Ipswich takeover

[dylanisabaddog 6,143]

An American consortium is buying out Evans for £17m with his debt being written off. Lambert to be replaced by Paul Cook. 

Reported in The Athletic so not a hoax

[cambridgeshire canary 7,798]

Could have at least posted the link

 

https://theathletic.com/news/ipswich-town-takeover-united-states/NLWJOhpdfHzd

[dylanisabaddog 6,143]

Just now, cambridgeshire canary said:

Could have at least posted the link

 

https://theathletic.com/news/ipswich-town-takeover-united-states/NLWJOhpdfHzd

Not much point if people don't have a subscription is there? 

[Surfer 1,547]

Aaron Banks, Paul Manafort and Don Trump  Jr probably. More seriously, the provided link does seem to be free to read. 

Edited February 26, 2021 by Surfer

[cambridgeshire canary 7,798]

3 minutes ago, dylanisabaddog said:

Not much point if people don't have a subscription is there? 

Article is not paywalled.

 

Still, I for one look forward to the 

 

'How come Ipswich get STONKING RICH American owners while all we get is a celebrity chief?!' Posts 😉

Edited February 26, 2021 by cambridgeshire canary

[NFN FC 1,142]

How many bin lorries do you get for £17m?

[Cantiaci Canary 610]

Is this the moment that the wheel starts to turn?

[cambridgeshire canary 7,798]

4 minutes ago, NFN FC said:

How many bin lorries do you get for £17m?

They already got one,how many more do they need?

 

[AJ 1,359]

Why would a group of Americans want to buy a struggling League One team? 

Seems a bit odd, but then I guess in football these days £17m is not a lot of money to buy a club, I'm sure we'd be asking for a lot, lot more than that

[Van wink 2,994]

2 minutes ago, AJ said:

Why would a group of Americans want to buy a struggling League One team? 

Seems a bit odd, but then I guess in football these days £17m is not a lot of money to buy a club, I'm sure we'd be asking for a lot, lot more than that

They want to strip it of its assets🙃

[Rich T The Biscuit 676]

3 minutes ago, Van wink said:

They want to strip it of its assets🙃

They have a trophy cabinet that comes with some rusty old trophies that you're likely to see on antiques roadshow, only problem is that it's been so long since it was opened their can't find the key 😉

[1902 1,167]

How they got that much for the club is a mystery to me. It's going to take some serious money to build them back up. They have no real footballing structure, don't own the ground, don't have any decent players, haven't got an academy of note. I'm not sure if the wage cap is going ahead, but that's another issue if it is.

[1902 1,167]

10 minutes ago, Van wink said:

They want to strip it of its assets🙃

It's probably not a bad guess to assume Norwich are worth 10 times that.

[GenerationA47 864]

By the time we meet again, they’ll obviously be waving £200 notes at us

[Surfer 1,547]

The American way is to now blackmail the city into building the team a new stadium - or they'll move.

Maybe the due diligence will uncover that flaw in their plan.

It's a shame as when I won the lottery I was considering a buy out myself. Had plans in mind for a new kit and all. 

[1902 1,167]

10 minutes ago, Surfer said:

The American way is to now blackmail the city into building the team a new stadium - or they'll move.

Maybe the due diligence will uncover that flaw in their plan.

It's a shame as when I won the lottery I was considering a buy out myself. Had plans in mind for a new kit and all. 

I cant see the appeal for the council though, their current ground has so much flora growing from it that it could count as a ready made nature reserve. Must go someway towards their environmental targets.

And as for the fauna...

 

Edited February 26, 2021 by 1902

[Fuzzar 1,861]

46 minutes ago, cambridgeshire canary said:

They already got one,how many more do they need?

 

If you look closely you can see 22 legs hanging out the back... 

[Grant Holts Moustache 113]

36 minutes ago, 1902 said:

How they got that much for the club is a mystery to me. It's going to take some serious money to build them back up. They have no real footballing structure, don't own the ground, don't have any decent players, haven't got an academy of note. I'm not sure if the wage cap is going ahead, but that's another issue if it is.

That new wage cap isn't going ahead but Leagues 1 and 2 did have a 60-70% of turnover can be spent on wages in place already. They had a grace period when they got relegated so if that remains in place then will become an issue next season.

Read they have almost 20 players put of contract this year too. 

Edited February 26, 2021 by Grant Holts Moustache

[Move Klose 303]

You could just about buy half of max Aaron's for what they are paying for a "massive" club.

[Norfolk Mustard 106]

The Old Farm Derby in the Premier League is just around the corner then?

[Rich T The Biscuit 676]

Will their fans start waving dollar bills in our direction now then 🤷🏻‍♂️

Edited February 26, 2021 by Rich T The Biscuit

[sgncfc 1,330]

Evans can write off his £100m debt but the club is losing £6m a year. Only half of that is accrued interest. So, for £17m they are buying almost no assets and a loss making club. If Paul Cook is coming in it will cost them another £2-3m to pay off Lambert and his team.

In 201`8-19 their turnover was £17.5m as against wages of £18.9m. They made an operating loss of more than £10m and sold £7m of players to bring the loss down. That was their last year in the Championship so the turnover for 2019-20 probably went down.

FFP means they can't spend much to put that right so their only course of action is to let those 20 players go, reduce the annual loss and start from scratch, building up the earnings and the academy as much as possible. The days when wealthy people could just inject £100m are long gone.

By comparison our turnover for 2018-19 (without parachute payments) was £33.7m. We were therefore twice as big as 1p5wich in 2019 and since then the clubs have grown much further apart financially.  

 I don't see us playing them anytime soon, unless it's in a cup.

[Indy 3,471]

9 minutes ago, sgncfc said:

Evans can write off his £100m debt but the club is losing £6m a year. Only half of that is accrued interest. So, for £17m they are buying almost no assets and a loss making club. If Paul Cook is coming in it will cost them another £2-3m to pay off Lambert and his team.

In 201`8-19 their turnover was £17.5m as against wages of £18.9m. They made an operating loss of more than £10m and sold £7m of players to bring the loss down. That was their last year in the Championship so the turnover for 2019-20 probably went down.

FFP means they can't spend much to put that right so their only course of action is to let those 20 players go, reduce the annual loss and start from scratch, building up the earnings and the academy as much as possible. The days when wealthy people could just inject £100m are long gone.

By comparison our turnover for 2018-19 (without parachute payments) was £33.7m. We were therefore twice as big as 1p5wich in 2019 and since then the clubs have grown much further apart financially.  

 I don't see us playing them anytime soon, unless it's in a cup.

There are a number of clubs in that division with very wealthy connection on the boards but as you say FFP really plays it’s part. Goo£ luck to the binners they’ve been suffering for a fair few years and it’s been fun, but unless they can start to fill their stadium the financial restrictions will still make it tough for them to get out of that division.

[yellowrider120 917]

1 hour ago, cambridgeshire canary said:

Article is not paywalled.

 

Still, I for one look forward to the 

 

'How come Ipswich get STONKING RICH American owners while all we get is a celebrity chief?!' Posts 😉

Whilst I would want to see the detail in the takeover and the real intentions of the new owners, it does seem quite remarkable that they are able to attract this interest (ok so 'beggars can't be choosers' I suppose and Evans is probably desperate to get out) yet there ........................'have never been any approach for NCFC' (according to our owner). You would think (surely) that the new owners would want an 'asset' (in real estate terms) to own / control / realise but in ITFC they have none (to speak of). In NCFC any new owner WOULD have a realisable asset yet ..........'no-one has ever come forward'.  No doubt most on this forum will continue to believe The Cook's version of things. Forgive me for taking a different perspective.

Would I swop their overall position for ours?  Of course not, only a Fool would. That said, every dog has it's day and if their takeover does truly reinvigorate the club and their 'massive' support then our period of dominance both on and off the grass may draw towards it's sunset phase. Nowhere near that yet as the 'two division' gap between us may well be resumed in the summer. That can disappear very quickly though. After all our 'track record' of establishing ourselves in the top league is not exactly impressive is it!!       

Just to be 100% clear, I do NOT want an 'American owner', nor a 'Chinese owner' yet neither do I want our club to stay in the same family ownership to the exclusion of every other potential scenario.   

[ncfcstar 342]

8 minutes ago, yellowrider120 said:

Whilst I would want to see the detail in the takeover and the real intentions of the new owners, it does seem quite remarkable that they are able to attract this interest (ok so 'beggars can't be choosers' I suppose and Evans is probably desperate to get out) yet there ........................'have never been any approach for NCFC' (according to our owner). You would think (surely) that the new owners would want an 'asset' (in real estate terms) to own / control / realise but in ITFC they have none (to speak of). In NCFC any new owner WOULD have a realisable asset yet ..........'no-one has ever come forward'.  No doubt most on this forum will continue to believe The Cook's version of things. Forgive me for taking a different perspective.

Would I swop their overall position for ours?  Of course not, only a Fool would. That said, every dog has it's day and if their takeover does truly reinvigorate the club and their 'massive' support then our period of dominance both on and off the grass may draw towards it's sunset phase. Nowhere near that yet as the 'two division' gap between us may well be resumed in the summer. That can disappear very quickly though. After all our 'track record' of establishing ourselves in the top league is not exactly impressive is it!!       

Just to be 100% clear, I do NOT want an 'American owner', nor a 'Chinese owner' yet neither do I want our club to stay in the same family ownership to the exclusion of every other potential scenario.   

Jesus Christ, talk about glass half empty.

How can you also be so derisory of Delia, calling her 'The Cook', after the way the club has been reshaped in the past four years?  She is ultimately the 'owner' of this club and had the final say in that happening, not forgetting the relative (especially in comparison to our neighbours) success over the past 25 years.  We've got a lot to thank Delia for.

[yellowrider120 917]

2 minutes ago, ncfcstar said:

Jesus Christ, talk about glass half empty.

How can you also be so derisory of Delia, calling her 'The Cook', after the way the club has been reshaped in the past four years?  She is ultimately the 'owner' of this club and had the final say in that happening, not forgetting the relative (especially in comparison to our neighbours) success over the past 25 years.  We've got a lot to thank Delia for.

First 'Happy Clapper' to put me firmly in my place! Suspect many, many more will follow. Quite how the poster thought I was 'glass half empty' though is strange. Still, I assume he / she has their reasons. 

[ncfcstar 342]

10 minutes ago, yellowrider120 said:

First 'Happy Clapper' to put me firmly in my place! Suspect many, many more will follow. Quite how the poster thought I was 'glass half empty' though is strange. Still, I assume he / she has their reasons. 

I'm not a happy clapper, but you have to give Delia credit for allowing the restructure of the club recently.  She could quite easily have continued along the path we were going down, and would rightly have been criticised for that.

I'm not really sure why you aren't addressing me directly rather than espousing to the room, but whatever turns you on.  Your post screams of 'glass half empty', strange.  Still, I assume you have your reasons.

[PurpleCanary 6,386]

28 minutes ago, yellowrider120 said:

Whilst I would want to see the detail in the takeover and the real intentions of the new owners, it does seem quite remarkable that they are able to attract this interest (ok so 'beggars can't be choosers' I suppose and Evans is probably desperate to get out) yet there ........................'have never been any approach for NCFC' (according to our owner). You would think (surely) that the new owners would want an 'asset' (in real estate terms) to own / control / realise but in ITFC they have none (to speak of). In NCFC any new owner WOULD have a realisable asset yet ..........'no-one has ever come forward'.  No doubt most on this forum will continue to believe The Cook's version of things. Forgive me for taking a different perspective.

Would I swop their overall position for ours?  Of course not, only a Fool would. That said, every dog has it's day and if their takeover does truly reinvigorate the club and their 'massive' support then our period of dominance both on and off the grass may draw towards it's sunset phase. Nowhere near that yet as the 'two division' gap between us may well be resumed in the summer. That can disappear very quickly though. After all our 'track record' of establishing ourselves in the top league is not exactly impressive is it!!       

Just to be 100% clear, I do NOT want an 'American owner', nor a 'Chinese owner' yet neither do I want our club to stay in the same family ownership to the exclusion of every other potential scenario.   

Not true. What City1st would call a lie, but then I am not City1st, luckily for all concerned. In the FT interview only a few days ago Smith talked about this:

Several “odd people” have approached Smith about a potential takeover of Norwich City over the years. One investor offered a nominal £1 to take a previously lossmaking club “off our hands”, she says. Another suitor planned to put it into administration to settle debts and cut costs. None was deemed to have the club’s best interests at heart.

What she has said is that no one has come up with a proposal they liked (certainly Cullum did not, and they werre right to reject him) and that no-one has turned their proposal into a proper offer. Which as a matter of fact is correct. No-one has made an offer for the club since it became a plc.

[Graham Paddons Beard 2,791]

Binners get taken over . City fans start arguing . 
Funny Old Game . 😐

[Weneverscorefromacorner 5]

26 minutes ago, ncfcstar said:

Jesus Christ, talk about glass half empty.

How can you also be so derisory of Delia, calling her 'The Cook', after the way the club has been reshaped in the past four years?  She is ultimately the 'owner' of this club and had the final say in that happening, not forgetting the relative (especially in comparison to our neighbours) success over the past 25 years.  We've got a lot to thank Delia for.

I think what Yellowrider is trying to say that its really quite unbelievable that there has never been any interest in buying NCFC.