Supporters Forum 22nd Sept - Sainsbury Pulling Out?

[Jam_Man]

Edited for clarity.

Ron doesnt benefit, our accounts sheet currently shows -10 million+, if Sainsbury wipe the debt that -10 million reduces to a lesser figure.

All it means if that were to happen is we got away with having to pay that massive tax bill ourselves, plus everything else we spent the Sainsbury money on, ie running the club..

 

[mrsblue]

Ron doesnt benefit, our accounts sheet currently shows -10 million+, if Sainsbury wipe the debt that -10 million reduces to a lesser figure.

All it means if that were to happen is we got away with having to pay that massive tax bill ourselves, plus everything else we spent the Sainsbury money on, ie running the club..

The accounts mean nothing!

As far as I can see the club is the primary income source for certain folk.

 

[Jam_Man]

The accounts mean nothing!

As far as I can see the club is the primary income source for certain folk.

The accounts show how much money go into and out of the club. You cant just take money out without it showing or you end up in prison.

 

[dannypav]

...... as if he would.

The words 'Ron' and 'contractual obligations' are not great bed fellows when placed in the same sentence !

 

[Jam_Man]

The words 'Ron' and 'contractual obligations' are not great bed fellows when placed in the same sentence !

Luckily if Sainsbury walk away they will be just as bad and might be a nice get out clause for Ron.

 

[mrsblue]

The accounts show how much money go into and out of the club. You cant just take money out without it showing or you end up in prison.

£1 paid to a company who owe another company £1 who owe another company £1 who owe another company £1 who owe another company £1 who owe another company £1 and so it continues!

 

[londonblue]

If Sainsburys pull out then I would imagine they write off any sums paid.

Ron I would imagine is already hawking the idea around other retailers. I wouldn't imagine Tesco would be a prime candidate anymore given their news over the last few days but a site that size would be of interest to others I'm sure.

However, it means more delays for us. Not necessarily a good thing as it means more hand to mouth stuff for some time to come unless a replacement is found.

If they pull out, of course.

I doubt Sainsbury at that mad. I suspect that when they loaned as a whole load of money to pay HMRC that the deal involved some sort of repayment plan. I don't for one second believe they would have just given us the money without any chance of recovering it.

 

[mrsblue]

I doubt Sainsbury at the mad. I suspect that when they loaned as a whole load of money to pay HMRC that the deal involved some sort of repayment plan. I don't for one second believe they would have just given us the money without any chance of recovering it.

Agreed,

Multi billion pound company with top lawyers will not leave themselves open.

 

[Jam_Man]

I doubt Sainsbury at the mad. I suspect that when they loaned as a whole load of money to pay HMRC that the deal involved some sort of repayment plan. I don't for one second believe they would have just given us the money without any chance of recovering it.

They will be writing millions off when pulling out of projects, the money they lent us would be peanuts to them.

If they are in breach of agreements themselves then they may not have much of a leg to stand on.

Will be interesting to see, if we still have to pay them that will be a big blow.

 

[londonblue]

Unless Ron has failed to meet certain contractual obligations, hopefully Sainsbury will write-off anything owed.

IF it all has gone titicus verticus, then this could be the forced change we need to push on. Sometimes you have to go backwards to go forwards.

It is clear Ron does not have the finance in place to bring the dream any closer to reality. So perhaps this will allow another party to come in and crack on.

Don't panic people, this could be just the tonic we need.

That has just put a smile on my face.

Thank you!

 

[londonblue]

They will be writing millions off when pulling out of projects, the money they lent us would be peanuts to them.

If they are in breach of agreements themselves then they may not have much of a leg to stand on.

Will be interesting to see, if we still have to pay them that will be a big blow.

As a board of directors they are charged with doing the best for the company. If they lend money it is almost certainly going to have a repayment schedule built in. That would have been put in place before the review of their building projects.

If there is a repayment plan in place then they are obligated to enforce it.

However, at the moment we don't actually know if they're pulling out.

If they do, then there is also the chance that, say, Morrisons or even Asda might be interested in the site.

 

[Jam_Man]

As a board of directors they are charged with doing the best for the company. If they lend money it is almost certainly going to have a repayment schedule built in. That would have been put in place before the review of their building projects.

If there is a repayment plan in place then they are obligated to enforce it.

However, at the moment we don't actually know if they're pulling out.

If they do, then there is also the chance that, say, Morrisons or even Asda might be interested in the site.

As a board of directors changing their strategy is what is good for the company, they may well then be prepared to write off monies already spent in order to save the money still to be spent. eg Roots Hall could have cost them 30 million to complete and writing off 10 million will save them 20 million from their budget.

None of us know, but writing off the debts will certainly be a possibility if they walk away.

 

[Ricky Otto]

£1 paid to a company who owe another company £1 who owe another company £1 who owe another company £1 who owe another company £1 who owe another company £1 and so it continues!

If it's only a pound I don't think we should worry about it

 

[WESTY_SUFC]

They will be writing millions off when pulling out of projects, the money they lent us would be peanuts to them.

.

Correct. It's already been published that they are writing off many of their planned developments.

 

[WESTY_SUFC]

Hopefully I will be proved wrong and building starts by the end of July 2014. Oops.

Until the next time we are on sky where Ron will reappear to tell everyone the stadium work will start soon.

 

[Smiffy]

If it is the case, then it must spell the end for Ron?

Unless of course he can manage to blag another interested retailer into getting involved.

Perhaps this would explain the silence and Ron is frantically sorting another retailer behind the scenes to save him from ruin.

All speculation of course, so we will just have to wait and see if there is any sort of official announcement.

From a personal point of view, if it has gone Pete Tong, I would like to see Ron walk (easier said than done of course) and fresh investment, ideas and people come in. We have being going nowhere for years now. We have gone stale. Time for a change. Would it be any better?....who knows, but it certainly cannot be much worse?

 

[tottenham541]

It could be time to move into southchurch park soon then ��

 

[GBJ]

A number of people have been saying Sainsbury are likely to pull out soon. It should come as no surprise when (if) they do. If it happens its not necessarily a bad thing. Change is good in our case and much needed....

Would Mr X still fancy a crack at taking over, if everything fell into place?

 

[Smiffy]

Would Mr X still fancy a crack at taking over, if everything fell into place?

I am sure there would be a number of interested parties looking to get involved given the right circumstances :winking:

 

[londonblue]

As a board of directors changing their strategy is what is good for the company, they may well then be prepared to write off monies already spent in order to save the money still to be spent. eg Roots Hall could have cost them 30 million to complete and writing off 10 million will save them 20 million from their budget.

None of us know, but writing off the debts will certainly be a possibility if they walk away.

Indeed. But writing off money owed, that they can recover wouldn't go down well with the shareholders, and that is ultimately who the directors are answerable to.

They may well decide not to spend any more money, but at the same time, they will be obligated to recover any money spent that is due back to them.

However, this is still all hypothetical since we don't know for certain that they are pulling out.