Majority Shareholding of the Club Sold

Re: Majority Shareholding of the Club Sold

Postby Bare Grills » Wed May 02, 2018 11:49 am

Gone_Shrimping wrote:
BerlinWaller wrote:Has Burnard left the building? Is that the end of the G50 story? Did he send the SOS to Cala when he knew the gig was up?


According to Companies House Mr Burnard is still a director of Morecambe FC although his son resigned on 3rd April.
There can be a time lag in filing resignation and appointment documents so maybe some movement on the board in the days to come.

Surely the board would have announced any such changes in the press release, just like they announced Jordan's arrival and departure :roll:

What a good job we have keyboards and don't have to rely on OWS for updates.
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Re: Majority Shareholding of the Club Sold

Postby Keith » Wed May 02, 2018 11:51 am

jbcshrimp wrote:As has been mentioned Bond group are a newly formed organisation. I wonder if G50 have joined forces with others to create Bond management. Just a thought.


Why? Not being sarcastic, just wondering what could be an advantage to them by doing that?

The one thing we've all been hoping would happen, and when it does, we all feel worried... Only at Morecambe :cry:
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So how did that work out then?
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Re: Majority Shareholding of the Club Sold

Postby Bare Grills » Wed May 02, 2018 11:52 am

Keith wrote:
jbcshrimp wrote:As has been mentioned Bond group are a newly formed organisation. I wonder if G50 have joined forces with others to create Bond management. Just a thought.


Why? Not being sarcastic, just wondering what could be an advantage to them by doing that?

The one thing we've all been hoping would happen, and when it does, we all feel worried... Only at Morecambe :cry:

I didn't know we all wanted to be sold to a startup with unknown directors.
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Re: Majority Shareholding of the Club Sold

Postby outsider » Wed May 02, 2018 11:54 am

With PMG seemingly back in control, Will he be bringing in a no2 to run it day to day? MD anyone?[list=][/list]
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Re: Majority Shareholding of the Club Sold

Postby P/T Indie » Wed May 02, 2018 12:08 pm

I presume someone from the new company must get a seat on the board?

If they start thinking their investment is going down the pan will they then want to start having more of a say on how the club is run.

I think if I invested into a business that was loosing as much as MFC I would be wanting to bring my own advisors in and make sure I had every part of the business reviewed.
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Re: Majority Shareholding of the Club Sold

Postby KenH » Wed May 02, 2018 12:17 pm

outsider wrote:With PMG seemingly back in control, Will he be bringing in a no2 to run it day to day? MD anyone?[list=][/list]


He didn't bring in a No2 to run it before he sold out to Diego, so I don't think he do it now either. It was during his time "running" the club (i.e. after Graham Hodgson and others resigned) that things got so bad.
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Re: Majority Shareholding of the Club Sold

Postby KenH » Wed May 02, 2018 12:19 pm

P/T Indie wrote:I presume someone from the new company must get a seat on the board?

If they start thinking their investment is going down the pan will they then want to start having more of a say on how the club is run.

I think if I invested into a business that was loosing as much as MFC I would be wanting to bring my own advisors in and make sure I had every part of the business reviewed.


You're assuming they're interested in the business. Presumably they'll have a legal charge over some land that is worth more than the amount they've paid, so they can just sit pretty and wait. If they get paid back, they're happy. If they don't get paid, they enforce their legal charge to sell the land and they're happy.
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Re: Majority Shareholding of the Club Sold

Postby Christies Child » Wed May 02, 2018 3:01 pm

Bare Grills wrote:
Keith wrote:
jbcshrimp wrote:As has been mentioned Bond group are a newly formed organisation. I wonder if G50 have joined forces with others to create Bond management. Just a thought.


Why? Not being sarcastic, just wondering what could be an advantage to them by doing that?

The one thing we've all been hoping would happen, and when it does, we all feel worried... Only at Morecambe :cry:

I didn't know we all wanted to be sold to a startup with unknown directors.


Maybe this start up company was formed to specifically control our club. Could have come about as a result of the moneys from Mayfair that saw us through from the back end of last year following the earlier than anticipated end of Abdul's involvement.

Just a thought....

:?: :?: :?:
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Re: Majority Shareholding of the Club Sold

Postby Posh » Wed May 02, 2018 4:11 pm

Christies Child wrote:Maybe this start up company was formed to specifically control our club. Could have come about as a result of the moneys from Mayfair that saw us through from the back end of last year following the earlier than anticipated end of Abdul's involvement.

Just a thought....

:?: :?: :?:


Maybe it was. I wonder what Global Advanced Limitless Telecommunications and World Finance Federal Reserve (both controlled by one of the two directors) was setup for? These are frankly ridiculous names.

Christies Child wrote:The moneys from Mayfair that saw us through from the back end of last year".


They never put any money in from the back end of last year and there is no evidence they did. The charge with Mayfair Finance, an Essex-based pawnbrokers, against all our land and buildings was only created in April, so that's the earliest there was any money. As seemingly everyone now knows March's wages were paid by one of the Directors - not PMG or Burnard. All the evidence points to us getting some money in April, because we were flat broke, paid by pawning all our assets. Of course, no one will tell us if this is true or not.

Christies Child wrote:The earlier than anticipated end of Abdul's involvement.


Didn't he or his associates also tell the FA / EFL back in October that they were funding the club for two years only to bail out on us just four months later? Could we being lied to again? Surely not!

Just a thought...
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Re: Majority Shareholding of the Club Sold

Postby skyecat » Wed May 02, 2018 4:20 pm

To my limited and somewhat cynical understanding:
PMG moved heaven and earth and with huge financial input at Christie Park, got us to the point where we were heading up the non league tiers and we won the playoffs at Wembley.
PMG and the board structured a deal to allow us to build a new stadium and be "self sufficient".
The infrastructure and finished building at The Globe wasn't what was promised / envisaged by most of the fans and a chunk of money from the deal appeared not to be accounted for to the fans.
The football on the pitch was what it was - good bad or indifferent, JB did his best with what he had and, I believe, punched above his weight as far as the results have gone.
The football at times has been woeful and less outstanding than what I remember being played at Christie Park - this may be down to my memory, or the level at which we were playing - either way, I believe it has been a contributing factor to the decreased number of fans - that along with apparently being taken for granted by the management at times.
No cover on the Berlin Wall, no cover over the Omega stand refreshments area.
I wouldn't be surprised if PMG took back the money he had put into the club out of the Sainsbury's deal - which, I believe, he was entitled to do - it was his (and others') "loans" which kept us going for so long - but, this is the crunch - it was this taking back of some of his money (if that's what happened) which signalled the seeds of change within the club. Moving forward a few years, asset after asset of the club's ground being sold off, remortgaged or whatever, leaving us year on year, worse off.
Fans have been coming up with ideas, offering help for nothing, pointing out where promises were broken, asking questions as to "where the budgets have been going", "what the transfer fees were", "why can't we do this?", "why didn't we do that?" etc but getting nothing but silence from the club or at best "you don't understand to full picture" - that may be true but we are having little in the way of positivity and feedback in which to put our faith and trust.
If PMG still has the club at heart, yet is taking back what he can out of the club, maybe it's time for him to relinquish his control of the boardroom and let someone else have a go?
The Diego Lemos / Abdul / G50 debacle was an absolute joke of a situation and again, no answers, apologies or plans put in place - or at least, none that we, the fans, were officially told about.
The fact that PMG is still the chairman, having sold all his shares during the G50 tenure is a strange one and again, no explanation from the club.
Then just yesterday, it's happened again - I know it's early days but for the majority shareholding being sold to another company, which has passed the fit and proper persons test by the EFL despite only being formed a couple or so months ago. PMG says he's sure that the money is there with this new company, he's seen the money and there's funding for the transfer market and the running of the club for the next 2 years.... PMG STILL the chairman, still calling the shots - and if he's not, I apologise, but in the absence, yet again, of information from the club, I do question the running of the club. I firmly believe there are certain board members who are continually going above and beyond the call of duty to keep the club afloat, but their hands are, I would imagine, tied somewhat, preventing them from telling us the information that we want / need as fans in order for us to have faith in the club once again.
Morecambe is the club I support and has been for years, and will be for as long as it exists - but ask me how long I think it will exist in the guise of what we have currently and I'd honestly say "not long" - but thanks to the JB Christie trust, we should always have a ground to play football on long after the current board have done what they're doing. JB Christie must have been and incredibly insightful man - way ahead of his time!
When I say we should have a ground, that's if a smart cookie of a lawyer doesn't poke holes into the agreement and offer anyone on the council a brown envelope and the deal is mysteriously overturned (I told you I am getting cynical) - but, if the ground DOES exist in years to come, we may well have to walk through a housing estate, through a little alleyway to get to it as all the current land around the stadium (and maybe even the actual stadium itself) may be long gone.
I turn up to the games, i've joined the Trust, I watch and cheer etc, but as for my involvement with "The Club" no thanks. It's not financially viable, the costs far outweigh the income, the prospect of being competitive even in league 2 is a distant dream without wholesale changes which I don't believe will happen for a long while yet.
So, I turn up, watch the game, wonder at the turmoil which goes on behind closed doors, knowing there's nothing I can do about it and then go home and look at the league table to find out where we are.
Hell, even if I remortgaged my house, sold everything I own and gave it all to the club,it still wouldn't make a dent in the finances - it's far, far bigger than the majority of fans in my opinion and even if 1,000 of us got together and we managed to get £1,000,000 to invest, it would only run the club for arguably 2 years and as we know, the income into the club still leaves us short by a minimum of £500,000 EVERY YEAR!!!
Too much smoke and mirrors and not enough clarity - by a country mile, for me to be trusting in the business that is football, in general, not just at our club.
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Re: Majority Shareholding of the Club Sold

Postby Ispyshrimp » Wed May 02, 2018 6:10 pm

Quite a lot of the time when a company buys a new business they tend to start up under a new name as seen at companies house and mentioned on here. This is done so that if the company they buy can't get off the ground or runs into trouble down the line then this can't effect other parts of the business.

with regards to our club/business then it could be worse and hopefully not long before improvements can be made and also by the sounds of it, if this takeover hadn't of happened could have been leading us further into trouble.

what else can we do?

unless we have a local person/business man to stump up money keeping the club a float then we have little choice and then unless there's changes more money will be lost.
Maybe being bought by people who deal in financing wont be a bad thing as you would expect them not to be stupid with money and therefore may bring new ideas and much needed investment and also run the club like an actual business.

it could also be the case the PMG having run the club for years is being asked to be kept as chairman, whilst the new owners find their feet with never running a club before.

football clubs unless bank rolled by wealthy people need to be run like a buisness which i my opinion hasnt happened for years hence us being in trouble for the past 2.

first rule of business is look after your customers (us) otherwise there isn't a business like many of us have said many times on this forum, we love our club and we are its fans/customers however it can be seen with our own eyes those the efforts of the local people came out to support last weekend and made a big difference. those people IMO could come back supporting the club once more but disappeared through many issues, (i know a lot of us a hardened fans but it showed Saturday what can happen)

there are many people on this forum who care deeply about our club and some have great ideas on how to improve the match day experience, I hope that the new owners are true to the words being spoke by PMG and invest much needed money, I do also hope that along with those ideas put forward by the fans and especailly the trust that changes will happen and listeined to and get the club back to how it was, our family club.

there are many things that can be changed over time, the catering for one but hopefully more news will come soon.

i would also hope it is genuine and those involved wont be taken for fools again and we end with another fiasco, let be positive for Saturday and get this game out of the way and then hope to see some news coming through.
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Re: Majority Shareholding of the Club Sold

Postby Christies Child » Wed May 02, 2018 6:44 pm

I suspect the day to day running of our club will remain largely as it is at the moment, but that all the major decisions will made together with our new owners.

This for me is ideal. I just wish that those who have been critical of the deal would give the new owners time to prove the doubters wrong.

After all what is the alternative..... :?: :?: :?:
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Re: Majority Shareholding of the Club Sold

Postby Duffman » Wed May 02, 2018 6:47 pm

Christies Child wrote:I suspect the day to day running of our club will remain largely as it is at the moment, but that all the major decisions will made together with our new owners.

This for me is ideal. :


Christ almighty.
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Re: Majority Shareholding of the Club Sold

Postby Bare Grills » Wed May 02, 2018 6:48 pm

Duffman wrote:
Christies Child wrote:I suspect the day to day running of our club will remain largely as it is at the moment, but that all the major decisions will made together with our new owners.

This for me is ideal. :


Christ almighty.

+1
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Re: Majority Shareholding of the Club Sold

Postby Bare Grills » Wed May 02, 2018 6:50 pm

Christies Child wrote:I suspect the day to day running of our club will remain largely as it is at the moment, but that all the major decisions will made together with our new owners.

This for me is ideal. I just wish that those who have been critical of the deal would give the new owners time to prove the doubters wrong.

After all what is the alternative..... :?: :?: :?:

You suck up to all the right people, don't you

The Abdul backing of the club for a period of 2 years is in accordance with EFL Rules that insist that a commitment by an owner has to be guaranteed for 2 years. Something that I have to admit I wasn't aware of.
I asked the question of Mr Barnard and this news about the EFL Ruling was sited and that going forward the continuance of financial support of Abdul and his family did not have a time limit on it.


Let's hope the directors get a refund from the EFL.
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Re: Majority Shareholding of the Club Sold

Postby Christies Child » Wed May 02, 2018 7:18 pm

My opinion.....I'm not particularly bothered whether others like it or not.
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Re: Majority Shareholding of the Club Sold

Postby Bare Grills » Wed May 02, 2018 7:39 pm

Same goes for your opinions which change as often as the majority shareholder :lol:
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Re: Majority Shareholding of the Club Sold

Postby Posh » Wed May 02, 2018 9:56 pm

Christies Child wrote:I suspect the day to day running of our club will remain largely as it is at the moment, but that all the major decisions will made together with our new owners.

This for me is ideal. :


Wow.

Five years of decline, resigning directors, shit deals and more bailouts than a sinking dinghy and in your view it’s ideal it continues? Jesus wept.
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Re: Majority Shareholding of the Club Sold

Postby marky No.1 » Wed May 02, 2018 11:42 pm

Shanghai has gone quiet as well, not very clever after all
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Re: Majority Shareholding of the Club Sold

Postby dazza » Thu May 03, 2018 8:15 am

in simplistic terms isn't it that

the club in effect is owned by a finance company ,,,??

is this not just like us having a mortgage on our houses
they give us the money..sometimes with a crazy offer to get you on board ( IE wages payed for 2 years ) ..
they leave the running of that to you ( in there terms the day to day running wont alter )

but if there not getting what the want financially they will find a way to sell it from under your feet and throw you out , by finding some loop hole ???
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Re: Majority Shareholding of the Club Sold

Postby KenH » Thu May 03, 2018 9:03 am

So the club couldn't afford to keep up loan repayments on the monies borrowed on the Pitches/Community block via PMG Leisure, hence it being put into receivership.

Yet, we are somehow going to be able to make repayments/interest or whatever to repay a presumably much larger sum of money raised to cover the club's losses for the next couple of years!!

I think in reality, it's a bridging loan to cover our losses until PMG can find his "sugar daddy" happy to pay £4m for the club, so in the meantime it's just "business as usual" as it has been for the last 5 years or so of decline under Jim/PMG.

I hope I'm wrong and that there are shed loads of money now available to make big changes and improve ALL aspects of the club and start to grow the fan base again, hence resulting in smaller losses and long term sustainability. Time will tell.
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Re: Majority Shareholding of the Club Sold

Postby fulwoodshrimp » Thu May 03, 2018 9:23 am

I fear no change means more decline and ultimately the liquidation of our club. Please Mr. McGuigan how are we going the pay this company back? Where is this money coming from? Answers there were none!!
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Re: Majority Shareholding of the Club Sold

Postby Christies Child » Thu May 03, 2018 10:28 am

To all those who are critical of this deal and the way it's been handled ...what are the alternatives... :?: :?: :?:

To date nobody has come forward with an alternative that is feasible and financially viable.
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Re: Majority Shareholding of the Club Sold

Postby KenH » Thu May 03, 2018 10:50 am

Christies Child wrote:To date nobody has come forward with an alternative that is feasible and financially viable.


How do we know they havn't? It's been reported that there have been a number of interested parties over the past few years. I'm sure some of those would have been feasible and financially viable from the club's point of view, but maybe not from the majority shareholder's point of view (whoever that is/was at the time).

PMG himself said there was a 3 year plan in 2013 to make the club self-sufficient. Well his "plan" didn't work very well did it?
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Re: Majority Shareholding of the Club Sold

Postby Christies Child » Thu May 03, 2018 11:00 am

KenH wrote:
Christies Child wrote:To date nobody has come forward with an alternative that is feasible and financially viable.


How do we know they havn't? It's been reported that there have been a number of interested parties over the past few years. I'm sure some of those would have been feasible and financially viable from the club's point of view, but maybe not from the majority shareholder's point of view (whoever that is/was at the time).

PMG himself said there was a 3 year plan in 2013 to make the club self-sufficient. Well his "plan" didn't work very well did it?


Ken
I was actually referring to this forum when I asked the question.

I agree that nobody on here (other than possibly Posh ;) ) know if a feasible alternative has been put forward. And if it has and has been rejected then that is the business of the Board exclusively.

As much as I have often mentioned a local consortium taking control it seems that no such consortium has come forward with a financial package that is acceptable....at the moment.....unfortunately.

I'm far from happy with the current deal based on the information available...maybe if we knew more then concerns by some will be resolved. :?: :?: :?:
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