| The takeover by Gamechanger 20 Ltd - The training ground land 23:56 - Mar 2 with 161604 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 20:24 - Mar 3 with 5871 views | PhilTWTD |
| The takeover by Gamechanger 20 Ltd - The training ground land on 07:01 - Mar 3 by portmanking |
Phil - think there's a slight inaccuracy in your story. Mark Ashton isn't a director of Game hanger 20 from what I can see? |
Thanks, my error. I accidentally included him when listing the directors the other day and repeated the error. |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:29 - Mar 3 with 5809 views | BlueBorn86 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:17 - Mar 3 by Muncher |
One thing that I didn’t mention last night was that when you do a priority search of part, as was the case for Bent Lane you need to provide a land registry compliant plan showing exactly which part you are seeking to establish priority over. The only way you can properly do this is by using your proposed transfer plan when you carry out the search. This of course needs to be agreed with the seller, you can’t go down that route speculatively or on a whim.
In my view it is inconceivable negotiations with the US consortium have not reached a very advanced stage. If the deal isn’t happening the lawyers would be cancelling the searches. I don’t think the statement from Evans changes anything, I still think the deal is on and awaiting ratification by the EFL. |
You’ve saved my evening Muncher. Many Thanks for your detective work and input. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:29 - Mar 3 with 5807 views | youngy288 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:17 - Mar 3 by Muncher |
One thing that I didn’t mention last night was that when you do a priority search of part, as was the case for Bent Lane you need to provide a land registry compliant plan showing exactly which part you are seeking to establish priority over. The only way you can properly do this is by using your proposed transfer plan when you carry out the search. This of course needs to be agreed with the seller, you can’t go down that route speculatively or on a whim.
In my view it is inconceivable negotiations with the US consortium have not reached a very advanced stage. If the deal isn’t happening the lawyers would be cancelling the searches. I don’t think the statement from Evans changes anything, I still think the deal is on and awaiting ratification by the EFL. |
Thanks again for the information.
Are you able to answer the following?
What if any is the cost of completing these searches? If a deal has fallen through you stated they would have cancelled the search, why? Wouldn’t they just walk away or would they not incur any cost of the search? |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:39 - Mar 3 with 5728 views | Meadowlark |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:29 - Mar 3 by youngy288 |
Thanks again for the information.
Are you able to answer the following?
What if any is the cost of completing these searches? If a deal has fallen through you stated they would have cancelled the search, why? Wouldn’t they just walk away or would they not incur any cost of the search? |
Well Evans obviously does not visit this site, or he would not have sent that email! |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:39 - Mar 3 with 5724 views | ElderGrizzly |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:22 - Mar 3 by DanTheMan |
Which is why the whole statement was so damn bizarre. |
Remember L O'N was saying on Monday there was no imminent appointment of a manager and Gill had a great chance of getting the job.
They are talking nonsense. |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:43 - Mar 3 with 5692 views | youngy288 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:39 - Mar 3 by Meadowlark |
Well Evans obviously does not visit this site, or he would not have sent that email! |
@Meadowlark, that does not answer my questions unless I am missing the point you are making. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:44 - Mar 3 with 5676 views | DanTheMan |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:39 - Mar 3 by ElderGrizzly |
Remember L O'N was saying on Monday there was no imminent appointment of a manager and Gill had a great chance of getting the job.
They are talking nonsense. |
Absolutely, but as I said in another thread I expect it from O'Neill because of the position he is in.
I don't really expect it from Evans, especially when it's not prompted by anything. He didn't need to address anything. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 20:59 - Mar 3 with 5535 views | jeera |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:43 - Mar 3 by youngy288 |
@Meadowlark, that does not answer my questions unless I am missing the point you are making. |
You have got to assume that the cost of the searches would be a mere few thousand which to that consortium or Evans wouldn't really be given too much thought in the scheme of things. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 21:01 - Mar 3 with 5523 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:29 - Mar 3 by youngy288 |
Thanks again for the information.
Are you able to answer the following?
What if any is the cost of completing these searches? If a deal has fallen through you stated they would have cancelled the search, why? Wouldn’t they just walk away or would they not incur any cost of the search? |
£3 for each search.
If the deal is off the searches should get cancelled, partly as a matter of courtesy and because Land Registry Practice Guide 12 says so:
8. Withdrawal of an official search
If you have lodged an official search with priority that you no longer need, and you do not intend to lodge the protected disposition for registration within the priority period of the official search, please withdraw it under rule 150 of the Land Registration Rules 2003. This means that any other application lodged within the priority period of the official search will not have to be held over to await expiry of the official search.
Until Gamechanger 20 withdraws that search it would hamper any dealing with the land until the expiry of the priority period. That means no one else could exchange contracts to purchase it, lease it or mortgage it. It is quite an imposition you are imposing on someone else’s land while you leave it there. It would also be really off putting to another potential buyer as it infers you are either under contract with someone else or about to go under contract with someone else, it’s not a good look.
What happens in practice is Gatelys will have ordered copies of the registered title, this will have a time and date on it which says at that time and date the title is accurate. Gateleys will do all their due diligence and at the point where contracts are due to be exchanged they will carry out their priority search. To do this you enter a “search from date” which will be the date and time of the official copy documents you have been working from.
The result of the priority search gives you a largely blank one page document which says two things 1) that no adverse entries have been noted since the date of your official copies (ie nothing has changed) 2) it gives you your priority period. The priority period lets everyone know you are shortly entering into a transaction and that regardless of what time/date you lodge your completed transaction for registration within that priority period, no one else can do anything with the property, you are first in the queue and are protected.
So while it is only £3, you only do it when a deal is about to complete because it serves no other purpose whatsoever. All 3 searches were done within minutes of each other, as I would expect as part of a pre-exchange process.
If they weren’t under contract Gamechanger 20 could safely withdraw the search, if they are under contract they cannot withdraw it as it would put their client at serious risk. Every day those searches stay there says they are highly likely to be under contract to me. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 21:19 - Mar 3 with 5389 views | youngy288 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 21:01 - Mar 3 by Muncher |
£3 for each search.
If the deal is off the searches should get cancelled, partly as a matter of courtesy and because Land Registry Practice Guide 12 says so:
8. Withdrawal of an official search
If you have lodged an official search with priority that you no longer need, and you do not intend to lodge the protected disposition for registration within the priority period of the official search, please withdraw it under rule 150 of the Land Registration Rules 2003. This means that any other application lodged within the priority period of the official search will not have to be held over to await expiry of the official search.
Until Gamechanger 20 withdraws that search it would hamper any dealing with the land until the expiry of the priority period. That means no one else could exchange contracts to purchase it, lease it or mortgage it. It is quite an imposition you are imposing on someone else’s land while you leave it there. It would also be really off putting to another potential buyer as it infers you are either under contract with someone else or about to go under contract with someone else, it’s not a good look.
What happens in practice is Gatelys will have ordered copies of the registered title, this will have a time and date on it which says at that time and date the title is accurate. Gateleys will do all their due diligence and at the point where contracts are due to be exchanged they will carry out their priority search. To do this you enter a “search from date” which will be the date and time of the official copy documents you have been working from.
The result of the priority search gives you a largely blank one page document which says two things 1) that no adverse entries have been noted since the date of your official copies (ie nothing has changed) 2) it gives you your priority period. The priority period lets everyone know you are shortly entering into a transaction and that regardless of what time/date you lodge your completed transaction for registration within that priority period, no one else can do anything with the property, you are first in the queue and are protected.
So while it is only £3, you only do it when a deal is about to complete because it serves no other purpose whatsoever. All 3 searches were done within minutes of each other, as I would expect as part of a pre-exchange process.
If they weren’t under contract Gamechanger 20 could safely withdraw the search, if they are under contract they cannot withdraw it as it would put their client at serious risk. Every day those searches stay there says they are highly likely to be under contract to me. |
Thanks for the understanding.
Things still possibly moving in the right direction. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 21:24 - Mar 3 with 5358 views | Farmerpiles |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:17 - Mar 3 by Muncher |
One thing that I didn’t mention last night was that when you do a priority search of part, as was the case for Bent Lane you need to provide a land registry compliant plan showing exactly which part you are seeking to establish priority over. The only way you can properly do this is by using your proposed transfer plan when you carry out the search. This of course needs to be agreed with the seller, you can’t go down that route speculatively or on a whim.
In my view it is inconceivable negotiations with the US consortium have not reached a very advanced stage. If the deal isn’t happening the lawyers would be cancelling the searches. I don’t think the statement from Evans changes anything, I still think the deal is on and awaiting ratification by the EFL. |
Excuse my ignorance muncher, but would they have placed a priority search because it gives them exclusivity over other interested parties? As you said they'd be first in the queue. If the Americans are aware of another bidder they've jumped first. It doesnt mean a deal has been reached, just their first in line with Marcus? |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 21:26 - Mar 3 with 5339 views | Meadowlark |
| The takeover by Gamechanger 20 Ltd - The training ground land on 20:43 - Mar 3 by youngy288 |
@Meadowlark, that does not answer my questions unless I am missing the point you are making. |
Apologies. It was supposed to be a general thread comment, not an answer to your specific question.
TBH, I often make that mistake when using my phone! | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 21:36 - Mar 3 with 5295 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 21:24 - Mar 3 by Farmerpiles |
Excuse my ignorance muncher, but would they have placed a priority search because it gives them exclusivity over other interested parties? As you said they'd be first in the queue. If the Americans are aware of another bidder they've jumped first. It doesnt mean a deal has been reached, just their first in line with Marcus? |
It doesn’t give them any kind of exclusivity, what it means is if they went under contract with Gamechanger and completed a transfer, Gamechanger are “safe” in that they can get their transfer registered.
Banks use priority searches to ensure their mortgages get registered and their security protected before the homeowner sells the property on or takes out another mortgage with someone else. It protects against that time period between completing the deal and getting it registered, the few days where each side posts the documents across, the application form is completed, the SDLT return is submitted etc [Post edited 3 Mar 2021 21:40]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 21:56 - Mar 3 with 5200 views | Farmerpiles |
| The takeover by Gamechanger 20 Ltd - The training ground land on 21:36 - Mar 3 by Muncher |
It doesn’t give them any kind of exclusivity, what it means is if they went under contract with Gamechanger and completed a transfer, Gamechanger are “safe” in that they can get their transfer registered.
Banks use priority searches to ensure their mortgages get registered and their security protected before the homeowner sells the property on or takes out another mortgage with someone else. It protects against that time period between completing the deal and getting it registered, the few days where each side posts the documents across, the application form is completed, the SDLT return is submitted etc [Post edited 3 Mar 2021 21:40]
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Thanks muncher. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 23:13 - Mar 3 with 5065 views | Muncher |
Two further points of note, the search was carried out by a bona fide law firm and no one else as the “lodged by” field is taken from that firm’s Land Registry portal account. Secondly the public and regular business users do not have the ability to even make those searches, it is restricted to lawyers and other professionals. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:53 - Mar 4 with 4728 views | Muncher |
All 3 priority searches are still there as of this morning and have not been cancelled.
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:56 - Mar 4 with 4692 views | Keno |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:53 - Mar 4 by Muncher |
All 3 priority searches are still there as of this morning and have not been cancelled.
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would I be correct in saying those arent normally done unless the current owner is aware? |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:58 - Mar 4 with 4662 views | chrismakin |
| The takeover by Gamechanger 20 Ltd - The training ground land on 23:13 - Mar 3 by Muncher |
Two further points of note, the search was carried out by a bona fide law firm and no one else as the “lodged by” field is taken from that firm’s Land Registry portal account. Secondly the public and regular business users do not have the ability to even make those searches, it is restricted to lawyers and other professionals. |
So even if the search fee is small. The lawyer fee's certainly wont be |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:00 - Mar 4 with 4646 views | pointofblue |
Thank you very much for posting all this information, Muncher - particularly explaining it in layman’s terms! | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:29 - Mar 4 with 4495 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:56 - Mar 4 by Keno |
would I be correct in saying those arent normally done unless the current owner is aware? |
There is no notification to the owner, unless they have set up a general alert which immediately tells you of any pending applications or priority requests.
But in practice you would never make these searches where you weren't in discussions with the owner and were on the cusp of completing a transaction. The only time would be if it was a complete accident a case of fat fingers and the wrong number entered.
Gateleys have not accidentally entered 3 priority searches, accidentally in the name of a US consortium that just so happens to be looking to buy a football club, completely by chance against 3 titles that happen to be the training ground of a football club, one of which is a priority search in part which would further require them to accidentally prepare and submit a plan.... [Post edited 4 Mar 2021 11:32]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:35 - Mar 4 with 4446 views | Keno |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:29 - Mar 4 by Muncher |
There is no notification to the owner, unless they have set up a general alert which immediately tells you of any pending applications or priority requests.
But in practice you would never make these searches where you weren't in discussions with the owner and were on the cusp of completing a transaction. The only time would be if it was a complete accident a case of fat fingers and the wrong number entered.
Gateleys have not accidentally entered 3 priority searches, accidentally in the name of a US consortium that just so happens to be looking to buy a football club, completely by chance against 3 titles that happen to be the training ground of a football club, one of which is a priority search in part which would further require them to accidentally prepare and submit a plan.... [Post edited 4 Mar 2021 11:32]
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Thanks
I've had dealings with Gateleys and they are a very professional highly regarded (and expensive) they wouldn't have dont this for sh1t and giggles
Something is obviously happening despite what Evans is saying | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:45 - Mar 4 with 4393 views | chrismakin |
Could it be a case that they wont be taking over the club but will be buying land from Evan's for development.
Hence Evans statement being true. Yet Brett etc still having an interest in something itfc related | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:53 - Mar 4 with 4353 views | portmanking |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:45 - Mar 4 by chrismakin |
Could it be a case that they wont be taking over the club but will be buying land from Evan's for development.
Hence Evans statement being true. Yet Brett etc still having an interest in something itfc related |
There is no way a US consortium with an eye on football club ownership would purchase a piece of land solely for residential development. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:53 - Mar 4 with 4335 views | Herbivore |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:45 - Mar 4 by chrismakin |
Could it be a case that they wont be taking over the club but will be buying land from Evan's for development.
Hence Evans statement being true. Yet Brett etc still having an interest in something itfc related |
No. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:54 - Mar 4 with 4327 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:45 - Mar 4 by chrismakin |
Could it be a case that they wont be taking over the club but will be buying land from Evan's for development.
Hence Evans statement being true. Yet Brett etc still having an interest in something itfc related |
Not a chance. | | | |
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