| Phil luv 10:44 - Apr 4 with 1222 views | chicoazul |
What was that line in the original Evans deal contract about selling for no more than he bought the club for..? I’ve searched the news function but I can’t find it and I’m sure there was some clause in there along those lines. |  |
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| Phil luv on 10:49 - Apr 4 with 1198 views | PhilTWTD |
I don't recall a clause of that type, it would surprise me if there was as obviously the plan was broadly to buy the club, take it into the Premier League and sell it at a profit. |  | | |
| Phil luv on 10:50 - Apr 4 with 1171 views | Cheltenham_Blue |
| Phil luv on 10:49 - Apr 4 by PhilTWTD |
I don't recall a clause of that type, it would surprise me if there was as obviously the plan was broadly to buy the club, take it into the Premier League and sell it at a profit. |
Chico has a point here.
It wasn't a clause, but something Evans said in an interview. I'm sure I recall something too. |  |
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| Phil luv on 10:51 - Apr 4 with 1158 views | Keno |
| Phil luv on 10:49 - Apr 4 by PhilTWTD |
I don't recall a clause of that type, it would surprise me if there was as obviously the plan was broadly to buy the club, take it into the Premier League and sell it at a profit. |
The history of deals being done for a reason that is a pretty spectacular failure isnt it!! |  |
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| Phil luv on 10:52 - Apr 4 with 1147 views | ZXBlue |
| Phil luv on 10:50 - Apr 4 by Cheltenham_Blue |
Chico has a point here.
It wasn't a clause, but something Evans said in an interview. I'm sure I recall something too. |
Wasn't it about re-sale of the NU debt? |  | | |
| Phil luv on 10:53 - Apr 4 with 1138 views | Cheltenham_Blue |
| Phil luv on 10:52 - Apr 4 by ZXBlue |
Wasn't it about re-sale of the NU debt? |
Really can't remember it exactly. But I've a vague recollection of something. Could have been in his second interview - with Stu Watson? | |
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| Phil luv on 11:07 - Apr 4 with 1086 views | chicoazul |
| Phil luv on 10:52 - Apr 4 by ZXBlue |
Wasn't it about re-sale of the NU debt? |
Yes! It was something about the debt. | |
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| Phil luv on 11:16 - Apr 4 with 1046 views | chicoazul |
| Phil luv on 10:49 - Apr 4 by PhilTWTD |
I don't recall a clause of that type, it would surprise me if there was as obviously the plan was broadly to buy the club, take it into the Premier League and sell it at a profit. |
It’s weird that I can’t find it and I field have sworn there was something in there. The nearest I can find is what you reported below (and lol at the last line);
Evans has purchased £32 million of the club's external debt for a sum TWTD understands to be £8 million, but Bowden says the club cannot confirm these figures: “It's a private arrangement between Marcus and Norwich Union and Barclays. We've been involved in those conversations and we're party to confidentiality arrangements, so we don't wish to comment on that.”
Bowden says Evans would not be able to sell the club at a later date and then demand payment of the debt: “He has to sell both the debt and the club together, that's part of the contractual arrangement we've got. He can't on-sell the debt and remain the majority shareholder in the club, the two have to go hand in hand.
“The debt will remain an internal debt which is the big difference, in that whilst the debt doesn't disappear, it's an intra-company debt, serviceable as and when we chose to do so, rather than on demand.
“The debt when it was originally created [largely in 2001 when the bond was taken out with Norwich Union to build the new stands] was serviceable in the Premiership and at the time it appeared to be serviceable in at Championship level.
“With the changes in the football industry a few years on — transfer windows in particular and the failure of ITV Digital — it became more difficult to service that debt in this division without selling players. And if you sell players, you end up in League One, so it's a much better arrangement than the one we had previously.” | |
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| Phil luv on 11:18 - Apr 4 with 1027 views | Pinewoodblue |
| Phil luv on 11:07 - Apr 4 by chicoazul |
Yes! It was something about the debt. |
Thought Sheepy was given an undertaking not to make a profit from any future sale of the debt.
Hopefully, if the club is actually being sold, Marcus Evans will write off the debt prior to sale, so any new owner cannot take advantage. |  |
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| Phil luv on 11:33 - Apr 4 with 980 views | ZXBlue |
| Phil luv on 11:18 - Apr 4 by Pinewoodblue |
Thought Sheepy was given an undertaking not to make a profit from any future sale of the debt.
Hopefully, if the club is actually being sold, Marcus Evans will write off the debt prior to sale, so any new owner cannot take advantage. |
As I recall, he cannot sell the NU debt for more than he paid for it. | | | |
| Phil luv on 13:22 - Apr 4 with 821 views | Pinewoodblue |
| Phil luv on 11:33 - Apr 4 by ZXBlue |
As I recall, he cannot sell the NU debt for more than he paid for it. |
Agreed but going forward it would be better if the debt was written off. Presumably, if the club is sold, the new owner will follow the fashion on loading debt on the company. Buy with borrowed money. | |
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