Administrator wants to sell Southampton FC quickly (From Daily Echo)
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Administrator wants to sell Southampton FC quickly
8:55am Tuesday 26th May 2009 in
THE RACE to buy Saints will hot up once more today as the Marc Jackson and Stuart Green consortium try to steal a march on their rivals.
As revealed in Saturday’s Daily Echo, the group will be given access to Saints’ books before deciding whether to enter a final stage of due diligence.
Jackson and Green were the first to benefit from a stipulation of purchase being dropped by administrator Mark Fry, whereby interested parties would have to lay down a non-refundable £500,000 deposit to gain access to the books and gain exclusivity.
As no one seemed willing to take the gamble that the books might paint an even bleaker picture than expected and run the risk of losing the £500,000, Fry has seemingly relented, although no exclusivity is being offered as a result.
The £500,000 is understood to be required in order to pay the next month’s wages at the club and Fry is becoming increasingly frustrated in his attempts to find a buyer.
So, although the Jackson and Green group have first run on seeing the books today, having upped their initial bid of £8m, they could still be trumped by another party if a rival bid was to be put on the table.
Due diligence in this case is expected to take around five days, about half the time that would normally be expected, and allows a more detailed look at the financial workings of the club to allow a party to decide whether to proceed with a formal offer.
It is understood that the new Jackson and Green bid is an improvement on their first offer, which was £8m up front, £2m deferred and £5m on promotions.
Fry is thought to be keen to try and move things along as quickly as possible this week, which is why he has dropped the stipulation of purchase.
The situation has already dragged far longer than was foreseen when Fry was first called in as administrator for Saints’ parent company.
The Daily Echo understands a mystery overseas consortium are still in talks, along with the Matt Le Tissier-led Pinnacle group.
Fry is reported to be more confident of a preferred bidder being chosen this week than he was last.
Comments(48)
Charlie George's Lawnmower
says...
9:14am Tue 26 May 09
It's been two months and we are no further down the road to a takeover.
I predict another week of deadlines that come and go. More Echo padding & exaggeration than you would find in a Tory MP's expenses claim. More pain to fans who just want our club back.
What a mess and in keeping with everything that happens at Saints, I fully expect the club to end up in the wrong hands.
Perhaps someone should just start up "FC Southampton" in the lower leagues and be done with it. Takeover or not, I increasingly think that Saints died years ago and we need a new club in the city of Southampton
mastershot100
says...
9:21am Tue 26 May 09
What hope do we have of being able to get back to top flight with these peanut punters.
mastershot100
says...
9:21am Tue 26 May 09
What hope do we have of being able to get back to top flight with these peanut punters.
Bitterne Park Tim
says...
9:27am Tue 26 May 09
All interested parties will be in over the next few days and this mess can be cleared up!
I am sure there are some bargains to be had from Newcastle... Owen, duffer and co... I am sure they would relish the challenge of league One!
I do not normally do this but... seek-king! classic!
doogle1983
says...
9:32am Tue 26 May 09
SO basically its SSDD!
(Same S**t Different Day)
deano69
says...
9:41am Tue 26 May 09
I would hate to think how long it would take for a slow sale. It's been two months already.
steveyot
says...
9:49am Tue 26 May 09
Shareholder
says...
9:53am Tue 26 May 09
The wealthy billionaires can find better outlets for their investments right now as being proved at Sunderland. Saints have wealthy fans such as Gavyn Davies but they clearly aren't getting involved as they know football is a good way to lose a fortune rather than make one.
If Jackson and Green emerge victorious it will be because creditor patience has evaporated or because the club will have no funds to pay anyone. They would keep the club alive but I would then expect many seasons of low level football. I would also be gripping my seat very tightly as I wait for the true nature of their intentions to emerge.
alan.of.eastleigh
says...
9:54am Tue 26 May 09
We are not yet at two months and with three clear bidders vying for pole position, I think it is fair to say that progress HAS been made. I know you crave attention on this web site but the Victor Meldrew approach has very limited appeal.
SomersetSaint
says...
9:54am Tue 26 May 09
Bashfan
says...
10:15am Tue 26 May 09
MangaFace
says...
10:41am Tue 26 May 09
Glen Wiffen
says...
10:52am Tue 26 May 09
Ghole
says...
11:24am Tue 26 May 09
Pinner_Saint
says...
11:25am Tue 26 May 09
normsted
says...
11:35am Tue 26 May 09
steveyot wrote:Unfortunately wrong,The cheaper the club the bigger the potential capital recoup by the buyer.As has been proven at saints over the years the funds do not get ploughed back in.
Although we are being sold for only a few million, that is unfortunately the value that the club has sunk to. On the other hand the cheaper the club the more money hopefuly there will be for team investment.
Sorry but thats the cynical world we live in.The only hope is that the new buyer has the club at heart and is not buying it to line his own pocket-Not holding my breadth on that one.
deano69
says...
11:37am Tue 26 May 09
alan.of.eastleigh wrote:I am not sure what you are trying to say. I am very sorry it's not 2 months it's 56 days which i think is about 4 days short of two months. I think you are the only person i have come across that is ok with the wait. To me it feels like 56 years. As for the Victor comment i always found him intertaining.
Sometimes, if you can't say anything intelligent, it's often best not to say anything at all. We are not yet at two months and with three clear bidders vying for pole position, I think it is fair to say that progress HAS been made. I know you crave attention on this web site but the Victor Meldrew approach has very limited appeal.
hasnain11
says...
11:41am Tue 26 May 09
rosher87
says...
11:49am Tue 26 May 09
greystonesben
says...
11:49am Tue 26 May 09
alan.of.eastleigh wrote:So you start with a valid point 'Nothing intelligent to say ...' but then go and contradict your own advice!
Sometimes, if you can't say anything intelligent, it's often best not to say anything at all. We are not yet at two months and with three clear bidders vying for pole position, I think it is fair to say that progress HAS been made. I know you crave attention on this web site but the Victor Meldrew approach has very limited appeal.
As the post below your post points out, the fixture list wont be too far around the corner and in order to fulfil that we need to ensure we have a club who can compete next season. Currently we do not. We have 1 firm bid from a party who have failed to deliver on a previous take over of a smaller local club. So doesnt fill me with confidence.
Fry said we should have a buyer shortly after the Forest Game and here we are, weeks after this date still without one. In my opinion, he is out of his depth (as shown with the silly £500k upfront idea) and should stick to dealing with smaller businesses like Pub's etc.
We need a takeover asap to also avoid further point reduction, as minus ten will be hard enough but a further 17 points would be enough to send us down again, which we cannot afford.
SomersetSaint
says...
11:53am Tue 26 May 09
calmdown
says...
12:08pm Tue 26 May 09
bogie
says...
12:21pm Tue 26 May 09
I'm sick of hearing this. Find out who they are. You are journalists. Its your job!
Ghole
says...
12:55pm Tue 26 May 09
I don't think so.
By the way, I've said this before but Jackson is just brokering the deal. He will not own the club if the sale goes through. It will be the money men who will show their faces only when the sale is completed.
And another point, why do so many of you assume the owners are after a quick return on their investment? If they have enough sense to acquire millions through their business interests, don't you think they realise SFC wouldn't be worth selling until we are back in the Premier League or at least near the top of the CCC????
And wouldn't that be far better than where we are now - in League 1 and nearly bankrupt.
San Marco
says...
1:05pm Tue 26 May 09
bogie wrote:They might drop out if their identity is revealed - good journalism is sometimes about knowing when to keep quiet...
"The Daily Echo understands a mystery overseas consortium are still in talks, along with the Matt Le Tissier-led Pinnacle group."
I'm sick of hearing this. Find out who they are. You are journalists. Its your job!
Captain Swing
says...
1:09pm Tue 26 May 09
bogie wrote:Be assured that, in what is a trying time for its readers, the Echo will maintain the usual standards of journalism reserved for affairs at St Mary’s since the Saints moved to St Mary’s, just as they did when they triumphantly welcomed the new broom that was Michael Wilde back in 2006.
"The Daily Echo understands a mystery overseas consortium are still in talks, along with the Matt Le Tissier-led Pinnacle group." I'm sick of hearing this. Find out who they are. You are journalists. Its your job!
Mike Osman! Lawrie McMenemy! Gavyn Davis! Mary Corbett! Are you reading this? You owe us – let’s face it, Wilde’s chairmanship precipitated a fiasco, and all those who so readily backed him, especially Echo editor Ian Murray, who unquestioningly took Wilde on the trust of his public relations representatives, and Leon Crouch and Patrick Trant who presumably trusted the Echo – poor misled supporters one hell of an apology!
brennothornhill
says...
1:24pm Tue 26 May 09
Pinner_Saint wrote:Good idea but I for one dont have £2500 laying around in this day and age....
Still think the best option would be for 20,000 fans to put £2,500 each to own the club. That's £50m - so plenty to survive and move forward and then our club would be owned by us the true fans.
security word 'yard-wide'
the third hardest man in sholing
says...
1:30pm Tue 26 May 09
sec word:spin yarn
jezza
says...
1:54pm Tue 26 May 09
If ever there was a win/win lottery for the fans, that would surely be it?
Costa Baz
says...
2:14pm Tue 26 May 09
He, like any other businessman, needs to ensure that he gets the club at the lowest possible price, thus ensuring there is still money in the pot to bring in new players.
If he comes out and tells the world that he has 20m tubbed away for players, the creditors will bleed him dry, ensuring that the club is NOT sold.
So frustrating as it is let's first of all hope the club is sold and then let's worry about how much money there is for players at a more appropriate time.
montecristosaint
says...
3:05pm Tue 26 May 09
By far the best way in my exoperience of fund raising and I have some - is to promote a scheme based on people donating what they can afford by depositing funds at any of a number of collection points throughtout the city.
Other means of fund raising would also be in place diversity and plurality being the key to success when you are doing something like this. The key to it all is community spirit with the people all pulling together, aided by the generosity of South Coast based businesses and Trade Unions.
Email me on saintsforachange@liv
e.co.uk if you are interested!!!
TheJoiners
says...
3:32pm Tue 26 May 09
Pinner_Saint wrote:The way some of the people dress who sit near me at St Marys they dont have £2.50 let alone 2.5 K
Still think the best option would be for 20,000 fans to put £2,500 each to own the club. That's £50m - so plenty to survive and move forward and then our club would be owned by us the true fans.
Pinner_Saint
says...
3:43pm Tue 26 May 09
brennothornhill wrote:and that's were the new 0% Saints FC credit card helps out....
Pinner_Saint wrote:Good idea but I for one dont have £2500 laying around in this day and age....
Still think the best option would be for 20,000 fans to put £2,500 each to own the club. That's £50m - so plenty to survive and move forward and then our club would be owned by us the true fans.
security word 'yard-wide'
Egomaniac
says...
4:15pm Tue 26 May 09
If wages can't be paid, the players we have will be gone - what price then trying to survive in League 1 with an inevitable minimum 15 point deduction. The players we have are hardly much cop anyway (KD excepted), so expect a whole lot more heartache yet!
Egomaniac
says...
4:18pm Tue 26 May 09
San Marco
says...
4:45pm Tue 26 May 09
AND why the comparison with Newcastle? - have you seen how much Ashley wants for them?
Egomaniac
says...
5:14pm Tue 26 May 09
Of course i want SFC to survive, but i just cannot see where the lifelines are at present. Week on week we get the same old guff out of the Administrator and the Echo - 'expect take over next week' 'deadlines extended yet again and again.
Give me some hope.....!!!!
Hercules Grytpype-Thynne
says...
5:41pm Tue 26 May 09
My word the echo are having fun today security words are:
will-lose
Graham H
says...
5:50pm Tue 26 May 09
San Marco
says...
6:05pm Tue 26 May 09
Egomaniac wrote:Don't apologise for pessimism Egomaniac - I reckon we will just about survive but as to us prospering I am not so sure.
Hi Marco - sorry I feel so pessimistic! We are in the middle of the biggest recession for years, and I just do not see a purchaser finding the required funds to buy out the business. As a long term investment, the training grounds and the stadium could be little gold mines in the future - for property development.
Of course i want SFC to survive, but i just cannot see where the lifelines are at present. Week on week we get the same old guff out of the Administrator and the Echo - 'expect take over next week' 'deadlines extended yet again and again.
Give me some hope.....!!!!
Also, I agree, the whole process has been enough to try the patience of a...Saint (or more like 30,000 Saints!)
Brock_and_Roll
says...
9:29pm Tue 26 May 09
Basically he is a modererately unsuccessful former photocopier salesman at Copyrite without a pot to p*ss in. He appears to be another serial fantasist along with that fat bloke who tried to buy Weymouth and DJ Talent!
dannyfloyd
says...
9:48pm Tue 26 May 09
i just saw LeTiss in Somerfield Thornhill with his kids in his fancy black lex 4x4. i kicked myself after as he nearly knocked me over when turning to leave. anyway i should have asled him the question... but i didn't. oh and strach, souness, lowe and paul allen were not in attendance.
turkish simon
says...
11:05pm Tue 26 May 09
Captain Swing
says...
11:15pm Tue 26 May 09
Hercules Grytpype-Thynne wrote:I am in Australia. That's where you are sent when you are too smart for everybody elses's good.
Captain Swing why haven't you been transported to Australia yet? How can you get it all so very wrong? My word the echo are having fun today security words are: will-lose
Do you, "Gay Goon", believe the Echo have kept you honestly informed?
Southampton Heart
says...
11:17pm Tue 26 May 09
Costa Baz wrote:Well said Costa Baz...you've saved me half a hours typing!.
It is easy to accuse Jackson & Greene of being small timers with no "real" money behind them (I wish I was 10m poor!!!!) and I know Jackson previously failed in his bid to by AFC Bournemouth, but could it be that this time he is just playing hardball with the administrator? He, like any other businessman, needs to ensure that he gets the club at the lowest possible price, thus ensuring there is still money in the pot to bring in new players. If he comes out and tells the world that he has 20m tubbed away for players, the creditors will bleed him dry, ensuring that the club is NOT sold. So frustrating as it is let's first of all hope the club is sold and then let's worry about how much money there is for players at a more appropriate time.
I'm still convinced they'll be another twist in this story. But don't tell anyone!
Saintan
says...
12:08am Wed 27 May 09
Any chance he might've sold a few to Paul Allen @ Microsoft?!;>
BertCatt
says...
12:42am Wed 27 May 09
thought he want to get rid of Saints, or are we paying him so well he wants to earn more?
Security word milk leaf. Should that not be tea?
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bumblysaint says...
9:13am Tue 26 May 09
supporters need this
once and for all. God
willing it will be.