Confimred new owners of Raeding Footbal Club

[Norfolk Royal]

Sort of throws new light on it in a bucket of sh*t sort of way I suppose.

Bit of an anti-climax to know this is a workaday balls-up by people you would expect more of rather than a grand conspiracy.

[Nameless]

"Handing over power to the lender" is extremely disconcerting. With SJM dealing with things you know there is someone in there with the clubs best wishes at heart. With a bank, who knows.

So, those that loaned the money have the say on who takes over the ownership. Since when does a bank give a oxf*rd as long as they get their money back? They could, effectively, sell the club to anyone. Selling to an Investment Group does not make me want to run naked through Forbury Gardens in celebration.

Perhaps a condition of the loan was tht the lender had a say in the sale process. It's not uncommon for loans to come with strings attached.....

[72 bus]

So, as many suspected, despite having left the board, it looks very much like Samuelson is still heavily involved in the sale.

Yet still the gullible hang onto and swallow every word that they are fed by club & chairman without opening their eyes and questioning what the sub text might be.

However, after receiving several firm offers, he said the club's lenders, who were now brokering a deal for Reading, were close to finalising terms.
"Sir John (Madejski - Reading chairman) has handed power over the lender," added Samuelson.

You really are a thick cunt if you think Samuelson is still involved, he can now speak freely because he is out of it with no dog in the fight anymore

[Royal Ginger]

"Handing over power to the lender" is extremely disconcerting. With SJM dealing with things you know there is someone in there with the clubs best wishes at heart. With a bank, who knows.

So, those that loaned the money have the say on who takes over the ownership. Since when does a bank give a oxf*rd as long as they get their money back? They could, effectively, sell the club to anyone. Selling to an Investment Group does not make me want to run naked through Forbury Gardens in celebration.

Perhaps a condition of the loan was tht the lender had a say in the sale process. It's not uncommon for loans to come with strings attached.....

The loaner likely assumed control of the club as a penalty for defaulting on repayments. Much like a bodged mortgage.

[ZacNaloen]

That basically means we are in administration

[leon]

I hope so. The sooner we can close down the team board, the better

[Extended-Phenotype]

Wait, if we are in administration does that mean a points penalty?

[Pepe the Horseman]

I'm so confused/tired/hungry.

[Extended-Phenotype]

I'm so confused/tired/hungry/gayforEP

[Pepe the Horseman]

Get out of my head.

[Nameless]

Perhaps a condition of the loan was tht the lender had a say in the sale process. It's not uncommon for loans to come with strings attached.....

The loaner likely assumed control of the club as a penalty for defaulting on repayments. Much like a bodged mortgage.

I suspect it's more to do with the tax issue. SJM said funding was in place to cover that and perhaps that was done on condition that the lender managed the sale. Couple of thoughts
1. Is the lender definitely a bank ?
2. Could the lender actually be Samuelson ?
If he covered the tax and was given control over the sale (and probably a fee) in return for leaving the board and toning down his 2 year consultancy demand would that not make sense ?

[Extended-Phenotype]

Get out of my head.

And in to my car

[TheLawnMowerMan]

That basically means we are in administration

No it doesn't - this is different.

[Ian Royal]

If we got £90m when promoted - how are we now £20m in debt.......

Where's Ian Royal ?

I was busy working for a living. I thought someone as unashamedly ITK as you would be able to answer.

To answer TBM:
Because we didn't. It's an oft misleadingly quoted figure. Getting promoted to the PL was worth £90m, but in income over FIVE seasons. We didn't get it all (yet).
2012-13: ~£50m PL TV (etc) income (note this is not £50m more than we got in the Championship)
2013-14: ~£16m parachute payment
2014-15: ~£12m parachute payment
2015-16: ~ £8m parachute payment
2016-17: ~ £4m parachute payment

Or something vaguely similar.

Please remember we made a loss of about £12m the previous season.

So in actual fact, last season we got something like £59m income total. Check the accounts, they're on club policies somewhere. We spent ~£46m on wages alone and made a total loss of ~£2m after other expenditure.

This is all easily available information if you want to find it out. It's even all on here. It's not like I'm ITK or have special access to anything.

[blueroyals]

WE DEFAULTED ON OUR LOANS AND GAVE CONTROL TO A "LENDER"

NOT A BANK

A "LENDER"

who will sell to the highest bidder

we're so f*cked

[loyalroyaldaz]

Cant be arsed to work. On the beach in Majorca reading this and although im not happy at what im reading it seems the info i was given may be somewhere near the mark.
Could be old JM's words the other day were his parting gift to us.

[Sutekh]

So when we went up we had no money, thus we could only afford to look at Championship level players for the most part.

The little bit of money that was available to strengthen went on Guthrie and Pogrebnyak's wages.

AZ seems to have used everything he had to complete the first part of the deal and then not been able to attract sufficient backing from elsewhere to be able to support the club in the PL nor to complete the remainder of the deal and so we basically were unable to compete at all in the PL.

Last season they obviously thought they were going to have money available and so we had the promising start with acquiring Bridge, Williams and Drenthe but then something happened and AZ obviously conceded he was not going to be able to complete so that was it - no money and every possible loan and way of getting money into the club taken up giving an alarming debt (though nothing really on the lines of many of the basket cases masquerading of football clubs in the PL and FL).

So just perhaps it's all just an unfortunate set of circumstances that have brought us here. If JM had not sold to AZ then I think we'd still be in similar position in looking for a buyer and having to sell players. On the bright side the brief sojourn to the PL and the involvement of CS and AZ at least increased our profile to be able to attract more interest.

Let's hope early next week it's all sorted and the new owners revealed so we can finally establish where we are and what budget NA has to play with (if any) next season.

[sandman]

So, as many suspected, despite having left the board, it looks very much like Samuelson is still heavily involved in the sale.

Yet still the gullible hang onto and swallow every word that they are fed by club & chairman without opening their eyes and questioning what the sub text might be.

However, after receiving several firm offers, he said the club's lenders, who were now brokering a deal for Reading, were close to finalising terms.
"Sir John (Madejski - Reading chairman) has handed power over the lender," added Samuelson.

You really are a thick cunt if you think Samuelson is still involved, he can now speak freely because he is out of it with no dog in the fight anymore

How dare you speak to him like that! Don't you know his daughter is a goalkeeper?

[ZacNaloen]

That basically means we are in administration

No it doesn't - this is different.

I know, i know, but its just so easy to say stuff.

The sale is being controlled/administered by a 3rd party. This isnt that unusual. Its nothing to be with being insolvent. And it certainly doesn't mean we've defaulted on any debts either.

[Green]

'greed.