| The takeover by Gamechanger 20 Ltd - The training ground land 23:56 - Mar 2 with 159564 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 10:17 - Mar 9 with 5746 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:12 - Mar 9 by kaibe |
Do you think that the plan to make the club more transparent for the fans, with this new fans engagement groups being set up something to do with preparation for the takeover? As this sounds like something that Brett would want before he takes over. As in all honesty I doubt Evans would do that off his own back. |
I doubt it is any way connected. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:39 - Mar 9 with 5648 views | WeirdFishes |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:12 - Mar 9 by kaibe |
Do you think that the plan to make the club more transparent for the fans, with this new fans engagement groups being set up something to do with preparation for the takeover? As this sounds like something that Brett would want before he takes over. As in all honesty I doubt Evans would do that off his own back. |
I genuinely don’t think Evans has anything to do with this. Sounds likely that the PR team came up with the idea, Evans probably just signed it off at the very most. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:07 - Mar 9 with 5540 views | abracaDOBRA_ |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:39 - Mar 9 by WeirdFishes |
I genuinely don’t think Evans has anything to do with this. Sounds likely that the PR team came up with the idea, Evans probably just signed it off at the very most. |
Yeah, Dan palfrey tweeted its something he'd been working on for a while. Dont think its to do with the takeover |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:10 - Mar 9 with 5378 views | leitrimblue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:32 - Mar 9 by hype313 |
Cheers, so as long as the searches don't throw up finds of Sutton Hoo 2, then essentially we are just waiting on EFL approval, which should be a formality? |
I'd be happy to remove um for half the price of Basil Brown |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 15:07 - Mar 9 with 5149 views | HighgateBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:35 - Mar 9 by trncbluearmy |
Can the current situ be compared with the time between exchange and completion when their are penalties if one side pulls out or does that not apply because the deal has to be sanctioned by EFL
Good work you have Suffolk on a knife edge here, have even looked at Prettys website, something I have not done for years!
Think you may already answered that in post just above! [Post edited 9 Mar 2021 9:36]
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If a contract has been entered into, then yes, we're between exchange and completion. If not, then no, we're not. Whether there are penalties for pulling out will depend on the terms of the contract. If the contract is conditional, then certain conditions must be satisfied in order for the deal to progress. One obvious condition is the regulatory approval of the footballing authorities, but there may be others. |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 15:22 - Mar 9 with 5098 views | HighgateBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:06 - Mar 9 by Muncher |
Haha!
Phil just asked me a question about how long the priority process is likely to last, I thought I would post my response here too because it might aid your understanding.
A priority search of whole returns an instant search result, a search of part returns a search result usually same day as it involves manual processing of a plan.
The underlying transaction is not governed by the priority process, rather the priority process is protection for the transaction itself. It covers the period between exchange of contracts and the transfer being registered by the land registry.
By way of examples:
I intend to buy a house, I think I am going to exchange contracts on 1 Jan so immediately prior to exchange I lodge my priority search so it lasts until 15 Feb. We complete on 7 Jan, the signed and dated transaction documents arrive back with me on 10 Jan and are lodged for registration on the land registry portal, the land registry register the transfer and update the title on 30 Jan. The priority search is no longer required as the registration is done and they remove it ahead of when the priority period expires.
Second example.
I intend to exchange contracts to buy a retail unit on 1 Jan, the seller is still finishing the building of the unit and we agree that completion of the sale/purchase will be conditional upon when the works are complete. We think this is likely to be 1 Feb. We put the priority search in place, we exchange contracts with a priority period to 15 Feb. By the 14 Feb it is clear the building is not going to complete on schedule, therefore we would apply to extend our priority period to continue our protection for another 45 days. If it still isn't finished then, we would extend it further.
As long as the transaction is pending, you can either apply to the registry for an extension, which may be granted a couple of times with good reason. Or you can lodge a fresh search but you will buy subject to anyone else's priority which was lodged between your first and second searches.
What you wouldn't do is lodge priority searches unless your deal was "imminent" or continue to extend the search if you are not already under contract.
Here, the timeline will be dictated by the EFL and not the land registry, the land registry in this instance is just the visible indicator for us that something is underway. [Post edited 9 Mar 2021 9:08]
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Isn't the priority period 30 business days rather than 45 days (LRR 2003, rule 131), a business day being a day when the LR is open for business (LRR 2003, rule 217)? | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 17:46 - Mar 9 with 4892 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 15:22 - Mar 9 by HighgateBlue |
Isn't the priority period 30 business days rather than 45 days (LRR 2003, rule 131), a business day being a day when the LR is open for business (LRR 2003, rule 217)? |
Yes, it is 30 business days, you are right, I was trying to keep it relatively simple, it's 42 calendar days plus allowances for bank holidays, so thereabouts. The length of the priority period is neither here nor there.
If for argument's sake they were not currently under contract but a deal was being done now, they would likely lodge new priority searches to extend the period for EFL approval.
It's possible to read quite a bit into what is happening based on the searches alone from the outside. Incidentally the searches are still there. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 18:18 - Mar 9 with 4806 views | HighgateBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 17:46 - Mar 9 by Muncher |
Yes, it is 30 business days, you are right, I was trying to keep it relatively simple, it's 42 calendar days plus allowances for bank holidays, so thereabouts. The length of the priority period is neither here nor there.
If for argument's sake they were not currently under contract but a deal was being done now, they would likely lodge new priority searches to extend the period for EFL approval.
It's possible to read quite a bit into what is happening based on the searches alone from the outside. Incidentally the searches are still there. |
It seems to me that the likelihood is that a conditional sale agreement has been entered into, with an obligation on one or other party to seek regulatory approval within a certain number of days, with an expectation that that approval will be given within the priority period. As you say, they can always carry out a new search if it comes to it.
Presumably there would be some covenant in the conditional agreement preventing the tenant company under the Portman Road lease from dealing with that lease prior to the sale concluding. We know that there's no priority search on the Portman Road lease. | | | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 19:03 - Mar 9 with 4747 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 18:18 - Mar 9 by HighgateBlue |
It seems to me that the likelihood is that a conditional sale agreement has been entered into, with an obligation on one or other party to seek regulatory approval within a certain number of days, with an expectation that that approval will be given within the priority period. As you say, they can always carry out a new search if it comes to it.
Presumably there would be some covenant in the conditional agreement preventing the tenant company under the Portman Road lease from dealing with that lease prior to the sale concluding. We know that there's no priority search on the Portman Road lease. |
Yes I think you are right.
The Portman Road lease won't change hands because this will primarily a share sale transaction. In a typical share purchase agreement with delayed completion there will be a raft of provisions restricting what the seller can do while under contract in all the key areas such as contracts, employees etc | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 19:12 - Mar 9 with 4727 views | MedwayTractor |
| The takeover by Gamechanger 20 Ltd - The training ground land on 19:03 - Mar 9 by Muncher |
Yes I think you are right.
The Portman Road lease won't change hands because this will primarily a share sale transaction. In a typical share purchase agreement with delayed completion there will be a raft of provisions restricting what the seller can do while under contract in all the key areas such as contracts, employees etc |
Although the PR lease won't be changing hands, the alienation clause might have provisions covering substitution of directors of the tenant company.
On the other hand, if (as I suspect) the lease is in an old format, therefore much simpler than a modern document, alienation shouldn't become a factor in the transaction. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 19:20 - Mar 9 with 4701 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 19:12 - Mar 9 by MedwayTractor |
Although the PR lease won't be changing hands, the alienation clause might have provisions covering substitution of directors of the tenant company.
On the other hand, if (as I suspect) the lease is in an old format, therefore much simpler than a modern document, alienation shouldn't become a factor in the transaction. |
Not to say you couldn’t have such a provision but I don’t think I have ever seen such a restriction. Ultimately the landlord wants the tenant to be as successful as possible to make it more likely that will pay the rent, that will often mean appointing the most suitable people as directors. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 19:38 - Mar 9 with 4664 views | HighgateBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 19:20 - Mar 9 by Muncher |
Not to say you couldn’t have such a provision but I don’t think I have ever seen such a restriction. Ultimately the landlord wants the tenant to be as successful as possible to make it more likely that will pay the rent, that will often mean appointing the most suitable people as directors. |
Yes I've never seen such a provision either. Neither do I think it would bother the purchasers if the directors changed before the purchase goes through.
But they will want some sort of protection against rights being granted over the Portman Road site that would bind the company, given that the company is being acquired. Just as the priority search protects the purchaser in respect of the freehold purchase of the other sites. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 19:41 - Mar 9 with 4643 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 19:38 - Mar 9 by HighgateBlue |
Yes I've never seen such a provision either. Neither do I think it would bother the purchasers if the directors changed before the purchase goes through.
But they will want some sort of protection against rights being granted over the Portman Road site that would bind the company, given that the company is being acquired. Just as the priority search protects the purchaser in respect of the freehold purchase of the other sites. |
Yes, those provisions would likely make it a bit difficult to do a deal during a transfer window. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 19:42 - Mar 9 with 4639 views | Trequartista |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:50 - Mar 8 by SouperJim |
Think I read somewhere that 2-4 weeks is the kind of timeframe we're looking at for ratification to be done and dusted. Assuming 23rd Feb was the start point, tomorrow is the 2 week mark. |
My experience with solicitors is that nothing happens for a while. Then you email or phone them to ask what the hold up is, and by sheer co-incidence things start moving about 15 minutes after you've contacted them.
So i guess the answer is determined by how much they are pushing for it. [Post edited 9 Mar 2021 19:45]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 09:11 - Mar 10 with 4468 views | Keno |
any further news on this?
asking for a friend obviously |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 09:56 - Mar 10 with 4369 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:11 - Mar 10 by Keno |
any further news on this?
asking for a friend obviously |
They are still in place. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:04 - Mar 10 with 4323 views | Keno |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:56 - Mar 10 by Muncher |
They are still in place. |
would have thought things must be getting close by now
although with the EFL god knows!!
Thanks for the updates | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 09:16 - Mar 11 with 4011 views | Muncher |
Still there today. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:11 - Mar 11 with 3866 views | Price_1991 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:16 - Mar 11 by Muncher |
Still there today. |
I like how you post this every day now knowing that its going to be asked a thousand times each day  Good to know they are still in place and I guess its all gone quite for now due to it being in the EFLs hands now. Thanks for keeping us all updated each day though this is my first thread I look at each morning. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:18 - Mar 11 with 3715 views | BlueWorldOrder |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:11 - Mar 11 by Price_1991 |
I like how you post this every day now knowing that its going to be asked a thousand times each day Good to know they are still in place and I guess its all gone quite for now due to it being in the EFLs hands now. Thanks for keeping us all updated each day though this is my first thread I look at each morning. |
I have tried not to ask after being told not to do so. One thought I had is why is everything we do so hush hush when say the Sunderland takeover was so public from the very first instance as was Newcastle, Bolton and almost every other club. Ours seems to be strangely very secret and denied. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:22 - Mar 11 with 3688 views | Squeezy78 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:18 - Mar 11 by BlueWorldOrder |
I have tried not to ask after being told not to do so. One thought I had is why is everything we do so hush hush when say the Sunderland takeover was so public from the very first instance as was Newcastle, Bolton and almost every other club. Ours seems to be strangely very secret and denied. |
Shhhhhhhhhhhhh! If we talk about it too much we'll jinx it!  | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:24 - Mar 11 with 3666 views | OwainG1992 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:18 - Mar 11 by BlueWorldOrder |
I have tried not to ask after being told not to do so. One thought I had is why is everything we do so hush hush when say the Sunderland takeover was so public from the very first instance as was Newcastle, Bolton and almost every other club. Ours seems to be strangely very secret and denied. |
I'm kinda glad it's being dealt with professionally if it is progressing. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:24 - Mar 11 with 3665 views | SomethingBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:18 - Mar 11 by BlueWorldOrder |
I have tried not to ask after being told not to do so. One thought I had is why is everything we do so hush hush when say the Sunderland takeover was so public from the very first instance as was Newcastle, Bolton and almost every other club. Ours seems to be strangely very secret and denied. |
The less these things are played out in public, the better they tend to be going. | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:28 - Mar 11 with 3635 views | BlueWorldOrder |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:24 - Mar 11 by SomethingBlue |
The less these things are played out in public, the better they tend to be going. |
Or whats being hidden from us? | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:31 - Mar 11 with 3610 views | Keno |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:28 - Mar 11 by BlueWorldOrder |
Or whats being hidden from us? |
I dont know cos its being hidden | |
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