Takeover Bid - Trust Update

[Foxes_Trust]

available here

http://foxestrust.co.uk/site/index.php?option=com_content&task=view&id=241&Itemid=2

 

[OldGit]

Thanks FT

Hope that soothes a few troubled souls!!

 

[alex]

Thanks FT.

 

[Foxes_Trust]

Further update added

http://foxestrust.co.uk/site/

 

[Lako42]

dont like the sound of this. how can you question MM's previous record. he took a team that were worse than we are to the premiership and kept them there.

and how can your members slag off the leicester mockery for quoting 25mill when you quoted 3 mill which is even further off the mark as MM has said that shareholders will get their money back. the 25 mill was primarily reported by a journalist who has exclusive access to MM.

I find it ridiculous that EARLY indications are that ticket prices will drop next season when the club doesnt even know where we will finish in the league, if the takeover doesnt go ahead i now expect discounted tickets for next season.

 

[Fox Fan]

and how can your members slag off the leicester mockery for quoting 25mill when you quoted 3 mill which is even further off the mark as MM has said that shareholders will get their money back. the 25 mill was primarily reported by a journalist who has exclusive access to MM.

25 million is 19 Million away from the £6million investors put into the club. £3million is only £3million away from £6million. How you can claim its even futher wide of the mark baffels me.

 

[Mike - True Blue Tinter]

I thought the 3 million was MM's first offer but after meeting with LCFC he said shareholders would get all their money back, i.e. 6 million.
His previous record with Portsmouth was a bit of a rocky road - about 5 different managers before they got promoted in as many years. They still do not have a decent stadium, so no investment there. Does anyone know how much extra MM put in to the playing staff? Transfer costs and wages in minus transfer costs and wages out over those 5 years?

 

[Melton Fox]

If season tickets come on sale any earlier, I possibly won't be buying one. They are too early as it is

 

[Dour]

I thought the 3 million was MM's first offer but after meeting with LCFC he said shareholders would get all their money back, i.e. 6 million.
His previous record with Portsmouth was a bit of a rocky road - about 5 different managers before they got promoted in as many years. They still do not have a decent stadium, so no investment there. Does anyone know how much extra MM put in to the playing staff? Transfer costs and wages in minus transfer costs and wages out over those 5 years?

Net - at the end of the year before he left, he had lent around £10 million. Two years earlier the debt to him was £17 million - the highest it gets. But that also includes the debts he took over when he bought Portsmouth (about £5million I think).

So, at the end the net amount he put in (lent) for players after 7 years was £5million.

 

[PFKAKTF FOX]

I find the Trust's position more than a little concerning, as yet I have witnessed little in the way of positive comment towards Mandaric's bid for the club, instead choosing to identify and highlight possible negatives and an underlying suspicion of his motives and previous involvements with other clubs.

I don't expect the Trust to willingly accept any investor with open arms, caution has to be undertaken, but also so does an element of objectivity, something IMO the Trust are currently failing to display.

IMO the Mandaric bid is a possible opportunity for the club, as is this other potential areas for investment and a decision must be based on the best long term interest for Leicester City Football Club.

Whether the Trust are truly allowing this process to happen remains in considerable doubt.

 

[Melton Fox]

I heard a rumour that the current board have managed to find themselves £3mill between them to invest in the playing squad to avoid the buyout

The same source also said that it's irrelevant as the MM bid looks a dead cert and anything offered by the current board is too little and too late

 

[PFKAKTF FOX]

I heard a rumour that the current board have managed to find themselves £3mill between them to invest in the playing squad to avoid the buyout

The same source also said that it's irrelevant as the MM bid looks a dead cert and anything offered by the current board is too little and too late

Interesting info Melts, is it a reliable source ???

 

[Melton Fox]

Interesting info Melts, is it a reliable source ???

Sometimes, not always. But not a random guesser

 

[Nottingham Fox]

I heard a rumour that the current board have managed to find themselves £3mill between them to invest in the playing squad to avoid the buyout

The same source also said that it's irrelevant as the MM bid looks a dead cert and anything offered by the current board is too little and too late

I listened to the Andrew Taylor interview on Saturday, and although he seemed quite happy with what MM has put forward and how the meetings have gone etc, he did make a comment about the current shareholders putting more money in. The way he said it was like it had been discussed at length, and they did actually have a sum of money to put in. I suppose come 2pm on Saturday after their EGM all will be revealed.

 

[homer]

I heard a rumour that the current board have managed to find themselves £3mill between them to invest in the playing squad to avoid the buyout

The same source also said that it's irrelevant as the MM bid looks a dead cert and anything offered by the current board is too little and too late

The worst possible outcome all round - everything stay exactly the same, except for having a couple of million to spend

Still have same wankers in charge
Still have Ground debt round our necks
Still have same shite squad with only one or two additions
Still be selling Stearman and Fryatt when a buyer comes along (although after Saturday that might be a good thing)
Still be heading for a slow and lingering death ending in relegation next year

Nightmare on all fronts

 

[newtonfox]

I heard a rumour that the current board have managed to find themselves £3mill between them to invest in the playing squad to avoid the buyout

The same source also said that it's irrelevant as the MM bid looks a dead cert and anything offered by the current board is too little and too late

:icon_lol: :icon_lol: :icon_wink

love it :icon_cool no one from the board has said they will put more money in all ive heard is they are all happy to get the money back that they put in 100% of it ,just as long as MM keeps to his word everything should be done by the 15th dec and yes the 15th has been said on interveiw and by my sorce on the board :icon_wink

 

[Melton Fox]

:icon_lol: :icon_lol: :icon_wink

love it :icon_cool no one from the board has said they will put more money in

Nottingham Fox has confirmed above that Andrew Taylor even said it

 

[cleefox]

:icon_lol: :icon_lol: :icon_wink

love it :icon_cool no one from the board has said they will put more money in all ive heard is they are all happy to get the money back that they put in 100% of it ,just as long as MM keeps to his word everything should be done by the 15th dec and yes the 15th has been said on interveiw and by my sorce on the board :icon_wink

I also saw that Ian Basson of Foxes Trust said that his gut feeling was that the bid would go through. Looks promising.

 

[homer]

I also saw that Ian Basson of Foxes Trust said that his gut feeling was that the bid would go through. Looks promising.

Get down on your knees and pray to your god

I am - Come on Santa, don't let me down........

 

[Dunc]

I heard a rumour that the current board have managed to find themselves £3mill between them to invest in the playing squad to avoid the buyout

The same source also said that it's irrelevant as the MM bid looks a dead cert and anything offered by the current board is too little and too late

Perhaps the following is true.

MM offers the shareholders 25p over the value of their shares but that is to be paid in 2 installments half up front and half 'when' we get to the Premier League.

The money that he is actually putting forward does not go into the club at all (that £1.25 share purchase is MM outlay) as it goes to the shareholders.

Therefore any money beyond that investment/purchase is in the form of loans and the shareholders argue do we want to go into debt again and risk long term damage should MM pull out for any reason.

In business terms you can argue the good/bad aspects for both parties, but IMO its all weighted in MM's favour - He gets control without any significant investment into the club, his only outlay is to gain control.

Anyway, chances are the board will reject this proposal and ask MM if he would be interested in investing the capital into the club rather than a share purchase. If he did this then he would get a majority shareholding as the club would release/create shares for the value of the investment (ie in excess of 50%).

I'm not sure of the legality and the rest of this practice but in essence if this was the case then as he wouldn't be paying off the shareholders then the club (ie RK) would get the investment for the playing side.

However, its unlikely this will be accepted by MM.