MM's ?8 million from Gaydamak?

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M17TT C

M17TT C

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Sorry if this has already been cleared up but I can't be bothered to trowel through pages and pages of hear-say about the takeover to find the answer to my question. So here it is:

As MM is still owed £8 million from the sale of Portsmouth from Gaydamak, is this not what is holding up the takeover process? In MM's advisors statement to the press they are quoted as saying "legal and financial issues which merit further investigation" which to me could mean one of a thousand things! I have not read the full statement, just going on the quote from The Mercury so do not no the full context of the statement but from that quote it doesn't inform anyone that the problem lies with LCFC. The legal issue could be the FA laws that do not allow a chairperson to have an 'interest' in more than one club and the financial issues could blatently be the £8 million he's owed!!

I may have got this completely wrong as I have lost touched with all the information regarding the takeover as it is getting rather boring now, but if someone could clear this up it would be great.
 
Mike Hunt Smells said:
I don't know. And until we hear if the bid has been accepted or not, I don't care.
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Well it was a question aimed at the accountants or the people that seem to know about the whole process. I wasn't asking for stupid, half-arsed comments by people trying to be the jester. FYI I don't care that you don't care! :102:
 
M17TT C said:
Well it was a question aimed at the accountants or the people that seem to know about the whole process. I wasn't asking for stupid, half-arsed comments by people trying to be the jester. FYI I don't care that you don't care! :102:
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Calm down, calm down!

voices_scousers_200x150.jpg
 
I am very calm thank you very much. I was just trying to highlight how anoying an informative post can be.



I see knowone is really bothered about this topic then? Rather just asume that it is LCFC that responsible for holding this up rather than a man that is trying to break FA rules? :102:
 
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M17TT C said:
Sorry if this has already been cleared up but I can't be bothered to trowel through pages and pages of hear-say about the takeover to find the answer to my question. So here it is:

As MM is still owed £8 million from the sale of Portsmouth from Gaydamak, is this not what is holding up the takeover process? In MM's advisors statement to the press they are quoted as saying "legal and financial issues which merit further investigation" which to me could mean one of a thousand things! I have not read the full statement, just going on the quote from The Mercury so do not no the full context of the statement but from that quote it doesn't inform anyone that the problem lies with LCFC. The legal issue could be the FA laws that do not allow a chairperson to have an 'interest' in more than one club and the financial issues could blatently be the £8 million he's owed!!

I may have got this completely wrong as I have lost touched with all the information regarding the takeover as it is getting rather boring now, but if someone could clear this up it would be great.
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One thing I am fairly sure of is that MM as of last week did not have enough funds to complete the deal and was trying hard to do raise them.

I do not know however if this is linked in anyway to his deal with Gaydamack.
 
M17TT C said:
Sorry if this has already been cleared up but I can't be bothered to trowel through pages and pages of hear-say about the takeover to find the answer to my question. So here it is:

As MM is still owed £8 million from the sale of Portsmouth from Gaydamak, is this not what is holding up the takeover process? In MM's advisors statement to the press they are quoted as saying "legal and financial issues which merit further investigation" which to me could mean one of a thousand things! I have not read the full statement, just going on the quote from The Mercury so do not no the full context of the statement but from that quote it doesn't inform anyone that the problem lies with LCFC. The legal issue could be the FA laws that do not allow a chairperson to have an 'interest' in more than one club and the financial issues could blatently be the £8 million he's owed!!

I may have got this completely wrong as I have lost touched with all the information regarding the takeover as it is getting rather boring now, but if someone could clear this up it would be great.
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he sold portsmouth along time ago he has nothing to do with portsmouth now
 
1966 said:
One thing I am fairly sure of is that MM as of last week did not have enough funds to complete the deal and was trying hard to do raise them.

I do not know however if this is linked in anyway to his deal with Gaydamack.
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Cheers mate, thanks for that.
The link with Gaydamack im trying to highlight is that as MM is still owed money he still 'technically' has an interest in Portsmouth Football Club, and according to FA laws, a chairperson is not allowed to have an interest in more than one club. So therefore until the £8 million 'debt' is paid, he will not be allowed to have an 'interest' in LCFC or any other English football club for that matter.
 
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M17TT C said:
Cheers mate, thanks for that.
The link with Gaydamack im trying to highlight is that as MM is still owed money he still 'technically' has an interest in Portsmouth Football Club, and according to FA laws, a chairperson is not allowed to have an interest in more than one club. So therefore until the £8 million 'debt' is paid, he will not be allowed to have an 'interest' in LCFC or any other English football club for that matter.
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Unless he lends the money to Gaydamak (secured) with a view to him paying him back at a later date.

The money has nothing to do with it, it's the share issues
 
Melton Fox said:
Unless he lends the money to Gaydamak (secured) with a view to him paying him back at a later date.

The money has nothing to do with it, it's the share issues
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Money / Shares similar thing in this context. Thats not what im trying to highlight.

THE FACT THAT HE TECHNICALLY STILL HAS AN INTEREST IN PORTSMOUTH FOOTBALL CLUB.

Is this true? Yes or no, and some reasoning would be helpful!!
 
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M17TT C said:
Money / Shares similar thing. Thats not what im trying to highlight.

THE FACT THAT HE TECHNICALLY STILL HAS AN INTEREST IN PORTSMOUTH FOOTBALL CLUB.

Is this true? Yes or no, and some reasoning would be helpful!!
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He won't have an interest in Portsmouth if Gaydamak has all of MM's shares, even if he hasn't paid up.

Money and shares are totally different
 
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Melton Fox said:
Money and shares are totally different
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I know hence the edit! I ment that either way, if he is owed money or still has shares then he still technically has an interest in Portsmouth Football Club!
 
M17TT C said:
I know hence the edit! I ment that either way, if he is owed money or still has shares then he still technically has an interest in Portsmouth Football Club!
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If he still has shares, the deal can't move forward. If he has no shares but is still owed money, it can
 
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I think this is something we would have to wait and see, I am sure the FA or whoever it is would look very closely at any deals.
 
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