Sharpe and Co Bid

[ironfromafar]

a week or so ago it was all smiles and it this sale looked nailed (pics posted, podcasts and wages paid) .. obviously what we know now is that was all bollocks. The fact Sharpe n Co stated they were looking for more investors to join the consortium should of been enough evidence that at that time they didnt have the funds ie enough money to meet Swans price … seems these guys along with LT may have led the fans on a merry dance as its all turned to shite now.

Truth is only a hand full know the what has happened and the numbers involved and i most comments are at best guesswork or personal opinion like mine.

Doesnt alter the fact sadly its looking grimmer by the day as the clubs only positive way out are new owners and the clock is ticking.

[Iron-awe]

SST wrote:

Once this draws to a conclusion, I get the feeling the gloves will be off.

Well the gloves appear to be off on this forum already 😂

1 user thanked author for this post.

bartonscorpion

[Pat O’Cake]

Iron-awe wrote:

SST wrote:

Once this draws to a conclusion, I get the feeling the gloves will be off.

Well the gloves appear to be off on this forum already

The gloves don’t need to be off between us supporters, people just need to stop talking crap about stuff they know nothing about! None of us know what finances Ian, Simon and consortium have/had available, none of us know for certain what Swann wants for the club AND the land it’s all guesswork from the usual suspects.

5 users thanked author for this post.

Heath, Iron-awe, Just Iron, lesgeo, SD0101

[Deereyme66]

Ironking’s quiet the last few days

[Northumbiron]

Anonymous wrote:

I wonder if Mr Wharton would support a Phoenix club by ‘selling’ a piece of land for a token price that we could then develop?

Owner – Brian Potter.

Manager – Jerry St Claire.

4 users thanked author for this post.

Cliff Byrne's Right Peg, TwoWrights, , BobbyGmeister

[Anonymous]

I can’t see a sale occurring.
I think the staff will be paid.
Not paying HMRC will be the catalyst to the apocalypse.

[lesgeo]

I know someone who has a great deal of experience with people who have mental issues.
I described the history of our club’s owner with the Iron and he was insistent that calling PS ‘evil’ was probably not getting to the nub of the issue.
His argument – recently developed as the news broke – was that the gambling addiction tells a different story.
He stated that gamblers tend to be either fantasists or extreme optimists – perhaps both.
Gotta admit that did seem to fit the bill, rather.

My one observation would be that these problems cannot justify failing to attempt to put right the wrongs perpetrated against other people – in this case, thousands of Iron Fans.

Not making any point, here. Am just throwing this into the mix.

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inspector, Iron-awe, Just Iron, Siderite

[BobbyGmeister]

“I was just being a realist and you just chose to be blind to it all. Stevie wonder would have even seen where the local consortium pursuit for the club was going to end up.”

This is why you shouldn’t be posting Burney…

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IronIronIron

[Awaywego]

How can you interpret it any other way is beyond me Deerey. Having said that I am not surprised with it being you.

[Bucksiron]

Look, as things stand SUFC Ltd is worth less than nothing, i.e. it’s a liability. We really need to see an up-to-date balance sheet but the one that is available reveals no assets and negative equity. The assets the club did have, which were significant, have been stripped away by Swann to cover the losses incurred by him over the years. These now appear to sit in Coolsilk, but that company has also made big losses based on the balance sheet available for it.

It’s highly unlikely things have got any better. Swann’s business was undoubtedly hit by covid but if you also look at his personal profile at Companies House there appear to have been all sorts of things happening around horse racing and bloodstock. Put simply, the Swanns’ finances appear to have taken a massive hit over the past few years — I say “appear” because obviously we can only see records from Companies House.

Either way, Swann seems to be in no position to take the club forward and without a sale administration looks inevitable. This is why I’ve suggested that the best option would be to leave the club and Swann to their fate. While, of course, it’s terrible for people to lose their jobs, if I was employed by SUFC Ltd I’d be looking very seriously for new employment. I’d be surprised if this wasn’t the case for most people who work for the club, including the players.

I think les’s post is very pertinent to all of this. What’s happened makes very little sense until you take the betting problem into account. It certainly appears to explain a lot. Given all of this I’d say that supporting the start of a new club is definitely something that should be debated. While far from an ideal solution it would, at least, give some hope unless a serious buyer for SUFC Ltd can be found, which at the moment looks increasingly unlikely, if not impossible given current circumstances.

[Awaywego]

The “athletic piece” by SST states what Swanny wants that’s all I’ve been basing it on Pat do you dispute what SST says are facts?

[Cliff Byrne’s Right Peg]

What happens at the end of the month when/if we default on wages again? Is there where the administrators take over?

[Awaywego]

Hopefully it’s all getting tedious.

[lesgeo]

I am not at all against a ‘new club’, BI – but all we should each be doing at the moment is trying to get a few bright ideas together. Just in case. So that we can sorta hit the ground running should that ever become necessary.
We would need a new club under way, in some division or other, by August of this year.

[Northumbiron]

Today’s dingbat….

EVENT YY

[cassidystash]

YYUR
YYUB
ICUR
YY4ME

[WonderGoals]

64 wrote:

So you know what Swann wants and what they bid?

The amounts were on twitter. I can’t remember who leaked them. Sharpe and co offered 1.25m for the club, stadium and training ground but that wasn’t for the surrounding land. Swann wanted 3.5m for the lot.

SST would have seen it on twitter. I’ll have a look to see if I can find it. Not sure why it matters because they aren’t even in the running any more.

Elliot on the radio alluded to the fact they could have paid the asking price but would then not have the funds to keep the club running smoothly, which is understandable. No way in a million years they had the 3.5mil, plus would have had the money to pay the bills owed and pay player and staff wages.

Everything factored in you’re looking at what, around 5mill ?. The loan needs paying he got against the ground, plus the tax bill and then operating costs, wages e.t.c. Pretty costly !

[Desertiron]

WonderGoals wrote:

64 wrote:

So you know what Swann wants and what they bid?

The amounts were on twitter. I can’t remember who leaked them. Sharpe and co offered 1.25m for the club, stadium and training ground but that wasn’t for the surrounding land. Swann wanted 3.5m for the lot.

SST would have seen it on twitter. I’ll have a look to see if I can find it. Not sure why it matters because they aren’t even in the running any more.

Elliot on the radio alluded to the fact they could have paid the asking price but would then not have the funds to keep the club running smoothly, which is understandable. No way in a million years they had the 3.5mil, plus would have had the money to pay the bills owed and pay player and staff wages.

Everything factored in you’re looking at what, around 5mill ?. The loan needs paying he got against the ground, plus the tax bill and then operating costs, wages e.t.c. Pretty costly !

Looking at last year’s accounts, which are 10 months old, the creditors falling due over 1 year were 2.14m. That has risen by the tax not being paid at least, assuming all other creditors are paid up to date and then there any other increases since 30th June 2021, which let’s face it, there’s probably going to have been so whoever buys the club is at a guesstimate taking on a 3m debt that needs servicing. If I was the buyer I would insist on any debt due to coolsilk or any related parties being wiped out but it’s hard to see how much of it that is. 317k definitely is so that would go but then of the roughly 2.7m remaining more could be masked. The thing is he has got what he wanted which was the stadium and land around it. The club is now a hindrance for him as he’s already got what he wanted. That’s why whatever anyone says doesn’t really matter what they do at the end is what their intention was all along. I’m surprised he was able to get a mortgage though on the land with the covenant in place.

[Desertiron]

With the stadium being an asset of community value. If anyone knows someone with legal expertise, it would be worth finding out if it was even legal for Swann to take a mortgage on it. A mortgage puts a claim on it and that doesn’t seem to me as something that would be. It’s important to be pragmatic. If the club went into administration but owned its own stadium they would almost certainly find a very good solution to get out of this mess. The last thing administrators want to do is liquidate. Look at how long they gave Derby etc. The key is to have assets. Usually non secured creditors get a rough deal of 20 p on the £ or something similar but Swann caused that and then suddenly you have a 600k debt to find instead of 3m and if the stadium mortgage was illegal a much more valuable asset than the debt. Then it’s off to the races.

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lesgeo

[Deereyme66]

Don’t hear Gareth saying Ian and Simon didn’t have enough funds to buy the club, hear him saying they walked away because they got sick of being messed about. In fact that’s most people’s theory, apart from a few who claimed it’s only about the money.

[Awaywego]

How many times have you been refused to purchase something when you’ve been prepared to pay the asking price? Me never but like I’ve said before I refused to sell when I thought the other person had been taken the piss and have suggested Swanny might have done the same who knows. I understand once you’ve picked a side it’s natural to defend your stance but doesn’t mean your any more right than me or others on how we’ve seen it play out, Ps there’s no NDA in place to stop Ian and Simon saying we’re pulling out because we feel we’re being messed about.

[Siderite]

Maybe not, but maybe they want to remain professional in their handling of the situation.

[Awaywego]

Piss poor excuse Siderite that old chestnut so easy to hide behind. Must admit some posters put a better defence up than what the team as all season.

[Siderite]

Easy to say when such might cause tension which might spill over to the detriment of professional reputations.

[Deereyme66]

Just relaying what Gareth said awaywego. Bit touchy aren’t you? Tbh, that’s genuinely the first time I’ve seen you say that Swann might have refused to sell to them (unless I’ve missed the other times?), rather than it simply being about the money. Lol, in fact, I’ve been harangued over it. Ah well…

[Awaywego]

Surely Ian and Simons professional reputations stand well above Swanny if he had any to start off with after spitting his dummy out with Gainsborough, the betting revelations, why would things change.

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bartonscorpion

[Iron-awe]

Opinions are free and belong to us all

But without all the facts they don’t mean f*** all.

I’m a poet and I know it

Hope I don’t blow it.

Thanks Bob, spot on as always.😎🎸

[Deereyme66]

Why burn bridges at this stage awaywego? Better to wait amd see how it plays out. They’d be pretty naive to start spilling all now wouldn’t they?

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Siderite

[Brassy sharman]

I wonder if Simon and Ian will be putting an improved offer in? Mmm, I wander?

[Iron-awe]

Brassy sharman wrote:

I wonder if Simon and Ian will be putting an improved offer in? Mmm, I wander?

Are you bank rolling them now Brassy?, if you have news to impart I’m sure the forum would love to know. 😀👍

[Author]

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