Well, it's their bid?
An all-equity bid. A bid the smart arses all told us wouldn't happen.
Compared to;
So while we don't know what the plans are for existing debt - the headline is Vatche Manoukian's bid wouldn't add even more debt on top. Debt which would have big interest rates going to Dell.
I'm open minded on all the bids, because to be honest very little detail is known.
If these lads want to come in and put 400 mill into the club - without a plan for the debt then that is a worry, if the plan is to recapitalise the club and pay some of the debt then im open minded. If they come in and throw in 400 mill and have no plan for the debt then thats a worry. The specifics aren't known, so im open minded. But i just wouldn't be seduced by the figure. If something is to good to be true it usually is.
The debt and finishing the stadium are the two most important things, the debt is costing us about 1.15 million a week to manage in interest - it badly needs paying or it badly needs restructuring. Sugar daddying 400 mill into the club in equity, is appealing but it isn't a priority unless its used on finishing the stadium and paying debt. As i said im open minded, maybe they will pay down the debt without restructuring but that hasn't been said yet and because of that why not. If they restructure or pay the debt and also put 400 mill into the club, im in. But its not clear, so ill be keeping my power dry.
The only plan ive seen, in terms of a restructure, is Bell and Downings, sure it will be at about 10% but it will be over a longer period of time similar to what Spurs did with their ground - it will eventually go the way of our Bear Sterns/Prudential deal, when inflation kicks in.
Im looking at three things really, the plan for the debt, the remaining financing of the stadium and the competency of who is coming in. The Bell/Downing plan - we take some medicine - but is concrete in terms of debt repayment and that in itself bring some king of badly needed clarity, certainty and stability for the club. I think both bring something in terms of competency in infrastructure/facility/property management and with a Labour government coming in there is a pathway for public funding surrounding the Northern docks as they will invest in public spending. They also have competency in terms finance, running and developing successful company's and exploiting commercial markets. This we know.
MSP strike me as short term investors and while they have some of the above - we need a long term strategy - i think their priority is to protect and get a return on their investment - they aren't here for the long term.
Textor - i never thought was realistic - i think he's trying to drum up interest in his Palace stake.
The lad at Roma - i dont see as realistic either as i think Uefa will shortly crack down on Multi clubs, so its not clever.
The Manoukian bid, doesn't add up to me - the all equity thing as above, needs clarity, id be concerned if they were pumping 400 mill into the club if it wasn't to repay debt, maybe it is - but we dont know, so i wouldn't be seduced by it, until we had clarity. Very little is known, about the people involved and finding concrete information is difficult. They have no track record in terms of being involved in something like this - so difficult to know what skills they bring. Much is unknown.
Im open minded on all of the above, what we know at the moment is guarded, ive a leaning toward Bell and Downing - based purely on the realism of their bid on what we know. Its clear their is a PR game going on, whether it be the Michael Dell thing or All Equity Bids. But much more detail is needed.
There seems to be a magic figure of 350 mill - 400 mill at play across both bids. This is curious to me - its obviously a magic number for something. Maybe its settling MSP, the stadium and capital. But it does seem to the magic number.
Anyway more will break I'm sure and we will all prob change our minds again - as the week goes on, ultimately we want the best deal for the club, id like it quickly though.
mspsportscapital.com
www.telegraph.co.uk
