Madejski Sold out and failed again

[Extended-Phenotype]

Steer clear of Reading FC. All the excuses were founded on Cat 1 academy status. And that now turns out to be bullshit too.

[melonhead]

What club would you buy if you had the money, brenders?

i wouldnt buy any club.

[melonhead]

Steer clear of Reading FC. All the excuses were founded on Cat 1 academy status. And that now turns out to be bullshit too.

for it to be a lie, the liar has to know its a lie when he says it, not just have had to decide on a change of direction based on a new financial reality
unless you mean AZ, in which case i think liar is probably apt

[genome]

What club would you buy if you had the money, brenders?

i wouldnt buy any club.

Really? Not even the orange chocolate ones?

[Pepe the Horseman]

Or one to beat dogs with?

[winchester_royal]

Or one to exclude Pepe from?

[Pepe the Horseman]

Too close to home

[Extended-Phenotype]

What club would you buy if you had the money, brenders?

i wouldnt buy any club.

Really? Not even the orange chocolate ones?

didn't they put raisins in clubs eventually? That's when I decided to take a step back from Clubs and ventured into the Trio and United biscuit arena.

[genome]

I was always partial to Yorkie biscuit, and you can't go wrong with the classic Penguin.

[Cureton's Volley]

What club would you buy if you had the money, brenders?

i wouldnt buy any club.

What about The After Dark?

[RoyalBlue]

Steer clear of Reading FC. All the excuses were founded on Cat 1 academy status. And that now turns out to be bullshit too.

for it to be a lie, the liar has to know its a lie when he says it, not just have had to decide on a change of direction based on a new financial reality
unless you mean AZ, in which case i think liar is probably apt

Just as ignorance of the law isn't an excuse, I don't see why failing to undertake thorough due diligence before making big promises should be an excuse for misleading the supporters.

And if Cat 1 wasn't deceit what about the personal commitment of January transfer funding. Did financial circumstances change that significantly over Xmas? Must have bought some pretty spectacular Xmas presents if they did!

[genome]

[Ian Royal]

the problem is, that with our best players all sold, and a team half full of kids, and us battling relegation from the championship the club isnt worth the 38 million we are in debt. let alone either owner getting 12.5 million for their shares

It was worth £25m with about £20m+ debt, no Cat 1 Academy and less high profile players.

we are likely to offload any high profile player for peanuts just to get the wages down.
if theres no money for the training ground, theres no cat 1
when he bought it we were pushing for the prem, when its likely we wont be this season coming.

not saying someone wont pay it. but if i had 60 million quid, i think i could get better, or cheaper clubs out there

supposition.

[Cureton's Volley]

supposition.

Did anyone else read that wrong on first glance?

[Royal Rother]

Nope, just you it seems.

[Nameless]

Steer clear of Reading FC. All the excuses were founded on Cat 1 academy status. And that now turns out to be bullshit too.

for it to be a lie, the liar has to know its a lie when he says it, not just have had to decide on a change of direction based on a new financial reality
unless you mean AZ, in which case i think liar is probably apt

Just as ignorance of the law isn't an excuse, I don't see why failing to undertake thorough due diligence before making big promises should be an excuse for misleading the supporters.

And if Cat 1 wasn't deceit what about the personal commitment of January transfer funding. Did financial circumstances change that significantly over Xmas? Must have bought some pretty spectacular Xmas presents if they did!

For those of us without your high level business credentials could you explain what aspect of due diligence would pick up the possibility that at some point in the future the supplier of funding would change their mind and decline to stump up ?

In hindsight SJM may wish he'd put a penalty clause into the deal whereby 100% of the club reverted to him if the second payment wasn't made, but if he had then there is every chance the deal would have fallen apart. Even if the clause had been accepted it would have left SJM shouldering the entire burden since September whereas we have, it seems, continued to get some funds from BZ.

if only real life was as easy as the internet....

[Ian Royal]

supposition.

Did anyone else read that wrong on fist glance?

[loyalroyaldaz]

Well it has been confirmed to me today that AZ dic infact have it away with the £36m parachute payments in the form of a Mortgage against the club.
I will not divulge a name so dont bother asking but they have actually seen the paperwork involved.
Also confirmed that unless a buyer is found very quickly then Administration is more than likely.
Despite his reported £100m SJM is right in the mire and a desperate man.
Messrs Howe and Wood Smith are believed to be off in the Sun somewhere masterminding the best way to get out as unscathed as possible...

Dont shoot the messanger.....

[joeroyal]

Well it has been confirmed to me today that AZ dic infact have it away with the £36m parachute payments in the form of a Mortgage against the club.
I will not divulge a name so dont bother asking but they have actually seen the paperwork involved.
Also confirmed that unless a buyer is found very quickly then Administration is more than likely.
Despite his reported £100m SJM is right in the mire and a desperate man.
Messrs Howe and Wood Smith are believed to be off in the Sun somewhere masterminding the best way to get out as unscathed as possible...

Dont shoot the messanger.....

29 May 2012 "We now enter another bright new era," read a statement from the club.

[Royal Rother]

Well it has been confirmed to me today that AZ dic infact have it away with the £36m parachute payments in the form of a Mortgage against the club.
I will not divulge a name so dont bother asking but they have actually seen the paperwork involved.
Also confirmed that unless a buyer is found very quickly then Administration is more than likely.
Despite his reported £100m SJM is right in the mire and a desperate man.
Messrs Howe and Wood Smith are believed to be off in the Sun somewhere masterminding the best way to get out as unscathed as possible...

Dont shoot the messanger.....

Can we be clear about this?

What you're saying is that Anton takes out a mortgage secured against the club and the future parachute payments, receives an advance of £36m and fcuks off with the money?

Hmm, I dunno, can't quite put my finger on it but something doesn't quite ring true about that.