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So what's the news on Due Diligence?

Cardinal SinCardinal Sin
in General Charlton
Having had to come clean and acknowledge that they hadn't quite bought the club "lock, stock and barrel," ESI (Matt Southall) told us that they hadn't yet committed to the purchase of the Valley or Sparrows Lane. The rationale, we were told, was because they were in a hurry to  complete purchase of the football  club before the January window opened in order to strengthen the playing staff, Due Diligence on the expensive assets had been deferred. The reassuring news was that they had a six month option on actually buying them, but that was their intention so it was only a matter of time (Due Diligence permittting).

So, what's the latest? We start March tomorrow and I would assume that Due Diligence began some time back, not just after they signed for the football club before Christmas? They may have waited until the end of the transfer window to sign three loanees , but please let's not wait until June to get an answer on the Valley and Sparrows Lane. After all, Due Diligence is a task that should take weeks not months.

Acquisition of the assets is critical to the future security of the football club and would go a long way to removing remaining doubts of supporters that ESI may not have the funds to support the club in perhaps they way everyone initially envisaged and were encouraged to do so by ESI themselves. With the season ticket renewal question soon to be upon us, it would be a major filip for fans to know this issue has been resolved, irrespective of any concerns about what division we will find ourselves in next season.


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Comments

  • carly burncarly burn
    Cardinal Sin said:
    Having had to come clean and acknowledge that they hadn't quite bought the club "lock, stock and barrel," ESI (Matt Southall) told us that they hadn't yet committed to the purchase of the Valley or Sparrows Lane. The rationale, we were told, was because they were in a hurry to  complete purchase of the football  club before the January window opened in order to strengthen the playing staff, Due Diligence on the expensive assets had been deferred. The reassuring news was that they had a six month option on actually buying them, but that was their intention so it was only a matter of time (Due Diligence permittting).

    So, what's the latest? We start March tomorrow and I would assume that Due Diligence began some time back, not just after they signed for the football club before Christmas? They may have waited until the end of the transfer window to sign three loanees , but please let's not wait until June to get an answer on the Valley and Sparrows Lane. After all, Due Diligence is a task that should take weeks not months.

    Acquisition of the assets is critical to the future security of the football club and would go a long way to removing remaining doubts of supporters that ESI may not have the funds to support the club in perhaps they way everyone initially envisaged and were encouraged to do so by ESI themselves. With the season ticket renewal question soon to be upon us, it would be a major filip for fans to know this issue has been resolved, irrespective of any concerns about what division we will find ourselves in next season.


      Good one!
  • LargeAddickLargeAddick
    PrincessFiona said:
    Does this mean Roland still owns the Valley and Sparrows Lane?
    Yes, the freehold of both.
  • se9addickse9addick
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    House purchase analogy claxon - most people do some form of due diligence before they buy a house. 
  • se9addickse9addick
    edited February 2020
    Cardinal Sin said:
    Having had to come clean and acknowledge that they hadn't quite bought the club "lock, stock and barrel," ESI (Matt Southall) told us that they hadn't yet committed to the purchase of the Valley or Sparrows Lane. The rationale, we were told, was because they were in a hurry to  complete purchase of the football  club before the January window opened in order to strengthen the playing staff, Due Diligence on the expensive assets had been deferred. The reassuring news was that they had a six month option on actually buying them, but that was their intention so it was only a matter of time (Due Diligence permittting).

    So, what's the latest? We start March tomorrow and I would assume that Due Diligence began some time back, not just after they signed for the football club before Christmas? They may have waited until the end of the transfer window to sign three loanees , but please let's not wait until June to get an answer on the Valley and Sparrows Lane. After all, Due Diligence is a task that should take weeks not months.

    Acquisition of the assets is critical to the future security of the football club and would go a long way to removing remaining doubts of supporters that ESI may not have the funds to support the club in perhaps they way everyone initially envisaged and were encouraged to do so by ESI themselves. With the season ticket renewal question soon to be upon us, it would be a major filip for fans to know this issue has been resolved, irrespective of any concerns about what division we will find ourselves in next season.


    Was it a six months “option” - I thought it was an obligation to buy within six months. Neither are great, but the latter is better than the former.  
  • BenHaimandBikeyBenHaimandBikey
    edited February 2020
    se9addick said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    House purchase analogy claxon - most people do some form of due diligence before they buy a house. 
    After signing a contract agreeing to buy the house?!

    Also he currently owns the stadium, but not the freehold. Where's the logic there?
  • shine166shine166
    I'm pretty sure (guessing) they will walk if we go down. 
  • carly burncarly burn
    shine166 said:
    I'm pretty sure (guessing) they will walk if we go down. 
     What have they got to lose?

    Absolutely diddly squat by the looks of it!
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  • PrincessFionaPrincessFiona
    LargeAddick said:
    PrincessFiona said:
    Does this mean Roland still owns the Valley and Sparrows Lane?
    Yes, the freehold of both.
    Does that mean we are still beholden to the rat? Worrying if so as he is bound to try and screw us over in one way or another.

    I was surprised that other than keeping Lyle, there wasn't more action in the January transfer market considering


  • cafc2020v2cafc2020v2
    Airman Brown said:
    se9addick said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    House purchase analogy claxon - most people do some form of due diligence before they buy a house. 
    Yes, but not after moving in anyway.
    Deffo this. They are doing DD as we speak without a doubt. New investors et all. Its a real mess. And as I say the people involved are seriously financially and strategically out of their depth. I'd like to hear Alan Brazil say this at 6.02 am in the morning. Must tweet the fella on my super duper Hi Wow Wee phone...
  • Cardinal SinCardinal Sin
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
  • cafc2020v2cafc2020v2
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
  • Off_itOff_it
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Why would they do that, having just bought the club? Might as well have just flushed x million down the khazi.

    What an odd thing to say.
  • carly burncarly burn
    edited February 2020
    Off_it said:
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Why would they do that, having just bought the club? Might as well have just flushed x million down the khazi.

    What an odd thing to say.
     X million = ?

    Does anyone have a ball park?

    What exactly have they forked out for then?

    From afar, it looks like one of those franchise deals.
  • Off_itOff_it
    No idea. But I doubt the yellow toothed sole flapping old scroat would've given us away for nish.
  • golfaddickgolfaddick
    Off_it said:
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Why would they do that, having just bought the club? Might as well have just flushed x million down the khazi.

    What an odd thing to say.
    When they were looking to buy us (Aug/Sept last year) we were sitting pretty in & around the play offs. With a bit of luck/wind behind us/ miracle we could be in the Premier League the following season, so a punt of £xxx could have seemed a good idea. They have not yet(as far as we know) really spent any money. They have not purchased The Valley or Sparrows Lane and didnt  spend anything in January.

    If it now all goes tits-up and we get relegated they could simply not buy us & walk away. There is probably some form of penalty for breaking the contract, but nothing like the cost of buying us (£40m ?) and the then cost of getting out of League One......which on 2 recent occasions has taken 3 years to do so & so their 5 year plan could easily be closer to 10.

    Shrewd cookies.
  • IAgreeIAgree
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Oh give it a rest cafc2020v2 (or is it Brown? I notice you joined two days ago)

    You have been on multiple threads mixing it on the same subjects - you don’t like LB or ESI and we are in danger of relegation -  we get it now cease and desist please.
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  • eaststandmikeeaststandmike
    Off_it said:
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Why would they do that, having just bought the club? Might as well have just flushed x million down the khazi.

    What an odd thing to say.
    They have not “bought” the club though have they, they are just paying the monthly bills which suits Roland as that was the bit that pissed him off.

    Roland still owns The Valley and Sparrows Lane so whilst ESI doing a runner would drag him back into paying the bills it’s not the end of the world.

    ESI are “trying” before they “buy” a football club, remember Bowyers “strange” comment after he met Southall.
  • Off_itOff_it
    edited February 2020
    eaststandmike said:
    Off_it said:
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Why would they do that, having just bought the club? Might as well have just flushed x million down the khazi.

    What an odd thing to say.
    They have not “bought” the club though have they, they are just paying the monthly bills which suits Roland as that was the bit that pissed him off.

    Roland still owns The Valley and Sparrows Lane so whilst ESI doing a runner would drag him back into paying the bills it’s not the end of the world.

    ESI are “trying” before they “buy” a football club, remember Bowyers “strange” comment after he met Southall.
    Dunno mate, I've not seen the SPA, so I have no idea of the terms of the deal, what they have or haven't bought or how much was paid or when.

    I take it you have?
  • iainmentiainment
    IAgree said:
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Oh give it a rest cafc2020v2 (or is it Brown? I notice you joined two days ago)

    You have been on multiple threads mixing it on the same subjects - you don’t like LB or ESI and we are in danger of relegation -  we get it now cease and desist please.
    How many days/weeks/months/years until you think a poster’s views are ok to consider? 
  • Off_itOff_it
    iainment said:
    IAgree said:
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Oh give it a rest cafc2020v2 (or is it Brown? I notice you joined two days ago)

    You have been on multiple threads mixing it on the same subjects - you don’t like LB or ESI and we are in danger of relegation -  we get it now cease and desist please.
    How many days/weeks/months/years until you think a poster’s views are ok to consider? 
    Well he joined two days ago, has made 20 posts and half of them have been negative about the owners.

    I may be wrong, but all the "evidence" seems to suggest he has an agenda.
  • clb74clb74
    I joined 8 years ago 
  • clb74clb74
    F@ck me i spent more in January than ESI
  • cafc2020v2cafc2020v2
    Off_it said:
    iainment said:
    IAgree said:
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Oh give it a rest cafc2020v2 (or is it Brown? I notice you joined two days ago)

    You have been on multiple threads mixing it on the same subjects - you don’t like LB or ESI and we are in danger of relegation -  we get it now cease and desist please.
    How many days/weeks/months/years until you think a poster’s views are ok to consider? 
    Well he joined two days ago, has made 20 posts and half of them have been negative about the owners.

    I may be wrong, but all the "evidence" seems to suggest he has an agenda.
    No shit sherlock. I want to invite them all how ever many of them round to my ouse for afternoon tea.
  • Off_itOff_it
    someone's been drinking
  • cafc2020v2cafc2020v2
    Off_it said:
    someone's been drinking
    No I'm simply a fella who'is simply pissed off that we may be facing our third questionable owners in a row. I'm gutted that it's beginning to look like this might not work out with these new guys. I'm sick and tired of us fans being mugged off actually. And I apologise to all for the randomness of my posts. I do have an agenda and simply want to keep posts I feel are pertinent to my feelings up and around the top of the page. Apologies to you and any one else I've annoyed.
  • iainmentiainment
    Off_it said:
    iainment said:
    IAgree said:
    cafc2020v2 said:
    Cardinal Sin said:
    BenHaimandBikey said:
    What due diligence is there to do on buying the the freehold of land?

    Surely the hard part is on the liabilities of the club and that was done by the time he gave those press conferences/interviews.

    Also how can you do due diligence but also have an agreement in place to buy training ground and valley? It doesn't make any sense. You would do due diligence before that stage. It's nonense.

    I took it that they had an obligation to buy the Valley and training ground subject to due diligence i.e. if something showed up that was material, they could duck out. If not, they had to buy. I know that is an agreement to disagree but perhaps the parameters of that have been fine-tuned to make it far clearer legally. Either way, we are due an update on progress given this can't be a massively long or complicated task.
    What stops these people from simply liquidating ESI and running for the sand dunes of Abu Dhabi?
    Oh give it a rest cafc2020v2 (or is it Brown? I notice you joined two days ago)

    You have been on multiple threads mixing it on the same subjects - you don’t like LB or ESI and we are in danger of relegation -  we get it now cease and desist please.
    How many days/weeks/months/years until you think a poster’s views are ok to consider? 
    Well he joined two days ago, has made 20 posts and half of them have been negative about the owners.

    I may be wrong, but all the "evidence" seems to suggest he has an agenda.
    Everyone on here has an “agenda” or as it’s often called an opinion. Do they have to fit your entry criteria before being considered?
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Roland Out Forever!