CONFRIMED: Latest rumours Confrimed as Unconfrimed

[Mid Sussex Royal]

Well that ties in with Howe’s comment that we were funded up to mid November

I did think the current party in talks were committed to funding us in the meantime though

Yep - I'm sure the official club announcement said exclusivity was given on basis club would be funded by prospective buyer until completion.

[Snowflake Royal]

Well that ties in with Howe’s comment that we were funded up to mid November

I did think the current party in talks were committed to funding us in the meantime though

Yep - I'm sure the official club announcement said exclusivity was given on basis club would be funded by prospective buyer until completion.

It's safe to say messages out of the club are not always truthful.

That announcement was released to detract from the 'we're back in transfer sanction territory' from the FL wasn't it?

Reeked of made up appeasement at the time, and funnily enough there hasn't been a sniff of anything genuine happening anywhere.

[Hendo]

Well that ties in with Howe’s comment that we were funded up to mid November

I did think the current party in talks were committed to funding us in the meantime though

Yep - I'm sure the official club announcement said exclusivity was given on basis club would be funded by prospective buyer until completion.

Yep - https://www.readingfc.co.uk/news/2024/october/07/club-statement/

The Club can confirm it has agreed to a period of exclusivity with a potential purchaser. Both parties are working hard to finalise terms with the intention to complete a sale at the earliest opportunity. This exclusivity period also includes further provision to fund the club until the transaction’s intended completion.

[Armadillo Roadkill]

Well that ties in with Howe’s comment that we were funded up to mid November

I did think the current party in talks were committed to funding us in the meantime though

Yep - I'm sure the official club announcement said exclusivity was given on basis club would be funded by prospective buyer until completion.

Yep - https://www.readingfc.co.uk/news/2024/october/07/club-statement/

The Club can confirm it has agreed to a period of exclusivity with a potential purchaser. Both parties are working hard to finalise terms with the intention to complete a sale at the earliest opportunity. This exclusivity period also includes further provision to fund the club until the transaction’s intended completion.

"Intended" completion. Not until actual completion.

[Uke]

And Couhig waits and says nothing

We know he has £5 million (that we repaid) in his account to lend again...

We still know next to nothing about this "new consortium" if they even exist.

[Linden Jones' Tash]

Whatever. Administration takes the sale process out of Dai's hands and is a way out of this mess.

Yeah, Administration is actually looking like our only way out.


And currently we'd still be just above relegation.

Given the football club (brand & STAFF), Training ground, Stadium, and other linked assets & liabilities are owned by a complex web of offshore entities, etc.

Can someone explain to me how defaulting on our commitments would be a good thing....?

I may be naive, but I don't understand why people keep saying this.

[windermereROYAL]

Somebody please explain to me who can place us into administration? Dai obviously, but who else?

[Snowflake Royal]

Whatever. Administration takes the sale process out of Dai's hands and is a way out of this mess.

Yeah, Administration is actually looking like our only way out.


And currently we'd still be just above relegation.

Given the football club (brand & STAFF), Training ground, Stadium, and other linked assets & liabilities are owned by a complex web of offshore entities, etc.

Can someone explain to me how defaulting on our commitments would be a good thing....?

I may be naive, but I don't understand why people keep saying this.

Administration means Administrators take charge and sell the club. Dai loses all control. Dai's control is the single biggest problem.

[The Royal Forester]

If the stadium, training ground car park etc. are "owned" by different companies would it only be the Club itself that the administrators would be involved in? That would leave us further up the creek if so.

[WestYorksRoyal]

Yeah, Administration is actually looking like our only way out.


And currently we'd still be just above relegation.

Given the football club (brand & STAFF), Training ground, Stadium, and other linked assets & liabilities are owned by a complex web of offshore entities, etc.

Can someone explain to me how defaulting on our commitments would be a good thing....?

I may be naive, but I don't understand why people keep saying this.

Administration means Administrators take charge and sell the club. Dai loses all control. Dai's control is the single biggest problem.

It does create a mess though. Suppose, efforts to sell so far have been for the stadium, Bearwood and the club.

If the club goes into administration by itself, a buyer can buy it for £1, but it would be without all the above which would still be in Dai's tangled web of offshore entities and Chinese legal battles.

[Snowflake Royal]

Given the football club (brand & STAFF), Training ground, Stadium, and other linked assets & liabilities are owned by a complex web of offshore entities, etc.

Can someone explain to me how defaulting on our commitments would be a good thing....?

I may be naive, but I don't understand why people keep saying this.

Administration means Administrators take charge and sell the club. Dai loses all control. Dai's control is the single biggest problem.

It does create a mess though. Suppose, efforts to sell so far have been for the stadium, Bearwood and the club.

If the club goes into administration by itself, a buyer can buy it for £1, but it would be without all the above which would still be in Dai's tangled web of offshore entities and Chinese legal battles.

It does, but we'd have something, and without the club those are worth considerably less. And they're the things with secured loans against them it seems.

[retro royal]

I'd imagine though that paying the business rates on the ground and training ground without any relief would soon get painful for whoever owns them, they to would go into administration or be sold for a decent price.

[RoyalBlue]

Somebody please explain to me who can place us into administration? Dai obviously, but who else?

https://www.thegazette.co.uk/all-notices/content/101529

[windermereROYAL]

I tried to be to be the one that clicked this horrendous thread over to 300 pages, it didn`t happen, but will very soon, it tells the whole tragic story about where the actual fuck our club has gone in 15 short months.

[tmesis]

Somebody please explain to me who can place us into administration? Dai obviously, but who else?

https://www.thegazette.co.uk/all-notices/content/101529

Given that Dai wouldn't do it, nor would the directors, that only really leaves a successful winding up order as the only way it could happen.

We aren't going to get wound up while we still have some money to pay the bills, so that really seems to suggest that it would only happen if we'd spent the season ticket money and the Olise money, and consequently would be lucky to finish the season.

An administrator would then come in and slash costs to the bone while looking for a buyer. It would not be pretty.

The wonders of ChatGPT also suggest that the stadium situation doesn't get easily resolved by going into administration

In the UK, administrators can sell property used as collateral for a secured loan, but specific rules and considerations must be met:

Consent of the Secured Creditor: The administrator needs to obtain the consent of the secured creditor (e.g., a bank or financial institution holding the loan) before selling the property. This is because the property serves as collateral for the secured loan, and the creditor has legal rights over it.

Court Approval: In some cases, if the secured creditor does not consent to the sale, the administrator can apply to the court for permission to sell the property. The court must be satisfied that the sale is in the best interest of the creditors and the overall administration process.

Purpose of Administration: The primary goal of an administration is to rescue the company, achieve a better result for the creditors than would be likely if the company were wound up (i.e., liquidated), or to realize property to make distributions to one or more secured or preferential creditors. The sale of secured assets can be part of these strategies if it helps to achieve these objectives.

Payment to the Secured Creditor: If the property is sold, the secured creditor's claim must be settled. This means that proceeds from the sale would first go to satisfy the debt owed to the secured creditor before any remaining funds could be used for other purposes or distributed to other creditors.

In other words we could go into administration without being able to sell the club as a whole, in which case the clubs becomes much less valuable or viable.

[Lower West]

Somebody please explain to me who can place us into administration? Dai obviously, but who else?

Any of the three other directors. Dayong Pang is the most obvious candidate. As personally has a huge amount to lose if he fails to conduct himself in accordance with company law.

[Mr Angry]

It feels like certain Parties are waiting for us to run out of money go into admnistration, and then pick us up on the cheap (and with the added benefit of not having to deal with someone as utterly untrustworthy as Dai, which might be a far bigger consideration than even we can imagine!).

[Sutekh]

Brian publically being a top notch bloke and very supportive of Ruben (be great if new owners would appoint him in the DoF role)

[Sutekh]

Somebody please explain to me who can place us into administration? Dai obviously, but who else?

https://www.thegazette.co.uk/all-notices/content/101529

Given that Dai wouldn't do it, nor would the directors, that only really leaves a successful winding up order as the only way it could happen.

We aren't going to get wound up while we still have some money to pay the bills, so that really seems to suggest that it would only happen if we'd spent the season ticket money and the Olise money, and consequently would be lucky to finish the season.

An administrator would then come in and slash costs to the bone while looking for a buyer. It would not be pretty.

The wonders of ChatGPT also suggest that the stadium situation doesn't get easily resolved by going into administration

In the UK, administrators can sell property used as collateral for a secured loan, but specific rules and considerations must be met:

Consent of the Secured Creditor: The administrator needs to obtain the consent of the secured creditor (e.g., a bank or financial institution holding the loan) before selling the property. This is because the property serves as collateral for the secured loan, and the creditor has legal rights over it.

Court Approval: In some cases, if the secured creditor does not consent to the sale, the administrator can apply to the court for permission to sell the property. The court must be satisfied that the sale is in the best interest of the creditors and the overall administration process.

Purpose of Administration: The primary goal of an administration is to rescue the company, achieve a better result for the creditors than would be likely if the company were wound up (i.e., liquidated), or to realize property to make distributions to one or more secured or preferential creditors. The sale of secured assets can be part of these strategies if it helps to achieve these objectives.

Payment to the Secured Creditor: If the property is sold, the secured creditor's claim must be settled. This means that proceeds from the sale would first go to satisfy the debt owed to the secured creditor before any remaining funds could be used for other purposes or distributed to other creditors.

In other words we could go into administration without being able to sell the club as a whole, in which case the clubs becomes much less valuable or viable.

Equally though any Administrators have to balance that side with maintaining a club that is reasonably competitive in the league (though I think it might be seen as pretty pointless after the 12 point deduction).

[mikey_1871]

https://www.thegazette.co.uk/all-notices/content/101529

Given that Dai wouldn't do it, nor would the directors, that only really leaves a successful winding up order as the only way it could happen.

We aren't going to get wound up while we still have some money to pay the bills, so that really seems to suggest that it would only happen if we'd spent the season ticket money and the Olise money, and consequently would be lucky to finish the season.

An administrator would then come in and slash costs to the bone while looking for a buyer. It would not be pretty.

The wonders of ChatGPT also suggest that the stadium situation doesn't get easily resolved by going into administration

In the UK, administrators can sell property used as collateral for a secured loan, but specific rules and considerations must be met:

Consent of the Secured Creditor: The administrator needs to obtain the consent of the secured creditor (e.g., a bank or financial institution holding the loan) before selling the property. This is because the property serves as collateral for the secured loan, and the creditor has legal rights over it.

Court Approval: In some cases, if the secured creditor does not consent to the sale, the administrator can apply to the court for permission to sell the property. The court must be satisfied that the sale is in the best interest of the creditors and the overall administration process.

Purpose of Administration: The primary goal of an administration is to rescue the company, achieve a better result for the creditors than would be likely if the company were wound up (i.e., liquidated), or to realize property to make distributions to one or more secured or preferential creditors. The sale of secured assets can be part of these strategies if it helps to achieve these objectives.

Payment to the Secured Creditor: If the property is sold, the secured creditor's claim must be settled. This means that proceeds from the sale would first go to satisfy the debt owed to the secured creditor before any remaining funds could be used for other purposes or distributed to other creditors.

In other words we could go into administration without being able to sell the club as a whole, in which case the clubs becomes much less valuable or viable.

Equally though any Administrators have to balance that side with maintaining a club that is reasonably competitive in the league (though I think it might be seen as pretty pointless after the 12 point deduction).

I don't think it would. We'd still be outside the relegation zone if a 12 point deduction was applied today. Very good chance of staying up if we can remain competetive,