suport in year 1 to Xmil' date=' he wont want to find out there is still a mill+ shortfall at the end of next season etc ...[/quote'] Hi Frank, I think you might be pleasantly surprised by just how advanced in the process they actually are. Certainly my impression is that they are expecting to complete and are already putting their plans into effect in confidence of realising that completion. Link to comment Share on other sites More sharing options...
alpine_saint Posted 2 June, 2009 Share Posted 2 June, 2009 Sorry Trousers' date=' not trying to be negative, I think its all pretty close now and should be fine, but they will want thsi time to complete teh detail of the business plan and thus be as accurate as possible with the budget so that they can be sure they can run within our means based on backers proposed support. This will of course become easier when they have got rid of those high wage earners not prepared to have reduced contracts etc, so in Season two and beyond we should be less reliable of the backer unless he has a desire to donate several mil to the cause ;-) (which we know he will once hooked and can see us edging ever closer to promotion and teh premiership!)[/quote'] Yawn. Have to put a downer on any good non-Lowe-related news, dont you ? Link to comment Share on other sites More sharing options...
once_bitterne Posted 2 June, 2009 Share Posted 2 June, 2009 Yawn. Have to put a downer on any good non-Lowe-related news, dont you ? Indeed! There's nothing worse than people who come on here just to be negative, don't you think Alps! Link to comment Share on other sites More sharing options...
trousers Posted 2 June, 2009 Author Share Posted 2 June, 2009 Sorry Trousers' date=' not trying to be negative, I think its all pretty close now and should be fine, but they will want thsi time to complete teh detail of the business plan and thus be as accurate as possible with the budget so that they can be sure they can run within our means based on backers proposed support. This will of course become easier when they have got rid of those high wage earners not prepared to have reduced contracts etc, so in Season two and beyond we should be less reliable of the backer unless he has a desire to donate several mil to the cause ;-) (which we know he will once hooked and can see us edging ever closer to promotion and teh premiership!)[/quote'] Cheers Frank....just thought of two more supplementary questions which, again, may be answered elsewhere.... (a) Are Pinnacle likely to use the full "21 days" before coming to a conclusion or is that a maximum that they are unlikely to use up? I guess the bigger % of this time they use the more likely it is that there are issues? (b) Did Fry need to get the interim approval of the (major) creditors before moving into the exclusivity period or is that a milestone that will come after the exclusivity period? In other words, could Pinnacle and Begbies be happy with things at the end of the exclusivity period but Barclays and Co be unhappy and put a block on completion? cheers Link to comment Share on other sites More sharing options...
tommi Posted 2 June, 2009 Share Posted 2 June, 2009 Hi Frank, I think you might be pleasantly surprised by just how advanced in the process they actually are. Certainly my impression is that they are expecting to complete and are already putting their plans into effect in confidence of realising that completion. Cheers NSS, one of the few worthy posters on here (and you're from down the road - crazy!!) Pleas pass on our thanks to Tony and his team for all the hard work, extremley long hours and doubtless sleepless nights to get where we are today. It's much appreciated. Link to comment Share on other sites More sharing options...
kpturner Posted 2 June, 2009 Share Posted 2 June, 2009 Presumably there is still scope for the backer to change his mind right up until the deal is signed and sealed. One thing that has always nagged me about clubs that have sugar daddies to keep them in the manner they have become accustomed (like Chelsea, potentially Poopey and, of course, us) is what happens if the aforementioned Sugar Daddy comes a cropper? I don't mean to be morbid, but what if he/she pegs it unexpectedly? I know that this would be a disaster for the friends and family - but is it usual for safeguards in place to ensure that such an eventuality does not result in disaster for the football club also? Leaving aside the mercenary insensitive aspects of the question for one moment, does anyone know? I am probably being simplistic, but I just have visions of Abramovich stepping off a curb at the wrong time and plunging Chelsea into financial ruin as a result ;-) Link to comment Share on other sites More sharing options...
DT Posted 2 June, 2009 Share Posted 2 June, 2009 I think it would be a jolly good idea to have a regular, weekly press conference so Pinnacle can keep us informed, along with Fry. That way they can stop all this speculation, as best they can, of course. I suggest that the first one should be - when else - on Friday, with another after that. That should do us. Then they can hold the 'new manager' one, with a bit of luck. Link to comment Share on other sites More sharing options...
Saint Lindford Posted 2 June, 2009 Share Posted 2 June, 2009 Hi Frank, I think you might be pleasantly surprised by just how advanced in the process they actually are. Certainly my impression is that they are expecting to complete and are already putting their plans into effect in confidence of realising that completion. Thank you oh wise one..... Link to comment Share on other sites More sharing options...
alpine_saint Posted 2 June, 2009 Share Posted 2 June, 2009 Indeed! There's nothing worse than people who come on here just to be negative, don't you think Alps! I agree there is nothing worse than being negative for the sake of it. But then, I wasnt being negative for the sake of it. I saw issues, and one-by-one I saw them come true. I was saying back in the summer of 2006 we had ONE shot at promotion, and so it proved. I was predicting the mess of the 2007-2008 season after Burley blew thing for us the previous season, and so it proved. I also predicted the mess of this season and administration, and so it proved. The likes of SOG and Franks_cousin have and will put Lowe successors down because they really think he did a spiffing job and that things are bound to be worse. Before they have even done ANYTHING. Link to comment Share on other sites More sharing options...
Pancake Posted 2 June, 2009 Share Posted 2 June, 2009 Yawn. Have to put a downer on any good non-Lowe-related news, dont you ? Did you read Franks post, or were you being a little OTT without actually taking in what was said? Link to comment Share on other sites More sharing options...
DT Posted 2 June, 2009 Share Posted 2 June, 2009 I agree there is nothing worse than being negative for the sake of it. But then, I wasnt being negative for the sake of it. I saw issues, and one-by-one I saw them come true. I was saying back in the summer of 2006 we had ONE shot at promotion, and so it proved. I was predicting the mess of the 2007-2008 season after Burley blew thing for us the previous season, and so it proved. I also predicted the mess of this season and administration, and so it proved. The likes of SOG and Franks_cousin have and will put Lowe successors down because they really think he did a spiffing job and that things are bound to be worse. Before they have even done ANYTHING. There's a lottery draw tomorrow night. Could I have the winning numbers please? Just gently joshing... Link to comment Share on other sites More sharing options...
FloridaMarlin Posted 2 June, 2009 Share Posted 2 June, 2009 And thats a long jump, so are you suggesting we have overcome The Chair ? If we are indeed approaching the last fence, we have. The "long jump", by which I presume you mean the Water Jump, and The Chair are only jumped on the first circuit. HTH Link to comment Share on other sites More sharing options...
Torres Posted 2 June, 2009 Share Posted 2 June, 2009 One thing that has always nagged me about clubs that have sugar daddies to keep them in the manner they have become accustomed (like Chelsea, potentially Poopey and, of course, us) is what happens if the aforementioned Sugar Daddy comes a cropper? I don't mean to be morbid, but what if he/she pegs it unexpectedly? I know that this would be a disaster for the friends and family - but is it usual for safeguards in place to ensure that such an eventuality does not result in disaster for the football club also? Leaving aside the mercenary insensitive aspects of the question for one moment, does anyone know? I am probably being simplistic, but I just have visions of Abramovich stepping off a curb at the wrong time and plunging Chelsea into financial ruin as a result ;-) Ask Gretna. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 2 June, 2009 Share Posted 2 June, 2009 Cheers Frank....just thought of two more supplementary questions which, again, may be answered elsewhere.... (a) Are Pinnacle likely to use the full "21 days" before coming to a conclusion or is that a maximum that they are unlikely to use up? I guess the bigger % of this time they use the more likely it is that there are issues? (b) Did Fry need to get the interim approval of the (major) creditors before moving into the exclusivity period or is that a milestone that will come after the exclusivity period? In other words, could Pinnacle and Begbies be happy with things at the end of the exclusivity period but Barclays and Co be unhappy and put a block on completion? cheers Hi Good news from NSS - he has a 'special relationship' with Mr Lynam ;-) (sorry No shot) he he... so his word on this is to be trusted more than most and hes a pompey fan! I would imagine that if Pinnacle can up lose ends before 21 days they wil do - the 21 days being teh period of exclusivity - it might even be that they dont, and others can make rival bids but Pinnacle are still first to complete which from what NSS says seems most likely. I would imagine that both Barclays and the major creditors will be happy with the deal and signed up in principle before Fry entered the exclusivity deal Link to comment Share on other sites More sharing options...
EFM Posted 2 June, 2009 Share Posted 2 June, 2009 Hi Frank, I think you might be pleasantly surprised by just how advanced in the process they actually are. Certainly my impression is that they are expecting to complete and are already putting their plans into effect in confidence of realising that completion. Now that's the sort of stuff I want to hear! I don't like the thought of our horse falling over that last fence, it would just be so Saints. Cheers NSS. You seem to be a damn decent chap for a Pxmpey fan!* (* Paranoia sets in. What if he is just the most convincing wind up? Why does he know more than any Saints ITKers? Why is he so nice?) Jeez, this last few weeks have made me a nervous, untrusting wreck - must take more medication. Link to comment Share on other sites More sharing options...
Arcadian Posted 2 June, 2009 Share Posted 2 June, 2009 There's a lottery draw tomorrow night. Could I have the winning numbers please? Just gently joshing... Heh, it reminded me of this... Link to comment Share on other sites More sharing options...
Frank's cousin Posted 2 June, 2009 Share Posted 2 June, 2009 I agree there is nothing worse than being negative for the sake of it. But then, I wasnt being negative for the sake of it. I saw issues, and one-by-one I saw them come true. I was saying back in the summer of 2006 we had ONE shot at promotion, and so it proved. I was predicting the mess of the 2007-2008 season after Burley blew thing for us the previous season, and so it proved. I also predicted the mess of this season and administration, and so it proved. The likes of SOG and Franks_cousin have and will put Lowe successors down because they really think he did a spiffing job and that things are bound to be worse. Before they have even done ANYTHING. Wish I had your wisdom master..... Alps its called opinion and you form one based on information you recieve and how much value and truth you see in that info....as I have had to say to you about 1000 times... I will be hugely supportive of the new owners but also critical where warranted as we are entitled to do... none of us 'luvvies' as you call us are concerned Lowe has gone, we are looking to a more pleasent future and hope that the new owners HAVE learned from everyones past mistakes, Lowes, Wildes and even Crouch's (for you, you may delite crouch as in your opinion he is blameless as all sins are forgotten due to his donations - bit like pardon selling pre reformation..but I digress) but that does not mean they wont make mistakes. Respect and support have to be earned Alpine and just because someone has bucket fulls of cash to spend does not give them those things by right - they must earn them like the rest of us. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 2 June, 2009 Share Posted 2 June, 2009 (* Paranoia sets in. What if he is just the most convincing wind up? Why does he know more than any Saints ITKers? Why is he so nice?) Jeez, this last few weeks have made me a nervous, untrusting wreck - must take more medication. No need to be pparanoid ;-) I know him well and hes a decent honorable chap - happens to be the cheif fundraiser for a very good charity and has owrked and knows MY Lynam very well. He NSS says this I am well chuffed. Link to comment Share on other sites More sharing options...
Pancake Posted 2 June, 2009 Share Posted 2 June, 2009 No need to be pparanoid ;-) I know him well and hes a decent honorable chap - happens to be the cheif fundraiser for a very good charity and has owrked and knows MY Lynam very well. He NSS says this I am well chuffed. Oh, is NSS that NSS... Link to comment Share on other sites More sharing options...
trousers Posted 2 June, 2009 Author Share Posted 2 June, 2009 Hi Good news from NSS - he has a 'special relationship' with Mr Lynam ;-) (sorry No shot) he he... so his word on this is to be trusted more than most and hes a pompey fan! I would imagine that if Pinnacle can up lose ends before 21 days they wil do - the 21 days being teh period of exclusivity - it might even be that they dont, and others can make rival bids but Pinnacle are still first to complete which from what NSS says seems most likely. I would imagine that both Barclays and the major creditors will be happy with the deal and signed up in principle before Fry entered the exclusivity deal Cheers Link to comment Share on other sites More sharing options...
solentstars Posted 2 June, 2009 Share Posted 2 June, 2009 Hi Frank, I think you might be pleasantly surprised by just how advanced in the process they actually are. Certainly my impression is that they are expecting to complete and are already putting their plans into effect in confidence of realising that completion.fantastic news and hopefully we get the old spirit of southampton feeling back . Link to comment Share on other sites More sharing options...
Frank's cousin Posted 2 June, 2009 Share Posted 2 June, 2009 Oh, is NSS that NSS... Doh! you been asleep? ;-) Link to comment Share on other sites More sharing options...
Eyes k8 Posted 2 June, 2009 Share Posted 2 June, 2009 Apologies if already covered but haven't had much chance to keep up with developments over the last few days.... As I understand it, the "21 days" exclusivity period is 'simply' being used by Pinnacle to tie up the legalities rather than for further financial due diligence. Is this 100% the case? In other words, is there anything left in the "all you need to know about the club" filing cabinet to be uncovered by Pinnacle that could make them do a u-turn or did they know everything they needed to know to complete the deal before entering the exclusivity phase? If there is still some due diligence type activity left to do, anyone know what sort of area(s) we're talking about and what the likelihood of uncovering any showstoppers are at this juncture? Apologies for my over-caution but just want to understand if we're in 'fait a complis' mode as far as the technicalities are concerned. Thanks Well things seem to be changing already. I'm sure it was Rupert's practice to cross the eyes and dot the t's. Link to comment Share on other sites More sharing options...
Pancake Posted 2 June, 2009 Share Posted 2 June, 2009 Doh! you been asleep? ;-) Most likely! Bloody hell, be a full blown 606/S4R reunion on here soon. Link to comment Share on other sites More sharing options...
itchen Posted 2 June, 2009 Share Posted 2 June, 2009 I agree there is nothing worse than being negative for the sake of it. But then, I wasnt being negative for the sake of it. I saw issues, and one-by-one I saw them come true. I was saying back in the summer of 2006 we had ONE shot at promotion, and so it proved. I was predicting the mess of the 2007-2008 season after Burley blew thing for us the previous season, and so it proved. I also predicted the mess of this season and administration, and so it proved. The likes of SOG and Franks_cousin have and will put Lowe successors down because they really think he did a spiffing job and that things are bound to be worse. Before they have even done ANYTHING. You saw so many things ... except Saints playing live at St Mary's. Well done. Link to comment Share on other sites More sharing options...
ottery st mary Posted 2 June, 2009 Share Posted 2 June, 2009 All our skeletons and flaky paperwork (are there any missing posters from this forum) have been buried beneathe the concrete at St Marys...As confirmed by DCI Gene Hunt. When he was called in to investigate recently ....So onwards and upwards. No holding us back now. COYRs Link to comment Share on other sites More sharing options...
solentstars Posted 2 June, 2009 Share Posted 2 June, 2009 Now that's the sort of stuff I want to hear! I don't like the thought of our horse falling over that last fence, it would just be so Saints. Cheers NSS. You seem to be a damn decent chap for a Pxmpey fan!* (* Paranoia sets in. What if he is just the most convincing wind up? Why does he know more than any Saints ITKers? Why is he so nice?) Jeez, this last few weeks have made me a nervous, untrusting wreck - must take more medication. i,ve worked with a few pompey fans and they were a good laugh and we had great banter,mind you they love it at the moment after years of us taking the micky out of them, Link to comment Share on other sites More sharing options...
solentstars Posted 2 June, 2009 Share Posted 2 June, 2009 You saw so many things ... except Saints playing live at St Mary's. Well done. alphine is now :Dgoing to be a fortune teller Link to comment Share on other sites More sharing options...
Frank's cousin Posted 2 June, 2009 Share Posted 2 June, 2009 i,ve worked with a few pompey fans and they were a good laugh and we had great banter,mind you they love it at the moment after years of us taking the micky out of them, See this NSS fellow, hes really a Saint at Heart I think, He felt our pain when releagted and said he would rather see Pompey relegated from teh prem than us go out of business... ;-) I can say that baout him as hes too tight to cough up a fiver and get more than 3 daily posts! ;-) are you not? Link to comment Share on other sites More sharing options...
MarkSFC Posted 2 June, 2009 Share Posted 2 June, 2009 I think what was said by Mark Fry was that agreement HAS been reached with all ceditors and "Legal Diligence" is taking place. I understand these to be that what is said to be owned by SLH/SFC etc IS legally owned by those parties. I took this to mean that ALL financial DD had been concluded. I imagine its now Lawyers working instead of accountants. I would also hope that "football plans" see being out into place so that it will be all systems go the moment of completion and announcement! Link to comment Share on other sites More sharing options...
MarkSFC Posted 2 June, 2009 Share Posted 2 June, 2009 I think what was said by Mark Fry was that agreement HAS been reached with all ceditors and "Legal Diligence" is taking place. I understand these to be that what is said to be owned by SLH/SFC etc IS legally owned by those parties. I took this to mean that ALL financial DD had been concluded. I imagine its now Lawyers working instead of accountants. I would also hope that "football plans" see being out into place so that it will be all systems go the moment of completion and announcement! Link to comment Share on other sites More sharing options...
Saint Lindford Posted 2 June, 2009 Share Posted 2 June, 2009 See this NSS fellow' date=' hes really a Saint at Heart I think, He felt our pain when releagted and said he would rather see Pompey relegated from teh prem than us go out of business... ;-) I can say that baout him as hes too tight to cough up a fiver and get more than 3 daily posts! ;-) are you not?[/quote'] Well he spends so much on hair products there is nothing left at the end of the month for 'fun'....... Link to comment Share on other sites More sharing options...
graymalkin33 Posted 2 June, 2009 Share Posted 2 June, 2009 I think that picture sums up Saints quite well. Link to comment Share on other sites More sharing options...
Saints foreva Posted 2 June, 2009 Share Posted 2 June, 2009 I would suspect its more detailed due diligence - I dont believe they would have had the time to go into player contracts in detail before? and these will dictate the budget and impact on what sort of time and resources are required to bring us abck in line with income - Given taht we have no advance ST sails I suspect they will budget on the lower side given that atendance and ticket prices are likely to be lower again - and therefore any increase will be a bonus... The backer will not want hidden surprises eg if prepared to suport in year 1 to Xmil' date=' he wont want to find out there is still a mill+ shortfall at the end of next season etc ...[/quote'] Tony was quoted in the Echo saying that all Due Diligence stages were completed. Link to comment Share on other sites More sharing options...
wireframebox Posted 2 June, 2009 Share Posted 2 June, 2009 Could it be that they are working on some legalities regarding the points deduction and how the rescue package effects it? Link to comment Share on other sites More sharing options...
eelpie Posted 2 June, 2009 Share Posted 2 June, 2009 If this was the Grand National I would say there is a furlong to go with one fence to jump. That analogy scares me! Link to comment Share on other sites More sharing options...
eelpie Posted 2 June, 2009 Share Posted 2 June, 2009 alphine is now :Dgoing to be a fortune teller Alp's depictions of gloom continue to haunt us..... Link to comment Share on other sites More sharing options...
eelpie Posted 2 June, 2009 Share Posted 2 June, 2009 I bet their banker won't be Barclays (even if Barclay's action did rid us of Lowe). Link to comment Share on other sites More sharing options...
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