Binners up for sale for £35 million

[Graham Paddons Beard 2,424]

This isn't news. Evans has been prepared to "listen to offers" for years , not just since the interview in the summer. If he does sell he will have to write off some debt, there is no way anyone is going to take that on. Evans takes an income from underwriting the debt of around £5m (using Keelans figure of 5.4%), so that comes into the equation. The only reason this might happen now is the league position and prospects of income in the next few year assuming relegation. The stock is as low now as it has been for years. It might go for peanuts. 

The fact that "a spokesman" has said it is rubbish in the EADT is irrelevant. 

Lambert has already started his old nonsense. After they lost to Forest he said he was hoping for a "bit of  help" in January. His personal PR campaign is the only success story there at the moment. The Binners think he is great, but everyone else is to blame. Can't imagine why he was sacked from his last four jobs. 

 

 

[lappinitup 629]

20 hours ago, keelansgrandad said:

But Evans didn't pay full dollar for the debt from Aviva. So the total quoted contains the original amount owed which was nearly £40M.

And the loans he has made to the club (which he charges 5.4% interest) are only repayable if they reach the Prem.

I'm not sure where you are getting those figures from KG.

Evans aquired the club for just under £20m........

* £3.9m for new shares giving him an 87.5 holding.

* £8.1m for preferential shares'.

* £1.1m for an outstanding loan on the training ground which he later transferred to one of his offshore companies and now charges the club a rent of £40k pa.

* He paid £6.4m to settle the £32m debt (20%) but still included the full amount of £32m as debt to him.

He was initially charging the club 7% on the debt but this stopped in July 2014.

However, a fixed dividend of 7% on the preferential shares still earns him £564,000 pa and is added to the debt.

You are correct when you say the debts are only repayable if they reach the Prem but let's face it, there is no way they could possibly pay now even if they wanted to.

When Evans bought the club they were sitting in the top six at the time and I think he reasoned that his £12m investment would get them over the line and bring on the Premier League riches. As we know, that didn't happen and now the poor chap is stuck between a rock and a hard place.

Long may it continue.

[keelansgrandad 6,679]

I got the interest the club pays to him from Wikipedia Lapps.

I think the £40M I quoted was a mix up. They owed £32M to Aviva.

[lappinitup 629]

That's fair enough KG, I didn't want you to think that nice Mr Evans was ripping the poor binners off. 😀🤪

[lappinitup 629]

Incidently, when they say "the council owns the land but we own the stands" - technically they don't, because that £32m was for their two new stands so in fact, they've never paid for them to this day because they still owe Evans the £32m.....

Edited December 6, 2018 by lappinitup

[Bill 1,788]

To be totally accurate the £25m they took out as a loan was to clear their debt of (I believe) £8m which Sheepshank had run up getting them into the PL. That was quite a large debt at the time.

 

[splendidrush 700]

I'm confused... are they in the sh*t or aren't they?

[BobLoz3 492]

On 05/12/2018 at 16:30, lappinitup said:

TWTD saying "It's rubbish"...........

https://www.twtd.co.uk/ipswich-town-news/34989/town-rubbish-club-up-for

They've made a mistake in the headline.

It should read "Town: Rubbish Club Claims Up for Sale"

[Bill 1,788]

10 minutes ago, splendidrush said:

I'm confused... are they in the sh*t or aren't they?

Well it looks like their 50 something Cole Skuse is now out for four months

poor old binners 😅

[splendidrush 700]

That'll be the end of his season.  He'll have 4 months to find another Club... and he'll need it. 

[Diane 500]

8 hours ago, Bill said:

Well it looks like their 50 something Cole Skuse is now out for four months

poor old binners 😅

Think you've been reading twtd, the official line is he's missing Sat game & they wont know how long he's out for until they get the scan results from yesterday, but he's a key player so a big blow if its a nasty one

[keelansgrandad 6,679]

I'm confused... are they in the sh*t or aren't they?

Standing on their heads in it I believe

[......and Smith must score. 1,336]

13 hours ago, Diane said:

Think you've been reading twtd, the official line is he's missing Sat game & they wont know how long he's out for until they get the scan results from yesterday, but he's a key player so a big blow if its a nasty one

Yes that's the official line Diane but all clubs play this sort of game. It's happened with us. There's a poster on TWTD who seems to have got inside info which has been correct in the past and he or she has said he's out for four months.

Make of that what you will but after the long term injury to Jon Walters, another vastly experienced player, and languishing rock bottom of the table ' Singing the Blues '  sounds the perfect club song 🙂

Edited December 7, 2018 by ......and Smith must score.

[Bill 1,788]

possibly not the brightest of ideas, given Kevin Beatties problems with drink, some young farmhand has produced a beer with Beattie's name on it

[Trevor Hockey's Beard 526]

They seem to think that someone is mad enough to want to buy them - the owner of the "Godhelphim" stables.