Daggers Posted 17 December 2006 Posted 17 December 2006 Dear Foxes Trust Exactly what benefit is there to fans, members or the club by you seeking to extend the share holding? 1. We are in no position to "invest" in the club in order to boost the squad or get a decent manager in 2. The current share holding has not benefited the membership in any way as no board position has been given 3. Any shares acquired would simply give money to a current shareholder that they were bought off
Foxes_Trust Posted 17 December 2006 Posted 17 December 2006 typical. you can't help patronising people can you?! Like many other ordinary supporters of over 30 years standing i have contributed rather a significant amount of my disposable income to the club through tickets and merchandise.I note that some of the current sharehoders are what might be considered to be rather wealthy individuals all of whom exress themselves to be leicester fans. surprising that they have so far been unable to raise any more significant funds whilst other clubs like Derby and Cardiff have managed to find themselves new owners/investors and both are currently doing quite well. the truth is though that the longer we all fanny around with this bid the less time it gives us to explore other options should this go belly up. on a seperate issue what is the legal position on the ground being bought by the local council for use as a "local resource" through a one off council tax charge levied on every household in the county/ "Like many other ordinary supporters of over 30 years standing i have contributed rather a significant amount of my disposable income to the club through tickets and merchandise" ... as have all the Trust board members, Trust members & many of the current shareholders, that didn't stop any of them putting more in. Agreed some shareholders have money we can only dream of, whether they can be persuaded to put more money in, we would have to wait & see (if the MM deal falters). It takes 2 sides of any deal to delay it, so MM plays his part in the delays too. The ground is owned by Teachers & from what we understand this currently has no relevance to the deal being discussed, the financial arrangement would be unchanged. We would prefer a Community Interest Company being set up to own the stadium, rather than your suggestion above, a financial model Supporters Direct are promoting to protect stadiums for the Community.
Swedging Posted 17 December 2006 Posted 17 December 2006 Dear Foxes Trust 3. Any shares acquired would simply give money to a current shareholder that they were bought off I don't want to answer for the FT on the other questions but on this, it's new shares that would be acquired, so money goes straight to the club's coffers.
Foxes_Trust Posted 17 December 2006 Posted 17 December 2006 Dear Foxes Trust Exactly what benefit is there to fans, members or the club by you seeking to extend the share holding? 1. We are in no position to "invest" in the club in order to boost the squad or get a decent manager in 2. The current share holding has not benefited the membership in any way as no board position has been given 3. Any shares acquired would simply give money to a current shareholder that they were bought off 1) We would be part of any additional investment, not the only source, assuming a number do put money this would provide funds for the squad. 2) Having our Observer at every LCFC board meeting that has discussed the takeover has been a major benefit, we are in the loop on current developments due to this, so it has certainly benefited the membership 3) We would not be buying existing held shares, there are still some shares unallocated & available, however we would expect a rights issue if there was a push for additional investment.
reynard Posted 17 December 2006 Posted 17 December 2006 "Like many other ordinary supporters of over 30 years standing i have contributed rather a significant amount of my disposable income to the club through tickets and merchandise" ... as have all the Trust board members, Trust members & many of the current shareholders, that didn't stop any of them putting more in. Agreed some shareholders have money we can only dream of, whether they can be persuaded to put more money in, we would have to wait & see (if the MM deal falters). It takes 2 sides of any deal to delay it, so MM plays his part in the delays too. The ground is owned by Teachers & from what we understand this currently has no relevance to the deal being discussed, the financial arrangement would be unchanged. We would prefer a Community Interest Company being set up to own the stadium, rather than your suggestion above, a financial model Supporters Direct are promoting to protect stadiums for the Community. Interesting but how would a communtiy interest company raise the money?
Foxes_Trust Posted 17 December 2006 Posted 17 December 2006 Interesting but how would a communtiy interest company raise the money? We haven't looked into that aspect, we have examined the CIC model in case the ground share option came back on the table. The CIC format protects the stadium (& all parties), should say as an example the Tigers & City fall out several years into the joint venture
Unit Posted 17 December 2006 Posted 17 December 2006 I have a question mr Trust. In your personal opinion, does the mandaric deal look like it will go through or fall flat on it's face? Please try not to use anymore business language and just give me a little bit of hope.
Daggers Posted 17 December 2006 Posted 17 December 2006 1) We would be part of any additional investment, not the only source, assuming a number do put money this would provide funds for the squad. 2) Having our Observer at every LCFC board meeting that has discussed the takeover has been a major benefit, we are in the loop on current developments due to this, so it has certainly benefited the membership If the first had ever been a viable option then one would have expected it to have been explored already. As for the second, would you care to explain how? Personally, I can't help but feel that if you couldn't use your "influence" to prevent the reduction of the discount to season ticket holders or the cycle of new shirts then what on Earth can you do when it comes to major club-related issues?
Chrysalis Posted 17 December 2006 Posted 17 December 2006 Seems plausible. The annual return of Miland Developments 2004 (completed for all transactions up to mid-September, and filed in October) still showed Milan's trust owning half the shares and the Virgin Island company of Gaydamak owning half. Mid September is two months after MM had said he had sold the club. MM also owned, at the time of the last return, all of Miland Developments, which owns some of Pompey's assets. In some ways this is worse than it initially appears. There is no need (I think, though it is some years since I got involved in the nitty-gritty of this stuff) to declare changes in share ownership before the annual return. Peter Storrie (company secretary for Pompey and other companies) has already shown that either he or MM is an unreliable witness (given their contradictory stories over this). So, my take would be that since the annual return merely has to be completed showing the transfer by next October, MM seriously doubts he will get his money by then - which is why this is such an issue. And just as an aside, does anyone who thinks that our shareholders should give up their shareholdings on the cheap think that MM should do the same at Pompey? before I answer this question. how much oney did MM put into pompey after his takeover be it loans or cash? how much have the shareholders put into LCFC since their takeover be it loans or cash? what has MM achieved at pompey since he tookover? what have the shareholders achieved here since they tookover? did MM increase pompeys turnover? have our shareholders increased lcfc turnover?
Chrysalis Posted 18 December 2006 Posted 18 December 2006 That's probably the most bollox example I've ever seen written down. how so, I often see companies sold for cheap when they in a rundown state and need investment to be put back on track again, how is lcfc any different?
Jon the Hat Posted 18 December 2006 Posted 18 December 2006 The Times December 18, 2006 Mandaric takeover plans in jeopardy Rick Broadbent Milan Mandaric's proposed £25 million takeover of Leicester City is on the verge of collapse, two weeks before the transfer window opens. The former Portsmouth owner is said to be unhappy after seeing the results of his accountants’ examination of the club’s finances. Shareholders voted unanimously to let Mandaric examine Leicester’s books at an extraordinary meeting last month and a formal bid had been expected on Friday, but the deal is now in danger unless the parties can agree a revised price. Should Mandaric walk away, it seems likely that Leicester will consider a rights issue as a way to raise funds, but that would be a crushing blow after fans had welcomed Mandaric as a white knight. Among those backing him were two former players, Gary Lineker, who owns 100,000 shares, and Emile Heskey, who has 50,000. Hammond Grange  a property management company  and Pukka Pies own the largest stakes. Leicester’s accounts value the shares at £6.3 million. That means that if Mandaric had tabled a £25 million bid and chose to pay off the £15.9 million loan on the Walkers Stadium, there would have been £2.8 million available to Rob Kelly, the manager, for team-building. However, a source close to the club told The Times that a takeover was looking precarious last night after the period of due diligence. Shareholders had been expecting to see details of the bid this week, giving them 21 days to decide whether to accept it. News that the takeover is in jeopardy will alert Sir Jack Hayward, the Wolverhampton Wanderers owner, who had been courting Mandaric and has since halved his asking price to £20 million. Last month Mandaric sounded enthusiastic as he looked ahead to the prospect of returning to football. “It should be a matter of time before we can put this together,†he said. Andrew Taylor, the Leicester chairman, was equally upbeat. “He has got a credible track record and has a lot of football nous,†he said. “He talks about quality of money, not quantity.†Some were less convinced. The Foxes Trust, one of the shareholders, claimed in November that £25 million was an inflated figure as Mandaric was unlikely to buy the stadium outright. Linkage
Suffolk_fox Posted 18 December 2006 Posted 18 December 2006 The Times December 18, 2006 Mandaric takeover plans in jeopardy Rick Broadbent Milan Mandaric's proposed £25 million takeover of Leicester City is on the verge of collapse, two weeks before the transfer window opens. The former Portsmouth owner is said to be unhappy after seeing the results of his accountants' examination of the club's finances. Shareholders voted unanimously to let Mandaric examine Leicester's books at an extraordinary meeting last month and a formal bid had been expected on Friday, but the deal is now in danger unless the parties can agree a revised price. Should Mandaric walk away, it seems likely that Leicester will consider a rights issue as a way to raise funds, but that would be a crushing blow after fans had welcomed Mandaric as a white knight. Among those backing him were two former players, Gary Lineker, who owns 100,000 shares, and Emile Heskey, who has 50,000. Hammond Grange  a property management company  and Pukka Pies own the largest stakes. Leicester's accounts value the shares at £6.3 million. That means that if Mandaric had tabled a £25 million bid and chose to pay off the £15.9 million loan on the Walkers Stadium, there would have been £2.8 million available to Rob Kelly, the manager, for team-building. However, a source close to the club told The Times that a takeover was looking precarious last night after the period of due diligence. Shareholders had been expecting to see details of the bid this week, giving them 21 days to decide whether to accept it. News that the takeover is in jeopardy will alert Sir Jack Hayward, the Wolverhampton Wanderers owner, who had been courting Mandaric and has since halved his asking price to £20 million. Last month Mandaric sounded enthusiastic as he looked ahead to the prospect of returning to football. "It should be a matter of time before we can put this together," he said. Andrew Taylor, the Leicester chairman, was equally upbeat. "He has got a credible track record and has a lot of football nous," he said. "He talks about quality of money, not quantity." Some were less convinced. The Foxes Trust, one of the shareholders, claimed in November that £25 million was an inflated figure as Mandaric was unlikely to buy the stadium outright. Linkage I realise the Foxes Trust cannot advise us on specifics, but surely they can confirm or deny the credibility of this story?
Ric Flair Posted 18 December 2006 Posted 18 December 2006 The Times December 18, 2006 Mandaric takeover plans in jeopardy Rick Broadbent Milan Mandaric's proposed £25 million takeover of Leicester City is on the verge of collapse, two weeks before the transfer window opens. The former Portsmouth owner is said to be unhappy after seeing the results of his accountants’ examination of the club’s finances. Shareholders voted unanimously to let Mandaric examine Leicester’s books at an extraordinary meeting last month and a formal bid had been expected on Friday, but the deal is now in danger unless the parties can agree a revised price. Should Mandaric walk away, it seems likely that Leicester will consider a rights issue as a way to raise funds, but that would be a crushing blow after fans had welcomed Mandaric as a white knight. Among those backing him were two former players, Gary Lineker, who owns 100,000 shares, and Emile Heskey, who has 50,000. Hammond Grange  a property management company  and Pukka Pies own the largest stakes. Leicester’s accounts value the shares at £6.3 million. That means that if Mandaric had tabled a £25 million bid and chose to pay off the £15.9 million loan on the Walkers Stadium, there would have been £2.8 million available to Rob Kelly, the manager, for team-building. However, a source close to the club told The Times that a takeover was looking precarious last night after the period of due diligence. Shareholders had been expecting to see details of the bid this week, giving them 21 days to decide whether to accept it. News that the takeover is in jeopardy will alert Sir Jack Hayward, the Wolverhampton Wanderers owner, who had been courting Mandaric and has since halved his asking price to £20 million. Last month Mandaric sounded enthusiastic as he looked ahead to the prospect of returning to football. “It should be a matter of time before we can put this together,†he said. Andrew Taylor, the Leicester chairman, was equally upbeat. “He has got a credible track record and has a lot of football nous,†he said. “He talks about quality of money, not quantity.†Some were less convinced. The Foxes Trust, one of the shareholders, claimed in November that £25 million was an inflated figure as Mandaric was unlikely to buy the stadium outright. Linkage Mandaric is calling their bluff here. He knows exactly what will happen to our current board and shareholders if they allow him to slip off in to the night. There will be carnage and he won't be seen as the bad guy in this. I simply cannot back our current board at this time. Ok, so i've not been in attendance at any of their meetings with Milan, but I DO NOT want out current board continuing to run this club. They've had a hack at it and have failed fairly miserably. A rights issue is about as appealing to myself and many other fans as a pint of baby sick. I suggest the board and shareholders who some have come out and said they didn't expect to see any of their money back to seriously consider what's at stake here. I challenge them to look at similar scenario's with businesses that have gone downhill for 3-4 consecutive years and whether the value of the actual business decreases or not. I think they'll find many often do and we are no exception. Is this club worth as much as it was when we were plucked out of administration? Considering the fact we've been battling relegation for the past 3 seasons? If it is still worth the same or more than they paid then it's a ****in overpriced piece of investment. I don't want to let my emotions get the better of me, but I feel like i've just found out my birds been cheating on me and the bloke's ****in uglier than I am. Unreal.
Dr The Singh Posted 18 December 2006 Posted 18 December 2006 Mandaric is calling their bluff here. He knows exactly what will happen to our current board and shareholders if they allow him to slip off in to the night. There will be carnage and he won't be seen as the bad guy in this. I simply cannot back our current board at this time. Ok, so i've not been in attendance at any of their meetings with Milan, but I DO NOT want out current board continuing to run this club. They've had a hack at it and have failed fairly miserably. A rights issue is about as appealing to myself and many other fans as a pint of baby sick. I suggest the board and shareholders who some have come out and said they didn't expect to see any of their money back to seriously consider what's at stake here. I challenge them to look at similar scenario's with businesses that have gone downhill for 3-4 consecutive years and whether the value of the actual business decreases or not. I think they'll find many often do and we are no exception. Is this club worth as much as it was when we were plucked out of administration? Considering the fact we've been battling relegation for the past 3 seasons? If it is still worth the same or more than they paid then it's a ****in overpriced piece of investment. I don't want to let my emotions get the better of me, but I feel like i've just found out my birds been cheating on me and the bloke's ****in uglier than I am. Unreal.
Mort Posted 18 December 2006 Posted 18 December 2006 I suggest the board and shareholders who some have come out and said they didn't expect to see any of their money back to seriously consider what's at stake here. I challenge them to look at similar scenario's with businesses that have gone downhill for 3-4 consecutive years and whether the value of the actual business decreases or not. I think they'll find many often do and we are no exception. Is this club worth as much as it was when we were plucked out of administration? Considering the fact we've been battling relegation for the past 3 seasons? If it is still worth the same or more than they paid then it's a ****in overpriced piece of investment. Your forgetting that some of the shareholders simply do not care about the club its just money to them and they've seen a chance to claw it back, it not accident that its the likes of Gary and Hesky who favour the deal while the whitecollar types want to cling on in the deluded belife that they can get more money... The most anoying thing is if the deal falls through most fans will just take it on the chin and the current set up can proudly lead us into Leauge One this or next season... what do they think will happen to the value of their shares then? Leicester simply isnt the kind of club where fans would be proactive enougth to unsettle the board and shareholders!
Ric Flair Posted 18 December 2006 Posted 18 December 2006 It's fabrication, I was trying to simulate a scanerio as to how i'm currently feeling.
Dr The Singh Posted 18 December 2006 Posted 18 December 2006 It's fabrication, I was trying to simulate a scanerio as to how i'm currently feeling. And how wonderfully put!!!
Ric Flair Posted 18 December 2006 Posted 18 December 2006 Your forgetting the some of the shareholders simply do not care about the club its just money to them and they've seen a chance to claw it back... we're also missing the main piont their mostly greedy, self important idiots.... the most anoying thing is if the deal falls through most fans will just take it and the current set up can proudly lead us into Leauge One this or next season... what do they think will happen to the value of their shares then? Well our board are in for a torrid time put it that way. It's going to be a horrible few months, our manager and players won't have the stomach for the battle either. Relegation is a distinct possiblity. If this does fall through, Leicester are still 5-1 to get relegated. Apologies for sounding heartless but i'd lump on. If we all throw a fair few grand at it, we could raise enough in winnings to **** the current lot off and buy the club off them and give it to someone who can run it properly.
Focks Posted 18 December 2006 Posted 18 December 2006 Ric, Cock-on mate. To me its soo obvious that MM has thrown a spanner in the works at the last minute. As you've said the board will get face the full rath of fans if this now falls through and MM will walk away head held high. The board and shareholders need to make one simple decision together, do they want the club to have a chance of succeeding in the future or not. If they do then bite the bullet and accept the crappy terms that moneybags is offering, if they dont accept then tin hats on lads, the sh*t is about to hit the fan!! Hello all btw
Ric Flair Posted 18 December 2006 Posted 18 December 2006 Ric, Cock-on mate. To me its soo obvious that MM has thrown a spanner in the works at the last minute. As you've said the board will get face the full rath of fans if this now falls through and MM will walk away head held high. The board and shareholders need to make one simple decision together, do they want the club to have a chance of succeeding in the future or not. If they do then bite the bullet and accept the crappy terms that moneybags is offering, if they dont accept then tin hats on lads, the sh*t is about to hit the fan!! Hello all btw Welcome Focks. On a side note, Moyles is just chatting about Mandaric on Radio One. How strange, nothing to do with Leicester however.
Mort Posted 18 December 2006 Posted 18 December 2006 The board and shareholders need to make one simple decision together, do they want the club to have a chance of succeeding in the future or not. If they do then bite the bullet and accept the crappy terms that moneybags is offering, if they dont accept then tin hats on lads, the sh*t is about to hit the fan!! Welcome!... the thing is what can be done to stop them doing this and why do they labour under the delusion that they are some how in a strong negotiating position its bizzare, not to mention very anoying!
Focks Posted 18 December 2006 Posted 18 December 2006 well, if we get into the Champions League in the next 5 years then the shareholders will get their full price. Simple
Phlashman Posted 18 December 2006 Posted 18 December 2006 Welcome!... the thing is what can be done to stop them doing this and why do they labour under the delusion that they are some how in a strong negotiating position its bizzare, not to mention very anoying! Yeah, I think some shareholders are over valuing their shares, combined with Milan wanting to get the best deal he possibly can, I'm not suprised a story like this hasn't popped up sooner.
Mort Posted 18 December 2006 Posted 18 December 2006 well, if we get into the Champions League in the next 5 years then the shareholders will get their full price. Simple Dont worry without MM I'm sure that (with Nissa, Tiatto and Williams all gone at the end of this season) we'll be able to fight back to the Championship from League One, of course initally we'll struggle but after two or three seasons I'm sure us and MK Dons can win those coverted automatic promotion spots and get into the big time... in two years we'll look back on the time in the Championship and laugh that we where so anoyed not to be in the prem, trust me its better than Leauge One... but importantly the shareholders will hang onto their shares (which will be by then be worthless).
MC Prussian Posted 18 December 2006 Posted 18 December 2006 Again, the board as well as the Foxestrust make us look like kings in a game played by peasants.
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