Training Ground Subject of Land Registry Purchase Searches By Takeover Consortium
Wednesday, 3rd Mar 2021 00:45

Gamechanger 20 Ltd, the company set up by the US consortium currently in the process of taking over Town, has made priority Land Registry searches relating to the purchase of the Blues’ training ground, a further indicator that the £30 million deal is nearing completion.

Among the directors of Gamechanger 20 Ltd are Mike O’Leary, the former West Brom chief executive and Oxford board member thought to be driving the deal, as well as Brett Johnson, Berke Bakay and Mark Detmar, co-owners of USL club Phoenix Rising, and Edward Schwartz, who is understood to be an Ohio-based portfolio manager.

Town’s Playford Road training ground is the subject of a priority search regarding an intended purchase by Gamechanger 20, which was lodged on February 23rd by a law firm, Gateley PLC.

The Bent Lane site - which was transferred to London & Merchant Properties Limited (then known as Marcus Evans (Guernsey) Ltd) in 2011 largely for tax reasons - is subject to a similar search but only in respect of part of the site with TWTD having revealed on Friday that Evans will keep hold of part of that land following the takeover, presumably an area which has long been ear-marked for development between existing housing.

A priority search is typically only carried out in the immediate anticipation of completing a transaction, perhaps slightly ahead, but usually on the day of exchange of contracts.

It may be that a conditional contract was entered into last Tuesday for the sale of the land and in turn the club as a whole.

It is unlikely that a search of this type would be carried out unless a deal had either been agreed or is extremely close.

Photo: Matchday Images

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bluesteal74 added 10:51 - Mar 3 Nice one TWTD what would we do without you
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blues1 added 10:52 - Mar 3 Pencilpete. He may well not, as Evan's has been dealing with this alone, with no involvement from anyone at the club. But even if he does, he will be barred from saying anything re a takeover by a nondisclosure agreement. So theyve basically had to say something to the press when quizzed. Thus the storyline theyve used.
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Bluejake added 10:54 - Mar 3

Help needed. Does ME presently own the training ground and these searches are just to confirm this and register an intention to buy by the new owners? As for Bent Lane I presume ME does own this as it's been stated that he wants to keep the bit of it which may be sold for development. Sorry to be a bit of a dummy but would like to be up to date and understand the takeover better when it happens.

BangaloreBlues added 11:12 - Mar 3 Don't forget to change the poll result. Currently, it asks - Should Town change their manager? It was 15.6% no. I've just changed my vote and it's gone to 15.7% no. If Cook reads it he might think we want him out!
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Razor added 11:25 - Mar 3 Taxi for Lee O"Neill (who?)
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SamWhiteUK added 11:34 - Mar 3 Can we just appreciate that this article was published at 00:45? Great work Phil, Gav and team
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spanishblue added 12:51 - Mar 3 I suggest you do a research of company directors before we all get carried away, one of my favourite Irishmen is a director, now there will be a lot who hate this horse owning man who flies high mr M O'Leary or is he selling his share or maybe there's 2 of them, anybody seen the directors names
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Monkey_Blue added 13:25 - Mar 3 Anyone who isn't worried about the nature of this takeover isn't paying attention:
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ringwoodblue added 13:43 - Mar 3 Pencilpete - I think we all know what ONeill says he knows and what he actually knows are two very different things. I am a bit surprised about the order of events happening here. I don't know why Paul Cooks appointment didn't come after the takeover was confirmed as it will be a very different job prospect under new owners than under Evans.
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Monkey_Blue added 15:09 - Mar 3

People are blindly cheering a takeover that is purely about making cash. If it doesn't work they aren't going to throw more money at it, they'll cut their losses and perhaps even sell assets such as the training ground. Until I see these guys in action it looks like a boom or bust risk. That's unless any of you think the People managing pension funds care about the fans thousands on miles away in and a club they'd never heard of until recently? Nope it's all about making a profit.... and their patience won't be long. It needs to work quick and it also might end up with assets striping even if it does work.

SuffolkPunch70 added 15:27 - Mar 3

Monkey_Blue for Gods sake make up your mind man !!!
You have been ending all of your posts for the last god knows how long with the phrase "Evans you muppet" - and now there is even the hint that we might actually be seeing the back of him you have started moaning about the prospective new owners before you even know who they are or what they will bring to the club !
Some people just don't know how to do anything but complain !!!

coolcat added 15:48 - Mar 3

How would anyone know about who has been doing Land Registry searches on Ipswich Town? Unless of course those in the deal would divulge to others what's going on, or who have put it in the press? Those searches are by their nature confidential & part of the legal process. Revealing such info publicly I wouldn't have thought wise in the middle of securing such a deal. Also anyone can go onto Land Registry, request a priority search and pay for it. You don't have to be on the brink of buying anything in order to obtain such a search.

WashbrookBlue added 16:05 - Mar 3 Blues1 and others. It is entirely understandable that confidentiality is important in these situations but to say categorically that there is no deal in the table is clearly a flat lie. That such blatant lying is so endemic in public life is no reason not to call it out.
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Northstandveteran added 16:11 - Mar 3 I think you're getting your monkeys mixed up suffolkpunch70 You're thinking of monkeyallan. It's easily done. I once got mistaken for George Clooney.
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Steve_ITFC_Sweden added 16:40 - Mar 3 I'm sorry, but Monkey Blue has a point. These people who may take over the club will want to be successful and let's hope for everyone's sake they are; but they are in it for the money. I doubt if push came to shove they would make decisions based on the sentiments of ITFC supporters.
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Muncher added 16:46 - Mar 3 Coolcat - it's available to see because when a priority search is made the buyer has to effectively break cover in order to secure priority for the pending registration of the transfer. This is not the same as searching for a title copy. Only property lawyers would be in a position to register such a search.
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Muncher added 16:49 - Mar 3

Further details here:

The takeover by Gamechanger 20 Ltd - The training ground land by Muncher 2 Mar 2021 23:56
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-says-suffolk-solicitor

https://twitter.com/Prettys_Law/status/1368904355848552448

jas0999 added 17:17 - Mar 3 Great news!
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BlueySwede added 17:24 - Mar 3

Hej Steve :) Of course they are in it for the money or at least the potential of making money. But I think, as other has pointed out, the only way to bring in money is by making Ipswich Town successful. You could also argue that, from the beginning, Marcus Evans were in it for the money as well. Actually Marcus was probably even more interested in making fast money since we were a decent side in the Championship when he took over.
Say what you want about Evans but he has said that he would only sell to credible buyers that would provide sustainable, long-term investment. I may be naive, but I believe he has our best interest at heart.

itsonlyme added 18:01 - Mar 3 To the brains at TWTD - thank you very much for making me so jubilant with this brilliant news. I have been to PR since 1959 and I think this news is the highlight since Bobby Robson became our manager. Thanks for all your hard work boys you've made an old man very happy.
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Bazza8564 added 18:06 - Mar 3

Love BlueySwede's comments above. Spot on. The basic facts here are that the assets of the club, training ground etc would not cover a fraction of a takeover bill. We dont own the ground etc etc.
Therefore, their only route to turning a profit, (or dividend) is to make the club successful. Its simple economics. Please guys don't see downside because you see pension fund. See someone who realizes the potential upside by investment and development. You cant asset strip ITFC, the playford road site as a playing field is worth nothing we don't own the ground and therefore improvement in performance and status is their only route out at a profit.

coolcat added 18:18 - Mar 3

Muncher, I do get what the searches are for & who uses them. However, how did anyone know that this search was made unless they put it out to the press or told someone? That was my point. Like I said above these searches are confidential & part of the legal process and I wouldn't have thought wise to divulge such information at a crucial part of the process if it was going ahead.

therein61 added 18:33 - Mar 3 N.S.V Plenty of room on Playford road for building which is very attractive to anyone coming in, the thought of a Walmart is quite attractive if you've seen any of the "sharter vids" on you tube it would certainly appeal to the playground element we are forced to endure!!.
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Ipswichbusiness added 18:46 - Mar 3 The timing is interesting. I would expect the Club to be worth more if we were promoted to the Championship rather than languishing mid-table in League 1. Therefore, either ME doesn't think much of our chances of promotion or he is desperate for an exit. Given the likely effect of Covid on the corporate hospitality business, I suspect the latter.
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Northstandveteran added 18:59 - Mar 3 Just received an email from Marcus Evans. No offer made in the last 12 months apparently. He said all this takeover talk was nonsense.
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