[Archived] Rovers Takeover Thread

[PAFELL]

On cracking the Big Four...only two words are needed to suggest that one of the top clubs can implode - Leeds United.

I wouldn't give up because the current elite are so strong, probably stronger than ever before. Bad things happen.

On the new 'bidder' - it's something that only came to light today but I hear has been going on for a few weeks.

It involves a guy who is big in business and well-connected. He also knows some Rovers fans who had been looking to mount a bid a while back - I hinted at their interest last summer but did not name them as they had not formalised a group.

I will name the fella and more in the morning.

Since I wrote the piece I have found out tonight that his foreign money backers are quite big players. I don't know what they are willing to commit, but they could persuade the Trustees that they are for real and have plenty behind them.

This is quite intriguing as the consortium may tick a lot of the right boxes.

The bottom line - as with Dan Williams and his various teams - will be how much Jack Walker's Trustees want rather than some hokum about them having billions in the bank. I still believe that they WANT to sell as long as they are comfortable with the buyers.

I have NO idea what they have to offer in terms of funds for players before anyone asks. I hope to find out more about that as this issue develops.

And, by the way, I never fault people for trying...

Anything new to report on this possible takeover Nicko - you would think that with Hughes currently being 'linked' with Chelsea - the club as well as any bidders for the club would not want to lose Mark Hughes to anybody.

[nicko]

Anything new to report on this possible takeover Nicko - you would think that with Hughes currently being 'linked' with Chelsea - the club as well as any bidders for the club would not want to lose Mark Hughes to anybody.

Steady but slow progress. A lot more could be said, but probably best not to say anything at the moment.

You can't make it move any faster unfortunately.

And if Chelsea wanted Mark Hughes, which I very much doubt, it wouldn't make any difference anyway.

The priority has to be finding someone with enough money to keep the club in funds for the manager.

[Iceman]

Im actually getting tired of this Nicko lol…at least say,its progressing a bit faster than before..lol…Even your sentences seem slow,when you read it….

[PAFELL]

Im actually getting tired of this Nicko lol…at least say,its progressing a bit faster than before..lol…Even your sentences seem slow,when you read it….

The subject of Rovers being taken over has come a bit of a pipe dream. You would have thought that if somebody was really intrested in buying Rovers than more would have been heard by now. I am beginning to wonder if the silence speaks for itself.

People on here hardly ever visit this thread anymore - maybe also believing Chris Ronnie speculation is just that, speculation.

Yet at the same time the asians wanting to buy sheff weds - there is silence there as well.

Oh well we can all dream!!!!!!!!!!

[1864roverite]

Its because we are all waiting for OFFICIAL comments from the club thats why PAFELL

[nicko]

The subject of Rovers being taken over has come a bit of a pipe dream. You would have thought that if somebody was really intrested in buying Rovers than more would have been heard by now. I am beginning to wonder if the silence speaks for itself.

People on here hardly ever visit this thread anymore - maybe also believing Chris Ronnie speculation is just that, speculation.

You have to undersyand the process.

The sellers have to say what they want, the club has to reveal its debts, then the potential buyer decides if he wants to proceed - and puts an offer on the table that is considered along with what he has to offer.

It doesn't happen in a click of the fingers. It is moving, slowly but forwards. Just leave it at that.

[Parasyte]

Just out of curiosity, does anyone know how Romans billions effected the Chelski buyout as opposed to a 'normal' one? Did he click his fingers and it was done with?

[nicko]

Just out of curiosity, does anyone know how Romans billions effected the Chelski buyout as opposed to a 'normal' one? Did he click his fingers and it was done with?

Ken Bates needed to find a buyer as the club was going bust. Abramovich was after an English club, asked about a couple of others and Chelsea got to hear about it.

With his cash it was a click of the fingers.

I don't think any Rovers takeover bidder are in that bracket.

[Parasyte]

Oh, I know Rovers would never attract a buyer of that calibre - just interested to see how megabucks changed the way the system worked.

[PAFELL]

You have to undersyand the process.

The sellers have to say what they want, the club has to reveal its debts, then the potential buyer decides if he wants to proceed - and puts an offer on the table that is considered along with what he has to offer.

It doesn't happen in a click of the fingers. It is moving, slowly but forwards. Just leave it at that.

Point taken - patience is the word. It just seems that with recent clubs being bought the process was very quick in comparison to what is happening at Rovers.

[nicko]

Point taken - patience is the word. It just seems that with recent clubs being bought the process was very quick in comparison to what is happening at Rovers.

The Chris Ronnie move has only been on for a couple of months. That is no time at all.

Liverpool took forever, Derby went through various possible buyers, Villa was slow, Man City took ages to find Mr Right and look what happened there.

There is no set of rules here, just different scenarios.

Rovers 'owners' want to sell, they also want a suitable buyer. They don't grow on trees.

Ronnie's team need to know the cost of the whole exercise and that takes time.

Add to that the fact that legal and financial people like to drag things out for their own pay-by-the-hour requirements and it goes on longer than anyone would want.

[nicko]

Point taken - patience is the word. It just seems that with recent clubs being bought the process was very quick in comparison to what is happening at Rovers.

The Chris Ronnie move has only been on for a couple of months. That is no time at all.

Liverpool took forever, Derby went through various possible buyers, Villa was slow, Man City took ages to find Mr Right and look what happened there.

There is no set of rules here, just different scenarios.

Rovers 'owners' want to sell, they also want a suitable buyer. They don't grow on trees.

Ronnie's team need to know the cost of the whole exercise and that takes time.

Add to that the fact that legal and financial people like to drag things out for their own pay-by-the-hour requirements and it goes on longer than anyone would want.

[only2garners]

The Chris Ronnie move has only been on for a couple of months. That is no time at all.

Liverpool took forever, Derby went through various possible buyers, Villa was slow, Man City took ages to find Mr Right and look what happened there.

There is no set of rules here, just different scenarios.

Rovers 'owners' want to sell, they also want a suitable buyer. They don't grow on trees.

Ronnie's team need to know the cost of the whole exercise and that takes time.

Add to that the fact that legal and financial people like to drag things out for their own pay-by-the-hour requirements and it goes on longer than anyone would want.

A further complication in the Rovers sale is that, unlike most sales, it is not dependent on the best sale price but also on future funding commitments i.e. the Trust have to sure that the new owner will be better in the long run for Rovers than they will.

[nicko]

A further complication in the Rovers sale is that, unlike most sales, it is not dependent on the best sale price but also on future funding commitments i.e. the Trust have to sure that the new owner will be better in the long run for Rovers than they will.

I'm not sure that applies any more.

[joey_big_nose]

I'm not sure that applies any more.

That is more than a little worrying.

[JAL]

The Chris Ronnie move has only been on for a couple of months. That is no time at all.

Liverpool took forever, Derby went through various possible buyers, Villa was slow, Man City took ages to find Mr Right and look what happened there.

There is no set of rules here, just different scenarios.

Rovers 'owners' want to sell, they also want a suitable buyer. They don't grow on trees.

Ronnie's team need to know the cost of the whole exercise and that takes time.

Add to that the fact that legal and financial people like to drag things out for their own pay-by-the-hour requirements and it goes on longer than anyone would want.

What on earth has Chris Ronnie got in common with Blackburn Rovers ?

Sounds like the trust are getting pretty desperate, if so, its time for Rovers football club to extend their debt.

[philipl]

I'm not sure that applies any more.

Has Jack changed his Will?

OK, being less flippant, the current withdrawal from funding the club by the Trust might be altering the height of the hurdles but I doubt the hurdles can be removed.

[Eddie]

"Contribute more than the trust" could never be one of the requirements of the will as it doesn't appear that the trust itself is required to contribute a specific amount.

[philipl]

I sufggest you read the relevant thread Eddie, then you will understand.

[Eddie]

Let's ask the age-old question: have you seen the will?

[S15]

No but Philip is bloody good at suggesting potential sell on clauses, clubs on the verge of crumbling financially despite building new stadiums and buying new players, things people may have written in their wills.....

Here's hoping it's nearly time for another of Philips annual reports. Got mine pre ordered on Amazon along with a couple of Stephen Kings.....

[Eddie]

Philip gave me a reply through a PM, which is fair enough, but I'd just like to repeat the fact that putting a clause in a will stating that you must "contribute more than current owners" doesn't make sense when the current owners:

1) contribute a fairly small amount at the moment (relative to football money)

2) there doesn't appear to be a stipulation in the will that requires the trust to contribute any particular sum of money.

I don't doubt that the will has many requirements for any potential sale set-out, but I can't see that being one of them.

[Tris]

I'm not sure that applies any more.

What's changed? And who has changed it?

[RevidgeBlue]

Philip has also sent me a pm on the "Jack's will" subject in the past and with all due respect I can't see how he would be any nearer to knowing the ins and outs of it than the next man.

Things we do know for certain:

1) There was no absolute restriction in Jack's will preventing the club being sold. As the club has been openly up for sale for some time.

2) There was no absolute provision in Jack's will requiring a guaranteed minimum annual investment in the club. As the usual annual cash injection was withdrawn.

I suspect the Trustees have a similar carte blanche choice in respect of an an eventual sale, subject to the general law relating to trustees having to act in a bona fide manner.

[iamarover]

Philip has also sent me a pm on the "Jack's will" subject in the past and with all due respect I can't see how he would be any nearer to knowing the ins and outs of it than the next man.

Things we do know for certain:

1) There was no absolute restriction in Jack's will preventing the club being sold. As the club has been openly up for sale for some time.

2) There was no absolute provision in Jack's will requiring a guaranteed minimum annual investment in the club. As the usual annual cash injection was withdrawn.

I suspect the Trustees have a similar carte blanche choice in respect of an an eventual sale, subject to the general law relating to trustees having to act in a bona fide manner.

It is some time since Trust law bored my student eyes but there are some useful guides out there so my legal mate tells me. Here's one I found.

http://www.crillcanavan.com/_support/uploa...FamilyTrust.pdf

If there is anyone out there with actual legal knowlege rather than my educated guess then that would be useful, but the document attached is pretty clear on some key areas. Point 5 of this document analyses the legal duty of the trustees and companies where they own all or the majority of shares (as distinct say from a share portfolio)

5. The Relationship between trustees and their underlying companies

In the case of a family succession trust, the most likely scenario is that the trust will

hold significant interests by way of shares in a family enterprise.....

5.1 What then is the duty of a trustee to underlying companies in the case of a

company where the trustees hold at least a majority shareholding in the

company?

By sub-article 21(3) of the 1984 Law, subject to the provisions of the

particular trust instrument, trustees are obliged insofar as is reasonable to:

(i) preserve the value of the trust property; and

(ii) enhance the value of the trust property.By sub-article 21(1) of the 1984 Law, when exercising their duties in relation

to the trust, the trustees must act with due diligence, as would a prudent person

and to the best of the trustees’ ability and skill.

These provisions echo the generally accepted English common law definition

of a trustee’s general duty of care.

This is what Philip is banging on about. You don't have to see a will to know what the structure of a trust is. And 5 (i) and (ii) are quite tough for a buyer to meet. The trustees remember have a legal duty here, not an emotional one. So they would have to be absolutely clear for example that Brockhall wasnt going to be sold off for houses and the cash trousered by some 'entrepeneur' as happened at Brighton and is potentially happening at clubs like Wrexham.

So the price is only half the battle. The trustees have to be convinced - by legal commitments if necessary - that their is enough investment to enhance the value of the club. Of course like all things interpretation is the name of the game, but you can see now also why Nicko is advising that any potential takeovers will take time. Private companies can be bought and sold in very short spaces of time - like Liverpool were for example. But the existence of trustees slows this process down.

So even in death Jack is protecting the club he loved. And we should all be eternally grateful for that, even if sometimes the trustees don't make us feel so.