Huge ipswich signing imminent !

[lappinitup 629]

[quote user="portmanking"]Like I said, when it does become payable it won''t be a problem as we will have been making a profit for 5 consecutive seasons...

This is nothing like Pompey - Evans is tied into the club and if he ever decided to sell the club the debt would be relinquished.
[/quote]Dream on! From your Supporters Trust before the takeover..........

"A further £8.1m will be invested in preference shares which will accrue 7% interest annually. These shares will be repayable at some time in the future should we achieve promotion to the Premier League and remain there for a period of time.

Should the club achieve promotion to the Premier League, then the proposed takeover could prove very lucrative for Marcus Evans as he will be able to receive repayment for the preference shares and the outstanding debt plus accrued interest. However, is that a bad thing?

He is taking a risk as there is no certainty that the club will achieve promotion over the next few years, let alone this season, and we live in a culture where risk-taking should be rewarded. Plus the club is in a dire financial position and desperately needs to refinance its balance sheet."

And this from David Conn...........

"Evans''s MEI has also bought the major lenders'' debts, which had risen to £32m. Barclays are understood to have settled for just a fifth of the money owed to them and Norwich Union are reported to have accepted a similarly reduced sum although this has not been confirmed. Certainly Evans has paid the institutions substantially less than the full £32m, but the club nevertheless still owes it all, now to MEI, with interest at over 7%, £2.24m a year. If his £12m investment is spent wisely by Magilton and Ipswich have the wherewithal, pluck and luck to win promotion, Evans could be paid £32m, plus the regular return on his preference shares, and own a Premier League club worth a great deal more than he paid for it.

"Marcus Evans was attracted because Ipswich is a community club and he supports the club''s values, but clearly it is a business," Sheepshanks acknowledges. "He does stand to make a huge profit, but the good news for our supporters is that his interests are aligned with the club. He will not make that profit until the club can pay it, and that means making it to the Premier League. He has bought Ipswich Town because he wants to own a Premier League club, and all the benefits which go with it."

Yep, He''s doing it because he loves you............

[First Wizard 0]

[quote user="portmanking"]Utter bobbins - the money goes to the club, it is not Marcus Evans Group FC...

Evans can only take a profit from the club after five consecutive years making a profit

If anything, Evans will be glad to have the debt as he can offset the debt via tax.
[/quote]Keep telling yourself that.............and who knows?[:S]

[Penfold 0]

The takeover of the Daily Mirror would have probably been leveraged anyway.

Face it you don''t know who the guy is, how much he''s worth or what his intentions are.

Speculation in football is proven to fail, Leeds, Portsmouth, Palace and others show this.

[morty 0]

Blimey Lapp, good stuff!It really has the possibility to go quite badly tits up, doesn''t it?

[Willmeister 35]

I wish the scum would just admit that they are run by a dodgy arms dealer, who when has made hsi buck from the club will leave it on its knees.

[Jim Smith 2,314]

http://www.itfc.co.uk/page/NewsDetail/0,,10272~1181533,00.html

Just to re-emphasis Portmanking the 5 year peiod you refer to relates only to Evan''s ability to take out the money he has invested in Preference shares (£8m) and he may not be in too much of a rush to do that as he draws down a £600K per year dividend on that investment for as long as he has them anyway!

It appears he could call on the rest of the debt at any time although he would be unlikely to do it now as you presuemably could not pay. In the prem with the tv money however different ballgame. Suspect in thos circumstances he would look to take out his money, walk away with a tidy profit and flog the club to whoever will take it. That may be a good thing or may be a bad thing depending on who it is I guess!

[lappinitup 629]

[quote user="morty"]Blimey Lapp, good stuff!

It really has the possibility to go quite badly tits up, doesn''t it?[/quote]He may have agreed to keep them for five years but now he is the owner he can do exactly as he pleases. If he sells up, who''s going to stop him? David Sheepshanks? Supporters Trust?  Who could afford to take him to court?

[Barclay hero 0]

[quote user="portmanking"][quote user="morty"][quote user="portmanking"]Agreed - but as I have already said twice, Sheepshanks organised the deal so that Evans can only make money out of the club once it has made a profit for 5 consecutive years, stopping Evans doing a runner with all the money if we were to get promotion next May. The only way we can realistically make money is by being in the top flight.
[/quote]

Evans either has very, very deep pockets then, or theres things that you don''t know about the deal.

Or maybe he is a genuine fan, who wants you promoted at any cost, I guess it could happen.

But rich people don''t get rich by being stupid with their money.

[:)]
[/quote]

Of course he has deep pockets - you do know he failed to buy out the Daily Mirror for £800m a few years ago don''t you?

The terms of the takeover were 100% visible to all shareholders so we''ve known all along about the 5-year profit plan.

You''re right people don''t get rich by being stupid, but he knows we must speculate to accumulate in some areas of our team.
[/quote]

I failed to buy the Mirror Group for £800m too!!

 

But that’s because I haven’t got the money. 

 

[:D]

[morty 0]

[quote user="lappinitup"][quote user="morty"]Blimey Lapp, good stuff!It really has the possibility to go quite badly tits up, doesn''t it?[/quote]He may have agreed to keep them for five years but now he is the owner he can do exactly as he pleases. If he sells up, who''s going to stop him? David Sheepshanks? Supporters Trust?  Who could afford to take him to court?[/quote]Indeed. I was also making the assumption that he''s actually a fan, which can make all the difference in how you spend your money.Makes Delia and Michael''s reluctance to sell to "just anybody" rather comforting.

[Jim Smith 2,314]

To be fair though it is true to say that Evans has a vested interest in getting Ipswich into the prem due to the personal return he could make. It could all work out if he then seels to the right buyer. This should not be used to defend any refusla/failure on the part of Delia and MWJ to consider selling up to the right buyer.

[City penguin 0]

the scummers dont understand that all they are is a tax offsetting operation to Marcus Evans with the potential of huge return on his investments, hes getting 7% at the moment in interest, hes not going to get anything near that for many years to come with Banks. He knows that at some point he is going to shaft ipswich town and leave them desperate for another takeover much in the way he came to control, this is why he doesnt want to be knwon. When the shit hits the fan hes going to want so stay clean.

[King Klose 0]

Ahhh don''t you just love it when the sc*mmers think everythings OK, they''re in cuckoo land. It''ll all go tits up soon.[:D]

[lappinitup 629]

[quote user="morty"]I was also making the assumption that he''s actually a fan, which can make all the difference in how you spend your money.[/quote]Not a fan! I think he looked at two or three other clubs before he settled for Town (Leicester was one I think).

[shefcanary 2,377]

So Lappin reports MEI bought £32m of debt for about a fifth of the ticket value - MEI paid £6.4m and is entitled to get £32m back.  That''s a £26M profit to MEI straight away.  Then MEI gets £2.4m p.a. in interest payments.  Thus MEI can effectively write-off the purchase price of the debt already as interest earned to date is more than that.  As also mentioned in this thread MEI is taking £600K in preference dividends. 

So in the 5 year restriction on cashing in the preference shares MEI will have receieved another £3m at least from preference share dividends and £12m in interest.  That''s £15m in total, having splashed out an immediate outlay of £6.4m + £8m = £14.4m.  So after 5 years MEI has received £15m in interest and dividends, compared to an initial outlay of £14.4m (£600K profit there), can get the preference shares of £8m repaid, thus being effectively £8.6m better off, and the club still owe £32m to MEI and thus continue to owe interest.  Nice!  For MEI who will be quids in without doing much at all.  I can see why Ipsh@t fans blindly think MEI will write-off the debt, especially with "tax losses" being on the cards, but come on this is the real world.  If, and its a big If, with Mr Roy in charge, they get to the Premier League, do they really think he will give away the debt for nowt? 

This deal is nearly as good a deal as Cloud 9 offered Wednesday recently - a club with debts of over £20m and with a "world class stadium (natch)" valued at c.£10m by the yankee shysters but who were only prepared to put in £2m initially as long as the debts were written off by the debt holders!  Have Cloud 9 and MEI been comparing notes.

Football - its a business now!!  Ask Gaydamak!

[Boyo 0]

[quote user="shefcanary"]

So Lappin reports MEI bought £32m of debt for about a fifth of the ticket value - MEI paid £6.4m and is entitled to get £32m back.  That''s a £26M profit to MEI straight away.  Then MEI gets £2.4m p.a. in interest payments.  Thus MEI can effectively write-off the purchase price of the debt already as interest earned to date is more than that.  As also mentioned in this thread MEI is taking £600K in preference dividends. 

So in the 5 year restriction on cashing in the preference shares MEI will have receieved another £3m at least from preference share dividends and £12m in interest.  That''s £15m in total, having splashed out an immediate outlay of £6.4m + £8m = £14.4m.  So after 5 years MEI has received £15m in interest and dividends, compared to an initial outlay of £14.4m (£600K profit there), can get the preference shares of £8m repaid, thus being effectively £8.6m better off, and the club still owe £32m to MEI and thus continue to owe interest.  Nice!  For MEI who will be quids in without doing much at all.  I can see why Ipsh@t fans blindly think MEI will write-off the debt, especially with "tax losses" being on the cards, but come on this is the real world.  If, and its a big If, with Mr Roy in charge, they get to the Premier League, do they really think he will give away the debt for nowt? 

This deal is nearly as good a deal as Cloud 9 offered Wednesday recently - a club with debts of over £20m and with a "world class stadium (natch)" valued at c.£10m by the yankee shysters but who were only prepared to put in £2m initially as long as the debts were written off by the debt holders!  Have Cloud 9 and MEI been comparing notes.

Football - its a business now!!  Ask Gaydamak!

[/quote]

So does this and Lappinitups post mean that if Ipswich don''t get promoted they will go into serious debt and face administration?  I''m confused!  Could you put it into some simple English please!?

[missing in action? 0]

[quote user="portmanking"]Like I said, when it does become payable it won''t be a problem as we will have been making a profit for 5 consecutive seasons...This is nothing like Pompey - Evans is tied into the club and if he ever decided to sell the club the debt would be relinquished.[/quote]how big is your profit? or what if your profits arent sufficient, after all, many sides in the quest for glory then continue to exceed wage and transfer budgets and actually go back into the red chasing the dream, seems like you are doing this atm on a smaller scale.

[lappinitup 629]

[quote user="missing in action"]how big is your profit? or what if your profits arent sufficient, after all, many sides in the quest for glory then continue to exceed wage and transfer budgets and actually go back into the red chasing the dream, seems like you are doing this atm on a smaller scale. [/quote]Profit? They made a £10.32m loss in the last financial year.

[lappinitup 629]

[quote user="Boyo"]So does this and Lappinitups post mean that if Ipswich don''t get promoted they will go into serious debt and face administration?  I''m confused!  Could you put it into some simple English please!?[/quote]This is what Simon Clegg said last week........

"SIMON Clegg last night admitted that he is under pressure from Ipswich Town owner Marcus Evans to get players out of Portman Road.

“I can then look to bring some newcomers in,” said the Blues chief executive.

Clegg, who talked to fans at the Town stand at the Suffolk Showground yesterday, is confident that he will be able to satisfy Evans’ demands."

So, it seems the money pit is drying up. I don''t think administration is an option for him, more than likely, he will cut his losses and run if they fail to get promoted again next season.

[morty 0]

Its lucky you were here Lapp, you know all the facts! And it would seem you know more about them than the Ipswich fans do.Binner?[;)]

[lappinitup 629]

[quote user="morty"]Its lucky you were here Lapp, you know all the facts! And it would seem you know more about them than the Ipswich fans do.

Binner?

[;)]
[/quote]LOL. It''s just that I remember the "we''re f***ing rich" and the £20 note taunting. I just keep a few reports ready for when they pop up, so I can remind them that they sold their souls to the faceless one![;)]

[morty 0]

[quote user="lappinitup"][quote user="morty"]Its lucky you were here Lapp, you know all the facts! And it would seem you know more about them than the Ipswich fans do.Binner?[;)][/quote]LOL. It''s just that I remember the "we''re f***ing rich" and the £20 note taunting. I just keep a few reports ready for when they pop up, so I can remind them that they sold their souls to the faceless one![;)][/quote]Hehehe, good work fella![Y]

[Barclaybred 0]

[quote user="portmanking"]Like I said, when it does become payable it won''t be a problem as we will have been making a profit for 5 consecutive seasons...

This is nothing like Pompey - Evans is tied into the club and if he ever decided to sell the club the debt would be relinquished.
[/quote]

Hope you are man enough to post if and when the brown hits the fan...The debt will always be owed..If you make a profit for 5 years,and it becomes payable,by that time you debt to whoever willl be enormous! So where is the pot of gold at the end of the rainbow? As i see it you are living for today,and ahem tomorrow..Good luck with that

[WOTB 0]

Bollocks!!!!!!!. it`s very much like Pompey. The sooner they go tits up the better it will be.

going into admin once is bad enough doing it twice is unacceptable and should result in instant relegation to The Blue Square.

[bluemike 0]

Yet another ITFC thread started on the scums forum by the biggest Inbred of them all, hasnt school reopened yet in Norfolk ? This fixation is getting so funny.

[WOTB 0]

yeah but look who`s reading it bluemike, can`t you keep away? you like it here you much that you want to be us.

Sorry you can`t come in coz your sister is your mother and you have 6 fingers on each hand

[morty 0]

[quote user="bluemike"]Yet another ITFC thread started on the scums forum by the biggest Inbred of them all, hasnt school reopened yet in Norfolk ? This fixation is getting so funny. [/quote]Wow, you really know how to debate.Thank you for your insight.[Y]

[City penguin 0]

[quote user="bluemike"]Yet another ITFC thread started on the scums forum by the biggest Inbred of them all, hasnt school reopened yet in Norfolk ? This fixation is getting so funny.
[/quote]

notice how the binner replys with no arguement about the dire position his club is in finnancially.

[WOTB 0]

That`s because they know that they are in a certain creek without any means of power.

They hoping to get promoted and all their problems will be solved.

Meanwhile Evans Holdings or whatever they`re called continue to rape them of £1 million in interest per annum.

Nice little earner Rodney

[hogesar 9,611]

[quote user="bluemike"]Yet another ITFC thread started on the scums forum by the biggest Inbred of them all, hasnt school reopened yet in Norfolk ? This fixation is getting so funny. [/quote]Yeah. It''s almost as if we''ve all signed up and commented on a topic on norwich on one of the Ipswich forums..Oh, hang on a minute [:d]

[Boyo 0]

[quote user="lappinitup"]

[quote user="Boyo"]So does this and Lappinitups post mean that if Ipswich don''t get promoted they will go into serious debt and face administration?  I''m confused!  Could you put it into some simple English please!?[/quote]This is what Simon Clegg said last week........

"SIMON Clegg last night admitted that he is under pressure from Ipswich Town owner Marcus Evans to get players out of Portman Road.

“I can then look to bring some newcomers in,” said the Blues chief executive.

Clegg, who talked to fans at the Town stand at the Suffolk Showground yesterday, is confident that he will be able to satisfy Evans’ demands."

So, it seems the money pit is drying up. I don''t think administration is an option for him, more than likely, he will cut his losses and run if they fail to get promoted again next season.

[/quote]

Right I sort of get it.  If Ipswich fail to win promotion this season then all the money on keane, chopra, sunderland rejects etc, would have been wasted meaning a hell of a lot of debt.  So then Marcus Evans will tell Clegg to sell lots of players, make people redundant, etc, and then Evans will do one, leaving Ipswich in a huge financial struggle with no money at all and then could face admin. 

Am I now correct?