| The takeover by Gamechanger 20 Ltd - The training ground land 23:56 - Mar 2 with 161570 views | Muncher |
I’ve been doing a bit of digging at HM Land Registry today and what I have seen backs up what Phil has previously mentioned and leads me to believe the takeover is well underway and likely just waiting EFL approval.
The Playford Road site (2 parcels of land) is the subject of a priority search in respect of an intended purchase by Gamechanger 20 Ltd which was lodged on 23 February by law firm Gateley PLC out of their Birmingham office (first instruction by that client).The Bent Lane site is subject to a similar priority search in respect of part of the site only, meaning the Evans group company is retaining part of it.
A priority search is carried out by solicitors to preserve their place in the queue of potential applications for dealing, it confers a priority period of about 45 days. It is a matter of public record and available to view by professionals who have the requisite portal account. It is typically only done in the immediate anticipation of completing a transaction, it can be done slightly ahead of this, but usually is done on the day of exchange of contracts. I’m a commercial property solicitor so carry out these searches on a regular basis. My best guess (based on the timing of the search) is Evans likely entered into a conditional contract last Tuesday for the sale of the land (and club). You would not carry out such a search unless a deal including the detail had either been agreed or was extremely close. The reason such searches are not carried out lightly is because it prevents the proprietor from entering into other transactions while the priority is lodged. If a deal is not happening you should cancel the search, but all 3 remain in place.
There is no corresponding priority search in respect of the stadium lease and I would not expect there to be as the lease is owned by the club as tenant and I would expect Gamechanger 20 Ltd is acquiring the existing share capital owned by Evans.
I am happy to share screenshots if anyone would like to see, but the searches are in relation to the Playford Road site (title number SK219236 & SK203140) and the bent lane site (SK200320) they appear under the “application enquiry” tab.
EDIT:
I have now have a placed a brief article on my firm's website here discussing it:
https://prettys.co.uk/news/takeover-ipswich-town-football-club-could-be-progress
[Post edited 8 Mar 2021 12:59]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 08:18 - Mar 13 with 5240 views | wkj |
| The takeover by Gamechanger 20 Ltd - The training ground land on 08:14 - Mar 13 by Muncher |
Still there... |
Has BMJ done any priority searches on Copdock Tesco? If so - done deal. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 08:56 - Mar 13 with 5145 views | GodBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 08:14 - Mar 13 by Muncher |
Still there... |
Nice one, Muncher, cheers.  |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 09:39 - Mar 14 with 4800 views | Muncher |
Still there today. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:45 - Mar 14 with 4782 views | BlueBorn86 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:39 - Mar 14 by Muncher |
Still there today. |
Top stuff. I may have missed this earlier in the thread, but in theory if this was all started around the 23rd Feb and these searches last around 30 days, should we be coming to some sort of conclusion soon?
Does anyone have any idea as to how long these EFL tests last, I know they are in two parts and I would think it may be slightly more long winded with us as we may have more people involved?
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| The takeover by Gamechanger 20 Ltd - The training ground land on 09:47 - Mar 14 with 4779 views | NthQldITFC |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:39 - Mar 14 by Muncher |
Still there today. |
Thanks, as usual. Might I suggest that if we are still in this situation in 18 days time, you make sure that you do the 'surprise' update well before midday. And then run for cover. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 09:51 - Mar 14 with 4765 views | Keno |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:39 - Mar 14 by Muncher |
Still there today. |
I have a question - if the 30 days period runs out and the EFL are still frigging about can the searches be extended or renewed? |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:10 - Mar 14 with 4730 views | WeWereZombies |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:45 - Mar 14 by BlueBorn86 |
Top stuff. I may have missed this earlier in the thread, but in theory if this was all started around the 23rd Feb and these searches last around 30 days, should we be coming to some sort of conclusion soon?
Does anyone have any idea as to how long these EFL tests last, I know they are in two parts and I would think it may be slightly more long winded with us as we may have more people involved?
I |
There is a possibility that the takeover has not happened yet because a price has not been fully agreed rather than because the EFL are still carrying out 'fit and proper person' enquiries. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:13 - Mar 14 with 4707 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:45 - Mar 14 by BlueBorn86 |
Top stuff. I may have missed this earlier in the thread, but in theory if this was all started around the 23rd Feb and these searches last around 30 days, should we be coming to some sort of conclusion soon?
Does anyone have any idea as to how long these EFL tests last, I know they are in two parts and I would think it may be slightly more long winded with us as we may have more people involved?
I |
I would expect so, but the EFL will not be boundby the land regisatry timeline, I suspect they will take as long as they need to.
It's difficult to get a handle on how long the EFL take, I would suspect this will take slightly longer due to the following factors:
- They are having to conduct the tests over 5 owners, not 1
- Some of the prospective owners are overseas nationals with overseas business interests which will make the necessary tests slower to carry out.
- Generally as a matter of law the concept of dishonesty has been widened following the Genting Casinos case which extends the scope of some of the tests further.
- Some of the funding , if reported is coming from a third party source (i.e. debt finance) so the EFL should be looking at the precise terms under which that would be available, whether it would be secured against the club assets and what the long term plan is.
- The EFL have clearly been burnt following the goings on at Wigan and Bury so will no doubt bne looking at this with greater scrutiny.
- Due to no fans in the ground the financial position of every club is more precarious and dependent on external funding at the moment, I suspect this is a complicating factor.
- Covid is probably slowing down the process in the same way it seems to be slowing down just about everything else.
If we are still waiting for ratiifcation towards the end of the priority period I would expect Gateleys to lodge second priority searches. Personally I'd expect a decision before then. | | | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:24 - Mar 14 with 4673 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:51 - Mar 14 by Keno |
I have a question - if the 30 days period runs out and the EFL are still frigging about can the searches be extended or renewed? |
Yes they can, but if a third party had lodged a search in the meantime they would take priority. You cannot protect your priority position indefinitely.
You cannot use the priority system to confer yourself any advantage in terms of the transaction itself.
As a poster below pointed out it is still possible (albeit unlikely in my view) that the price has not been agreed. If that were the case and Marcus Evans in the last week agreed a deal with someone else entirely, they would pick up the phone to Gateleys and say "we see you have lodged priority searches and understand the transaction you are seeking to protect is no longer proceeding. Our client is intending to enter into a transaction in respect of that land, please withdraw your searches to allow our deal to proceed".
The searches would likely be cancelled as it is probably covered by land registry rules, is probably a matter of professional conduct and also attempting to scupper someone else's deal because yours did not work is not a good look.
Various sources were suggesting this was with the EFL for approval even before the Land Registry searches became apparent, I think you need to look at all the circumstances in the whole and form a view as to what that is likely to mean. No one can be 100% on this, but it is possible to make reasonable assumptions. [Post edited 14 Mar 2021 10:38]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:27 - Mar 14 with 4656 views | Keno |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:24 - Mar 14 by Muncher |
Yes they can, but if a third party had lodged a search in the meantime they would take priority. You cannot protect your priority position indefinitely.
You cannot use the priority system to confer yourself any advantage in terms of the transaction itself.
As a poster below pointed out it is still possible (albeit unlikely in my view) that the price has not been agreed. If that were the case and Marcus Evans in the last week agreed a deal with someone else entirely, they would pick up the phone to Gateleys and say "we see you have lodged priority searches and understand the transaction you are seeking to protect is no longer proceeding. Our client is intending to enter into a transaction in respect of that land, please withdraw your searches to allow our deal to proceed".
The searches would likely be cancelled as it is probably covered by land registry rules, is probably a matter of professional conduct and also attempting to scupper someone else's deal because yours did not work is not a good look.
Various sources were suggesting this was with the EFL for approval even before the Land Registry searches became apparent, I think you need to look at all the circumstances in the whole and form a view as to what that is likely to mean. No one can be 100% on this, but it is possible to make reasonable assumptions. [Post edited 14 Mar 2021 10:38]
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Thanks, thats really helpful
Next time a client needs a commercial property solicitor I know who I am going to recommend!! | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:36 - Mar 14 with 4632 views | Muncher |
This is how I would interpret potential changes:
Searches lapse - The parties were not under contract / EFL has not sanctioned the deal. Either way the deal is not progressing as we thought.
Searches cancelled - The parties were not under contract / EFL has not sanctioned the deal and is possibly indicative of either Marcus Evans wanting to draw a line under it or paving the way for another bidder. Deal not happening with Gamechanger 20 Ltd.
New searches lodged by Gamechanger - Likely to mean EFL approval is taking its time and they want to protect their priority. Even stronger evidence that a deal is underway or close but timing likely to be slower.
New searches lodged by someone else - The price could not be agreed / the EFL refused it but a new deal is likely to have been agreed with someone else.
Searches in place with no change - The parties are likely under contract and likely awaiting EFL approval. [Post edited 14 Mar 2021 10:37]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 12:25 - Mar 14 with 4476 views | pointofblue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:36 - Mar 14 by Muncher |
This is how I would interpret potential changes:
Searches lapse - The parties were not under contract / EFL has not sanctioned the deal. Either way the deal is not progressing as we thought.
Searches cancelled - The parties were not under contract / EFL has not sanctioned the deal and is possibly indicative of either Marcus Evans wanting to draw a line under it or paving the way for another bidder. Deal not happening with Gamechanger 20 Ltd.
New searches lodged by Gamechanger - Likely to mean EFL approval is taking its time and they want to protect their priority. Even stronger evidence that a deal is underway or close but timing likely to be slower.
New searches lodged by someone else - The price could not be agreed / the EFL refused it but a new deal is likely to have been agreed with someone else.
Searches in place with no change - The parties are likely under contract and likely awaiting EFL approval. [Post edited 14 Mar 2021 10:37]
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Thank you so much for this and the thread. It’s very much appreciated.
Just to confirm we’re currently at the “searches in place with no change” stage? | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 12:39 - Mar 14 with 4443 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:25 - Mar 14 by pointofblue |
Thank you so much for this and the thread. It’s very much appreciated.
Just to confirm we’re currently at the “searches in place with no change” stage? |
No problems, I’m glad people find it interesting or useful.
Yes, we are at that stage at the moment. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:50 - Mar 14 with 4415 views | pointofblue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:39 - Mar 14 by Muncher |
No problems, I’m glad people find it interesting or useful.
Yes, we are at that stage at the moment. |
Thanks - I would say hopefully it goes through soon but it could be a case of be careful what you wish for! | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 15:00 - Mar 14 with 4290 views | TheBoyBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:50 - Mar 14 by pointofblue |
Thanks - I would say hopefully it goes through soon but it could be a case of be careful what you wish for! |
The opportunity for something better has to be better than the certainty of something worse? | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 09:26 - Mar 15 with 3928 views | Muncher |
No change this morning, they are still there. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:41 - Mar 15 with 3862 views | Keno |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:26 - Mar 15 by Muncher |
No change this morning, they are still there. |
I believe 30 working days from 23rd Feb takes us to 8th April
(that might be a day or 2 out) | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:13 - Mar 15 with 3775 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:41 - Mar 15 by Keno |
I believe 30 working days from 23rd Feb takes us to 8th April
(that might be a day or 2 out) |
Expires on 7 April.
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| The takeover by Gamechanger 20 Ltd - The training ground land on 17:31 - Mar 15 with 3417 views | CokeIsKey |
Will be interesting to see what happens to these over the next few days. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 17:43 - Mar 15 with 3314 views | abracaDOBRA_ |
| The takeover by Gamechanger 20 Ltd - The training ground land on 17:31 - Mar 15 by CokeIsKey |
Will be interesting to see what happens to these over the next few days. |
Indeed. I thought these searches were done when prices was agreed and contracts all but exchanged. I'm hoping it's just a bump in the road and it'll still go through. |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 17:51 - Mar 15 with 3267 views | Kieran_Knows |
| The takeover by Gamechanger 20 Ltd - The training ground land on 17:43 - Mar 15 by abracaDOBRA_ |
Indeed. I thought these searches were done when prices was agreed and contracts all but exchanged. I'm hoping it's just a bump in the road and it'll still go through. |
Didn’t Muncher say the searches barely cost anything? |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 17:53 - Mar 15 with 3252 views | ArnoldMoorhen |
| The takeover by Gamechanger 20 Ltd - The training ground land on 15:46 - Mar 12 by portmanking |
For crying out loud. We've had professional conveyancers on this thread stating that priority searches are ONLY carried out on (or as close as possible) to exchange of contracts. A priority search is not 'research in advance', it's safeguarding their upcoming investment. |
Like I said, it's not a done deal.
Which is a real shame. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 18:02 - Mar 15 with 3187 views | HighgateBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 17:43 - Mar 15 by abracaDOBRA_ |
Indeed. I thought these searches were done when prices was agreed and contracts all but exchanged. I'm hoping it's just a bump in the road and it'll still go through. |
The person carrying out the search would almost always be doing so in order to protect a potential or anticipated transaction, but that doesn't mean that the transaction will definitely go through. It's one thing saying "this is how it works with most priority searches". It's another to say "we actually know what contractual arrangement is in place in this case". Just because they are commonly carried out at the very last minute when a three-bed semi is being purchased doesn't mean we can extrapolate that there's even a conditional agreement in place, let alone an unconditional one. |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 18:13 - Mar 15 with 3124 views | Muncher |
The searches are still in place at the moment.
We don't know anything for certain about this process other than the searches were lodged and we know what that normally means in a transaction such as this.
Even if the parties are under contract it will be conditonal on EFL approval, it may be conditional upon other things. It's not inconcievable there would be a break provision in the event of a significant upturn in league position. If I were advising Evans it would be something that I would try to incorporate, there is only so much we can tell from this position on the outside. | | | |
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