ALK Capital or Farnell/Elkashashy takeover

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ClaretTony » Sun Nov 15, 2020 2:52 pm

Grumps wrote:
Sun Nov 15, 2020 2:46 pm
If someone passes all the tests, are we as fans entitled to know where the money is coming from though?
I'm not so sure we are but is a question we have to be asking of any new owners. I don't think I'll have any rights as a supporter but as a shareholder might have more options.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ewanrob » Sun Nov 15, 2020 2:53 pm

ClaretTony wrote:
Sun Nov 15, 2020 2:42 pm
Well we know we had the Flood v Holt and Flood v Garlick situations a while ago that were very public. I don't think we've ever had anything like a united board since but the situation now seems to be that the chairman virtually does things his own way which he can do with his shareholding, not quite Bob Lord style but .......
Thats astonishing to read Tony, how on earth has it been allowed to become so toxic....and more importantly why. Do we have others on the board who would like to see us borrow more to establish ourselves, whereas MG appears to be a steady eddie...plan for the inevitable and remain debt free.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ClaretTony » Sun Nov 15, 2020 2:55 pm

ewanrob wrote:
Sun Nov 15, 2020 2:53 pm
Thats astonishing to read Tony, how on earth has it been allowed to become so toxic....and more importantly why. Do we have others on the board who would like to see us borrow more to establish ourselves, whereas MG appears to be a steady eddie...plan for the inevitable and remain debt free.
The arguments with Flood were very public. Was it around the time he left the board or when he returned? I'm not sure.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Grumps » Sun Nov 15, 2020 2:56 pm

ClaretTony wrote:
Sun Nov 15, 2020 2:52 pm
I'm not so sure we are but is a question we have to be asking of any new owners. I don't think I'll have any rights as a supporter but as a shareholder might have more options.
I agree as a shareholder you might

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ClaretTony » Sun Nov 15, 2020 2:57 pm

ewanrob wrote:
Sun Nov 15, 2020 2:53 pm
Thats astonishing to read Tony, how on earth has it been allowed to become so toxic....and more importantly why. Do we have others on the board who would like to see us borrow more to establish ourselves, whereas MG appears to be a steady eddie...plan for the inevitable and remain debt free.
Here you go, from 2013

https://bit.ly/32KU2KL

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Danieljwaterhouse » Sun Nov 15, 2020 2:59 pm

ClaretTony wrote:
Sun Nov 15, 2020 2:37 pm
This is a big concern for us regarding both of the offers, we don't know where the money is coming from. I believe the ALK offer is money coming from a number of investors, the other offer I've no idea.
I agree, but I think ALK have been using a particular Broker to encourage finance for a little while now from the domestic and international markets.

I still believe that the other bud is state funded.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Danieljwaterhouse » Sun Nov 15, 2020 3:02 pm

You’d negotiate the advertised price, you’d explore the assets, you’d explore your own financial backings, you’d ensure you had the management infrastructure to support your business, and a hundred other things before the vendor would require proof of funds.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by bfcmik » Sun Nov 15, 2020 3:16 pm

NewClaret wrote:
Sun Nov 15, 2020 1:58 pm
Mainly the risk that it halves if we get relegated and we almost presumably become significantly loss making (albeit I don’t know what terms are in players contracts to protect against this). Also the risks associated with Covid - currently no visibility on when we may have capacity crowds again.

Time will tell, of course, but even if they pay £200m I think for certain there will be clauses withholding some of that cash based on future performance/PL status.
£200m is cheap for a business with our current asset base and a £130m per annum turnover with no recent history of significant losses so I would think the possibility of relegation is already completely factored in to the offer.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by GodIsADeeJay81 » Sun Nov 15, 2020 3:16 pm

Duffer_ wrote:
Sun Nov 15, 2020 12:32 pm
Has MG ever cited shareholder wealth maximisation as his goal? In 2017 when he was appointed sole Chairman he said "We [MG and JB] will both continue to strive to better our club for the benefit of our fans and our community, along with all connected to our very unique football club."
He's a successful business man, the end game is to make money.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by GodIsADeeJay81 » Sun Nov 15, 2020 3:22 pm

NewClaret wrote:
Sun Nov 15, 2020 1:58 pm
Mainly the risk that it halves if we get relegated and we almost presumably become significantly loss making (albeit I don’t know what terms are in players contracts to protect against this). Also the risks associated with Covid - currently no visibility on when we may have capacity crowds again

Time will tell, of course, but even if they pay £200m I think for certain there will be clauses withholding some of that cash based on future performance/PL status.
What makes you certain they won't pay up in full?
Why would they pay in installments and refuse payment if the club gets relegated under their ownership?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by bfcmik » Sun Nov 15, 2020 3:23 pm

GodIsADeeJay81 wrote:
Sun Nov 15, 2020 3:16 pm
He's a successful business man, the end game is to make money.
Owning the football club that you support isn't necessarily about making money. Even very successful businessmen, such Gibson at Middlesbrough, often let their hearts overrule their brain, in his case to the tune of many millions each season!

Even businessmen who run clubs they did not previously support can often find they end up paying out lots of money every season for the privilege of being blamed by the fans of that club - e.g. Venkys

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ClaretTony » Sun Nov 15, 2020 3:33 pm

bfcmik wrote:
Sun Nov 15, 2020 3:23 pm
Owning the football club that you support isn't necessarily about making money. Even very successful businessmen, such Gibson at Middlesbrough, often let their hearts overrule their brain, in his case to the tune of many millions each season!

Even businessmen who run clubs they did not previously support can often find they end up paying out lots of money every season for the privilege of being blamed by the fans of that club - e.g. Venkys
I don't think you can compare Gibson and our chairman in terms of hearts overruling brains.
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Steve-Harpers-perm » Sun Nov 15, 2020 3:42 pm

Danieljwaterhouse wrote:
Sun Nov 15, 2020 2:59 pm
I agree, but I think ALK have been using a particular Broker to encourage finance for a little while now from the domestic and international markets.

I still believe that the other bud is state funded.
State funded sounds a bit murky!

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Vegas Claret » Sun Nov 15, 2020 3:55 pm

Steve-Harpers-perm wrote:
Sun Nov 15, 2020 3:42 pm
State funded sounds a bit murky!
you'll be hard pressed to find a major business or government that doesn't have an element of "murky"

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Duffer_ » Sun Nov 15, 2020 4:15 pm

GodIsADeeJay81 wrote:
Sun Nov 15, 2020 3:16 pm
He's a successful business man, the end game is to make money.
It surprises me how many people are prepared to accept a straight read across from business principles to something that MG described more in terms of a passion and a hobby - "a dream come true". I read that his wife, then girlfriend, wrote to Jim'll Fix it for him to be a BFC Director for the day. It's not the actions of someone motivated by money. He got involved as a fan and everything he has ever said about the running of BFC has been consistent with custodianship.

I am Treasurer of a local junior football club. I, along with many other volunteers across the UK, give of my time in the hope of making a difference. I didn't get involved to make money. I am lucky enough to have my day job for that, as is MG.

I'm sure some will say that MG has had the risks of ownership that justify the huge payout he is on the brink of receiving. Before we get too carried away with that, it is worth remembering that BFC is held by a limited company meaning his personal liability is limited. This is not true of unincorporated organisations such as junior football clubs, whose (committee) members effectively personally underwrite any contracts they enter into on behalf of the club.

I am not disputing MG has the legal right to dispose of his shares for massive personal gain but, if I were in his position, I would be thinking creatively of how I could exit my position in the best interests of the club and community I professed to serve. I am surprised more fans are not interested in the moral questions that his exit raises but it seems more important to some to appear as knowledgeable hard nosed businessmen or women.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Steve-Harpers-perm » Sun Nov 15, 2020 4:36 pm

Vegas Claret wrote:
Sun Nov 15, 2020 3:55 pm
you'll be hard pressed to find a major business or government that doesn't have an element of "murky"
Very true!

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Royboyclaret » Sun Nov 15, 2020 4:41 pm

ClaretTony wrote:
Sun Nov 15, 2020 2:57 pm
Here you go, from 2013

https://bit.ly/32KU2KL
Clearly there were serious differences between Brendan Flood and Mike Garlick/Clive Holt. To quote Brendan from the link "I don't want to work with them. I won't work with them again, whatever happens."

How quickly things change, that quote was from April 2013, some three months after Brendan left the Board. By March 2014 he was back on Board, albeit with a reduced shareholding (24.9% previously down to 3% and just 4,000 shares) virtually the same number as Barry Kilby, Clive Holt, Barry Nelson and Terry Crabbe. Mike G had 49% and John B 28%.

Since then the shareholdings have remained virtually unchanged.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by BOYSIE31 » Sun Nov 15, 2020 4:41 pm

Danieljwaterhouse wrote:
Sun Nov 15, 2020 2:59 pm
I agree, but I think ALK have been using a particular Broker to encourage finance for a little while now from the domestic and international markets.

I still believe that the other bud is state funded.
How much state funded and by how many wealthy people ??

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ClaretTony » Sun Nov 15, 2020 4:53 pm

Royboyclaret wrote:
Sun Nov 15, 2020 4:41 pm
Clearly there were serious differences between Brendan Flood and Mike Garlick/Clive Holt. To quote Brendan from the link "I don't want to work with them. I won't work with them again, whatever happens."

How quickly things change, that quote was from April 2013, some three months after Brendan left the Board. By March 2014 he was back on Board, albeit with a reduced shareholding (24.9% previously down to 3% and just 4,000 shares) virtually the same number as Barry Kilby, Clive Holt, Barry Nelson and Terry Crabbe. Mike G had 49% and John B 28%.

Since then the shareholdings have remained virtually unchanged.
And I believe sold his shares to Garlick

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Royboyclaret » Sun Nov 15, 2020 5:00 pm

ClaretTony wrote:
Sun Nov 15, 2020 4:53 pm
And I believe sold his shares to Garlick
Well, it looks that way. Mike G previously had 25.2% and now 49.2%.

However, John B also increased his holding from 19.2% to 28.3%, probably as a result of the adjustment in Barry K's holding from 13.7% to around 3%.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by arise_sir_charge » Sun Nov 15, 2020 5:02 pm

Duffer_ wrote:
Sun Nov 15, 2020 4:15 pm
It surprises me how many people are prepared to accept a straight read across from business principles to something that MG described more in terms of a passion and a hobby - "a dream come true". I read that his wife, then girlfriend, wrote to Jim'll Fix it for him to be a BFC Director for the day. It's not the actions of someone motivated by money. He got involved as a fan and everything he has ever said about the running of BFC has been consistent with custodianship.

I am Treasurer of a local junior football club. I, along with many other volunteers across the UK, give of my time in the hope of making a difference. I didn't get involved to make money. I am lucky enough to have my day job for that, as is MG.

I'm sure some will say that MG has had the risks of ownership that justify the huge payout he is on the brink of receiving. Before we get too carried away with that, it is worth remembering that BFC is held by a limited company meaning his personal liability is limited. This is not true of unincorporated organisations such as junior football clubs, whose (committee) members effectively personally underwrite any contracts they enter into on behalf of the club.

I am not disputing MG has the legal right to dispose of his shares for massive personal gain but, if I were in his position, I would be thinking creatively of how I could exit my position in the best interests of the club and community I professed to serve. I am surprised more fans are not interested in the moral questions that his exit raises but it seems more important to some to appear as knowledgeable hard nosed businessmen or women.
Did you spend a few million quid to become treasurer of the junior football team?

You simply can’t compare the two.

I’m heavily involved in amateur sport, I do what I do fro the love of my club but I didn’t need to invest to take on the role, I just had to be willing available.
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by GodIsADeeJay81 » Sun Nov 15, 2020 5:13 pm

Duffer_ wrote:
Sun Nov 15, 2020 4:15 pm
It surprises me how many people are prepared to accept a straight read across from business principles to something that MG described more in terms of a passion and a hobby - "a dream come true". I read that his wife, then girlfriend, wrote to Jim'll Fix it for him to be a BFC Director for the day. It's not the actions of someone motivated by money. He got involved as a fan and everything he has ever said about the running of BFC has been consistent with custodianship.

I am Treasurer of a local junior football club. I, along with many other volunteers across the UK, give of my time in the hope of making a difference. I didn't get involved to make money. I am lucky enough to have my day job for that, as is MG.

I'm sure some will say that MG has had the risks of ownership that justify the huge payout he is on the brink of receiving. Before we get too carried away with that, it is worth remembering that BFC is held by a limited company meaning his personal liability is limited. This is not true of unincorporated organisations such as junior football clubs, whose (committee) members effectively personally underwrite any contracts they enter into on behalf of the club.

I am not disputing MG has the legal right to dispose of his shares for massive personal gain but, if I were in his position, I would be thinking creatively of how I could exit my position in the best interests of the club and community I professed to serve. I am surprised more fans are not interested in the moral questions that his exit raises but it seems more important to some to appear as knowledgeable hard nosed businessmen or women.
He got involved as a fan and a business man.
He's ran it efficiently using his head over heart and he's done it extremely well in the main.
The club has evolved and moved forward under his ownership.
In regards to being creative about leaving and morality etc, he's leaving the club in a far better place than when he joined and took over, that cannot be disputed.
He can leave with his head held high and, in theory, with the gratitude of every Burnley fan for his efforts.
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by NewClaret » Sun Nov 15, 2020 5:17 pm

GodIsADeeJay81 wrote:
Sun Nov 15, 2020 3:22 pm
What makes you certain they won't pay up in full?
Why would they pay in installments and refuse payment if the club gets relegated under their ownership?
Just that most corporate transactions have a % deferred (often in Escrow) based on future performance. More typical in higher risk scenarios, which I’d say this certainly is, and particularly given current league form/position.

Only my opinion of course, but you have to question the timing of our statement. You’d think this is increasingly becoming a buyers market - that the bidders are trying to get a reduced price factoring covid, or potentially a higher % deferred, which will only fall further the more our league form suffers - hence it might be in current shareholders interests to release a statement confirming to each that they’re not the only game in town.

Personally reckon that ALK are the only party the club would seriously deal with but they’re playing the Egyption to get it across the line.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by NewClaret » Sun Nov 15, 2020 5:18 pm

Royboyclaret wrote:
Sun Nov 15, 2020 5:00 pm
Well, it looks that way. Mike G previously had 25.2% and now 49.2%.

However, John B also increased his holding from 19.2% to 28.3%, probably as a result of the adjustment in Barry K's holding from 13.7% to around 3%.
Barry must be gutted now!

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Duffer_ » Sun Nov 15, 2020 5:19 pm

arise_sir_charge wrote:
Sun Nov 15, 2020 5:02 pm
Did you spend a few million quid to become treasurer of the junior football team?
Haha, no, there was no initial investment but, like most, it costs me plenty in terms of time and materials that I don't reclaim. I take your point but to distil this to pure business is to ignore the moral obligations of custodianship. I think it is right to hold MG to account for his actions against his words and commitments.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Steve-Harpers-perm » Sun Nov 15, 2020 5:25 pm

NewClaret wrote:
Sun Nov 15, 2020 5:17 pm
Just that most corporate transactions have a % deferred (often in Escrow) based on future performance. More typical in higher risk scenarios, which I’d say this certainly is, and particularly given current league form/position.

Only my opinion of course, but you have to question the timing of our statement. You’d think this is increasingly becoming a buyers market - that the bidders are trying to get a reduced price factoring covid, or potentially a higher % deferred, which will only fall further the more our league form suffers - hence it might be in current shareholders interests to release a statement confirming to each that they’re not the only game in town.

Personally reckon that ALK are the only party the club would seriously deal with but they’re playing the Egyption to get it across the line.
It’s going very very slowly over that line!!

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by CaptainKirk » Sun Nov 15, 2020 5:32 pm

63 pages and over 3,000 posts later and we have gone from "there are talks going on about a takeover" to "there are talks going on about a takeover"
This thread is almost as pointless as the adeola akinbiyi one or whatever it's called.

Seems to be 3 or 4 types of poster:

1, Don't want this we will lose our identity! (Whatever that means).
2, Do it quick so we can give Dyche £100m to spend (despite his very patchy record in the transfer market).
3, I buy a ticket so it is my right to be kept fully informed about what is going on. (try telling the boss of whatever superstore you shop in that).
4, I am fully informed (honestly) but I am not telling you little people about it. (If you are you should keep off message Boards and be a little more professional).
:D

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ewanrob » Sun Nov 15, 2020 5:45 pm

Royboyclaret wrote:
Sun Nov 15, 2020 4:41 pm
Clearly there were serious differences between Brendan Flood and Mike Garlick/Clive Holt. To quote Brendan from the link "I don't want to work with them. I won't work with them again, whatever happens."

How quickly things change, that quote was from April 2013, some three months after Brendan left the Board. By March 2014 he was back on Board, albeit with a reduced shareholding (24.9% previously down to 3% and just 4,000 shares) virtually the same number as Barry Kilby, Clive Holt, Barry Nelson and Terry Crabbe. Mike G had 49% and John B 28%.

Since then the shareholdings have remained virtually unchanged.
Forgive me for my lack of understanding of these matters or if its already been discussed....but.

Who negotiates with the buyers, is it just the Chaiman, or are all the board members involved...or is there a third party who negotiates on the Clubs behalf. MG doesn't have over 50% , so although he's the largest shareholder...does he still hold the strongest hand.. could BF with 3% refuse to sell ?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Nonayforever » Sun Nov 15, 2020 5:47 pm

Danieljwaterhouse wrote:
Sun Nov 15, 2020 2:30 pm
If they come up with the proof of funds, from a legitimate source, they will be the preferred offer, as to how much of their ‘roadmap’ funding is viable and legitimate is open to scrutiny
My concern with this bid is not with the eventual outcome. I have a sneaking feeling that if they do become the preferred bidder and obtain signed pre contract information they will find a reason to pull the deal and claim compensation. It just doesn't "feel" right

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ClaretTony » Sun Nov 15, 2020 5:54 pm

ewanrob wrote:
Sun Nov 15, 2020 5:45 pm
Forgive me for my lack of understanding of these matters or if its already been discussed....but.

Who negotiates with the buyers, is it just the Chaiman, or are all the board members involved...or is there a third party who negotiates on the Clubs behalf. MG doesn't have over 50% , so although he's the largest shareholder...does he still hold the strongest hand.. could BF with 3% refuse to sell ?
This MG doesn't have over 50% - in theory he doesn't but in practice he does. There are a lot of dead shares so he will hold in excess of 50% of the active shares. He might also be like Lord was and have some in other names.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Hedontplayforyou » Sun Nov 15, 2020 6:01 pm

Let’s hope this can get sorted one way or another in the next few weeks, giving us less uncertainty and an idea of what we can do going forward in the January window! None of this is helping things on the pitch for sure .

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by mill hill claret » Sun Nov 15, 2020 6:04 pm

Hedontplayforyou wrote:
Sun Nov 15, 2020 6:01 pm
Let’s hope this can get sorted one way or another in the next few weeks, giving us less uncertainty and an idea of what we can do going forward in the January window! None of this is helping things on the pitch for sure .
Next few weeks ...I'd like this to be sorted out in days ...because this is not helping the club in any way ..hopefully it goes through and we can strengthen in jan and carry on our premier league dream 👍👍👍

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Hedontplayforyou » Sun Nov 15, 2020 6:11 pm

I think we’d all like it done in the next few days but realistically there’s more chance of catching fog than that happening.
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by ewanrob » Sun Nov 15, 2020 6:28 pm

ClaretTony wrote:
Sun Nov 15, 2020 5:54 pm
This MG doesn't have over 50% - in theory he doesn't but in practice he does. There are a lot of dead shares so he will hold in excess of 50% of the active shares. He might also be like Lord was and have some in other names.
Thanks Tony, a web of intrigue indeed.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Steve-Harpers-perm » Sun Nov 15, 2020 8:28 pm

Hedontplayforyou wrote:
Sun Nov 15, 2020 6:01 pm
Let’s hope this can get sorted one way or another in the next few weeks, giving us less uncertainty and an idea of what we can do going forward in the January window! None of this is helping things on the pitch for sure .
Exactly the longer this is drawn out the more damage it is doing on the pitch and surely the chairmen can see this.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Rileybobs » Sun Nov 15, 2020 8:45 pm

These things take time. Why can’t people understand this?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Steve-Harpers-perm » Sun Nov 15, 2020 8:51 pm

Rileybobs wrote:
Sun Nov 15, 2020 8:45 pm
These things take time. Why can’t people understand this?
We keep being told talks have been ongoing for over 12 months! How much more time do they need!?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Danieljwaterhouse » Sun Nov 15, 2020 8:52 pm

Rileybobs wrote:
Sun Nov 15, 2020 8:45 pm
These things take time. Why can’t people understand this?
Because to the average fan, selling/buying a business is akin to buying/selling a house.

It obviously isn’t

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Rileybobs » Sun Nov 15, 2020 8:53 pm

Steve-Harpers-perm wrote:
Sun Nov 15, 2020 8:51 pm
We keep being told talks have been ongoing for over 12 months! How much more time do they need!?
Obviously more. Have you ever bought a house? This is reportedly a £200m acquisition. It’s obviously going to take a lot of time to get over the line, particularly when there’s numerous offers on the table.
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Rileybobs
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Rileybobs » Sun Nov 15, 2020 8:56 pm

Danieljwaterhouse wrote:
Sun Nov 15, 2020 8:52 pm
Because to the average fan, selling/buying a business is akin to buying/selling a house.

It obviously isn’t
Beat me to it. But even buying a house takes months.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by GodIsADeeJay81 » Sun Nov 15, 2020 8:56 pm

Took about 6 months to get my house purchase done, mainly cos of probate after the previous owner died.

That was just on a £60k deal.
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Steve-Harpers-perm » Sun Nov 15, 2020 9:04 pm

Rileybobs wrote:
Sun Nov 15, 2020 8:53 pm
Obviously more. Have you ever bought a house? This is reportedly a £200m acquisition. It’s obviously going to take a lot of time to get over the line, particularly when there’s numerous offers on the table.
Not sure what the relevance of buying a house has got to do with it but yes I have bought one and it went through relatively quickly perhaps the club need to get a new set of solicitors. What on earth can they still be talking about? They’ve either got the funds or not!

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Rileybobs » Sun Nov 15, 2020 9:10 pm

Steve-Harpers-perm wrote:
Sun Nov 15, 2020 9:04 pm
Not sure what the relevance of buying a house has got to do with it but yes I have bought one and it went through relatively quickly perhaps the club need to get a new set of solicitors. What on earth can they still be talking about? They’ve either got the funds or not!
The relevance of buying a house is that it isn’t unusual for that process to take 6 months. This deal is worth 1000 times more than the average house sale in Burnley. I would have thought that it was fairly obvious why that process would take a long time. If you think it’s just down to whether someone has the money or not then you need a reality check.
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Re: ALK Capital or Farnell/Elkashashy takeover

Post by GodIsADeeJay81 » Sun Nov 15, 2020 9:17 pm

Steve-Harpers-perm wrote:
Sun Nov 15, 2020 9:04 pm
Not sure what the relevance of buying a house has got to do with it but yes I have bought one and it went through relatively quickly perhaps the club need to get a new set of solicitors. What on earth can they still be talking about? They’ve either got the funds or not!
Going out on a limb here and guess that the due diligence etc is more time consuming than a house.

When Glasgow Rangers were in that mess a few years back it came out that they'd been paying people via some sort of shady smtax avoiding set up for years.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Steve-Harpers-perm » Sun Nov 15, 2020 9:18 pm

Rileybobs wrote:
Sun Nov 15, 2020 9:10 pm
The relevance of buying a house is that it isn’t unusual for that process to take 6 months. This deal is worth 1000 times more than the average house sale in Burnley. I would have thought that it was fairly obvious why that process would take a long time. If you think it’s just down to whether someone has the money or not then you need a reality check.
6 months for a house sale if there was a huge chain maybe most go through a lot quicker than that. The reference to having the money as when you buy a house is surely the first thing that is checked?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Rileybobs » Sun Nov 15, 2020 9:28 pm

Steve-Harpers-perm wrote:
Sun Nov 15, 2020 9:18 pm
6 months for a house sale if there was a huge chain maybe most go through a lot quicker than that. The reference to having the money as when you buy a house is surely the first thing that is checked?
This is the purchase of an entity that has a fluctuating value in the hundreds of millions of pounds, with numerous owners, hundreds of employees, thousands of stakeholders, numerous potential buyers and in an industry with very strict ownership regulations. Is it really a surprise that this is taking some times to get over the line?

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by BleedingClaret » Sun Nov 15, 2020 10:15 pm

CaptainKirk wrote:
Sun Nov 15, 2020 5:32 pm
63 pages and over 3,000 posts later and we have gone from "there are talks going on about a takeover" to "there are talks going on about a takeover"
This thread is almost as pointless as the adeola akinbiyi one or whatever it's called.

Seems to be 3 or 4 types of poster:

1, Don't want this we will lose our identity! (Whatever that means).
2, Do it quick so we can give Dyche £100m to spend (despite his very patchy record in the transfer market).
3, I buy a ticket so it is my right to be kept fully informed about what is going on. (try telling the boss of whatever superstore you shop in that).
4, I am fully informed (honestly) but I am not telling you little people about it. (If you are you should keep off message Boards and be a little more professional).
:D
Don’t forget me
The Type 5.
The don’t think anything’s actually going to materialise
Or
The oh no not the transfer window Mark 2
Last edited by BleedingClaret on Mon Nov 16, 2020 10:27 am, edited 1 time in total.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by JohnDearyMe » Sun Nov 15, 2020 10:50 pm

Rileybobs wrote:
Sun Nov 15, 2020 9:28 pm
This is the purchase of an entity that has a fluctuating value in the hundreds of millions of pounds, with numerous owners, hundreds of employees, thousands of stakeholders, numerous potential buyers and in an industry with very strict ownership regulations. Is it really a surprise that this is taking some times to get over the line?
I appreciate that the valuation will be fluctuating but surely the point around ensuring that the prospective owners actually have the money is a fair one? Especially given how many chancers and charlatans have tried to take over football clubs in recent years.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by Rileybobs » Sun Nov 15, 2020 11:11 pm

JohnDearyMe wrote:
Sun Nov 15, 2020 10:50 pm
I appreciate that the valuation will be fluctuating but surely the point around ensuring that the prospective owners actually have the money is a fair one? Especially given how many chancers and charlatans have tried to take over football clubs in recent years.
Yes sure, I would expect we have established whether all interested parties have got the funds once the negotiations reach a certain point. But I’m questioning why people can’t understand why it’s taken more than a year to get from initial discussions to where we are now.

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Re: ALK Capital or Farnell/Elkashashy takeover

Post by aggi » Mon Nov 16, 2020 12:05 am

Duffer_ wrote:
Sun Nov 15, 2020 12:00 pm
Is it "right" that MG walks away with £100m (pre tax) after 14 years as a director? Feel free to define "right" however you like.
A football club is a hugely risky investment. If we'd ended up in administration and Garlick had lost all the money invested I doubt there'd be many wondering whether it was "right" that he'd lost his money and that the community should be recompensing him.
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