The first thing the EFL could do would be to make it a law that you can only change a manager in the close season
Why would they do that.
Football clubs are a business, if a manager at your company is underperforming you are within your rights to sack him.
That's not really true though, is it? Companies in the real world have set procedures They must follow, they can't just fire people willy nilly.
Have you never come across a situation where an under-performing senior manager is eased out of his or her role, outside the terms of their employment, by means of a compromise agreement and a fat cheque?
The first thing the EFL could do would be to make it a law that you can only change a manager in the close season
Why would they do that.
Football clubs are a business, if a manager at your company is underperforming you are within your rights to sack him.
That's not really true though, is it? Companies in the real world have set procedures They must follow, they can't just fire people willy nilly.
Have you never come across a situation where an under-performing senior manager is eased out of his or her role, outside the terms of their employment, by means of a compromise agreement and a fat cheque?
No, but the accounts manager at the law firm I worked at did totally lose her shit one day and trashed the entire office, she was fired and it still went to an employment tribunal for months, despite the event being so bad the police came and arrested her. Also what you described is not what paulie said, is it?
The first thing the EFL could do would be to make it a law that you can only change a manager in the close season
Why would they do that.
Football clubs are a business, if a manager at your company is underperforming you are within your rights to sack him.
That's not really true though, is it? Companies in the real world have set procedures They must follow, they can't just fire people willy nilly.
Have you never come across a situation where an under-performing senior manager is eased out of his or her role, outside the terms of their employment, by means of a compromise agreement and a fat cheque?
No, but the accounts manager at the law firm I worked at did totally lose her shit one day and trashed the entire office, she was fired and it still went to an employment tribunal for months, despite the event being so bad the police came and arrested her. Also what you described is not what paulie said, is it?
I was responding to you, by describing precisely how an under-performing manager could be "sacked".
Disturbing chart... debt in L1, from most to least...
It is except doesn't the club owe the money to the owner...so he can choose to write it off or convert it to equity and then sell the equity - which, I guess, is what he is effectively trying to...but at an unrealistic price.
Disturbing chart... debt in L1, from most to least...
It is except doesn't the club owes the money to the owner...so he can choose to write it off or convert it to equity and then sell the equity - which, I guess, is what he is effectively trying to...but at an unrealistic price.
In RD's scenario, converting the debt to equity is the same as writing it off.
If the club's equity is worth £25m without any debt, and he paid £18m for it in the first place, then converting £65m debt into equity is to say goodbye to £65m you are owed in return for £7m profit when you sell the equity.
Equity of £25m has no value if on acquiring the shares you also acquire the privilege of re-paying £65m of debt. The club's worth £1, or any other token amount paid by a buyer to constitute valid consideration for a legally binding contract.
In typical Charlton from the sublime to the ridiculous style, a few days later a hanger-on to Fawaz Al-Hasawi posted a photo on social media of his boss/meal ticket being shown around the the Valley by Belgian bean counter Lieven De Turck (LTD). The Kuwaiti's disastrous mis-management of his previous club was quickly highlighted by fans of Nottm Forest. Word, via Richard Cawley of the SLP, quickly came that there was no takeover likely from this party either but nothing official was said by either CAFC or Fawaz himself.
De Turck's assertion that Roland and the Aussies have "a deal fully agreed and just need to submit final papers to the EFL" was undermined by Shaun Harvey, CEO of the EFL, who stated to a small delegation of protesting Charlton, and Blackpool, fans that "no one is waiting for any @EFL response on any Charlton takeover".
Harvey also told @davo55 and some other bloke that he would be meeting with Roland Duchatelet in the next few weeks and that he had already spoken to him at some unspecified previous time.
Meanwhile an article in @valleynick66 and @Cafc43v3r 's favourite fanzine, VOTV, had a source "involved" with the Australian consortium claiming that the real sticking point was not any EFL paperwork but a gap as much as £15m between Duchatelet's asking price and what the Aussies are ready to pay.
That source is saying that the Wizards of Aus are only willing to pay £25m against an asking price of £40m and also do not believe that the 2nd group (the so called British group that LTD claimed has completed due diligence), exists.
The Aussie source added that they now regret the joint statement made in June as it was used to deflect attention.
However, VOTV also has a former non-executive director source, speaking anonymously, who is "adamant" that the British group does exist. This ex-director's take was that this British group always expected the Aussie bid to fall apart and were previously confident of "picking up the pieces" but that they too will walk if Duchatelet does not drop his price.
VOTV also reports that while LDT continues report that the old director loans are not an issue there has been no further approach to the old directors, owed £7m in total, since the 25p in the £ offer was rejected in June 2018.
VOTV also comments that the bid from the party signposted to the club by Peter Varney, known as the Bromley Contingent, did not progress past the initial due diligence stage because of the price. A lot more flesh on these bones in the current VOTV for £2, available from all good chemists.
On the playing side the end of the transfer window, plus some good results, forced Roland's hand in making Lee Bowyer permanent first team manager although Lee's nine month contract may not seem very "permanent" to many.
The club still has no CEO and the staff bonus dispute remains unresolved while stories of unpaid bills to local suppliers are rife. Roland Out Today continue to take the protests to Duchatelet and plans to stand in the local elections in St Truiden are progressing.
Disturbing chart... debt in L1, from most to least...
It is except doesn't the club owes the money to the owner...so he can choose to write it off or convert it to equity and then sell the equity - which, I guess, is what he is effectively trying to...but at an unrealistic price.
In RD's scenario, converting the debt to equity is the same as writing it off.
If the club's equity is worth £25m without any debt, and he paid £18m for it in the first place, then converting £65m debt into equity is to say goodbye to £65m you are owed in return for £7m profit when you sell the equity.
Equity of £25m has no value if on acquiring the shares you also acquire the privilege of re-paying £65m of debt. The club's worth £1, or any other token amount paid by a buyer to constitute valid consideration for a legally binding contract.
Well why didn't you say that before? I'm prepared to go half if somebody else can shell out the remaining 50p.
Disturbing chart... debt in L1, from most to least...
It is except doesn't the club owes the money to the owner...so he can choose to write it off or convert it to equity and then sell the equity - which, I guess, is what he is effectively trying to...but at an unrealistic price.
In RD's scenario, converting the debt to equity is the same as writing it off.
If the club's equity is worth £25m without any debt, and he paid £18m for it in the first place, then converting £65m debt into equity is to say goodbye to £65m you are owed in return for £7m profit when you sell the equity.
Equity of £25m has no value if on acquiring the shares you also acquire the privilege of re-paying £65m of debt. The club's worth £1, or any other token amount paid by a buyer to constitute valid consideration for a legally binding contract.
Well why didn't you say that before? I'm prepared to go half if somebody else can shell out the remaining 50p.
That would mean you and your potential business partner would need to find £32,500,000.50, each. On that basis, I wish you luck, but I'm out.
Disturbing chart... debt in L1, from most to least...
It is except doesn't the club owes the money to the owner...so he can choose to write it off or convert it to equity and then sell the equity - which, I guess, is what he is effectively trying to...but at an unrealistic price.
In RD's scenario, converting the debt to equity is the same as writing it off.
If the club's equity is worth £25m without any debt, and he paid £18m for it in the first place, then converting £65m debt into equity is to say goodbye to £65m you are owed in return for £7m profit when you sell the equity.
Equity of £25m has no value if on acquiring the shares you also acquire the privilege of re-paying £65m of debt. The club's worth £1, or any other token amount paid by a buyer to constitute valid consideration for a legally binding contract.
Well why didn't you say that before? I'm prepared to go half if somebody else can shell out the remaining 50p.
Disturbing chart... debt in L1, from most to least...
It is except doesn't the club owes the money to the owner...so he can choose to write it off or convert it to equity and then sell the equity - which, I guess, is what he is effectively trying to...but at an unrealistic price.
In RD's scenario, converting the debt to equity is the same as writing it off.
If the club's equity is worth £25m without any debt, and he paid £18m for it in the first place, then converting £65m debt into equity is to say goodbye to £65m you are owed in return for £7m profit when you sell the equity.
Equity of £25m has no value if on acquiring the shares you also acquire the privilege of re-paying £65m of debt. The club's worth £1, or any other token amount paid by a buyer to constitute valid consideration for a legally binding contract.
Well why didn't you say that before? I'm prepared to go half if somebody else can shell out the remaining 50p.
Disturbing chart... debt in L1, from most to least...
It is except doesn't the club owes the money to the owner...so he can choose to write it off or convert it to equity and then sell the equity - which, I guess, is what he is effectively trying to...but at an unrealistic price.
In RD's scenario, converting the debt to equity is the same as writing it off.
If the club's equity is worth £25m without any debt, and he paid £18m for it in the first place, then converting £65m debt into equity is to say goodbye to £65m you are owed in return for £7m profit when you sell the equity.
Equity of £25m has no value if on acquiring the shares you also acquire the privilege of re-paying £65m of debt. The club's worth £1, or any other token amount paid by a buyer to constitute valid consideration for a legally binding contract.
Well why didn't you say that before? I'm prepared to go half if somebody else can shell out the remaining 50p.
Blimey, a whole ten bob, Bob
I know - but Henners has chipped in 20p so only six bob to find.
Comments
Wonder who the “informed sources” are?
https://www.theguardian.com/football/blog/2018/sep/15/tapping-up-watford-everton-marco-silva
If the club's equity is worth £25m without any debt, and he paid £18m for it in the first place, then converting £65m debt into equity is to say goodbye to £65m you are owed in return for £7m profit when you sell the equity.
Equity of £25m has no value if on acquiring the shares you also acquire the privilege of re-paying £65m of debt. The club's worth £1, or any other token amount paid by a buyer to constitute valid consideration for a legally binding contract.
Seems like ages since the last summary but it's only three weeks.
In that time a rumour that Alisher Usmanov, Britian's 2nd richest man, was about to buy the club got people excited for all of 24 hours before the man himself scotched it. https://www.liverpoolecho.co.uk/sport/football/football-news/aisher-usmanov-set-invest-london-15121780
In typical Charlton from the sublime to the ridiculous style, a few days later a hanger-on to Fawaz Al-Hasawi posted a photo on social media of his boss/meal ticket being shown around the the Valley by Belgian bean counter Lieven De Turck (LTD). The Kuwaiti's disastrous mis-management of his previous club was quickly highlighted by fans of Nottm Forest. Word, via Richard Cawley of the SLP, quickly came that there was no takeover likely from this party either but nothing official was said by either CAFC or Fawaz himself.
The EFL are due to meet the Charlton Supporters Trust on October 17. This meeting promoted another of Duchatelet's "unique" press statements https://www.cafc.co.uk/news/view/5b97c64820f09/club-comment-ahead-of-upcoming-meeting-with-efl
CARD were quick to respond https://twitter.com/charltoncard?lang=en
De Turck's assertion that Roland and the Aussies have "a deal fully agreed and just need to submit final papers to the EFL" was undermined by Shaun Harvey, CEO of the EFL, who stated to a small delegation of protesting Charlton, and Blackpool, fans that "no one is waiting for any @EFL response on any Charlton takeover".
Harvey also told @davo55 and some other bloke that he would be meeting with Roland Duchatelet in the next few weeks and that he had already spoken to him at some unspecified previous time.
Meanwhile an article in @valleynick66 and @Cafc43v3r 's favourite fanzine, VOTV, had a source "involved" with the Australian consortium claiming that the real sticking point was not any EFL paperwork but a gap as much as £15m between Duchatelet's asking price and what the Aussies are ready to pay.
That source is saying that the Wizards of Aus are only willing to pay £25m against an asking price of £40m and also do not believe that the 2nd group (the so called British group that LTD claimed has completed due diligence), exists.
The Aussie source added that they now regret the joint statement made in June as it was used to deflect attention.
However, VOTV also has a former non-executive director source, speaking anonymously, who is "adamant" that the British group does exist. This ex-director's take was that this British group always expected the Aussie bid to fall apart and were previously confident of "picking up the pieces" but that they too will walk if Duchatelet does not drop his price.
VOTV also reports that while LDT continues report that the old director loans are not an issue there has been no further approach to the old directors, owed £7m in total, since the 25p in the £ offer was rejected in June 2018.
VOTV also comments that the bid from the party signposted to the club by Peter Varney, known as the Bromley Contingent, did not progress past the initial due diligence stage because of the price. A lot more flesh on these bones in the current VOTV for £2, available from all good chemists.
On the playing side the end of the transfer window, plus some good results, forced Roland's hand in making Lee Bowyer permanent first team manager although Lee's nine month contract may not seem very "permanent" to many.
The club still has no CEO and the staff bonus dispute remains unresolved while stories of unpaid bills to local suppliers are rife. Roland Out Today continue to take the protests to Duchatelet and plans to stand in the local elections in St Truiden are progressing.
Over to you @AFKABartram