CONFRIMED: Takeover collapsed; Back to square one

[Brogue]

Dellor was saying yesterday he reckons it will be done this week.

[windermereROYAL]

Dellor was saying yesterday he reckons it will be done this week.

Something we`ve heard umpteen times before.

[traff]

https://www.msn.com/en-gb/sport/footbal ... 93fc&ei=18

Think this is the team Chiron owns?

[Crusader Royal]

https://www.msn.com/en-gb/sport/football/rapper-drake-saved-top-flight-football-club-with-incredible-35m-rescue-package/ar-AA1oARqH?ocid=msedgntp&pc=HCTS&cvid=7ff0e0985c8b4da4897913a2f79293fc&ei=18

Think this is the team Chiron owns?

Venezia are certainly featured on the Chiron website alongside us.
Would be a dream preseason friendly….

[tmesis]

https://www.msn.com/en-gb/sport/football/rapper-drake-saved-top-flight-football-club-with-incredible-35m-rescue-package/ar-AA1oARqH?ocid=msedgntp&pc=HCTS&cvid=7ff0e0985c8b4da4897913a2f79293fc&ei=18

Think this is the team Chiron owns?

Venezia are certainly featured on the Chiron website alongside us.
Would be a dream preseason friendly….

Venezia's ground is an absolute dump though. Unless they've done work to it of late, it had one tiny old stand, and three sides of Gillingham style temporary seats on scaffolding.

They do seem to have plans for a new ground though.

[Sutekh]

Will there/won't there be any confirmation this week? I'm going for Saturday just before kick off v Wigan.

Watching for a press conference announcement, in the meantime though, to be officially introduced to Rob and Joe.

[Royalwaster]

Can someone change the title of this thread - it's really not funny?!

[windermereROYAL]

Every time I see a new post on this thread my hopes rise, only to be bitterly disappointed yet again.
When will this shit show ever end?

[Mid Sussex Royal]

I always thought it could be this week to boost the gate of the first home game and overall morale around the place....I think if it doesn't happen this week the club need to update everyone.

[WestYorksRoyal]

I always thought it could be this week to boost the gate of the first home game and overall morale around the place....I think if it doesn't happen this week the club need to update everyone.

Jobi said on Sky that at some point the players won't simply be able to focus on the pitch if it keeps dragging on.

They have put in a great effort, but it's with the motivation that a buyer will come in and then they can push on. If they start doubting that and worrying about payday again, I'm not convenient they have it in them to replicate last year's effort again.

At some point it needs to stop being close and just get done. That time was 6 weeks ago tbh.

[Elm Park Kid]

To give an update from what I've heard from my usually reliable source.

There was every hope that the deal would go through last week and it could be announced at the season ticket party. Pretty much all of the 'work' has been done and all the necessary sign offs have been received - but there is one key aspect of the deal that is still being negotiated. I'm told that everything is still all very positive, a matter of when not if, but obviously until the paperwork is signed nothing is guaranteed. No indication of when the deadlock will be broken - maybe today, maybe tomorrow, maybe another week. I assume (this is my own speculation, not source) that Dai doesn't care right now as the club will have funds available to pay bills until the autumn. So he's holding out for the 'best' deal.

[blythspartan]

To give an update from what I've heard from my usually reliable source.

There was every hope that the deal would go through last week and it could be announced at the season ticket party. Pretty much all of the 'work' has been done and all the necessary sign offs have been received - but there is one key aspect of the deal that is still being negotiated. I'm told that everything is still all very positive, a matter of when not if, but obviously until the paperwork is signed nothing is guaranteed. No indication of when the deadlock will be broken - maybe today, maybe tomorrow, maybe another week. I assume (this is my own speculation, not source) that Dai doesn't care right now as the club will have funds available to pay bills until the autumn. So he's holding out for the 'best' deal.

Cheers for the update. A good buddy told me last week that there’s a slight stumbling block, but it’s being worked through. If Dai is the issue I just hope he doesn’t oxf*rd it up again.

[Mid Sussex Royal]

I read something on Twitter last week that sounded stupid but given the above posts could be plausible....

Dai is attempting to negotiate a dividend on any academy sales for the next 2 years, given his investment in it...

[WestYorksRoyal]

I read something on Twitter last week that sounded stupid but given the above posts could be plausible....

Dai is attempting to negotiate a dividend on any academy sales for the next 2 years, given his investment in it...

"Earn out" clauses that allow the seller to get their share in the profits for several years afterwards are common in M&A, basically a way of knocking down the day 1 price and making the seller put the money where their mouth is that this business they're selling is as great as they say.

If Dai perceives that the up front price for the club is low, this is an obvious way to try and claw it back; we all know our academy is the real deal. Whether Couhig, ourselves or any other observer would agree with Dai's perception on the price is another matter, but that's just how these things work. It's exactly the sort of T&Cs that could slow down a deal.

[Lower West]

I read something on Twitter last week that sounded stupid but given the above posts could be plausible....

Dai is attempting to negotiate a dividend on any academy sales for the next 2 years, given his investment in it...

"Earn out" clauses that allow the seller to get their share in the profits for several years afterwards are common in M&A, basically a way of knocking down the day 1 price and making the seller put the money where their mouth is that this business they're selling is as great as they say.

If Dai perceives that the up front price for the club is low, this is an obvious way to try and claw it back; we all know our academy is the real deal. Whether Couhig, ourselves or any other observer would agree with Dai's perception on the price is another matter, but that's just how these things work. It's exactly the sort of T&Cs that could slow down a deal.

Dai is unlikely to be in control. There's other vested interests in recouping as much money as possible.

[WestYorksRoyal]

I read something on Twitter last week that sounded stupid but given the above posts could be plausible....

Dai is attempting to negotiate a dividend on any academy sales for the next 2 years, given his investment in it...

"Earn out" clauses that allow the seller to get their share in the profits for several years afterwards are common in M&A, basically a way of knocking down the day 1 price and making the seller put the money where their mouth is that this business they're selling is as great as they say.

If Dai perceives that the up front price for the club is low, this is an obvious way to try and claw it back; we all know our academy is the real deal. Whether Couhig, ourselves or any other observer would agree with Dai's perception on the price is another matter, but that's just how these things work. It's exactly the sort of T&Cs that could slow down a deal.

Dai is unlikely to be in control. There's other vested interests in recouping as much money as possible.

Really? Do share.

[On Strings]

"Earn out" clauses that allow the seller to get their share in the profits for several years afterwards are common in M&A, basically a way of knocking down the day 1 price and making the seller put the money where their mouth is that this business they're selling is as great as they say.

If Dai perceives that the up front price for the club is low, this is an obvious way to try and claw it back; we all know our academy is the real deal. Whether Couhig, ourselves or any other observer would agree with Dai's perception on the price is another matter, but that's just how these things work. It's exactly the sort of T&Cs that could slow down a deal.

Dai is unlikely to be in control. There's other vested interests in recouping as much money as possible.

Really? Do share.

One of the Thais still has shares doesn't he?
And weren't some debts transferred into shares to help us out?

[Lower West]

"Earn out" clauses that allow the seller to get their share in the profits for several years afterwards are common in M&A, basically a way of knocking down the day 1 price and making the seller put the money where their mouth is that this business they're selling is as great as they say.

If Dai perceives that the up front price for the club is low, this is an obvious way to try and claw it back; we all know our academy is the real deal. Whether Couhig, ourselves or any other observer would agree with Dai's perception on the price is another matter, but that's just how these things work. It's exactly the sort of T&Cs that could slow down a deal.

Dai is unlikely to be in control. There's other vested interests in recouping as much money as possible.

Really? Do share.

Small matter of £132 million of loans taken out by subsidiary companies of the Group. With hindsight seems obvious where the money went. The bet went wrong big time. Events from the end of October 2022 confirm this with Dai being personally indicted.

[RG30]

American financier Rob Couhig is nearing a deal to buy English football club Reading FC from Chinese businessman Dai Yongge, according to people familiar with the matter.

Couhig is leading a consortium that’s in advanced talks to acquire Reading, which competes in the third tier of English football, for about £30 million ($38 million), according to the people, who asked not to be identified discussing confidential information.

Under terms being discussed, the investor group will pay off Reading’s existing debt with third-party creditors, the people said. An agreement could be reached within days, they added.

Couhig had aimed to reach a deal before Reading’s first match of the new season against Birmingham City FC last weekend, which he would then have attended in person, one of the people said. But complexities in the negotiations, including who owns Reading’s stadium, have delayed the deal’s progress, the person said.

In a July 26 post on X, the social media platform formerly known as Twitter, Couhig said he had signed up for a subscription to Reading’s official TV channel. “Well, that’s sorted. Royals TV package purchased. Should be quality preparation for the season. Anxious to see the boys in action,” he wrote.

Couhig declined to comment. A representative for Reading and a spokesperson for Walker Morris LLP, Dai’s law firm, also declined to comment.

If a deal is struck, Couhig would return to a familiar part of England. The town of Reading lies just to the west of London and about 20 miles from High Wycombe, the home of Wycombe Wanderers FC. Couhig is the previous owner of that club, which competes in the same league as Reading. He sold his stake in Wycombe Wanderers earlier this year.

Founded more than 150 years ago, Reading FC has struggled financially in recent years. Renhe Sports Management Co., the holding company for the club, reported a loss of £21 million for the financial year ended June 30, 2022, its latest accounts show.

Chiron Sports Group, a capital and advisory firm co-founded by Leo Rifkind, provided financing to Reading during last season, the people said. Rifkind could join the board of Reading following any takeover by Couhig to help with the transition, they said.

Dai acquired Reading in 2017. Under his ownership, the club has been docked a total of 18 points for breaking football’s financial rules, contributing to its demotion into the third tier of English football.

Chinese investors have been exiting bets on European football. This year, Lai Guochuan agreed to sell control of English club West Bromwich Albion FC, while, in Italy, Oaktree Capital Management took ownership of Inter Milan after its Chinese owner — Suning Holding Group Co. — failed to repay a loan.

https://www.bloomberg.com/news/articles/2024-08-13/rob-couhig-nears-30-million-deal-for-reading-football-club?utm_medium=social&cmpid%3D=socialflow-twitter-bloomberguk&utm_campaign=socialflow-organic&utm_source=twitter&utm_content=bloomberguk

[Linden Jones' Tash]

The notion of time has lost all meaning in this saga....

It's been "10 days away" for months and what's the betting that "in days"... turns out to be weeks....