Winter is coming
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Man, Katās wealth gets smaller everytime I read about it. Iām sure it started off at Ā£3bn. Spose all them cardigans & pea coats donāt come cheap, but still, thatās some fkn spending.
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Fuck all is fuckedā¦ We are doomed I tell yaā¦ I am expecting the donning of black clothing and the wailing of womenā¦
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This woman doesnāt do wailingā¦
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pfft poor old Mr Tigger, Iām sure heās trying his best!
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An alleged ITKer on Steveweb has said some things about Gareth that are probably libellous, so I wont repeat them here.
Further evidence that āAuthoritiesā in China (and Asia in general) are no longer tolerating the headlong rush into āFootball Investmentā
Key parts
13 Clubs at risk of being kicked out of competitions
Those clubs not been paying their salaries correctly
Seen other reports that some clubs havenāt met their payment schedules for big money transfers
OK so tucked away in an updated version of the article about VVD by Jeremy Wilson is the snippet I have been trying to allude to for a while.
Negotiations with Lander, however, are understood to have been complete for some time and essentially all that remains is for the financial transaction to take place. It leaves growing doubt over whether the deal will now be completed and the club are now expected to also consider other options for fresh investment.
Now all I could do was interpret the signals and opinions from people in the financial sector. But the deal was done a long time ago, and all indications were that the law change led to Lander having problems and trying to change the completion terms. The deal will not go away, as it WAS a property development deal. Any developer will tell you it can be possible to borrow cash for a vision and then sell off plan. My assumption is that this is what Lander have been trying to do and which would be incredibly dangerous for the club.
The REALLY interesting comment in that article is the last line where I am simply going to have to put this
No leaks, no Chardonnay, no yacht watch. Just a comment by Mr Wilson who, after all, has tended to be the non Jack Schitt mouthpice of the club.
And no, wouldnāt even go get the microwaved popcorn pack from the store yet.
One day might do a missive on what goes on before an M&A for those who havenāt been there before but not for a month or three at least.
Dub Phil. Can you expand on the why a property deal iis so dangerous for the club.? Is there anything intensic in it that makes it that way?
Without any reference to any deals in the UK about which I would know nothing, I could cite an example of how things work from the property boom here in the noughties.
An area is ādesignated for developmentā. A āMaster Developerā looks to acquire the entire site. In a āmega projectā - lets define that as a large geographic area, that developer can go and seek āSecured Loan Financeā - eg a Bond, Mortgage or Debenture secured against the value of the LAND.
Once this is in place, the Master Developer then sells ālumpsā of the development āOff Planā - deposits are paid, installment plans are agreed and signed. The Master now has a source of future income, some cash to pay the initial fees, interest and costs.
Work starts, more money comes in and building begins. In about 5 years the entire project is finished, the Master Developer (who had NO CASH) atthe beginning has now pocketed the profits (if any) and pasy back OR rolls over the Bond onto a new project.
Rolling over the Bond is great in a world of perpetual boom, but as happened here, the Boom stopped and Developers who started with NO MONEY then found they OWED money even though they banked decent profits.
So, IF anyone can be arsed to go back and google the original annoucement, there was talk of Hotels and the like, also Landerās own profile implied they were developers of Sporting Infrastructure/Stadiums etc.
Fast forwards - China gave money for Property Acquisition, someone makes a bid to buy us but includes comments about Property Development. China changes the rules. Everything goes quiet.
A sceptic would extrapolate that a Developer could look at the area Hotel & Casino and see profit. The Club would be a āleisure focus pointā for the area. It would also be a bloody useful political lever when it came to seeking planning and building permits as an example.
Down here, local media just published a list of āProperty Developmentā Projects that are now in Liquidation. The MOST FAMOUS development - Palm Island - was funded with Bonds (loans) which are a matter of Public Record
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In simple terms. The trouble with a property developer taking over the club is what would be the priorityā¦football or property. If property would money made through football be syphoned off to feed the other enterprise?
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At least we all know whatās going on now.
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It makes sense about the property and land. The coucil mentioned a potential buyer or investor in the contaminated sites around St Marys in their Vision video. Only a large investment opportunity would make development viable
Posted by Shurlock over on fiverweb - more detail on what the Chinese Government will allow and also some of the reasons behind the clampdown
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According to the first article below on TUI, the exclusivity period for Lander expires todayā¦
That other 100% offer may not have been Chineseā¦
Of course, it could have been.
But it may not have been
If the ability to get money out of China swings on the whim of the ruling party, then Chinese owners could be disastrous.
Two things.
Firstly, why does Kat retaining 20% make her feel that sheās securing Pappa Lās legacy?
Unless the voting stock is different from common stock. with 20% of the stock sheās going to get railroaded at every turn.
Perhaps Iāve answered my own question - there will be a different voting structure.
Secondly, go on Phil. Tell us what you āknowāā¦
If I was shelling out Ā£200m+ for my new train set, there is no way on earth I would accept someone else telling my what trains I could use on it.