SO when will the takeover go through?

[GBJ]

As far as I can see the only news here in reality is that DD will now be completed "towards the end of the month" and it will then take a couple of weeks to sign off. The timing has slipped (maybe it was never realistic and people were be told what they wanted to hear?).
Other than this as far as I can see nothing has changed. The new council that is about to be installed seem committed to approving as a matter of urgency. And it remains a delegated decision (also confirmed).

The timing slipping will have an impact on two major aspects of the club, which may cause things to change:

1) The latest court case is 6 days away. The debt will not be paid.

The ramifications of this are that the people on the petition may refuse to give us an extension & we are back to relying on a sympathetic judge to save us. Also, a few people warned that the law firm weren’t the only ones circling when this news broke a while ago, and I’m concerned that we will have another one or two parties adding themselves to the petition at some point.

So far, JR and TL have worked miracles to keep them appeased… but that can’t & won’t last indefinitely.

2) Following on from my last sentence above, the Consortium will now be getting very very twitchy. They will also not let this go on indefinitely, and something will need to progress somewhere, for them to remain interested and invested.

Make no mistake, this news isn’t something that should be treated lightly. Whilst on paper it may seem like a two/four week delay, the reality is this has dragged on for several months now & may very well continue to do so. God forbid something is flagged up with the council’s DD, as that could see the discussions extended even further…. at what point does everyone involved say enough is enough

 

[Yorkshire Blue]

My naive understanding of the situation would be, like when you mortgage your home, you can't rent it out without the consent of the lender. It's to protect the lender who if the borrower defaults on the loan (*cough, Ron), might need to take possession of the site in order to sell it to get their money back. That becomes more complicated if someone, other than the borrower, has security of tender to occupy it.

Roots Hall is already leased to the club.

The proposed deal Ron can’t consummate presumably has Roots Hall being leased out at a peppercorn rent rather than the £400k pa that is currently charged and not collected.

 

[Shrimpergonzo]

Roots Hall is already leased to the club.

The proposed deal Ron can’t consummate presumably has Roots Hall being leased out at a peppercorn rent rather than the £400k pa that is currently charged and not collected.

Maybe it's not just the financial terms of the lease that the consortium would like changed. I would assume they want some kind of security of tenure if they're going to start to invest in the ground.

 

[Cockle43]

Maybe it's not just the financial terms of the lease that the consortium would like changed. I would assume they want some kind of security of tenure if they're going to start to invest in the ground.

They have to have security of tenure for a minimum of ten years to get back into the EFL, so security of tenure would be a non-negotiable.

I refer my learned friend to the recent case of EFL v Gateshead...

 

[kentblues]

They have to have security of tenure for a minimum of ten years to get back into the EFL, so security of tenure would be a non-negotiable.

I refer my learned friend to the recent case of EFL v Gateshead...

Its 25 years I think- idea being many years more than envisaged out of an amdunance of caution...understandably..

 

[AlfaShrimper]

What are you hoping to protest against?

Ron being a ****. He doesn't like it and his family doesn't like it more! Why have we let the pressure drop?

 

[RHB]

Waiting for 15th May.

 

[sufc4life21]

You’ve also got to hope that none of the current consortium are having a wobble and have the money to keep funding this ongoing **** storm

Given yesterday update does appear there patience is running out. With this deal being so complex and messy which the consortium have no control over, surely they got to be asking the question is this really worth pursuing and just take the hit now before it gets out of control where they put even more money in without a return ie the club which potentially harms there own financial situation. Pretty crazy they gone this far down the road already, 1 would hope they just see it through but with so much to navigate just to even own the club and roots hall with no guarantees of successful outcome in there favour does make it less appealing to keep going. Can't be easy for the consortium at this current time with all this uncertainty going on and with winding up order being served with potentially other creditors lurking which will need addressing sooner rather than later, they must be thinking what the bloudy he'll we got ourselves in for. In month or so will probably have clearer picture of what will happen I guess.

 

[Jack_23]

Theres only 2 outcomes. We start this season with the new consortium at the helm or we have no club at all come 10th august . Not in a Million years the league will let us start the season under ron

 

[dusterman]

Theres only 2 outcomes. We start this season with the new consortium at the helm or we have no club at all come 10th august . Not in a Million years the league will let us start the season under ron

They will if the consortium are paying the bills and the stadium meets the criteria.

 

[southendkid]

They will if the consortium are paying the bills and the stadium meets the criteria.

I doubt the consortium will be paying the bills if the club is still in Ron's control come August.

 

[Snowy]

Does anyone know how much the Rat owes his ex solicitors?

 

[Shrimper]

I doubt the consortium will be paying the bills if the club is still in Ron's control come August.

June, let alone August I think

 

[dusterman]

I doubt the consortium will be paying the bills if the club is still in Ron's control come August.

But hypothetically if bills being paid then they have to/will most likely give us a license to play.

 

[GBJ]

Does anyone know how much the Rat owes his ex solicitors?

I think the figure quoted was £400k

But we still owe others too, so that figure will be substantially higher if they decide to join the petition (one of which did, but later agreed to stand down again)

June, let alone August I think

I can imagine the consortium’s patience will run out right around the time the court case is next adjourned to.

If we’re given until mid June, and there hasn’t been significant movements, that’ll be it.

 

[GBJ]

But hypothetically if bills being paid then they have to/will most likely give us a license to play.

If they feel we won’t complete the season, they won’t issue us the license.

They’ll be looking for guarantees that the bills will be paid throughout the season… can you see Ron or the consortium guaranteeing that if there has been no movement?

 

[tommy tucker]

Enough is enough Either the council are going to agree a deal that suits them and all concerned by the end of the month At this present time the 20 million is meaning less because no deal means no club That's about it in a nut shell Tom is now a part of the consortium Maybe he can shed some light as to what the he'll is going on .

 

[dusterman]

If they feel we won’t complete the season, they won’t issue us the license.

They’ll be looking for guarantees that the bills will be paid throughout the season… can you see Ron or the consortium guaranteeing that if there has been no movement?

Mmmm. Suppose the next big date then is NL AGM at the start of June then?

 

[Banksy]

Up the Creek etc alas. Unfortunately, Ron holds all the cards. Can't even buy the name (SUFC). How about SUFC 24 and ground share. Then start again as did Charlton, The Wombles and MKDs. Oh for a Council such as Brighton !

 

[GBJ]

Mmmm. Suppose the next big date then is NL AGM at the start of June then?

Well technically the next big date is Wednesday.

For my mind, the time line currently looks like this;

May 15th - WUP (hopefully to be adjourned)

End of May - completion of DD by SCC (hopefully)

Early/mid June - the two weeks of rubber stamping completes (hopefully)

June 19th NL AGM

*There is the little matter of the court case adjournment (hopefully) to fit in somewhere too, but obviously we won’t know what date until next week.

If we go into the NL AGM without the club being sold and the debt cleared, we will be staring down the barrel of their gun & there are those among us who think they already have itchy trigger fingers for us.

To me, we’re either “saved” by June 19th, or we’re finished. I can’t see any other options.