Looks Like Michael Foulger IS Selling To The Yanks.

[TIL 1010 4,788]

13 minutes ago, chicken said:

Nothing to do with this thread at this point. Perhaps we aught to get someone else at the next Q&A to ask if Essex Canary can be told of every little detail of the clubs behind the scenes goings on... 

Written like somebody who does not own 1,000 shares LOL ! 😜

Edited July 25, 2022 by TIL 1010

[chicken 2,642]

4 minutes ago, TIL 1010 said:

Spoken like somebody who does not own 1,000 shares LOL ! 😜

It hasn't though has it? What has the audit got to do with Foulger selling shares to the yanks?

 

[TIL 1010 4,788]

Just now, chicken said:

It hasn't though has it? What has the audit got to do with Foulger selling shares to the yanks?

 

Look again and you might see my post as a joke chicken.

[chicken 2,642]

Just now, TIL 1010 said:

Look again and you might see my post as a joke chicken.

Apologies, sir, fair cop. 

[essex canary 504]

3 minutes ago, chicken said:

It hasn't though has it? What has the audit got to do with Foulger selling shares to the yanks?

 

In my experience, admittedly not in a Football Club, the Audit Committee deals with far more than the annual Audit such as the wider due diligence process therefore strange timing for the Chairperson of that Committee to depart.

[chicken 2,642]

1 minute ago, essex canary said:

In my experience, admittedly not in a Football Club, the Audit Committee deals with far more than the annual Audit such as the wider due diligence process therefore strange timing for the Chairperson of that Committee to depart.

Not exactly, it was months ago now wasn't it? At about the same time the info about the US folks interest broke. Perhaps as part of that they needed a much speedier resolution of it?

I mean, hats off to you, the depths of which your knowledge of conspiracies goes sure does outstretch mine. In either case, this was not the correct place to raise it, as a personal beef of yours. It just derails the thread, rather selfishly IMHO. Not every thread about possible share sales has to involve the Audit Committee and your belief you have the right to know the nature of the discussions...

[essex canary 504]

1 hour ago, chicken said:

Not exactly, it was months ago now wasn't it? At about the same time the info about the US folks interest broke. Perhaps as part of that they needed a much speedier resolution of it?

I mean, hats off to you, the depths of which your knowledge of conspiracies goes sure does outstretch mine. In either case, this was not the correct place to raise it, as a personal beef of yours. It just derails the thread, rather selfishly IMHO. Not every thread about possible share sales has to involve the Audit Committee and your belief you have the right to know the nature of the discussions...

Our transparent Community Club could tell all of us  the personnel who constitute the due diligence team representing the current ownership.

[chicken 2,642]

Just now, essex canary said:

Our transparent Community Club could tell all of us  the personnel who constitute the due diligence team representing the current ownership.

Urgh, seriously, stop derailing every thread mildly related to your obsessions... you really aught to petition the club itself rather than the mere mortals on here of whom I would guess the majority don't own shares. I doubt the board look at this forum.

[A Load of Squit 5,215]

So Foulger asked the club to find a buyer for his shares, the job was given to the Executive Team and they engaged with the Americans.

Good work by Zoe Ward, Stuart Webber and Anthony Richens. 

 

Edited July 25, 2022 by A Load of Squit

[chicken 2,642]

9 minutes ago, A Load of Squit said:

Good work by Zoe Ward, Stuart Webber and Anthony Richens. 

Good god man! Do you know what kind of serious words those are! I hope that you have found yourself some good cover to shelter behind for the impending onslaught?!!
 

 

[nutty nigel 7,601]

12 hours ago, yellowrider120 said:

Perhaps you should learn to actually read a post before replying to it!! 

Always read your posts thoroughly yellowrider. I fear you often back the wrong horse...

 

 

[king canary 7,664]

12 hours ago, A Load of Squit said:

So Foulger asked the club to find a buyer for his shares, the job was given to the Executive Team and they engaged with the Americans.

Good work by Zoe Ward, Stuart Webber and Anthony Richens. 

 

Yes, all three deserve credit it seems.

On the flip side, there were lots claiming this deal showed the majority shareholders were open and happy to have outside investment- the fact this has all been triggered and driven by Foulger looking to cash out means that point remains something of a mystery. 

[Kenny Foggo 1,116]

1 hour ago, king canary said:

Yes, all three deserve credit it seems.

On the flip side, there were lots claiming this deal showed the majority shareholders were open and happy to have outside investment- the fact this has all been triggered and driven by Foulger looking to cash out means that point remains something of a mystery. 

I think Foulger is doing the club a great service and he recognises the need for fresh input. Looks like he has been very accomodating to Smith and Jones in allowing them to interview potential buyers.. also the fact that they interviewed more than one potential buyer stops the ridiculous claims that "there were no buyers not there"! Without Foulger I suspect that line would have continued to be trotted out.

 

Exciting times and hopefully the start of an even better chaoter in our history.

[Jim Smith 2,339]

1 hour ago, king canary said:

Yes, all three deserve credit it seems.

On the flip side, there were lots claiming this deal showed the majority shareholders were open and happy to have outside investment- the fact this has all been triggered and driven by Foulger looking to cash out means that point remains something of a mystery. 

Yes all very well "spinning this" to try and show that the club is open to investment and to give credit to the executive team (who may deserve it - time will tell) but it does appear that this has only happened because Foulger wants to sell his shares and was prepared to allow the club to control the process/pick the buyer. Its not (yet) indicative of either the club having gone out and actively found extra investment or evidence of a willingness on the part of the owners to facilitate any sort of dilution of their control in order to attract a higher level of investment.

But it seems a positive step and lets hope its the first step on the road to something potentially more significant in terms of an injection of capital into the club itself or at the very least potential access to greater finacial resource. As others have noted, the fact they "interviewed" potential buyers for a minority stake does seem to fly in the face of the previous, continued, "nobody out there" claims. 

[PurpleCanary 5,580]

1 hour ago, king canary said:

Yes, all three deserve credit it seems.

On the flip side, there were lots claiming this deal showed the majority shareholders were open and happy to have outside investment- the fact this has all been triggered and driven by Foulger looking to cash out means that point remains something of a mystery. 

I posted yesterday that this had come about in an odd way. I haven’t heard exactly what Jeffrey has said because I have internet problems but that evidently is part of what I was talking about.

As to the point about Smith and Jones, I have reason to believe they have for a couple of years been actively open to outside investment. That Foulger sparked this off doesn’t detract from the fact that S&J then got the executive committee to search for potential investors who would be interested in buying that stake as a first step.

Rather than being mysterious I would say that question is a bit clearer than it was before.

 

 

Edited July 26, 2022 by PurpleCanary

[Jim Smith 2,339]

Just now, PurpleCanary said:

I posted yesterday that this had come about in an odd way. I haven’t heard exactly what Jeffrey has said because I have internet problems but that is part of what I was talking about.

As to the point about Smith and Jones, I have reason to believe they have for a couple of years been actively open to outside investment. That Foulger sparked this off doesn’t detract from the fact that S&J then got the executive committee to search for potential investors who would be interested in buying that stake as a first step.

Rather than being mysterious I would say that question is a bit clearer than it was before.

 

 

They've always been open to outside investment in my view Purple. The quotes on record indicating an openess to investment always use the word "investment." The quotes to the contrary are always referring to the possibility of a sale.

The problem has always been that the potential for significant investment is limited if they won't ever give up control. But lets hope that perhaps if these Americans' come on board, are good people and D&M can build up a working relationship and level of trust with them that it may give rise to a more open mind in the future. If nothing else if they get a place on the board then a bit of freshness on there with some new ideas and experience through their baseball background can only be helpful and possibly open new doors for us and/or give us access to finance opportunities. 

[king canary 7,664]

2 minutes ago, PurpleCanary said:

That Foulger sparked this off doesn’t detract from the fact that S&J then got the executive committee to search for potential investors who would be interested in buying that stake as a first step.

It does somewhat to be honest.

They don't have the power to stop Foulger selling his shares- as far as I can see Smith & Jones had 3 options....

1. Buy his shares themselves- a nonstarter I'd assume
2. Tell Foulger he could sell to whoever he wanted
3. Take Foulger up on his offer so they get some say into who those new investors are

Choosing option 3 is a bit of a no brainer and, to me, doesn't show that they are particularly open to investment- in this case their hand was somewhat forced.

You clearly have your sources that suggest they are open to investment and I hope that is true. The fact it appears they are willing to let whoever buys the shares be on the board is another positive sign. I just don't think this 'proves' as many claimed on here that our majority shareholders are open to new outside investment.

[PurpleCanary 5,580]

2 minutes ago, Jim Smith said:

They've always been open to outside investment in my view Purple. The quotes on record indicating an openess to investment always use the word "investment." The quotes to the contrary are always referring to the possibility of a sale.

The problem has always been that the potential for significant investment is limited if they won't ever give up control. But lets hope that perhaps if these Americans' come on board, are good people and D&M can build up a working relationship and level of trust with them that it may give rise to a more open mind in the future. If nothing else if they get a place on the board then a bit of freshness on there with some new ideas and experience through their baseball background can only be helpful and possibly open new doors for us and/or give us access to finance opportunities. 

I do not believe they have been opposed to losing control of the club. They are not idiots. They know anyone serious who wanted to invest would sooner or later want that to turn into a takeover.

[PurpleCanary 5,580]

3 minutes ago, king canary said:

It does somewhat to be honest.

They don't have the power to stop Foulger selling his shares- as far as I can see Smith & Jones had 3 options....

1. Buy his shares themselves- a nonstarter I'd assume
2. Tell Foulger he could sell to whoever he wanted
3. Take Foulger up on his offer so they get some say into who those new investors are

Choosing option 3 is a bit of a no brainer and, to me, doesn't show that they are particularly open to investment- in this case their hand was somewhat forced.

You clearly have your sources that suggest they are open to investment and I hope that is true. The fact it appears they are willing to let whoever buys the shares be on the board is another positive sign. I just don't think this 'proves' as many claimed on here that our majority shareholders are open to new outside investment.

Those options would still require Foulger to agree to whichever S&J wanted! I don’t think I have said this proves they are open to outside investment, but I do think it is more evidence towards that view.

[king canary 7,664]

1 minute ago, PurpleCanary said:

Those options would still require Foulger to agree to whichever S&J wanted! I don’t think I have said this proves they are open to outside investment, but I do think it is more evidence towards that view.

To be clear I don't think you have said that either- the comment was aimed at the several people who have done.

This whole story has been a great example of people taking the information to fit their priors- so one side is convinced that any delay is evidence of big bad Delia being too difficult to work with, while the other side is convinced that this interest shows the owners are actually really pro new investment.

Its been a fun read.

[A Load of Squit 5,215]

49 minutes ago, Jim Smith said:

Yes all very well "spinning this" to try and show that the club is open to investment and to give credit to the executive team (who may deserve it - time will tell) but it does appear that this has only happened because Foulger wants to sell his shares and was prepared to allow the club to control the process/pick the buyer. Its not (yet) indicative of either the club having gone out and actively found extra investment or evidence of a willingness on the part of the owners to facilitate any sort of dilution of their control in order to attract a higher level of investment.

But it seems a positive step and lets hope its the first step on the road to something potentially more significant in terms of an injection of capital into the club itself or at the very least potential access to greater finacial resource. As others have noted, the fact they "interviewed" potential buyers for a minority stake does seem to fly in the face of the previous, continued, "nobody out there" claims. 

It's obvious that Delia & MWJ see this sale as the gateway purchase, the Executive Team were instructed to get an investor by luring him in with Foulgers shares. Once we've got them hooked they'll want more.

The Executive Team have brilliantly manged to find a buyer with the same ethos as Delia & MWJ but someone who is richer, that couldn't have been easy, maybe that's why all the other 'experts' who were tasked to find investment failed, they just were not as good as our Executive Team, we are very lucky to have them. 

It's a concern that some supporters can't see this.

Edited July 26, 2022 by A Load of Squit

[sgncfc 1,253]

It's quite interesting that the Jeffrey video confirms there is no Shareholders Agreement in place (because otherwise he would have had no choice about how to dispose of his shares) and that the purchaser gets a place on the Board.

Frankly I'm a bit staggered that a £100m + income corporation has no Shareholders Agreements and I would say that is a major failing by any Audit Committee!!! This is why such organisations need to employ capable Non Execs. If Foulger could genuinely have sold to anyone that is simply an unacceptable risk taken by the Board and could have led to potentially large Directors and Officers Liability claims. I guess it still could, if the purchasers turn out to be wrong uns.

[Kenny Foggo 1,116]

13 minutes ago, A Load of Squit said:

It's obvious that Delia & MWJ see this sale as the gateway purchase, the Executive Team were instructed to get an investor by luring him in with Foulgers shares. Once we've got them hooked they'll want more.

The Executive Team have brilliantly manged to find a buyer with the same ethos as Delia & MWJ but someone who is richer, that couldn't have been easy, maybe that's why all the other 'experts' who were tasked to find investment failed, they just were not as good as our Executive Team, we are very lucky to have them. 

It's a concern that some supporters can't see this.

If this comes off and the new shareholders are a good fit and improve the club and ultimately the 1st team then, yes they will have done a great job. Fingers crossed that is the case.

[A Load of Squit 5,215]

2 minutes ago, Kenny Foggo said:

If this comes off and the new shareholders are a good fit and improve the club and ultimately the 1st team then, yes they will have done a great job. Fingers crossed that is the case.

They've done a brilliant job, they have succeeded where many many others failed.

Edited July 26, 2022 by A Load of Squit

[king canary 7,664]

24 minutes ago, A Load of Squit said:

It's obvious that Delia & MWJ see this sale as the gateway purchase, the Executive Team were instructed to get an investor by luring him in with Foulgers shares. Once we've got them hooked they'll want more.

To claim that is 'obvious' feels like a stretch to me.

It could be the case but there have been examples of people buying minority stakes in football clubs and not eventually taking over- I believe Palace have had two such investors in recent years. 

[hogesar 9,732]

This is hilarious. The same poster(s) trying desperately to find a way to somehow criticise Delia and MWJ for the likely sale of shares, somehow...some way....any way possible. 😂

[king canary 7,664]

2 minutes ago, hogesar said:

This is hilarious. The same poster(s) trying desperately to find a way to somehow criticise Delia and MWJ for the likely sale of shares, somehow...some way....any way possible. 😂

Who?

[Midlands Yellow 4,061]

1 minute ago, king canary said:

Who?

I doubt you’ll get much of an answer. 

[Kenny Foggo 1,116]

20 minutes ago, A Load of Squit said:

They've done a brilliant job, they have succeeded where many many others failed.

Succeeded in what?

Foulger indicated he wanted to sell up, they have found potential buyers for his shares.

If it goes ahead and works out, I agree it will be a job well done. Nothing has been done yet.

I for one will applaud them on completion and improvement in the club as a result.

Would be good if they can now get us some fit and ready players for our up and coming campaign.

[hogesar 9,732]

6 minutes ago, king canary said:

Who?

Not just on this thread. Not just today. Ever since it's been rumoured 🙂

 

On 24/07/2022 at 14:07, pete said:

Will be begging yanks to take over in next 3 seasons, without promotion cost of championship football will see self funding folly exposed as not sufficient for the effective running of an ambitious football club.  Might just suit an unambitios club,  would fit Delia's wishes as she holds onto her trainset.

 

On 24/07/2022 at 16:46, Jim Smith said:

Foulger selling his stake brings no direct investment into the club. No doubt the reason it is taking so long is because of the Smith and Jones problem. Those crediting the club/owners with seeking investment may well end up with their tail between their legs.

Can't credit the club - even though the club have been directly involved in it.

It's taking so long because Smith and Jones are a 'problem' - as opposed to taking care of due diligence.

Go look at the other threads, plenty of posters citing "Delia will block any proposed interest", how she wouldn't even "entertain the idea of other investment", how she "actively discourages" investment etc etc.

In fact, it's been going on years.

And even now...

1 hour ago, Jim Smith said:

Yes all very well "spinning this" to try and show that the club is open to investment and to give credit to the executive team (who may deserve it - time will tell)

Ah, the club is spinning it all! And let's do our best to try and avoid giving credit to the executive team, god forbid fans of the club do that! They may, may deserve it and really begrudgingly we might have to give it! (Or just avoid posting for a few weeks).

Reality is we don't even know if these new potential investors / board members / owners are going to be of any real benefit to the club, but you can bet had the deal not gone through they'd have been the guys to take us to the next level. Let's presume they come in and we don't get promoted this season, I wonder how long until they were the wrong people...

Football fans, hindsight genius.