The EFL has not been told the identity of the new buyer
Errr.
by Pepe the Horseman » 10 Oct 2024 15:12
The EFL has not been told the identity of the new buyer
by Sutekh » 10 Oct 2024 15:14
by Armadillo Roadkill » 10 Oct 2024 15:16
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 and then fork out a further £1.5m in rent per season (or £55m for the stadium).
by Hound » 10 Oct 2024 15:20
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.
by PieEater » 10 Oct 2024 15:24
by Wycombe Royal » 10 Oct 2024 15:28
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.
by South Coast Royal » 10 Oct 2024 15:37
Wycombe RoyalPieEater 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.
I was wondering the same. Surely this charge would need to be registered with Companies House?
by Crusader Royal » 10 Oct 2024 15:52
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).
by Armadillo Roadkill » 10 Oct 2024 16:00
Crusader RoyalSutekh 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).
If the club has a contract to lease the stadium at a set rate surely it would be illegal for a new owner to increase that rate until a new agreement was due, unless there were terms in the lease allowing rent rises at any point. Most leases included the provision for rents to be reviewed at specific points (every 5 years on a 25 year lease for example).
Of course as the original lease is between 2 Dai companies there may not even be a proper contract.
by katweslowski » 10 Oct 2024 16:02
by katweslowski » 10 Oct 2024 16:05
by Sanguine » 10 Oct 2024 16:06
katweslowski Reading Borough Council made the stadium a community asset. I've no idea if this means anything legally, or whether it's just a title.
https://www.bbc.co.uk/news/uk-england-b ... e%20owners.
by Greatwesternline » 10 Oct 2024 16:20
Wycombe RoyalPieEater 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.
I was wondering the same. Surely this charge would need to be registered with Companies House?
by Mid Sussex Royal » 10 Oct 2024 16:21
by Clyde1998 » 10 Oct 2024 16:32
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.
by royalgent » 10 Oct 2024 16:44
South Coast RoyalWycombe RoyalPieEater 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.
I was wondering the same. Surely this charge would need to be registered with Companies House?
I thought that overseas companies didn't have to register such charges-I may be wrong.
by Crusader Royal » 10 Oct 2024 17:02
Sanguinekatweslowski Reading Borough Council made the stadium a community asset. I've no idea if this means anything legally, or whether it's just a title.
https://www.bbc.co.uk/news/uk-england-b ... e%20owners.
When this was announced I thought this meant that it could only be used for football, i.e. it was stop the ground being sold off separately.
by Crusader Royal » 10 Oct 2024 17:04
by Armadillo Roadkill » 10 Oct 2024 17:04
royalgentSouth Coast RoyalWycombe Royal I was wondering the same. Surely this charge would need to be registered with Companies House?
I thought that overseas companies didn't have to register such charges-I may be wrong.
It seems to me there’s a bit of a misleading line in this story - BVI stop notices apply to the sale of shares in BVI Companies, not assets.
Presumably the stadium is held via a BVI holding company - and the stop notice is to stop the transfer of shares in that company.
by WestYorksRoyal » 10 Oct 2024 17:07
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