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TheCardinal

Official Statement; Club for sale for £56 million

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after all cullum is believed to be worth 1.7billion.... Now youre telling me that 50million or so is going to stretch him?? i shouldnt think so... if he is interested as he has stated he would be more than willing to meet the demands asked to help the club..

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[quote user="Michael Bates"]if cullum is interested in norwich city and wants to help.. then why doesnt he fund the whole process by taking over at the club but keep reamined delia and the turners on board to manage the club. So then he has sorted norwich out without having to be the main main on everything and making norwich city a big part of his business life... INstead he can help and keep interests in it whilst others help manage the clu as it has been done so...[/quote]

Because he doesn''t want to pay £56m!

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[quote user="sturgeon220"][quote user="Fat Prophet"]

City fans, you can do your bit too!  Give up your season tickets!  Sacrifice is never easy, or it wouldn''t be a sacrifice at all.  But now''s the time!  Seize the moment!  This is our club and we want it back!

 

[/quote]  Giving back several thousand pounds worth of season tickets would make the club less atractive to any prospactive purchaser  [/quote]I think PC would be very happy indeed if 10,000 claimed back on their season tickets, it would weaken Delias hand tremendously.

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The facts of the matter is that Cullum has to OFFER to buy all the shares, not necessarily buy them. I believe Delia stated previously that she and MWJ were willing to relinquish control but wished to remain as shareholders - This would mean that he wouldn''t have to buy their entire stake and being obliged to offer to buy the remainder, many shareholders probably wouldn''t sell.How many of them will be willing to give up their stakes at 30 quid a share? Not an easy question to answer, but it seems unlikely it would actually turn out to be 100%. Of course he may come up with an offer at a lower price which would be reasonable and would mean even less layout and possibly a lower acceptance rate.The bank loan is of little consequence in real terms as in most takeovers or mergers, the debts are merely assumed by the new owners and as others have pointed out, contractual term with banks always include full payment on change of ownership.I believe that he will eventually take over the club having made such a bold statement, and this is merely the beginning of what could be a long-running negotiation over control.The success of the share sale of Towergate despite the market conditions may spur him to sell off more, and that will result in him becoming even more cash-rich. If he so desires then he can obtain full control. The only issue is whether he considers that he can broker a a reasonable deal with the owners.

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[quote user="cityangel"]

What it says is that they want £56m to be bought out.

In the light of headlines in this morning''s press we thought it would be helpful to supporters to share the process the club uses when evaluating any potential investment in Norwich City Football Club PLC.
We look at the individual, we look at what they want to achieve and we look at the financial viability of their proposition. In the case of someone seeking to take control of the club and at the same time invest £20 million in the playing squad this would take a minimum of £56 million made up as follows:
Investment in playing squad£20 million
Purchase of shares based on current share issue price of £30 per share£16 million*
Repayment of bank debt that would be triggered by a change of control£16 million
Repayment of directors'' loans£4 million
TOTAL£56 million
In the last 12 months we have talked to a number of potential investors. We have also reviewed a number of different propositions. Unfortunately none of these investors have made a proposal which we have considered financially viable.

 [/quote]

Why would the existing directors want their loans repaid?  They would still be directors, no? Spiteful.

The bank debt could be refinanced - it isn''t necessary to repay that straight away given that the new investment team would have their own banking arrangements - one firm could underwrite the existing debt (much like remortgaging with another lender).What this says is that, financial matters aside, the true bankruptcy is attached to any claim that Smith and Wynn Jones, or the rest of this pathetic board, are Norwich City fans first and foremost.

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[quote]after all cullum is believed to be worth 1.7billion.... Now youre telling me that 50million or so is going to stretch him?? i shouldnt think so... if he is interested as he has stated he would be more than willing to meet the demands asked to help the club..[/quote]

But you''ve got to understand he is a business man who has made money from getting the cheapest possible deals he can. He won''t want to pay £56m out of principle and out of business acumen. The best situation will occur when he thinks he''s got a bargain, and Delia thinks she has got a good deal.

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then if eh doesnt want to pay 56million then he isnt as interested as he makes out and should let the matter dissappear, splash the cash or dont bother... 56million in 1.7billion... dont get me wrong 56million is one heck of a big sum... however in his case, this sort of money flies about his calibure in investment all the time...

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[quote user="sturgeon220"][quote user="Fat Prophet"]



City fans, you can do your bit too!  Give up your season tickets!  Sacrifice is never easy, or it wouldn''t be a sacrifice at all.  But now''s the time!  Seize the moment!  This is our club and we want it back!

 

[/quote]  Giving back several thousand pounds worth of season tickets would make the club less atractive to any prospactive purchaser 
[/quote]

Could you explain your reasoning?

I don''t know about "any" purchaser, but we''re talking about a specific purchaser here.  If it was done to put pressure on the current ownership I don''t see how it would deter Mr Cullum.  It wouldn''t necessarily encourage him either, but it would leave the Stowmarket Two in little doubt as to the possible consequences of their intransigence. 

 

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As cullum said he wont give ncfc anymore money after the initial 20 million, cant see him buying the club for 56 million!

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[quote user="norfolkbroadslim"]I wonder if Cullen is rethinking his first thoughts on keeping Delia as a figurehead?[/quote]Did he ever expect her to stay. I doubt it. He''s cleaver. Offer what most of the fans want and offer what the rest want too. Delia to retain her tiara. Result he look like a good guy all round. Knowing full well Delia won''t stay and play second fiddle on someone else’s orchestra.Good on him. He''s sharp. He what we need. Cleaver and very rich. I like this man

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This has got nothing to do will money, its all to do with control. Cullum wants to be in control for his £20m and the Smiths will not give up control. As for the £56m price tag it all pie in the sky. The Smiths know no one will ever come up with that much for the club so there will never be a take over at that price.

What we have to remember is by refusing Cullum offer last year The Smiths were willing to see us go down as long as they stayed in control. There''s nothing like having a true fan in control of our club?????????

 

FOOTBALL MUST COME FIRST 

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[quote user="Worst Wizard"][quote user="sturgeon220"][quote user="Worst Wizard"][quote user="sturgeon220"][quote user="Worst Wizard"]That statement says more about Delias motives than anyone on here ever has.[/quote] Pardon?[/quote]Didn''t take you long did it?!) Convert all loans to shares then increase share price from £25 to £30 instant 20% markup on all shares you hold.2)Having acquired controlling interest convert NCFC LTD to NCFC PLC Thus potential buyer has no option but to buy you out completely.3)Ensure all long term debt is repayable on change of ownership. Tags another £20mill on the price.4)Having dragged the club to the depths of the old second division, weakened the playing squad beyond recognition, selling all the good players to "balance the books" and replacing them with cheapies and freebies and loans, run up twenty million pounds of debt in the Clubs name, she then announces to the World that the purchaser has to invest £20m in the squad, Double what Delia has put into the Club in ten bloody years,  of course that £20m wont be secured against securities or shares like Delia had the priviledge to do.!!!! But if you don''t put it in you''ll be exactly the sort of nasty person Delia has been saving us from for so long.She has screwed us royally here. Messed up the team, messed up the finances and now wants to walk, head up having saved the Club, with a 20% profit on her investment and leaving the new owner holding a very ugly £20m baby created by the current Boards mismanagement of income over the last ten years.She got in cheap and wants to sell top dollar and you question me?.[/quote]   Unless you are a financial expert in which case I will bow to your expert and reasond case for the prosecution. [/quote]Dont patronise me.Clause 3) Repayment due technically yes in practice it is secured so would likely be re-negotiated in fact if PC took over it would be bad business for the lender to call it in. He''s a big player with massive collateral, a far better risk than Delia.Why are they asking £30 for shares then? She paid £25 for most of hers Nothing you could say will make me believe anything other than Delia and Michael have feathered a very comfortable nest for themselves for imminent retirement out of NCFC, and I''ve a feeling I''m far from alone in that view.[/quote]  I had no intention of patronising you, but Your line at the end of the first post was so arogant it really pi**ed me off. I have my opinion and you have yours. I reckon the truth will be somewhere in the middle don''t you?  I, like many others on here do see the need for change, it''s just the nasty hysterical way some of the posters are screaming for blood that I dislike.  I hope we all get what we want, I just try to do it in a civilized way as I''m sure you would like to as well.. (or is that patronosing as well?)  O.T.B.C

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[quote user="ricardo"]

[quote user="Hardhouse44"]Oh! Cullum used the EDP to call Delia''s bluff. Looks like Delia has just called Cullum''s back. Question is. Who has the clubs best interest at heart. £20m for players sounds so much better that what we all expect that Delia and co will rustle up. But if that’s what Delia wants she will have to live with a back lash that could make the Chase sage look like a stroll in the park.Delia you are living on borrowed time. He want to move Norwich forward you want to keep thing how they are. 24000+ other interested parties are probably not interest in the latter. We want football back at Carrow Road. Give it to us or you''ll eventually have to run for the hill. Now we know![/quote]

If nothing else Hardhouse, this has focused a few minds on what has really been happening to our club in recent years.

Perhaps a few more people will now come to realise that they aren''t doing this for the love of the club.

Those who badmouthed the realists should hang their heads tonight.

I just hope that PC is really serious about taking control, he already has the high moral ground if I correctly gauge the opinion on this Forum.

The longer this goes on, the more the pressure will grow on the Smith''s.

[/quote]I would have thought most of this is obvious. You look at the costs - the loans are from the directors, we know £2million of this is from the Turners, who knows where the others have come from but does it make a difference?!!!Also with our debt currently valued at £16million I am surprised that no one has pointed out that this is less than many people on here have been bandying about. It is not uncommon for people to say that the club is in over £20million of debt. Having said that I suppose that some will argue that they are when looking at how much the directors loans come to.However I am still not sure where the anti board sentiment find an argument in this. Banks loan out money based on the ability for it to be paid back. If Mr Cullum is serious then he could take out a loan of his own to pay the debts and you are back to the current situation only with a much wealthier person involved. So to a certain extent I would ignore the clubs debts bit because that is exactly what has happened at the likes of Liverpool etc.

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[quote]why don''t they just get the hell out and give us our club back[/quote]

It was never our club.  It was Watlings, then Souths, then Chases, then Watlings again briefly, and now it''s the Joneses.

I think they''ll either come to a deal, or the Turners will magically find some cash and save their skins.  I just wish it was done more privately, this could become rather undignified.

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[quote user="Chappers"]As cullum said he wont give ncfc anymore money after the initial 20 million, cant see him buying the club for 56 million![/quote]

He didn''t actually say that, he said that he wouldn''t keep ploughing money into the club (such as £10m a season)...

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Is this what it has come down to? the desperation for money at Norwich City FC.  Dont get me wrong this is fantastic for us all and the club £20 million smakeroooonies.  BUT and i mean a big big but??? What is the future of NCFC under Peter Culum as majority shareholder.  has anyone stopped to look forward on this.  ok he is willing to plough in his money. and do everything that is said in the press release etc etc. (weve all read about it by now).  But what is the 3, 5 and 10 year plan that PC has for Norwich City.  does it stop at 20 mil or is there more in January? or next summer? and say we do make the playoffs at least this year? what then.  What will Cullum do with the club if we make the Premiership.  does he have another 30+ million to try and keep us there or wot?  This is not just about the hear and now. £20 million pound has got everyone intoxicated but for me i want to know what else this guy has to offer beyond this first lump sum???? lets hear his future plan as Majority Shareholder.  I believe Delia and Michael wont back down until the future of the club is safe and has some security(although not brilliant at the moment) so good on them for being cautious.  lets see what happens.

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[quote user="norfolkbroadslim"]I wonder if Cullen is rethinking his first thoughts on keeping Delia as a figurehead?[/quote]

The way she is at the moment I personally wouldn''t want to see her face there again.  Does she really believe that she is going to be well received at the first home game of the season if the investment, which she mentioned at the RNS is not forthcoming, as I have previously posted, there is no evidence to suggest the supporters will be placated by any decent signings.  It is clear at the moment that the statement of investment for the club is unfounded, as we are nearly a week later and still nothing from the club.  Two players signed, one FREE and one £250,000.  The only asset we had worth any money (rumoured value now anywhere near £4 mill) and sold for £400,000, that being Joe Lewis is now gone, where is there any other value in the players that remain that would get this club out of trouble, if PC is rejected? 

In my eyes what little credability she had left she is fast throwing away, does she think that because Norfolk has a reputation for having not the brightest people in the world, that we cannot see through this statement?

I am sure that if PC is as commited as I suspect he will not be fooled by this either, he is a businessman, and very successful I add, this will not wash with him, and I am more than sure he''s done his homework.

Why have the board hidden behind a little official statement which is full of loopholes.  If they are not scared of the implications of the paper article why did they not appear on local TV as we saw Mr Doomcaster sculking away in his car on Anglia news tonight?

 

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[quote user="BBFF"]
This has got nothing to do will money, its all to do with control. Cullum wants to be in control for his £20m and the Smiths will not give up control. As for the £56m price tag it all pie in the sky. The Smiths know no one will ever come up with that much for the club so there will never be a take over at that price.
[/quote]I think to take over the club, you would "only" need £20 million... £16m to buy the shares, £4m to repay the directors loans (providing they want them repaid.The £16m debt could be refinanced.  But what this statement seems to say is that it''s not just a matter of finding £20m for players - you need £20m just to get the keys.

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[quote user="up_barc_canary"] This is not just about the hear and now. £20 million pound has got everyone intoxicated but for me i want to know what else this guy has to offer beyond this first lump sum???? lets hear his future plan as Majority Shareholder.  I believe Delia and Michael wont back down until the future of the club is safe and has some security(although not brilliant at the moment) so good on them for being cautious.  lets see what happens.[/quote]

So our year after year slow decline under delia makes you feel safe ?Makes me bloody depressed !!

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[quote user="sturgeon220"][quote user="Worst Wizard"]Hey sturgeon 220!No Probs.[/quote]  Nice one mate  Here''s to the future hey!!???[/quote]Yes one things for sure it''s going to be more exciting than last season.

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Just want us all to err on the side of caution here. If  Cullum simply wanted to invest some money into the transfer pot  he could have done it  for a seat on the board but he has clearly stated he wants  CONTROL  of the club, which, under city rules means that he will have to offer to buy 100% of the shares. People seem to be missing the point a bit here. Delia and Michael cannot just simply sell him their shares and wave goodbye.. we are a PLC, and whilst that was Delia and Michael decision, think back to when it was made... if they were simply in it to make money why would they wait this long?Personally I believe (and I''m expecting to get shot down here) that Delia and Micheal have always tried their best for the club although they have made some massive mistakes on the way, but cannot take the club forward anymore, and are obviously prepared to negotiate with Cullum hence the statement tonight, a deal will probably be done if Cullum is genuine, and if Michael and Delia get back the money they''ve invested, good for them judging by those figures they won''t be making much of a profit. I will welcome Cullum with open arms and hope that he will invest as promised and I can enjoy watchin Premiership football, but lets not get carried away.But let me ask you all one more question.... how long until some people on here are calling for Cullums head when promotion isn''t achieved....

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[quote user="The Saturday Boy"]Just want us all to err on the side of caution here. If  Cullum simply wanted to invest some money into the transfer pot  he could have done it  for a seat on the board but he has clearly stated he wants  CONTROL  of the club, which, under city rules means that he will have to offer to buy 100% of the shares. People seem to be missing the point a bit here. Delia and Michael cannot just simply sell him their shares and wave goodbye.. we are a PLC, and whilst that was Delia and Michael decision, think back to when it was made... if they were simply in it to make money why would they wait this long?Personally I believe (and I''m expecting to get shot down here) that Delia and Micheal have always tried their best for the club although they have made some massive mistakes on the way, but cannot take the club forward anymore, and are obviously prepared to negotiate with Cullum hence the statement tonight, a deal will probably be done if Cullum is genuine, and if Michael and Delia get back the money they''ve invested, good for them judging by those figures they won''t be making much of a profit. I will welcome Cullum with open arms and hope that he will invest as promised and I can enjoy watchin Premiership football, but lets not get carried away.But let me ask you all one more question.... how long until some people on here are calling for Cullums head when promotion isn''t achieved.... [/quote]Would you buy a ferrari and let someone else use it, with you having little say in the matter ?Doubt it very much.

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[quote user="the1englishman"][quote user="up_barc_canary"] This is not just about the hear and now. £20 million pound has got everyone intoxicated but for me i want to know what else this guy has to offer beyond this first lump sum???? lets hear his future plan as Majority Shareholder.  I believe Delia and Michael wont back down until the future of the club is safe and has some security(although not brilliant at the moment) so good on them for being cautious.  lets see what happens.[/quote]

So our year after year slow decline under delia makes you feel safe ?Makes me bloody depressed !![/quote]Hell no, im sick of this fiaco every time there a transfer window. As we stand we have barely touch the transfer market. theres 17 days before the first pre season game and we still dont have the makings of a first team. I for one am pleased about Wes Hoolihan but will not take him as a sweetner. we need something at Norwich. and Delia has run out of cash. All i was trying to say was that she wants a long term future for NCFC.  She loves the club as much as we all do and until now we all liked her. but dont get on Delia''s back because the money has run dry.  Dont forget it was her own personal money that got us Hucks in the first place and some others. But i want a fiture that has some financial security, not just a one of £20 million now.

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So this £20 million investment in the playing squad - I take it that''s what the current board will be putting in....

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[quote user="up_barc_canary"][quote user="the1englishman"][quote user="up_barc_canary"] This is not just about the hear and now. £20 million pound has got everyone intoxicated but for me i want to know what else this guy has to offer beyond this first lump sum???? lets hear his future plan as Majority Shareholder.  I believe Delia and Michael wont back down until the future of the club is safe and has some security(although not brilliant at the moment) so good on them for being cautious.  lets see what happens.[/quote]

So our year after year slow decline under delia makes you feel safe ?Makes me bloody depressed !![/quote]Hell no, im sick of this fiaco every time there a transfer window. As we stand we have barely touch the transfer market. theres 17 days before the first pre season game and we still dont have the makings of a first team. I for one am pleased about Wes Hoolihan but will not take him as a sweetner. we need something at Norwich. and Delia has run out of cash. All i was trying to say was that she wants a long term future for NCFC.  She loves the club as much as we all do and until now we all liked her. but dont get on Delia''s back because the money has run dry.  Dont forget it was her own personal money that got us Hucks in the first place and some others. But i want a fiture that has some financial security, not just a one of £20 million now.[/quote]Her money hasnt run out because in relaity she hasnt used any, if you think they have not been taking a very large salery each year then your mistaken, and thats fine, but she is full of contradictions, the club has no future under her.And finaly she didnt buy hucks, a local buisness man put the money up.

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@ Saturday boy. The offer for the shares isn''t a problem at all. After all I think all minor shareholders would be willing to sell at £25, and even if they don''t if delia sells they don''t really have a choice. Delia stated earlier that she was willing to sell at £25 a share, a reasonable value for the shares that sees her make profit on her investment. Now it says in the statement that the value of the shares are £30. Why has the value of the shares suddenly increased 20%? Does she really want to sell the club? If she wants to sell the club so badly why hasn''t she sold? Did Cullum offer £25 a share? These are questions that should have been answered.

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[quote user="the1englishman"][quote user="The Saturday Boy"]Just want us all to err on the side of caution here. If  Cullum simply wanted to invest some money into the transfer pot  he could have done it  for a seat on the board but he has clearly stated he wants  CONTROL  of the club, which, under city rules means that he will have to offer to buy 100% of the shares. People seem to be missing the point a bit here. Delia and Michael cannot just simply sell him their shares and wave goodbye.. we are a PLC, and whilst that was Delia and Michael decision, think back to when it was made... if they were simply in it to make money why would they wait this long?Personally I believe (and I''m expecting to get shot down here) that Delia and Micheal have always tried their best for the club although they have made some massive mistakes on the way, but cannot take the club forward anymore, and are obviously prepared to negotiate with Cullum hence the statement tonight, a deal will probably be done if Cullum is genuine, and if Michael and Delia get back the money they''ve invested, good for them judging by those figures they won''t be making much of a profit. I will welcome Cullum with open arms and hope that he will invest as promised and I can enjoy watchin Premiership football, but lets not get carried away.But let me ask you all one more question.... how long until some people on here are calling for Cullums head when promotion isn''t achieved.... [/quote]Would you buy a ferrari and let someone else use it, with you having little say in the matter ?Doubt it very much.[/quote]No... but I wouldn''t say I was only buying it for other people to enjoy. I''m just trying to say that Cullum is as guilty of spin as Delia and MWJ

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