Shrimpsvoices

Radio Lancashire Sport 104.5fm will have an interview with PMcG at 6pm this evening to provide details of the latest takeover.

PMcG said on the lunchtime sports news that the Board had been in discussions with the new majority shareholder (s) since November / December of last year.

There's an hour of discussion, which fans are welcome to be involved in.
https://twitter.com/danjewellmedia/status/991306211676098560?s=09

Update:
5.30 Sports news: PMcG says we can now move forward and discuss various options including new Stadium Naming Rights....

Freeview ch 720

Stadium Naming Right's, I stand to be corrected, but it worked at around £55.000 a season, not a lot in losing a reported £500.000+ a season.

PMG reminded me in that interview of a Typical Politician Answering Questions without saying anything.

Freez certainly has his doubts about all this. ,,, why are the new owners not showing off wearing scarves at a press conference.
Bond has paid the last 2 months wages and will finance us the the next 2 years.
PMG staying... have you seen the cash..??

Just heard the Peter McGuigan interview and it was just an unbelievable amount of bollocks.

He said that the new owners paid the wages last month. The March wages were paid by a Director. The April wages were paid by pawning the entire assets of the club to a separate company called Mayfair Finance. If they don’t get paid then they take the assets of the club.

He said he’s never actually seen evidence of any money, he’s only had the word of a solicitor. This solicitor is called the “Ferrari lawyer”, yet owns bizarrely named companies from a former council house in Essex.

They’ve promised 2 years of money to the EFL and the club but so did Abdulrahman and it lasted six months. We’ve been lied to before and it is happening all over again.

marky No.1 wrote:Freez certainly has his doubts about all this. ,,, why are the new owners not showing off wearing scarves at a press conference.
Bond has paid the last 2 months wages and will finance us the the next 2 years.
PMG staying... have you seen the cash..??

That wasn’t true. They didn’t pay March’s wages. Fact. Bond Group Investments only founded in January, but PMG has been talking to since November before they existed, didn’t pay the wages for April.

I think PMG should walk away now!

Also interesting according to PMG and Quinny our problems only started 18 months ago. Magically not paying the wages and getting at least two PFA bailouts prior to that is forgotten. Keeping the club afloat by selling land and using every possible director’s money is also forgotten.

Something doesn't seem right about all this and why has it arisen days before our critical game at Coventry? Mr McGuigan couldn't have been made a fool of again could he?

My worry now is that it will be the same old regime. The same BoD and the same Management. We needed fresh eyes and new ideas on and off the pitch.

fulwoodshrimp wrote:Something doesn't seem right about all this and why has it arisen days before our critical game at Coventry? Mr McGuigan couldn't have been made a fool of again could he?

All PMG has done is sell the clubs soul for another two years. He has got rid of Bernard I presume and has control of the club again.

Despite Rod's best efforts, I'm really not convinced by all this and, like Freez, will believe it when I see it. Time will tell...

Posh wrote:

marky No.1 wrote:Freez certainly has his doubts about all this. ,,, why are the new owners not showing off wearing scarves at a press conference.
Bond has paid the last 2 months wages and will finance us the the next 2 years.
PMG staying... have you seen the cash..??

That wasn’t true. They didn’t pay March’s wages. Fact. Bond Group Investments only founded in January, but PMG has been talking to since November before they existed, didn’t pay the wages for April.

Yeah wondered how they had been talking before the company was set up... the same person setting up a company to buy something - it happens but get the money first not just morsels, particularly if they didnt pay the wages as you say

Dont know how someone can have face while PMG Leisure sits like it is

For those, like me, that missed it: https://www.bbc.co.uk/programmes/p064fzpc. Skip to around 7 minutes in.

He said that we approached them so have we basically just gone along to a finance company and took out a massive mortgage for 2 years and secured it against 51% of the shares and all the freehold around the land? What happens at the end of the two years? If they don't make any money back (which they won't because how many clubs make a profit) do they get to start selling off bits of land?

Also like Freez said I guess this means PMG is staying around from the way he was talking things like we will sit down with Jim and discuss signings for the summer etc

So no actual new owners, no new ideas it will just be the same old same old for 2 more years and then we will prob be in even bigger trouble than we are now.

P/T Indie wrote:He said that we approached them so have we basically just gone along to a finance company and took out a massive mortgage for 2 years and secured it against 51% of the shares and all the freehold around the land? What happens at the end of the two years? If they don't make any money back (which they won't because how many clubs make a profit) do they get to start selling off bits of land?

Also like Freez said I guess this means PMG is staying around from the way he was talking things like we will sit down with Jim and discuss signings for the summer etc

So no actual new owners, no new ideas it will just be the same old same old for 2 more years and then we will prob be in even bigger trouble than we are now.

Is that possible

Apart from administration, probably the worst possible outcome. Another share move to an unknown company and PMG still around.

Well I know PMG Leisure has gone but what if in 2 years they start selling of whatever is left.

PMG just leads us from one disaster to another. We need change!

black morse wrote:

P/T Indie wrote:He said that we approached them so have we basically just gone along to a finance company and took out a massive mortgage for 2 years and secured it against 51% of the shares and all the freehold around the land? What happens at the end of the two years? If they don't make any money back (which they won't because how many clubs make a profit) do they get to start selling off bits of land?

Also like Freez said I guess this means PMG is staying around from the way he was talking things like we will sit down with Jim and discuss signings for the summer etc

So no actual new owners, no new ideas it will just be the same old same old for 2 more years and then we will prob be in even bigger trouble than we are now.

Is that possible

I think struggling to stay in Conference North this time in 2 years is a worse position than now.

I would take conference north if it meant a stable board of (local) directors having to run us self sufficiently.

P/T Indie wrote:I would take conference north if it meant a stable board of (local) directors having to run us self sufficiently.

If the club goes bankrupt that could well be a possibility, but depends on the biggest expense, i.e. the wage bill. If it's true that our players are paid similarly or less to some conference players, then we'll be in the same, if not worse, position. We'd need a massively reduced wage bill, right down to bare bones, to be self sufficient.

We'd also either have to make the hospitality rooms profitable (do we have the resources to do that with our small volunteer basis - can't pay enough for the wages of decent staff to run it properly) or licence them out to a professional hospitality/events firm to run themselves so that we'd get regular rental income. Either that, our the whole ground/stadium is sold by the receivers and operated by an independent professional management firm and the "football club" merely rents the ground for matches, leaving the professional firm to use the site for profit generating activities for non match days.

But all that aside, what is not sustainable is, yet again, selling land or borrowing money secured on land, as a stop gap to cover ongoing losses. If PMG is going to remain "in charge" for another 2 years and has merely sold the shares/land for a cash injection, then it's just delaying the inevitable. Surely he isn't still relying on a sugar-daddy coming in and buying it for a few million - that's been his "plan" for the last five years, so if that elusive person hasn't appeared yet, he never will. We need radical change to save the club, whether as a L2 or conference club. The losses have to be stopped but PMG doesn't seem to have any plan to reduce them let alone eliminate them.

Okay PMG looks to have bought two more years of finance but what state are the club going to be in then? I suspect it brings AFC Morecambe closer to being a reality.