Re: Future.. how soon till we know : Tue Oct 09, 2018 8:56 pm  

ColD wrote:

Well surely the guy taking it into admin can't then buy it back - and if so who from suppliers, staff and fans would trust him ongoing

That couldn't possibly happen surely

I didn't suggest it, others here are saying that is the case, however I ask, is that even possible ? I would have thought not !

Re: Future.. how soon till we know : Tue Oct 09, 2018 9:47 pm  

Ste100Centurions wrote:

I didn't suggest it, others here are saying that is the case, however I ask, is that even possible ? I would have thought not !

Its possible i worked for a company that did it twice

Re: Future.. how soon till we know : Tue Oct 09, 2018 10:46 pm  

ColD wrote:

Well surely the guy taking it into admin can't then buy it back - and if so who from suppliers, staff and fans would trust him ongoing

That couldn't possibly happen surely

If you wanted to trawl through the Bradford forum you would find the answers to all these questions.
Basically they can go into Admin with a 'friendly' Administrator and do a £1 buy back. The problem is that the Administrator is bound by law to get the best deal for the Creditors and you can then get the case of someone offering a better deal than e.g DB. This seems relatively simple with a possible twist, but do-able. You now get the scenario whereby the Administrator prefers one buyer but then the RFL refuse to accept them as fit and proper. At this point you have a bit of a stalemate. All this time the clock is ticking towards next season. Once the buyer is selected you have the issue of TUPEing across staff and players.
And then before you start the season you have penalties imposed by the RFL and you also need to find new suppliers as the old ones don't want to be twice bitten.
The bottom line is if DB wants out then you have to hope he finds a buyer. If he decides to go around again hope that he doesn't want to use the Admin route to wipe any debt.
Good Luck.

[mish]

Re: Future.. how soon till we know : Tue Oct 09, 2018 11:09 pm  

rugbyreddog wrote:

If you wanted to trawl through the Bradford forum you would find the answers to all these questions.
Basically they can go into Admin with a 'friendly' Administrator and do a £1 buy back. The problem is that the Administrator is bound by law to get the best deal for the Creditors and you can then get the case of someone offering a better deal than e.g DB. This seems relatively simple with a possible twist, but do-able. You now get the scenario whereby the Administrator prefers one buyer but then the RFL refuse to accept them as fit and proper. At this point you have a bit of a stalemate. All this time the clock is ticking towards next season. Once the buyer is selected you have the issue of TUPEing across staff and players.
And then before you start the season you have penalties imposed by the RFL and you also need to find new suppliers as the old ones don't want to be twice bitten.
The bottom line is if DB wants out then you have to hope he finds a buyer. If he decides to go around again hope that he doesn't want to use the Admin route to wipe any debt.
Good Luck.

Very interesting, thanks for explaining how it works.

Re: Future.. how soon till we know : Tue Oct 09, 2018 11:36 pm  

mish wrote:

Very interesting, thanks for explaining how it works.

Just a thumbnail explanation. We have 3 or 400 pages on our forum.

[mish]

Re: Future.. how soon till we know : Wed Oct 10, 2018 6:52 am  

rugbyreddog wrote:

Just a thumbnail explanation. We have 3 or 400 pages on our forum.

Yes I know, that's why I thank you for your concise explanation, I looked at the thread and didn't fancy trawling my way though it.

Re: Future.. how soon till we know : Wed Oct 10, 2018 7:33 am  

The club for me is undertaking a full root and branch streamlining operation as anyone would do given that the team did not finish high enough on the pitch to trigger the + £1 million of central funding next season, cutting the cloth accordingly to ensure that liabilities (players contracts for 2019) it can no longer afford are removed and it therefore can continue as a going concern with the reduced revenue levels, not to mention to make it a more attractive proposition with out the said liabilities for any potential investors.

Necessity now dictates, and the business plan surely is that Sporting Club Leigh will have to be a PT operation for 12 months.

I believe contracts have started to be offered for next season, including to one player from St.Helens who made his debut on Sunday.

Re: Future.. how soon till we know : Wed Oct 10, 2018 8:49 am  

Harold Rigby Jnr wrote:

The club for me is undertaking a full root and branch streamlining operation as anyone would do given that the team did not finish high enough on the pitch to trigger the + £1 million of central funding next season, cutting the cloth accordingly to ensure that liabilities (players contracts for 2019) it can no longer afford are removed and it therefore can continue as a going concern with the reduced revenue levels, not to mention to make it a more attractive proposition with out the said liabilities for any potential investors.

Necessity now dictates, and the business plan surely is that Sporting Club Leigh will have to be a PT operation for 12 months.

I believe contracts have started to be offered for next season, including to one player from St.Helens who made his debut on Sunday.

I’m not privy to the ins and outs of the club like some on here, I have and always had mixed views on DB and previously questioned even when things were going well what would happen to us should he walk away (again), but hopefully continuing as a going concern even if PT has to be a step in the right direction.

It would be interesting to see that Business plan.

As for investors do we know what type of investors DB is looking for, full take over or additional help?

Wasn’t there a comment somewhere about us possibly having to become a community club with DB putting £100k in the pot?

Has the man with the Jaguar lost interest?

Was this the same man with £120M buying LSV?

Is there any merit on Mo’s supporters (small) investment scheme? How big a take up would this be? And how much are we talking?

Wonder what the funding gap between PT and FT is?

What if for those who could afford it if the club introduced a ‘Silver Lining’ season tickets costing say £500? Would there be any takers?

I know there are already avenues for supporters to ‘donate’ monies to the club, and I’m in no way knocking those. And I would have donated to the player fund on Sunday had I known about it.

PS Harold the above aren’t aimed at you specifically just me wondering where we’re going, how and who’s taking us.

Re: Future.. how soon till we know : Wed Oct 10, 2018 9:02 am  

Harold Rigby Jnr wrote:

The club for me is undertaking a full root and branch streamlining operation as anyone would do given that the team did not finish high enough on the pitch to trigger the + £1 million of central funding next season, cutting the cloth accordingly to ensure that liabilities (players contracts for 2019) it can no longer afford are removed and it therefore can continue as a going concern with the reduced revenue levels, not to mention to make it a more attractive proposition with out the said liabilities for any potential investors.

Necessity now dictates, and the business plan surely is that Sporting Club Leigh will have to be a PT operation for 12 months.

I believe contracts have started to be offered for next season, including to one player from St.Helens who made his debut on Sunday.

That might suggest that the club has identified a sustainable way forward and is activating it.

Re: Future.. how soon till we know : Wed Oct 10, 2018 9:19 am  

glow wrote:

PS Harold the above aren’t aimed at you specifically just me wondering where we’re going, how and who’s taking us.

Great questions , all of them and I wish I had the answers but sadly I do not.

Atomic may know more about the £120 million offer as I heard it first on here , from him.

What I do know about DB is that he can change his mind at the drop of a hat. Sadly.