CONFRIMED: Latest rumours Confrimed as Unconfrimed

[From Despair To Where?]

You can't just nick a routine honed and crafted over 10 years of refinement though, can you?

I agree.

[leon]

Poor Millsy.

Have this image in my head of Millsy being a modern day Colin Hunt

Great minds

Millsy really is

You got me. Where do you want your £5 sent?

Keep it on your trolley

[Hound]

Poor Millsy.

Have this image in my head of Millsy being a modern day Colin Hunt

Great minds

You got me. Where do you want your £5 sent?

Keep it on your trolley

Fair play and well remembered…

[leon]

Poor Millsy.

Have this image in my head of Millsy being a modern day Colin Hunt

Great minds

Keep it on your trolley

Fair play and well remembered…

tbf I'm reminded every time Millsy posts

[Armadillo Roadkill]

Hold on, this is turning from good humoured ribbing towards bullying.

Someone like that tedious racist kar**** clearly deserves everything they get, but has Millsy really done anything that wrong? (Genuine question - I don't tend to remember what any particular user is like over time).

And people sometimes wonder why there are so few adults left on here...

[Sanguine]

https://www.theguardian.com/football/20 ... -bank-sale

The Reading owner Dai Yongge’s repeated attempts to sell the club are being jeopardised by his failure to repay previously undisclosed debts of more than £55m to a state-backed Chinese bank, according to documents seen by the Guardian.

A loan from Haitong International Securities caused the collapse of a £30m takeover by Rob Couhig last month, with documents showing the investment bank has the right to take ownership of Reading’s stadium if it is sold without the debt being repaid.

Reading announced on Monday they had entered “exclusive negotiations” with another buyer but the stadium issue remains unresolved and ownership will pass to Haitong if the loan remains outstanding after the club is sold, according to the documents. The EFL has not been told the identity of the new Reading bidder, with sources sceptical a sale will take place.

With Yongge engaged in sale talks Haitong applied for a stop notice regarding the stadium, which was granted by the BVIs’ court office last February. In July Haitong’s lawyers received notice that Yongge was planning to transfer ownership of the stadium to Coehig’s company, Redwood Stadium Limited.

This was stopped by a ruling in August from the high court of justice in the BVIs, which ruled that Prestige Fortune Asia be prohibited from transferring, selling or taking interest payments or dividends related to the stadium until the conclusion of the Hong Kong court proceedings.

[South Coast Royal]

Says it all really doesn't it?

Dai doesn't want to spend £55 million just to get £30 million.
We remain in limbo.

[Greatwesternline]

These really are the sorts of things that will jeopardise the club's future. Dai not being able to sell the club even if he wanted to.

If the lender in BVI has a charge over the stadium, they will want all of the proceeds of the stadium. And if the loan is of a greater value than the stadium, then Dai hasn't got much incentive to sell the stadium, as he won't get any of the receipts.

And any new owner wont want the club without the stadium. This sounds like goodbye and good night.

Tricky.

[Hound]

Who was saying (on here or X) that we were basically owned by the Chinese govt?

Sounds like they were right. What an excellent position to be in

I don’t really see any way round this other than Haitong calling in the loan, taking the stadium instead and then selling it at a discounted rate

[Elm Park Kid]

Though - this is a story in a British newspaper and all the normal warnings about not taking it at face value should apply . . . .

[Armadillo Roadkill]

It's also kind of great that the club's future seems to be decided in the courts of the British Virgin Islands. Gives you a nice, warm feeling doesn't it?

[Linden Jones' Tash]

I'm just glad the local press were able to get to the heart of the issue and didn't run contradictory noises about why the last bid collapsed....

oh wait....

[Sutekh]

I get the impression this Mr Dai hasn't been the best of owners.

Honestly believe there should be some legal legislation drawn up, specific to sporting clubs, that prevents the sale of club assets, such as grounds, training facilities etc. to "other entities" other than as part of a complete change in ownership.

[Hound]

Though - this is a story in a British newspaper and all the normal warnings about not taking it at face value should apply . . . .

Yes of course though seems a bit of a strange one to make up or suggest without it being true

[Armadillo Roadkill]

The club's not worth much without the stadium.

The stadium's not worth much without a viable tenant, and RFC is the only realistic one.

If I've understood all of the machinations, this appears to be the only ground for hope.

It also kicks the "reliable source" that put the blame on Couhig's last minute bargaining into touch.

[Pepe the Horseman]

The EFL has not been told the identity of the new buyer

Errr.

[Sutekh]

If Haitong do seize the ground in lieu of payment from Dai then they'll simply look to sell it but the issue will always be how much rent they'll fleece the club for in the meantime.

Can't see any way a prospective buyer going to pay Dai, say, £25m while having to fork out a further £1.5m in rent per season (or £55m for the stadium).

[Armadillo Roadkill]

If Haitong do seize the ground in lieu of payment from Dai then they'll simply look to sell it but the issue will always be how much rent they'll fleece the club for in the meantime.

Can't see any way a prospective buyer going to pay Dai, say, £25m and then fork out a further £1.5m in rent per season (or £55m for the stadium).

If the bank seizes the stadium, then they can only sell it on for its market value, which cannot be £55 million. Or they can hang onto it and watch it degrade over time, but that makes no sense.

So the bank needs to co-ordinate the sale of the stadium with the sale of the club if they're to get any money back.

[Hound]

The club's not worth much without the stadium.

The stadium's not worth much without a viable tenant, and RFC is the only realistic one.

If I've understood all of the machinations, this appears to be the only ground for hope.

It also kicks the "reliable source" that put the blame on Couhig's last minute bargaining into touch.

Maybe that’s why he dropped it he offer to £8m?

[PieEater]

Can someone explain how an overseas company can have a charge on the stadium, a UK asset? Is there some place in the UK that registers these charges, otherwise how would any buyer know how many other companies in the world that have loaned Dai money have also got charges on the stadium.

Do BVI courts have any juristiction here anyway? Could a buyer just ignore their decision as long as they get the ownership changed.