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Burnley - was a Farnell & El Kashashy story, now a leveraged US takeover.
Comments
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Didn't you buy Spurs in the 90s?SporadicAddick said:
When I was at school in the 80's I used to buy boxes of 50 Bic Biros for £2.50 and then sell them for 10p each. Can I buy a football club?Addickted said:ALK Capital are moving closer to finalising a deal to buy Burnley amid optimism that a takeover by the American sports investment company could be concluded before Christmas.
Alan Pace, a former president of Major League Soccer franchise Real Salt Lake who heads up ALK, has been in daily dialogue with Burnley chairman Mike Garlick. Talks are now at an advanced after months of negotiations and an extensive due diligence process.
Egyptian entrepreneur Mohamed Sayed Zein Elkashashy and Chris Farnell, a Cheshire-based sports lawyer, have also been vying for ownership of Burnley. However, ALK appear to be in pole position to acquire Garlick’s majority 49.24 per cent shareholding and John Banaszkiewicz’s 28.2 per cent stake in the Premier League club.3 -
Like the Premier League would give a fuck about Farnell, they turned down the Saudi royal family, these two are small fry1
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you're firedkillerandflash said:
Didn't you buy Spurs in the 90s?SporadicAddick said:
When I was at school in the 80's I used to buy boxes of 50 Bic Biros for £2.50 and then sell them for 10p each. Can I buy a football club?Addickted said:ALK Capital are moving closer to finalising a deal to buy Burnley amid optimism that a takeover by the American sports investment company could be concluded before Christmas.
Alan Pace, a former president of Major League Soccer franchise Real Salt Lake who heads up ALK, has been in daily dialogue with Burnley chairman Mike Garlick. Talks are now at an advanced after months of negotiations and an extensive due diligence process.
Egyptian entrepreneur Mohamed Sayed Zein Elkashashy and Chris Farnell, a Cheshire-based sports lawyer, have also been vying for ownership of Burnley. However, ALK appear to be in pole position to acquire Garlick’s majority 49.24 per cent shareholding and John Banaszkiewicz’s 28.2 per cent stake in the Premier League club.3 -
Addickted said:An ITK Burnley fan is suggesting that El Kashashy and Farnell have not been able to provide the source of their funding to the EPLs satisfaction and this is the reason they have gone quiet over their bid.
Appearing to have been beaten in the race is classier than being disqualified from the race.
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I'd be surprised if they provided proof of it's existence.Addickted said:An ITK Burnley fan is suggesting that El Kashashy and Farnell have not been able to provide the source of their funding to the EPLs satisfaction and this is the reason they have gone quiet over their bid.
Appearing to have been beaten in the race is classier than being disqualified from the race.2 -
Oh no, whoever could have seen that coming?Addickted said:An ITK Burnley fan is suggesting that El Kashashy and Farnell have not been able to provide the source of their funding to the EPLs satisfaction and this is the reason they have gone quiet over their bid.
Appearing to have been beaten in the race is classier than being disqualified from the race.
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Just sign on the dotted line...assuming you have any pens left.SporadicAddick said:
When I was at school in the 80's I used to buy boxes of 50 Bic Biros for £2.50 and then sell them for 10p each. Can I buy a football club?Addickted said:ALK Capital are moving closer to finalising a deal to buy Burnley amid optimism that a takeover by the American sports investment company could be concluded before Christmas.
Alan Pace, a former president of Major League Soccer franchise Real Salt Lake who heads up ALK, has been in daily dialogue with Burnley chairman Mike Garlick. Talks are now at an advanced after months of negotiations and an extensive due diligence process.
Egyptian entrepreneur Mohamed Sayed Zein Elkashashy and Chris Farnell, a Cheshire-based sports lawyer, have also been vying for ownership of Burnley. However, ALK appear to be in pole position to acquire Garlick’s majority 49.24 per cent shareholding and John Banaszkiewicz’s 28.2 per cent stake in the Premier League club.0 -
To be fair to them, dragging £9.5billion in sacks of gold coins to the Premier League HQ is pretty heavy workaliwibble said:
Oh no, whoever could have seen that coming?Addickted said:An ITK Burnley fan is suggesting that El Kashashy and Farnell have not been able to provide the source of their funding to the EPLs satisfaction and this is the reason they have gone quiet over their bid.
Appearing to have been beaten in the race is classier than being disqualified from the race.
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US firm ALK Capital closes in on £200m Burnley deal
Matt Lawton, Chief Sports Correspondent
Thursday December 03 2020, 12.01am, The Times
An American sports investment company is close to completing the takeover of Burnley with the Premier League set to approve the £200 million deal.
ALK Capital, which is fronted by Alan Pace, the former president of Major League Soccer franchise Real Salt Lake, has faced direct competition from the rival bid of the Egyptian entrepreneur Mohamed Sayed Zein El Kashashy and the sports lawyer Chris Farnell.
The Times understands the Premier League is scrutinising both offers, with sources claiming the Americans are now the firm favourites to complete the deal “imminently”.
At one stage it did seem that El Kashashy and Farnell were in pole position, having signed a sales and purchase agreement and provided proof of funding. The only matter to be resolved was the outcome of the Premier League’s owners’ and directors’ test.
But the Premier League has been slow to complete that process, with the delay thought to have been caused by the subsequent offer from ALK for the 49 per cent stake belonging to the Burnley chairman Mike Garlick and John Banaszkiewicz’s 28 per cent share.
Insiders believe a deal will be completed in time for the January transfer window, when the manager Sean Dyche will be keen to add quality to a squad second from bottom in the table.
Burnley made only one significant addition to their first-team squad in the summer with Dale Stephens, the central midfielder, joining for £1 million from Brighton & Hove Albion.
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"Burnley made only one significant addition to their first-team squad in the summer with Dale Stephens, the central midfielder, joining for £1 million from Brighton & Hove Albion."
Another former Charlton connection, and he's spent a period in the Manchester area - the plot thickens! Does the Head of Dossiers need to start a new file?
(I am joking. Unless Stephens really is the mastermind in which case I told you so.)14 -
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Interesting reading and sounds like the ALK could be in pole position but, this whole scenario is likeAddickted said:US firm ALK Capital closes in on £200m Burnley deal
Matt Lawton, Chief Sports Correspondent
Thursday December 03 2020, 12.01am, The Times
An American sports investment company is close to completing the takeover of Burnley with the Premier League set to approve the £200 million deal.
ALK Capital, which is fronted by Alan Pace, the former president of Major League Soccer franchise Real Salt Lake, has faced direct competition from the rival bid of the Egyptian entrepreneur Mohamed Sayed Zein El Kashashy and the sports lawyer Chris Farnell.
The Times understands the Premier League is scrutinising both offers, with sources claiming the Americans are now the firm favourites to complete the deal “imminently”.
At one stage it did seem that El Kashashy and Farnell were in pole position, having signed a sales and purchase agreement and provided proof of funding. The only matter to be resolved was the outcome of the Premier League’s owners’ and directors’ test.
But the Premier League has been slow to complete that process, with the delay thought to have been caused by the subsequent offer from ALK for the 49 per cent stake belonging to the Burnley chairman Mike Garlick and John Banaszkiewicz’s 28 per cent share.
Insiders believe a deal will be completed in time for the January transfer window, when the manager Sean Dyche will be keen to add quality to a squad second from bottom in the table.
Burnley made only one significant addition to their first-team squad in the summer with Dale Stephens, the central midfielder, joining for £1 million from Brighton & Hove Albion.
de ja vu with Farnell and Co. I was just wondering if they could be heading for a court case with these
two claiming "we had an agreement to buy" Elliotttesc situation with the line that they had "a signed and agreed sales and purchase agreement" etc etc?
Of course we don't know the full story of how far discussions had got with the Burnley board, but who knows, anyway, could become interesting
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Perhaps they are looking for a payoff from ALK to drop their interest.
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Same MO as previous, waiting for the injunction to be enforced against the current Burnley owners followed by various random dudes playing Farnell bingo and proclaiming
(I) 'I have wanted to own a football club for a few years now, '
(II) 'I want bring stability to Burnley'
(III) 'I can no longer stand back and watch Burnley demise'
Blah, blah, Farnell & co really are the footballing equivalent of white noise
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They'll appear at a different lower league club soon and all the paper talk of them being worth billions will help to convince the fanbase they're legit.
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Thing is that they are no more legit than when the Sun reported that a London double decker bus had been found on the moon, and ran it with a front page spread, 1970's i seem to rememberKentishAddick said:They'll appear at a different lower league club soon and all the paper talk of them being worth billions will help to convince the fanbase they're legit.
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Farnell's (with El-Kashashy behind the scenes) MO seems to be to blag it until they get some sort of contract in place, then wait for a "handshake" from an opposing buyer, to piss off and tear the contract up. Up until now Farnell has sold the idea to other players to play the stooge (Elliott) and he's played the role of solicitor / advisor, but Burnley seems to be his last swan song, so he's promoted himself to "buyer".
Reckon, there must be a golden figure that Farnell has in mind for the Charlton settlement, and Freeman has bought the rights to it off Elliott. Like buying a debt.
NB - I've skim read quire a few pages on this and the other Take Over thread, so the above might be completely off, or glaringly obvious, but thought I'd put this theory out there
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Fake shiekh richesAddickted said:US firm ALK Capital closes in on £200m Burnley deal
Matt Lawton, Chief Sports Correspondent
Thursday December 03 2020, 12.01am, The Times
An American sports investment company is close to completing the takeover of Burnley with the Premier League set to approve the £200 million deal.
ALK Capital, which is fronted by Alan Pace, the former president of Major League Soccer franchise Real Salt Lake, has faced direct competition from the rival bid of the Egyptian entrepreneur Mohamed Sayed Zein El Kashashy and the sports lawyer Chris Farnell.
The Times understands the Premier League is scrutinising both offers, with sources claiming the Americans are now the firm favourites to complete the deal “imminently”.
At one stage it did seem that El Kashashy and Farnell were in pole position, having signed a sales and purchase agreement and provided proof of funding. The only matter to be resolved was the outcome of the Premier League’s owners’ and directors’ test.
But the Premier League has been slow to complete that process, with the delay thought to have been caused by the subsequent offer from ALK for the 49 per cent stake belonging to the Burnley chairman Mike Garlick and John Banaszkiewicz’s 28 per cent share.
Insiders believe a deal will be completed in time for the January transfer window, when the manager Sean Dyche will be keen to add quality to a squad second from bottom in the table.
Burnley made only one significant addition to their first-team squad in the summer with Dale Stephens, the central midfielder, joining for £1 million from Brighton & Hove Albion."Imminently"
Is this a Burnley take over or a Charlton one?!?0 -
How did Kash and Farnell prove funding?2
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Now, was that proof of funding to purchase, ie 200 Mill, or proof of funding to the EPL of funds to run Burnley, as per Nimer with the EFL.ross1 said:How did Kash and Farnell prove funding?
And of course, Nimer showed funding of a sort, with some dodgy looking bank letters, but unable to show source of funds, no doubt Farnell & Co are at the same point2 -
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I do wonder if there might be something else going on here and I will choose my words carefully as I certainly would not want to accuse anyone of anything, I am merely speculating as to what could happen.
Is it possible that some parties may present themselves as buyers when in fact they are working with the vendors to drive the price up and maximise the purchase price? Having a potential preferential purchase agreement in place could make a serious committed buyer either settle with those people who have the agreement directly or pay a higher fee when the current owner notices a legal loophole such as something missing from an injunction and persuades the buyer to pay more to get this done now and avoid further legal wrangles. Then fake buyer and vendor split the extra sum gained?
I think it is very unlikely that anyone we know of could be involved in such sharp practice8 -
Very interesting as always, but if you are thinking about this scenario in the context of this particular club, it would mean a split in their boardroom, as people inside CAFC were approached at that level for assistance in understanding what we knew about Farnell and Kashashy, and we have heard that they were very grateful for the info provided.Gary Poole said:I do wonder if there might be something else going on here and I will choose my words carefully as I certainly would not want to accuse anyone of anything, I am merely speculating as to what could happen.
Is it possible that some parties may present themselves as buyers when in fact they are working with the vendors to drive the price up and maximise the purchase price? Having a potential preferential purchase agreement in place could make a serious committed buyer either settle with those people who have the agreement directly or pay a higher fee when the current owner notices a legal loophole such as something missing from an injunction and persuades the buyer to pay more to get this done now and avoid further legal wrangles. Then fake buyer and vendor split the extra sum gained?
I think it is very unlikely that anyone we know of could be involved in such sharp practice
There would also be the uncomfortable possibility that we were duped into providing such info and it fell into Farnell's hands. I wasn't involved in the process and can only hope not, but from what I understood of the channels involved, I was obviously fairly confident that it was not the case, otherwise I'd have resisted releasing the material.
Will just tag @Rob7Lee in here to see if he shares my perspective on this.1 -
I agree, you’ve also got the fact in our case that Nimer & Elliott/Farnell went to court and the loser legged it without paying the winners Bill. So I don’t think it’s a possibility.PragueAddick said:
Very interesting as always, but if you are thinking about this scenario in the context of this particular club, it would mean a split in their boardroom, as people inside CAFC were approached at that level for assistance in understanding what we knew about Farnell and Kashashy, and we have heard that they were very grateful for the info provided.Gary Poole said:I do wonder if there might be something else going on here and I will choose my words carefully as I certainly would not want to accuse anyone of anything, I am merely speculating as to what could happen.
Is it possible that some parties may present themselves as buyers when in fact they are working with the vendors to drive the price up and maximise the purchase price? Having a potential preferential purchase agreement in place could make a serious committed buyer either settle with those people who have the agreement directly or pay a higher fee when the current owner notices a legal loophole such as something missing from an injunction and persuades the buyer to pay more to get this done now and avoid further legal wrangles. Then fake buyer and vendor split the extra sum gained?
I think it is very unlikely that anyone we know of could be involved in such sharp practice
There would also be the uncomfortable possibility that we were duped into providing such info and it fell into Farnell's hands. I wasn't involved in the process and can only hope not, but from what I understood of the channels involved, I was obviously fairly confident that it was not the case, otherwise I'd have resisted releasing the material.
Will just tag @Rob7Lee in here to see if he shares my perspective on this.4 -
That was the Sunday Sport, and I think the double decker bus was found at the North Pole. It was a WW2 bomber found on the moon, of course!eastterrace6168 said:
Thing is that they are no more legit than when the Sun reported that a London double decker bus had been found on the moon, and ran it with a front page spread, 1970's i seem to rememberKentishAddick said:They'll appear at a different lower league club soon and all the paper talk of them being worth billions will help to convince the fanbase they're legit.2 -
So 50% right?Off_it said:
That was the Sunday Sport, and I think the double decker bus was found at the North Pole. It was a WW2 bomber found on the moon, of course!eastterrace6168 said:
Thing is that they are no more legit than when the Sun reported that a London double decker bus had been found on the moon, and ran it with a front page spread, 1970's i seem to rememberKentishAddick said:They'll appear at a different lower league club soon and all the paper talk of them being worth billions will help to convince the fanbase they're legit.
I bow to your better knowledge0 -
Are these incredible stories really true?Off_it said:
That was the Sunday Sport, and I think the double decker bus was found at the North Pole. It was a WW2 bomber found on the moon, of course!eastterrace6168 said:
Thing is that they are no more legit than when the Sun reported that a London double decker bus had been found on the moon, and ran it with a front page spread, 1970's i seem to rememberKentishAddick said:They'll appear at a different lower league club soon and all the paper talk of them being worth billions will help to convince the fanbase they're legit.
Asking for a friend.4 -
I believe the Bus at the North Pole photo also included those well known residents of the Arctic, Penguins. Top journalism.Off_it said:
That was the Sunday Sport, and I think the double decker bus was found at the North Pole. It was a WW2 bomber found on the moon, of course!eastterrace6168 said:
Thing is that they are no more legit than when the Sun reported that a London double decker bus had been found on the moon, and ran it with a front page spread, 1970's i seem to rememberKentishAddick said:They'll appear at a different lower league club soon and all the paper talk of them being worth billions will help to convince the fanbase they're legit.0 -
The penguins just got on the wrong bus.1
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And they also spotted Hitler riding Shergar.0
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SoundAsa£ said:
Are these incredible stories really true?Off_it said:
That was the Sunday Sport, and I think the double decker bus was found at the North Pole. It was a WW2 bomber found on the moon, of course!eastterrace6168 said:
Thing is that they are no more legit than when the Sun reported that a London double decker bus had been found on the moon, and ran it with a front page spread, 1970's i seem to rememberKentishAddick said:They'll appear at a different lower league club soon and all the paper talk of them being worth billions will help to convince the fanbase they're legit.
Asking for a friend.0
