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Doesn't make any sense to me in all honesty.
I guess the reason why people wanting ownership was for the land ownership the club seems to have - ok I can understand that if that is actually factual - I've no idea of what land the club owns or what it's value is (presumably for domestic development rather than commercial - which I would assume to be less profitable?).
Maybe the story about Ken putting the club into Admin - presumably so Team Bassan could buy it out as some sort of a deal - was to prompt Bassini into action - I guess he didn't want to call his bluff - if that was what it was?
Doesn't make any sense that he's no idea of the debts - but seems happy to pay them off - that would include the two winders and everyone who had any sense to get their debts attached to them as 'substitutes' or whatever the technical term is.
The footballing creditors will have to be paid and wages during the summer - Iles says that will be £2.5m.
The way I read what was said though was that all existing LOANS to the club and associated charges removed - and NOT that all creditors would be paid - I think that is quite a major point myself.
What it says to me is that all the people who have charges on the assets - James, Warburton and Ken - will be paid off (presumably in full) then those assets - the land and hotel - would be free to be used as assets against larger loans, as their value had gone up since the original charges were taken out - and/or sold off developed/built on.
I can't see Mr Bassini is really here for the football or to was clean some mucky money from the far east - so I guess whatever he needs to lay out (£5.5m James, £5 Ken, £2.5 Warburton, £2.5m wages, £1.1 HMRC, Winder on hotel and various substitutes say what £3m, plus bits and pieces say another £1m - and presumably £5m to Eddie/Dark Horse - adding up to something like £25m needs to be found quite sharpish?
Some of those totals might be turned into equity (buying a part ownership in the club) or maybe written off in part or full (I'm thinking Ken's bit) depending on what deal's been done to bury whatever skeletons he may have had?
Still seems to be a bit of a punt even if he had say to find £10m just to keep things sweet over the summer - and still needs to do a deal on the land and/or hotel - and by then he might have people with equity in the club he will need to share it with.
I guess the plan is to free up the assets and sell on - either the club or the assets themselves - and after doing so make a quick exit.
It will be interesting to see how James and Warburton play this and what happens with Ken's £5m.
A new owner but still with lots of unanswered questions to my way of thinking.
I guess the reason why people wanting ownership was for the land ownership the club seems to have - ok I can understand that if that is actually factual - I've no idea of what land the club owns or what it's value is (presumably for domestic development rather than commercial - which I would assume to be less profitable?).
Maybe the story about Ken putting the club into Admin - presumably so Team Bassan could buy it out as some sort of a deal - was to prompt Bassini into action - I guess he didn't want to call his bluff - if that was what it was?
Doesn't make any sense that he's no idea of the debts - but seems happy to pay them off - that would include the two winders and everyone who had any sense to get their debts attached to them as 'substitutes' or whatever the technical term is.
The footballing creditors will have to be paid and wages during the summer - Iles says that will be £2.5m.
The way I read what was said though was that all existing LOANS to the club and associated charges removed - and NOT that all creditors would be paid - I think that is quite a major point myself.
What it says to me is that all the people who have charges on the assets - James, Warburton and Ken - will be paid off (presumably in full) then those assets - the land and hotel - would be free to be used as assets against larger loans, as their value had gone up since the original charges were taken out - and/or sold off developed/built on.
I can't see Mr Bassini is really here for the football or to was clean some mucky money from the far east - so I guess whatever he needs to lay out (£5.5m James, £5 Ken, £2.5 Warburton, £2.5m wages, £1.1 HMRC, Winder on hotel and various substitutes say what £3m, plus bits and pieces say another £1m - and presumably £5m to Eddie/Dark Horse - adding up to something like £25m needs to be found quite sharpish?
Some of those totals might be turned into equity (buying a part ownership in the club) or maybe written off in part or full (I'm thinking Ken's bit) depending on what deal's been done to bury whatever skeletons he may have had?
Still seems to be a bit of a punt even if he had say to find £10m just to keep things sweet over the summer - and still needs to do a deal on the land and/or hotel - and by then he might have people with equity in the club he will need to share it with.
I guess the plan is to free up the assets and sell on - either the club or the assets themselves - and after doing so make a quick exit.
It will be interesting to see how James and Warburton play this and what happens with Ken's £5m.
A new owner but still with lots of unanswered questions to my way of thinking.
