ReadingOwl Posted July 27, 2014 Share Posted July 27, 2014 Quoted from the initial announcement at http://www.swfc.co.uk/news/article/club-statement-sheffield-wednesday-announce-takeover-confirmation-1628989.aspx confirming a deal has been agreed Now find me where in the new statement at http://www.swfc.co.uk/news/article/club-statement-takeover-update-1784619.aspx that backs up the posters claim that the deal is not done, or that the process has gone backwards in any way. In actual fact, they have actually stated: So would you say the process has actually moved a step forward due to due diligence being completed since the original announcement? They aren't anything I've made up, all purely from the club Likewise, I have never claimed I have any ideas what the outcome of this whole thing is, it could all still fall through all I know. However, making out the deal has gone backwards is scaremongering and contradicting what the club has said. Just like people saying he hasn't got a pot to p*** in and it's all due to Lens blah blah blah. All speculation, no substance Also, when have I said you aren't entitled to say you aren't impressed? More than welcome to Means nowt though does it? 'Many a slip between cup and lip' - my Mum (aged 82). Link to comment Share on other sites More sharing options...
Pulsar Posted July 27, 2014 Share Posted July 27, 2014 Av heard it's on Link to comment Share on other sites More sharing options...
mike312 Posted July 27, 2014 Share Posted July 27, 2014 Having also had a heavy night at Tramlines, and having trawled through all the now 24 pages, your opening assessment is correct.Regarding the FL ratification process, the Club Statement reads "the club will hopefully soon be in a position to complete the regulatory requirements as set by the Football League".I don't read that as the FL ratification process hasn't begun yet. I read as we have started the process, and we have already provided information required, but the FL need more information and we have been working to get that. The FL requirements for Directors/Owners have previously been posted on here, but what seems to be an additional requirement, which I have picked up from the Doncaster Rovers proposed takeover is that as part of a takeover a viable business plan needs presenting and if that plan involves further investment, then evidence of those funds needs to be presented. That is why the Donny bid failed so quickly. And I would assess that this is probably the part of the process that has caught us out and is therefore the part that is taking more time.Admittedly, I have done some reading between the lines, but I don't think it as simple as to say that we haven't yet started the process with the FL. Spot on, that is how I read the situation. Link to comment Share on other sites More sharing options...
swfctc1 Posted July 27, 2014 Share Posted July 27, 2014 Basically Milan has said it's happening hasn't he , then everybody reads between the lines ,they don't like what they see and then there imagination goes into overdrive . Link to comment Share on other sites More sharing options...
DIPPS_S.W.F.C Posted July 27, 2014 Share Posted July 27, 2014 ''I AM VERY EXCITED AT HIS PLANS(MAMMAS)FOR THE FUTURE''! Listen to what he's saying ffs!! Met fri nite... Shirt sponsers!!! Lens now sorted and promoted!! Some reeeeeeght drama queens on here!! It is happening...takes time... Get over it piggy blunts... Owls don't let em get to ya!!.. WAWAWAWAW UTO!!!... Believe !!!! Link to comment Share on other sites More sharing options...
Past Member Posted July 27, 2014 Share Posted July 27, 2014 For me we are between the two extremes that were being posted a few days ago. It's not off, it isn't complete. It doesn't make you a better fan to believe either of those things. This^ but this may lead to a few binary gags Link to comment Share on other sites More sharing options...
since59owe Posted July 27, 2014 Share Posted July 27, 2014 ''I AM VERY EXCITED AT HIS PLANS(MAMMAS)FOR THE FUTURE''! Listen to what he's saying ffs!! Met fri nite... Shirt sponsers!!! Lens now sorted and promoted!! Some reeeeeeght drama queens on here!! It is happening...takes time... Get over it piggy blunts... Owls don't let em get to ya!!.. WAWAWAWAW UTO!!!... Believe !!!! OK Link to comment Share on other sites More sharing options...
M Royds Posted July 27, 2014 Share Posted July 27, 2014 that's the point though isn't it...if the French journo's around Lens hadn't leaked it to put pressure on HM this probably would have been the first we heard of it...MM doesn't like anything coming out until it's signed sealed and delivered but his hand was forced...we are where we areAre you blaming the French Journo? Link to comment Share on other sites More sharing options...
Paul.. Posted July 27, 2014 Share Posted July 27, 2014 This^ but this may lead to a few binary gags 01010111011001010010000001100001011100100110010100100000011000010110110001101100001000000101011101100101011001000110111001100101011100110110010001100001011110010010000001100001011100100110010101101110001001110111010000100000011101110110010100111111 ;) Link to comment Share on other sites More sharing options...
taylor Posted July 27, 2014 Share Posted July 27, 2014 25 pages of absolute waffle. Link to comment Share on other sites More sharing options...
M Royds Posted July 27, 2014 Share Posted July 27, 2014 Trying to assess all this and really not sure what to make of it, The sale of a business in very general terms follows stages 1) You put the business up for sale 2) People take an interest but in the main these are timewasters, tyre kickers 3) You get a serious person taking an interest 4) There is preliminary exchange of financial information, basic due diligence, proof of funds, 5) The Heads of Terms are agreed and signed off, an offer price, payment terms etc being part of that 6) The detailed due diligence is undertaken, the sale and purchase agreement document is discussed by the advisory teams, warranties given 7) The agreement is signed off and initial monies possibly put into an escrow account - Exchange of contracts 8) In this case FL ratification will be sought at this stage 9) On FL approval and presumably any other conditional clauses being met then there is Completion The issue here is that on 10th June the inference (and perhaps we all mis-interpreted this) is that we were at or around stage 7 of the process, but it appears that in fact it was only stage 5. The well publicised issues for HM in Azerbaijan and at Lens have inevitably led to a delay in Stage 6. So was Friday's meeting all about stage 7 - not saying to sign off but close to it The fact that there has been a delay is no surprise in the world of business, the process can be a roller coaster. However the communication has not been ideal in this especially with the Wednesday fan base always looking to put 2 and 2 together to make 5 Great post.This post helps explain the situation to me in layman's terms. Link to comment Share on other sites More sharing options...
BigOwl Posted July 27, 2014 Share Posted July 27, 2014 I'm going to get negged but stuff it, it needs saying: Wow, how whiney are you lot and how much crap do you spout. You're like a bunch of kids Firstly, the sale was never "complete" on the 10th June like some are saying, an deal had been agreed (http://www.swfc.co.uk/news/article/club-statement-sheffield-wednesday-announce-takeover-confirmation-1628989.aspx).. No deal is ever "complete" until it is all signed sealed and delivered, which was never the case. Secondly, people saying that it is obvious this Lens business has caused troubles....Where do you get that from when the statement clear says its due to his business interests in Azerbaijan? Oh, is it more "rumours" that have no substance? Thirdly, people saying that MM should be putting money in his pocket. Why on earth should he do that? Any money he puts in now he will not receive back as part of the sale. MM isn't stupid. Is it to the disadvantage of our club, ofc it is. If he did and asked for it back you would all complain because it would delay proceedings and say that he shouldn't have put the money in Next, complaining that the club don't make any updates for weeks, yet when they do they get absolutely slated for it. Jesus Christ. You all got what you wanted but just because you don't like it because it isn't going to be completed in next few days you all spit your dummies out Grow some balls the lot of you. THIS Link to comment Share on other sites More sharing options...
Guest mkowl Posted July 27, 2014 Share Posted July 27, 2014 The interpretation in the original statement of the phrase "we have concluded a deal" is what is causing the problem In hindsight it meant we have agreed the heads of terms of a deal so now we can get the paperwork process up and running. I blame the accountants and lawyers - they will be making mountains out of molehills to push their fees up Link to comment Share on other sites More sharing options...
IstillhateSteveBould Posted July 27, 2014 Share Posted July 27, 2014 but am I right in thinking this means the FL's ratification process hasn't even begun yet? Nobody knows. We do it hasn't been completed yet, but that's it. Link to comment Share on other sites More sharing options...
Paul Triplo Posted July 27, 2014 Share Posted July 27, 2014 With reference to the statement: "During this time, however, the due diligence process has been completed and the club will hopefully soon be in a position to complete the regulatory requirements set by the Football League." I think the fact that these two comments were made in the same paragraph would lead us to believe they are referring to the due diligence being conducted by the FL. It probably needed Mamma's attendance in London to finalise it and he has not been able to get to London until this week. Doesn't sound like an issue to me. Mamma would have done his due diligence well before even making an offer. A wise business man would not release funds to invest in a possible new business entity until he had absolute 100% clarification he is the new owner. It sounds like he took a step nearer to that on Friday. He also would not release funds to MM until he is confirmed the new owner. Looks like we are getting a wise and shrewd business man as our new owner. I for one think that is bloody marvellous. Nothing to see here. Move along! Link to comment Share on other sites More sharing options...
Benjani Posted July 27, 2014 Share Posted July 27, 2014 I'm going to get negged but stuff it, it needs saying: Wow, how whiney are you lot and how much crap do you spout. You're like a bunch of kids Firstly, the sale was never "complete" on the 10th June like some are saying, an deal had been agreed (http://www.swfc.co.uk/news/article/club-statement-sheffield-wednesday-announce-takeover-confirmation-1628989.aspx).. No deal is ever "complete" until it is all signed sealed and delivered, which was never the case. Secondly, people saying that it is obvious this Lens business has caused troubles....Where do you get that from when the statement clear says its due to his business interests in Azerbaijan? Oh, is it more "rumours" that have no substance? Thirdly, people saying that MM should be putting money in his pocket. Why on earth should he do that? Any money he puts in now he will not receive back as part of the sale. MM isn't stupid. Is it to the disadvantage of our club, ofc it is. If he did and asked for it back you would all complain because it would delay proceedings and say that he shouldn't have put the money in Next, complaining that the club don't make any updates for weeks, yet when they do they get absolutely slated for it. Jesus Christ. You all got what you wanted but just because you don't like it because it isn't going to be completed in next few days you all spit your dummies out Grow some balls the lot of you. This. Well said. Link to comment Share on other sites More sharing options...
Guest mkowl Posted July 27, 2014 Share Posted July 27, 2014 I wonder how many people on here have any experience of selling a multi million pound business and the complications involved. I'd guess at absolutely none. These things take as long as they take. All the rumours and conspiracy theory's just keep people entertained. When Mandaric is concerned I will be to. After all he has got 40 million riding on this. Being a realist I expected Mamadov to have a season settling in before a proper assault on the play offs or higher anyway. It may sound boring but a mid table finish will have to do this season. Spot on - only ever been involved in smaller deals and the time involved, the paperwork etc is extraordinary. Throw in the complication of FL approval as well Link to comment Share on other sites More sharing options...
Guest Steve French Posted July 27, 2014 Share Posted July 27, 2014 25 pages of absolute waffle. Best menu ever. Link to comment Share on other sites More sharing options...
Paul.. Posted July 27, 2014 Share Posted July 27, 2014 (edited) Edited July 27, 2014 by Grimbarian Link to comment Share on other sites More sharing options...
Herc Posted July 27, 2014 Share Posted July 27, 2014 It's not really "emerging" though is it? That story is 4 months old, so Milan would have known about it before going into initial discussions with Hafka, before going into this meeting last week, and the follow up article to that basically says that their US business partners have had to pay off the defaulted payments/loans because that was their contracted agreement, which on one hand is some great business for Baghlan and shows how desperate the US is for access to all of the oil/gas that Azerbaijan and thus Baghlan/Hafka have control of. But it's still about the money..... it's an old story but unlikley to have gone away .HM 's main business has clearly very significant cash flow issues, and has defauled on contracted payments. You'd suspect that the money will eventually be found from juggling various balls but where SWFC rank in terms of HM's financial priorities none of us can possibly know. You'd have to assume that MM though has had firm assurances to agree to the delay. Link to comment Share on other sites More sharing options...
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