Season 2011-12
The Mail Bag

Another Update Please Bill

 15 Comments: First  |  Last

Dear Bill,

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,

Yours

A fellow Blue

Steve Guy, Harrogate     Posted 11/09/2011 at 23:16:49

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Richard Harris
1   Posted 12/09/2011 at 01:26:32

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The cheque is on the way but unfortunately the postal service and the banks aren't working 24/7 :0) Maybe one of the buyers has dropped out after they couldn't locate the legendary boys pen.......or maybe the had holes in their shoes and were worried about the streams of piss from the back wall !
Russell Buckley
2   Posted 12/09/2011 at 01:53:26

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Steve, you will be waiting a while for any update and I'm not convinced you can hold your breath for that long.

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?"
Richard Harris
3   Posted 12/09/2011 at 02:03:48

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Dr Evil originally asked for 1 million dollars then changed it to 100 billion dollars so as our ambitions are not quite world domination 100 million pounds seems quite reasonable :0) Maybe Kenwright (as Dr Evil) has stolen Moyes's mojo....
Roberto Birquet
4   Posted 12/09/2011 at 02:10:59

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I presume the reported 100 million includes whatever is left of the debt: Before the sale of Arteta, we'd have raised the 17 million of the 2010-13 maturing debt, leaving about 30 million (assuming that allows us to spend the Arteta funds on a desperately needed striker).

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.
Russell Buckley
5   Posted 12/09/2011 at 03:39:02

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My point was the 100 million figure sounds like Bill pulled it out of thin air becuase it sounded like a nice number.

Don't believe it.
Gavin Ramejkis
6   Posted 12/09/2011 at 08:48:07

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Do hold your breath waiting for this non story to continue, it was bluff and bluster to keep the sheeple in line, anyone that fell for it has my deepest sympathy but please keep up with a trick that has been used far too many times to be taken seriously.
Simon Harris
7   Posted 12/09/2011 at 10:24:20

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We'll only hear something if it's good news, ergo .....

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.
Seamus Murphy
8   Posted 12/09/2011 at 11:11:48

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We will no doubt only get an update the day before the next protest
James Morgan
9   Posted 12/09/2011 at 11:49:15

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Would anyone oppose "The Chang Stadium" if it meant no debts and cash for Moyes?
Phil Martin
10   Posted 12/09/2011 at 11:45:16

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Roberto,

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.
Roberto Birquet
11   Posted 12/09/2011 at 12:42:37

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The difference between buying a house and a football club is that you put debt on the club. Not on yourself.
--------------------
No Phil
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.
Steve Guy
12   Posted 12/09/2011 at 13:12:15

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I can't hold my breath much longer Bill ! Come on, have you agreed the price yet !?
Phil Martin
13   Posted 12/09/2011 at 13:30:32

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Roberto,

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.
James Marshall
14   Posted 12/09/2011 at 14:38:28

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Yeah, bring potential investors to watch a game where there's a very public, planned demonstration against the Chairman & Board - that'll really entice them in.
Gavin Ramejkis
15   Posted 12/09/2011 at 19:01:18

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So by that reckoning James, what has BK's excuse been for the other 12 years?

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