Thanks for letting us know that you are in discussions with three buyers for the Club. Presumably you took time off from negotiations to attend the game yesterday?
Did you bring any or all of the prospective buyers along to sample the atmosphere and see the culmination of your 11 years as Chairman both off and on the pitch? Were they excited by the prospect of taking the baton from yourself?
How are negotiations progressing? Has one of the potential buyers already pulled out, as reported in the Mail?
Given the new openness in which you are now keeping supporters up to date with these events, could you perhaps give us another update soon?
I'm holding my breath in anticipation,
A fellow Blue
Steve Guy, Posted 11/09/2011 at 23:16:49
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1 Posted 12/09/2011 at 01:26:32
2 Posted 12/09/2011 at 01:53:26
The £100 million figure being talked about seems like a joke. I don't believe it really. It doesn't sound like a figure that has been arrived at after looking over the books.
I just get this image of Bill doing a Dr Evil and saying "100 MILLION pounds?"
3 Posted 12/09/2011 at 02:03:48
4 Posted 12/09/2011 at 02:10:59
I get confused when people mention the debt (on top of the sale price). If I buy a house for £100k, and there remains a £50k mortgage on it, I do not expect to pay £150K. I pay £100k, half going to the bank the rest to the mortgage holder... Right?
Anyways, the question seems to be: are we an international brand (like Liverpool, Man U, and now even Chelsea ? who were no more than a West Ham a generation ago), or do we have a spanking new ground (Citeh, Arse)?
No to both, and with semi-insolvent banks living off us taxpayers, I don't hold out much hope of a white knight galloping in.
Make more cash... But a question hits me about raising our revenues. Why not sell naming rights on Goodison for the next, say five years? Is it only legal for new grounds?
Goodison and no strikers, or a chance to compete and some bloody big logo instead of People's Club flags would do me.
5 Posted 12/09/2011 at 03:39:02
Don't believe it.
6 Posted 12/09/2011 at 08:48:07
7 Posted 12/09/2011 at 10:24:20
But on the bright side, Bill is without question, the best person to sell Everton Football Club. So stand easy gentlemen, we're in safe hands.
8 Posted 12/09/2011 at 11:11:48
9 Posted 12/09/2011 at 11:49:15
10 Posted 12/09/2011 at 11:45:16
This difference between buying a house and a football club is that you put debt on the club. Not on yourself.
Bill has clung to power by being able to mortgage the club to death at any available opportunity. Yes he controls the club but the debt isn't his. Whoever buys the club, buys the debt. So if £100M is the asking price, then a new buyer would need £100M (a huge profit for Bill and his parasites) and £50M just to clear the debts.
What does a new stadium matter if you're willing to spend £100Ms on your new club? Sheihk Whats-hisface couldve purchased the 5th best team in England a few years ago (us). The cost to turn that team into a top 3/4 side plus renovate GP wouldve been less than what's they've spent on turning City (who were then midtable) into what they are now (£750M).
BTW Spurs, West Ham, Blackburn, QPR are all examples of clubs not having a World class brand or new stadia. All have been purchased recently. But of course no-one buys football clubs these days.
11 Posted 12/09/2011 at 12:42:37
That was merely the model from the Glazers at United, and the first Yanks at Liverpool. That is not necessarily the way for all sales, previously or since.
And those sales happened when the banking world was living cloud cuckoo land and doling out debts to all and sundry. They can't anymore, as they have no money, and regulators are starting - ever so delicately - to stop banks making such reckless actions.
2001-7: People bought houses with self-certification loans (in which you are able to lie about your salary so that you can meet the asking price on a house. leading to ever ballooning prices). Those are being withdrawn now, and houses are not selling - until sellers wake up, smell the coffee and accept lower bids. People will resist, and the market will stagnate and slide slowly for years.
Companies bought other companies with debt (my own bought at a business for £500 million just before the crdit crunch hit,and we have so far had three waves of redundancies to pay for it). Infact, at the end of last year, we tried to buy another business and all my colleagues were up in arms at the recklessness of management. Fortunately the acquisition fell through over the bank saying: No chance mate! We were relieved.
And syndicates bought football clubs that way. That will happen far less from now on. And as a buyer, I would understand £100 million to include the debt. Ie; £70 m equity plus taking on the £30 m debt we still have after sales (Bellefield and players) of last 18 months are paid to the bank.
12 Posted 12/09/2011 at 13:12:15
13 Posted 12/09/2011 at 13:30:32
I was merely highlighting the very basic differences between your analogy of buying a house compared with a football club.
You are responsbile for the debts associated to owning/buying your house. Bill Kenwright's personal fnances are not tied to Everton's £40M debt.
Not all club's are puchased in this way, but a lot of companies are.
I agree if the club is worth £100M excluding debts. Then a reasonable asking price may be £50-60M.
But this assumes "reasonable" pricing and also no other unrealistic, non-financial demands being asked.
Of couse, NDA's prevent any potential buyer being able to even mention a whisper of the existence of such discussions. So it's unlikely we'll ever know what (and exactly who) our board have tried to negotiate in the past.
14 Posted 12/09/2011 at 14:38:28
15 Posted 12/09/2011 at 19:01:18
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