ALK Capital or Farnell/Elkashashy takeover

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superdimitri
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Re: ALK Capital...

Post by superdimitri » Sun Oct 25, 2020 9:48 pm

I think this comes down again to a lack of general understanding of a messageboard, etiquette, or how they work.

If someone thinks its an easy task moderating on here, think again. People who moderate or run the site do so in their own time, without anything in return. The place is an absolute nightmare sometimes, and I have the utmost respect to anyone trying to make this a better place, even if it involves removing my own posts.

Regarding the editing of posts, simply you can place a time limit, making it only possible for people to edit within a certain amount of time. It's also possible to grant some members a different rank of permissions from others, so someone like Chester who posts a lot in his thread can still edit without restriction.

Moderating is necessary, removal of certain posts are necessary, you may not agree with it, but if it wasn't for it, the place would be a complete mess. If you don't like how things are run, then why post here? Move on somewhere else.

Have a bit of respect towards others, especially those that run and moderate on the board. We live in a strange, modern world, and things said or done on this message board could have more consequences than you might think.

As mentioned above by Mill hill claret, we're all Burnley fans so let's get along. This can be a great place of discussion, so why not work to keep it that way more often, and to give other people less of a reason to feel down.
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Paul Waine
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Re: ALK Capital...

Post by Paul Waine » Sun Oct 25, 2020 11:52 pm

Re removal of posts - what I've seen done on MSM comment sections is that the text of the post is replaced by something along the lines of "post removed - failed to comply with site standards." The original poster's identity is also hidden when the post is removed.

This may be an advantage in that everyone can see that a post has been removed - and, it may act as a reminder (and encouragement) that we have some shared posting standards.

Best that we all "get on" as Burnley fans - and can be tolerant and welcoming to fans of other clubs - which is what a lot on here achieve most of the time.

Looking forward to 3 pts from Spurs tomorrow.

UTC
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dsr
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Re: ALK Capital...

Post by dsr » Mon Oct 26, 2020 12:51 am

superdimitri wrote:
Sun Oct 25, 2020 9:48 pm
I think this comes down again to a lack of general understanding of a messageboard, etiquette, or how they work.

If someone thinks its an easy task moderating on here, think again. People who moderate or run the site do so in their own time, without anything in return. The place is an absolute nightmare sometimes, and I have the utmost respect to anyone trying to make this a better place, even if it involves removing my own posts.

Regarding the editing of posts, simply you can place a time limit, making it only possible for people to edit within a certain amount of time. It's also possible to grant some members a different rank of permissions from others, so someone like Chester who posts a lot in his thread can still edit without restriction.

Moderating is necessary, removal of certain posts are necessary, you may not agree with it, but if it wasn't for it, the place would be a complete mess. If you don't like how things are run, then why post here? Move on somewhere else.

Have a bit of respect towards others, especially those that run and moderate on the board. We live in a strange, modern world, and things said or done on this message board could have more consequences than you might think.

As mentioned above by Mill hill claret, we're all Burnley fans so let's get along. This can be a great place of discussion, so why not work to keep it that way more often, and to give other people less of a reason to feel down.
I agree entirely.

And something I would add which I have learned to be careful of in church meetings. If someone is doing a job on a voluntary basis, be very careful about criticising the way they are doing it - unless of course you want to take the job on yourself. If I happen to disagree with the way the board is moderated - which I generally don't, but of course no-one does things 100% the way I would necessarily like them to be done - then I (hopefully) bite my tongue and accept that it's their job and their choice of how to do it.

And if people don't like that, then they can go away and find a better moderated Burnley board. And good luck with that one!!! :lol:
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Re: ALK Capital...

Post by Hedontplayforyou » Mon Oct 26, 2020 8:54 am

Nice to see some harmony restored - now back to the topic gents if you will. I’m dying for some info on the potential takeover.

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Re: ALK Capital...

Post by mdd2 » Mon Oct 26, 2020 8:56 am

Is there to be a takeover? Wow that is a bolt from the blue. Anyone have any info on this?

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Re: ALK Capital...

Post by jdrobbo » Mon Oct 26, 2020 9:45 am

Moderating is a difficult job. It’s a balancing act between deleting posts, editing posts, providing reasons for deletion (thread already in place, possible libel that isn’t clear to the poster), not providing reasons and then potentially issuing breaks or bans (abuse).

Then there’s the fact of communication between the moderators. Most of the time this is good but it’s still tough. Let me give you an example...I’m a primary school teacher and so I’m up early (just before six) so I can be at work by seven. Every morning I have my breakfast and check the board...usually going through the notifications (requests for post removal)...I’m often the first mod to see content that has been posted between midnight and 6am...sometimes it is abusive; sometimes it’s very much out of character (possible fuelled by drink?). I then have to make decisions independently and then decide whether or not to communicate any actions I have taken with him the other mods...once I’m at school at 7, I’m rarely able to do anything on the board until gone 6pm in the evening.

As a result of this, Tony and the other mods then have to deal with any backlash. It’s a real balance and often it feels as though there is a big lack of respect.

As I’ve implied, most of my moderation takes place in a very short window. That shirt window in itself is tough.

We want the board to be a safe and happy place to converse. Covid is certainly not helping our collective mood and we know that there are things that can be done to make the board even better.

Thanks

J
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Re: ALK Capital...

Post by mdd2 » Mon Oct 26, 2020 9:59 am

Well it is a pretty darn good show that you folk put on. To paraphrase a very serious quote from a late politician- there is more that unites us than divides us on here- but it would be nice to avoid attacking the "singer rather than the song" if there are disagreements. Perhaps the thing that irks me the most is the disinformation that gets posted about the club and incomings or outgoings in addition to reading unnecessary vitriol against posters.
And JD Robbo-keep up the good work at school-70+ years on I can look back with great appreciation for what my many teachers gave to me. Perhaps one or two from a whole host I found wanting but that could have been me rather than them.

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Re: ALK Capital...

Post by Murger » Wed Oct 28, 2020 4:06 pm

4BF0CA30-7C6E-461E-B412-9DF6BE702C91.png
4BF0CA30-7C6E-461E-B412-9DF6BE702C91.png (1.07 MiB) Viewed 3995 times

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Re: ALK Capital...

Post by ClaretTony » Wed Oct 28, 2020 4:09 pm

Chris Farnell? Isn't he one of the people who were involved in the Charlton fiasco recently?

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Re: ALK Capital...

Post by Murger » Wed Oct 28, 2020 4:09 pm

https://t.co/f0f7PLPZUZ

Story behind no paywall.

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Re: ALK Capital...

Post by Rileybobs » Wed Oct 28, 2020 4:10 pm

The Mirror seem to think the deal is more advanced;

https://www.mirror.co.uk/sport/football ... n-22920510

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Re: ALK Capital...

Post by ClaretTony » Wed Oct 28, 2020 4:11 pm

Farnell failed the EFL Owners and Directors test recently which has only just been overturned

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Re: ALK Capital...

Post by Rileybobs » Wed Oct 28, 2020 4:13 pm

ClaretTony wrote:
Wed Oct 28, 2020 4:11 pm
Farnell failed the EFL Owners and Directors test recently which has only just been overturned
Was this to do with an attempted takeover at Charlton?

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Re: ALK Capital...

Post by ClaretTony » Wed Oct 28, 2020 4:13 pm

Rileybobs wrote:
Wed Oct 28, 2020 4:13 pm
Was this to do with an attempted takeover at Charlton?
Believe so

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Re: ALK Capital...

Post by HahaYeah » Wed Oct 28, 2020 4:14 pm

https://www.mirror.co.uk/sport/football ... n-22920510

Premier League side Burnley are set to be taken over in a £200million deal after Egyptian businessman Mohamed El Kashashy signed sale and purchase agreements

Egyptian businessman Mohamed El Kashashy is set to buy Burnley in an amazing £200m takeover.

El Kashashy and sports lawyer Chris Farnell have signed sale and purchase agreements with the Premier League club after agreeing a deal with Burnley chairman Mike Garlick.

It comes after Cheshire-based Farnell had his ban from being an owner of a football club lifted by the EFL after his previous attempt to buy Charlton Athletic.

Farnell appealed the disqualification, having claimed that he had made an administrative error and it then became a bitter dispute with the EFL but he has now been cleared to buy Burnley.

El Kashashy and Farnell have already provided proof of funds and the final obstacle is to pass the Premier League’s owners and directors test.
Burnley are set to be taken over in a £200m deal (Image: Getty Images)


Millionaire businessman El Kashashy made his money in food and the talks to buy Burnley have been going on for more than a year with the club up for sale for some time.

El Kashashy is keen to buy an English club, having also been interested in the Charlton consortium but has now pulled off a Premier League coup.

Garlick has admitted that he has struggled amid the coronavirus pandemic and with the impact that has had at Turf Moor.

He had also been in talks with American investment firm ALK Capital, who believed they were close to a deal.

Burnley spent just £1million in the summer window in bringing in Dale Stephens from Brighton while squad goalkeeper Will Norris arrived on a free transfer.

Garlick admitted the club stood to lose £50m because of the pandemic, was concerned about the long term financial impact and the club is believed to have been on the market long before the pandemic.

The financial constraints caused major tensions between Burnley boss Sean Dyche and the hierarchy as they struggled to bring in new signings and to strengthen the squad.

The new owners insist there will be no huge wholesale changes at the club, although fans will be keen for them to spend and strengthen the squad.

But Dyche is believed to be central to their long term plans, they have the utmost respect for him and want him to stay.
Last edited by HahaYeah on Wed Oct 28, 2020 4:16 pm, edited 2 times in total.

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Re: ALK Capital...

Post by ArmchairDetective » Wed Oct 28, 2020 4:14 pm

Two different articles.

As Rileybobs says (for those who don't have access to The Athletic), Mirror article suggests takeover is far more advanced than the article by The Athletic. The Athletic indicate that Egyptian bid could rival ALK bid but doesn't seem to indicate that it's almost done. Interesting that both articles were published at almost the same time but paint different pictures.

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Re: ALK Capital...

Post by Carport » Wed Oct 28, 2020 4:14 pm

The proposed American takeover of Burnley is now in doubt after a rival bid led by Cheshire-based sports lawyer Chris Farnell and Egyptian entrepreneur Mohamed Elkashashy cleared a significant regulatory hurdle, The Athletic has learned.

ALK Capital has been the frontrunner to buy the Premier League side for several months but talks between the American sports investment firm and Burnley’s main shareholders Mike Garlick and John Banaszkiewicz have stalled.

It is understood that Garlick, who owns 49.24 per cent of the shares, has also been talking to Farnell and Elkashashy for almost a year but their identities have not been publicly linked with the club until now. This is partly because ALK Capital, which is run by Alan Pace, the former president of Major Soccer League franchise Real Salt Lake, was further advanced in negotiations but also because Farnell has been embroiled in the chaotic takeover saga at Charlton Athletic.

The rights and wrongs of that episode are still to be fully resolved but the 50-year-old lawyer has been successful in overturning a ban from becoming a director of an English football club. That disqualification, which would have hindered his ability to practise sports law, resulted from a failure to pass the English Football League’s Owners’ and Directors’ Test (ODT) in August, a decision that blocked his client Paul Elliott, a Manchester-based businessman who also failed the test, from buying Charlton.

Farnell, however, always maintained his ODT fail was because of an innocent mistake on his part — he failed to tick a box that he had briefly been a director of the takeover vehicle trying to buy Charlton — and he would appeal against his ban. That appeal was heard by an independent tribunal this week and it agreed with Farnell that there had been no attempt to intentionally mislead the EFL, and his disqualification period was backdated to end on September 14.

The Athletic understands he and Elkashashy, who was also linked with Charlton this summer, now intend to proceed with their £200 million bid for Burnley.

ALK Capital has declined to comment on the existence of a second bid for the club but it is understood it remains confident it can close the deal with Garlick, Banaskiewicz and the other local businessmen who own Burnley’s shares.

However, several sources have told The Athletic that Pace, who previously tried to buy Sheffield United, is struggling to raise the money to complete the deal, although ALK Capital has denied this.

A former managing director at Lehman Brothers, Pace ran Real Salt Lake between 2006 and 2008 when he returned to the banking world, spending more than a decade with leading bank Citi.

In October 2019, he set up ALK Capital in London with the intention of buying what its website describes as “modern sports, media and entertainment assets, and related technologies”. As well as Sheffield United and Burnley, it is understood the firm has looked at Swiss side FC Lugano, while it has managed to purchase AiScout and Player LENS, two digital player recruitment platforms.

A month after ALK Capital was launched, Elkashashy and Farnell set up Staunch Partners Limited, a private investment company that shares an Altrincham address with Farnell’s law firm, IPS Law. It is believed this is the proposed takeover vehicle for Burnley.

Elkashashy’s main business appears to be Think Food LLC, which operates food franchises in the UAE, but he has previously worked for Coca-Cola in Egypt and Procter & Gamble in the UAE. According to his LinkedIn page, he is a “strategic private equity director”.

Farnell, on the other hand, has a long track record in British sport, having represented boxer Tyson Fury, former Everton and Wigan boss Roberto Martinez and Cristiano Ronaldo during the Portuguese star’s stint with Manchester United. He was also briefly a director at Wigan Athletic in 2013, acted for former Leeds United owner Massimo Cellino and was brought in by Bury’s management to try to save the club shortly before they crashed out of the EFL last year.

In relation to his ODT issue, an EFL spokesperson confirmed the disqualification is now lifted.

“An independent league arbitration panel has considered the review application and concluded that, given the circumstances, a five-week period of disqualification was appropriate,” the spokesperson explains.

“Accordingly, Mr Farnell’s period of disqualification is deemed to have been lifted on September 14, 2020, and he is no longer subject to a disqualifying condition under EFL regulations.”

Burnley, in the meantime, are 18th in the Premier League, having picked up just one point from their first five games. They also endured a difficult summer transfer window which saw them add only 31-year-old midfielder Dale Stephens and back-up goalkeeper Will Norris to an ageing first team.

The club, however, are widely considered to be well run, having recorded profits for three straight seasons, and finished in 10th place last season. Burnley have also recently opened a new training complex and secured category-one status for their academy, although Garlick has warned that Burnley, like every other football club, are losing significant sums this year because of COVID-19.

Furthermore, relations between Garlick, the club’s chairman, and manager Sean Dyche have been strained for months, as the pair have disagreed over investment priorities and the type of player Dyche wants to bring to the club. Sources have told The Athletic any hope of resolving their dispute is being hampered by the protracted nature of the takeover, with both men keenly aware of their importance to Burnley, both now and in the future, as Garlick is understood to be keen to stay on as chairman under new ownership

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Re: ALK Capital...

Post by ksrclaret » Wed Oct 28, 2020 4:15 pm

Something not adding up there. Why would our board of directors sanction the sale of the club when it involves someone who has failed an owners and directors test? Above everything else, they've always had the long term interests of the club at the forefront of their plans and surely wouldn't risk that by selling to a dodgy character.
Last edited by ksrclaret on Wed Oct 28, 2020 4:15 pm, edited 1 time in total.

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Re: ALK Capital...

Post by ArmchairDetective » Wed Oct 28, 2020 4:15 pm

The Athletic article doesn't exactly fill you with confidence about Farnell & co. may I add.

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Re: ALK Capital...

Post by joey13 » Wed Oct 28, 2020 4:17 pm

God help us

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Re: ALK Capital...

Post by Murger » Wed Oct 28, 2020 4:18 pm

By reading that, I don't like he sound of Farnell.

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Re: ALK Capital...

Post by joey13 » Wed Oct 28, 2020 4:18 pm

ksrclaret wrote:
Wed Oct 28, 2020 4:15 pm
Something not adding up there. Why would our board of directors sanction the sale of the club when it involves someone who has failed an owners and directors test? Above everything else, they've always had the long term interests of the club at the forefront of their plans and surely wouldn't risk that by selling to a dodgy character.
Because they are only interested in what’s best for themselves

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Re: ALK Capital...

Post by Winstonswhite » Wed Oct 28, 2020 4:19 pm

ksrclaret wrote:
Wed Oct 28, 2020 4:15 pm
Something not adding up there. Why would our board of directors sanction the sale of the club when it involves someone who has failed an owners and directors test? Above everything else, they've always had the long term interests of the club at the forefront of their plans and surely wouldn't risk that by selling to a dodgy character.
Like plenty of people on here have predicted- money talks. And Garlick will double his own personal wealth.

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Re: ALK Capital...

Post by HahaYeah » Wed Oct 28, 2020 4:19 pm

Sounds like the board were desperate.

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Re: ALK Capital...

Post by Rileybobs » Wed Oct 28, 2020 4:20 pm

Sounds like Farnell's reason for failure of the test is legitimate, purely from what's been reported in the articles above.

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Re: ALK Capital...

Post by Swizzlestick » Wed Oct 28, 2020 4:21 pm

A quick google of Chris Farnell's name suggests somebody we don't want anywhere near our football club.

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Re: ALK Capital...

Post by Chester Perry » Wed Oct 28, 2020 4:23 pm

Farnell's track record is hugely concerning - I would hope that he fails with all attempts he makes in football not just our club

and joey13 that remark is evidently untrue in the tenure of our major shareholders

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Re: ALK Capital...

Post by ksrclaret » Wed Oct 28, 2020 4:23 pm

It's not just Garlick though, is it? Surely the decision to sell involves everyone on the board of directors - Kilby, John B, Holt etc? Would they all be so greedy to put their own financial interests ahead of the interests of the club they support and have safeguarded so well over the last few decades?

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Second takeover bid according to The Athletic

Post by Foshiznik » Wed Oct 28, 2020 4:26 pm

Edit: i stupidly didn't see this post before i uploaded mine!
Last edited by Foshiznik on Wed Oct 28, 2020 4:42 pm, edited 1 time in total.

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Re: ALK Capital...

Post by aggi » Wed Oct 28, 2020 4:27 pm

joey13 wrote:
Wed Oct 28, 2020 4:18 pm
Because they are only interested in what’s best for themselves
Why did they invest in the club in the first place if that was the case?

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Re: Second takeover bid according to The Athletic

Post by Foshiznik » Wed Oct 28, 2020 4:27 pm

Edit: i stupidly didn't see this post before i uploaded mine!
Last edited by Foshiznik on Wed Oct 28, 2020 4:42 pm, edited 1 time in total.

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Re: Second takeover bid according to The Athletic

Post by Sproggy » Wed Oct 28, 2020 4:27 pm


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Re: ALK Capital...

Post by Steve-Harpers-perm » Wed Oct 28, 2020 4:28 pm

ksrclaret wrote:
Wed Oct 28, 2020 4:23 pm
It's not just Garlick though, is it? Surely the decision to sell involves everyone on the board of directors - Kilby, John B, Holt etc? Would they all be so greedy to put their own financial interests ahead of the interests of the club they support and have safeguarded so well over the last few decades?
You would think not.

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Re: Second takeover bid according to The Athletic

Post by Foshiznik » Wed Oct 28, 2020 4:28 pm

Edit: i stupidly didn't see this post before i uploaded mine! Sorry!
Last edited by Foshiznik on Wed Oct 28, 2020 4:42 pm, edited 1 time in total.

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Re: ALK Capital...

Post by ClaretTony » Wed Oct 28, 2020 4:29 pm

ksrclaret wrote:
Wed Oct 28, 2020 4:23 pm
It's not just Garlick though, is it? Surely the decision to sell involves everyone on the board of directors - Kilby, John B, Holt etc? Would they all be so greedy to put their own financial interests ahead of the interests of the club they support and have safeguarded so well over the last few decades?
You say it is all the directors but the chairman holds in excess of 50% of the active shares so if he wanted to sell his shareholding to me for a tenner then I doubt the other directors could do much about it. I would think, to a large extent, the decision is the chairman's.

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Re: ALK Capital...

Post by Cubanclaret » Wed Oct 28, 2020 4:30 pm

Forgive me if I’m being naive but is the lawyer (Farnell) not acting as a go between. The Egyptian is the man with the money right?

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Re: ALK Capital...

Post by Steve-Harpers-perm » Wed Oct 28, 2020 4:32 pm

ClaretTony wrote:
Wed Oct 28, 2020 4:29 pm
You say it is all the directors but the chairman holds in excess of 50% of the active shares so if he wanted to sell his shareholding to me for a tenner then I doubt the other directors could do much about it. I would think, to a large extent, the decision is the chairman's.
Does this suggest it is looking like a done deal (to the Egyptian)?

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Re: ALK Capital...

Post by Foshiznik » Wed Oct 28, 2020 4:34 pm

Every club mentioned in the article has not fared too well. I initially, admittedly without the full facts feel more uneasy with this option than with ALK

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Re: ALK Capital...

Post by ksrclaret » Wed Oct 28, 2020 4:34 pm

ClaretTony wrote:
Wed Oct 28, 2020 4:29 pm
You say it is all the directors but the chairman holds in excess of 50% of the active shares so if he wanted to sell his shareholding to me for a tenner then I doubt the other directors could do much about it. I would think, to a large extent, the decision is the chairman's.
Even if it is Garlick's decision and his alone, I still find it hard to believe this is the same man who used to speak only of ensuring the club was in the best possible hands to ensure it had a stable future. Whenever he's been asked about selling up, Garlick has always said he'd rather remain in place than sell to the wrong buyer. This lawyer character seems to be anything but a safe bet.

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Re: ALK Capital...

Post by Oshkoshclaret » Wed Oct 28, 2020 4:36 pm

This is absolutely frightening
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Re: ALK Capital...

Post by HahaYeah » Wed Oct 28, 2020 4:37 pm

Key parts from mirror article...

El Kashashy and sports lawyer Chris Farnell have signed sale and purchase agreements with the Premier League club after agreeing a deal with Burnley chairman Mike Garlick.

El Kashashy and Farnell have already provided proof of funds and the final obstacle is to pass the Premier League’s owners and directors test.

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Re: ALK Capital...

Post by ClaretTony » Wed Oct 28, 2020 4:38 pm

I've just spoken to a supporter contact at Charlton. He's going to send me some info but his immediate one liner was to say there isn't much good he can say about either of them.

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Re: ALK Capital...

Post by scouseclaret » Wed Oct 28, 2020 4:39 pm

From a quick look online, I don’t think we should be going within a country mile of this Farnel fella. Bury, Wigan, Charlton, Massimo Cellini at Leeds. Also accused (though cleared) of assaulting his missus a few years ago.

More red flags than a communist rally...

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Re: ALK Capital...

Post by Chester Perry » Wed Oct 28, 2020 4:39 pm

Cubanclaret wrote:
Wed Oct 28, 2020 4:30 pm
Forgive me if I’m being naive but is the lawyer (Farnell) not acting as a go between. The Egyptian is the man with the money right?
He is but he is not someone I would want to work with, he has been keen for some time to get his feet into a club - hence his role at Charlton and I shudder at the the prospect of him being the man on the ground for a PE Investor which is what Staunch Partners is that Mohammed Elkashady fronts
Last edited by Chester Perry on Wed Oct 28, 2020 4:40 pm, edited 1 time in total.

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Re: ALK Capital...

Post by dsr » Wed Oct 28, 2020 4:39 pm

ClaretTony wrote:
Wed Oct 28, 2020 4:38 pm
I've just spoken to a supporter contact at Charlton. He's going to send me some info but his immediate one liner was to say there isn't much good he can say about either of them.
Perhaps Mike Garlick is thinking that there hasn't been much good said about him lately, and he just wants out?

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Re: ALK Capital...

Post by KefkaClaret » Wed Oct 28, 2020 4:39 pm

You'd hope Garlick wouldn't sell to this lot.

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Re: ALK Capital...

Post by claretonthecoast1882 » Wed Oct 28, 2020 4:40 pm

I get the feeling that those with a lust for Garlick to be gone and the club start aiming for the "next level" (what ever that it that we hear so much on here) may be getting some reverse sirens fitted in the near future.
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Re: ALK Capital...

Post by Foshiznik » Wed Oct 28, 2020 4:44 pm

I love Garlick me.

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Re: ALK Capital...

Post by burnley007 » Wed Oct 28, 2020 4:46 pm

This is looking terrible

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Re: ALK Capital...

Post by burnmark » Wed Oct 28, 2020 4:47 pm

They want to make Nile Ranger their first signing.
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