Who's your money on in the takeover 'battle'?

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BeardedScotsman said:
At the risk of pissing you all off, the Club isn't worth anything. Look at the 40 million paid to Moshiri and RMF as a sweetener.
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Mate, you pissed most of us off at the start of May when you told us the deal was done then.
BeardedScotsman said:
The sale is going through. Moshiri wants out in the worst way. Sale will be completed over three years with MSP initially taking a 45% ownership stake. That rises to full ownership over three purchase periods. Deal has been signed. He’s out completely in two years.

One of the major players on the MSP side just sold a sports organization of his own. Notorious cheap [Poor language removed] but liquid.
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PeregrineT said:
Well, I take it what he is, is an investor who receives the calls from MSP. That triggered his first joining the board and everything since and appears to be all he knows about. So he takes their calls that he gets privy to and then adds guesswork into the rest of it.
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The guesswork part is the problem - just because MSP have or haven't made a call to investors for more money to invest, doesn't mean it will happen. We seen that last year when their original plan failed too.

Time will tell - either way, MSP are immeasurably better than 777.
 
BeardedScotsman said:
At the risk of pissing you all off, the Club isn't worth anything. Look at the 40 million paid to Moshiri and RMF as a sweetener.
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Nobody pays 40 million as a "sweetener". And I thought you said that was the "downpayment" so to speak and that there would be more payments to Moshiri in the following years as the asset performed?
 
PeregrineT said:
Well, I take it what he is, is an investor who receives the calls from MSP. That triggered his first joining the board and everything since and appears to be all he knows about. So he takes their calls that he gets privy to and then adds guesswork into the rest of it.
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Any guess work has been stated as such. I've been very careful since my first post to not add any guess work. When I have, I have made it clear it was my assumption based on the facts shared with us.
 

Mrk said:
The guesswork part is the problem - just because MSP have or haven't made a call to investors for more money to invest, doesn't mean it will happen. We seen that last year when their original plan failed too.

Time will tell - either way, MSP are immeasurably better than 777.
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what fun.

we go from bad to only a little less bad
 

BeardedScotsman said:
65/35 rule. It appears you already know the Club's finances so you would already know this.
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This is the cap on a leveraged buy out. It limits the debt placed on the club by the acquirer as part of the deal not the acquired debt. The latter is at PL discretion.

MSP would have to capitalise a substantial part of their current loan to comply with the acquisition leverage rule but they would convert anyway in the deal you suggest. They do not necessarily need new cash or to pay down other debt to comply with the PL rules unless the PL specifically make it a condition of approval as they did for 777 with MSP’s debt.

Of course a side deal to pay RMF something to have them on board would make sense to stop them trying to block the acquisition of additional shares beyond the debt/equity conversion. £20m is less than I would ask if I was them but if they are confident they will get bought out soon after then yeah, take some £ now.

As for ACap taking a minority share by converting debt, they have issues in USA and need to restructure because they are having to write down and divest 777 ‘assets’. I am sure they would rather have cash than EFC shares but again you take what you can get (but there is a cash alternative if we believe the Bell/Downing briefing).

Even if PL do not make a stipulation on other debt in practical terms any buyer will absolutely need access to funds to restructure debt, but that can obviously be borrowed from BDT & MSD or others by any credible acquirer (in theory).

You have been more certain than I would want to be in your shoes, particularly with Bell & Downing briefing Slater, Joyce and others quite differently. Your confidence is impressive so I doff my cap. You will certainly deserve some ITK of the year award if it pans out. If not, a grand blag should always be admired.

GOT definitely needs an awards night, our very own Oscars! 😉 Make it happen lads.
 
pfim said:
At the risk of speaking out of turn, it doesn't really seem like the bearded northerner is part of MSP.
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Agree although the man is certainly an investor of theirs.

Personally I do not trust MSP, they have always wanted to own Spurs but never had the funds to do any kind of deal with them.

They have allowed us to fall deeper into debt with 777 instead of converting their loan into a majority stake because they didnt want to run the club / put their hands in their pockets.

I dont see this group as worthy custodians to lead EFC into glory. Whilst I am not aroused by the names Bell & Dowling, if there was a way for them to convince Dell to form a consortium rather than simply loaning money, they would be a more worthy candidate (imo).
 

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