Possible new owners...

[redrobo]

I suspect that a consortium made up of Sarbjot and his financial backers will be in the process of submitting the necessary papers early this week. It's then up to the EFL to decide on whether they fit the criteria or not.

To be honest I've now come to the conclusion that ANY consortium would be better than what we've had to endure over the last 5 years or so.

I think we have to give the potential new owners time to see and hear what their plans are for OUR club going forward. Surely it can't be any worse than the Bond Group can it...

And let's not forget it was Sarbjot who bailed us out when we couldn't pay the wages some time ago.

Still can't understand what they hope to gain out of the purchase but someone posted about the rise of interest in football in India, so it may be a case of raising their business profile in their mother country....

[black morse]

I suspect that a consortium made up of Sarbjot and his financial backers will be in the process of submitting the necessary papers early this week. It's then up to the EFL to decide on whether they fit the criteria or not.

To be honest I've now come to the conclusion that ANY consortium would be better than what we've had to endure over the last 5 years or so.

I think we have to give the potential new owners time to see and hear what their plans are for OUR club going forward. Surely it can't be any worse than the Bond Group can it...

And let's not forget it was Sarbjot who bailed us out when we couldn't pay the wages some time ago.

Still can't understand what they hope to gain out of the purchase but someone posted about the rise of interest in football in India, so it may be a case of raising their business profile in their mother country....

I think you're probably right redrobbo but the question is not whether they would be any worse than Bond Group but will they be any better?

If they get approval we might get an indication of what we are in for if Derek stays or leaves!

[Billy bodger]

How hard is it to prove to the EFL that you have funds and can commit to future funding?

The First test is objective they have to prove they are not subject to any disqualifying events.

Secondly they must submit Future Financial Information to show how they will operate over the period ahead.

Lastly they must submit the ultimate Source and Sufficiency of Funding which underpins the bid and its future operations.

The questions from that have papers been submitted, how in-depth they are and how long does the scrutiny take?

Anyone any idea’s?

[Gone_Shrimping]

How hard is it to prove to the EFL that you have funds and can commit to future funding?

The First test is objective they have to prove they are not subject to any disqualifying events.

Secondly they must submit Future Financial Information to show how they will operate over the period ahead.

Lastly they must submit the ultimate Source and Sufficiency of Funding which underpins the bid and its future operations.

The questions from that have papers been submitted, how in-depth they are and how long does the scrutiny take?

Anyone any idea’s?

I understand from a source that they have submitted paperwork.

[redrobo]

Kuljeet Singh Momi who it is reported as one of the two backers of Sarb Capital Investors has resigned as a Director of Sarb on 12 July.

Harjit Singh the other backer is still involved as a Director.

Not sure (if anything) that this will have repercussions on their rumoured purchase of our club.

[Billy bodger]

Well that didn’t last long he was only appointed in Nov 2023! A disagreement or just found it was not for him, whatever was going on?

[redrobo]

Well that didn’t last long he was only appointed in Nov 2023! A disagreement or just found it was not for him, whatever was going on?

IF paperwork is now with the EFL let's hope that they are aware of this latest development concerning Sarb Capital.

Maybe one of its major financial backers has seen the light of day regarding the young owner....and is not prepared now to back him....which could prove disastrous for Jason and his excessive demands for our club.

[black morse]

Well that didn’t last long he was only appointed in Nov 2023! A disagreement or just found it was not for him, whatever was going on?

IF paperwork is now with the EFL let's hope that they are aware of this latest development concerning Sarb Capital.

Maybe one of its major financial backers has seen the light of day regarding the young owner....and is not prepared now to back him....which could prove disastrous for Jason and his excessive demands for our club.

I should imagine the Trust will ensure the EFL know.

[black morse]

I see the Football Governance Bill will go ahead under the new government but will be far too late to affect our sale unless the EFL turn down the supposed application from the proposed new owners and Jason refuses to sell to anyone else. At least it may help clubs in the future.

[redrobo]

I see the Football Governance Bill will go ahead under the new government but will be far too late to affect our sale unless the EFL turn down the supposed application from the proposed new owners and Jason refuses to sell to anyone else. At least it may help clubs in the future.

Not sure what he would gain by being so silly..... other than single handed driving our club into administration which I assume would result in the administrators being responsible for the sale which could see us sold to the previous bidder who Jason would not do a deal with.

Maybe not as silly as it would appear....

[black morse]

Well that didn’t last long he was only appointed in Nov 2023! A disagreement or just found it was not for him, whatever was going on?

IF paperwork is now with the EFL let's hope that they are aware of this latest development concerning Sarb Capital.

Maybe one of its major financial backers has seen the light of day regarding the young owner....and is not prepared now to back him....which could prove disastrous for Jason and his excessive demands for our club.

I think The Trust were meeting the Board last Wednesday as they were wanting members to supply questions to ask so we should be hearing some feedback from that soon.

[redrobo]

Like no doubt everybody else.....waiting to hear outcome of EFL Fit and Proper assessment of current bid.....assuming that all the paper work has been submitted....

Just want this saga to end BUT not sure that it will with this current bid after one of the bidding company's Directors withdrew his support and resigned as a Director.

[glagys]

So lack of anything coming from the club or EFL it would seem this deal has died as have almost all JW’s so- called deals

[Billy bodger]

I not focused on it anymore, I’m going to put my energy into supporting the team on match days.

JW does not deserve any of our wasted energy, he is proving the fans right by the way he conducts himself and I will leave it there.

Missing Fri’s game (gutted) I have been booked on a night out for ages thinking a Fri night out is a safe bet, how wrong can you be. I think I might have to learn from that with the Sky TV moving games

[marky No.1]

The Trust have sent out another update.
The "new owners" are waiting for EFL approval

[Hodgie1978]

Latest

[black morse]

Latest

Thanks Hodgie. Can't be sure but one of Jasons replies refers to a 'new company'. See vvm post earlier on this thread referring to SMS Sports being a new company set up! It all links to SJ

[black morse]

I seem to remember our co-chairman saying fairly recently that Johal would not buy the club......Looks as if he might have been wrong.

[Born again Bill]

Should be able to hold the EFL to account if this turns out to be another farce which I fear it may do

[black morse]

Should be able to hold the EFL to account if this turns out to be another farce which I fear it may do

Not sure what the EFL can do about it. This is why an independent regulator with powers is required.

[Born again Bill]

Should be able to hold the EFL to account if this turns out to be another farce which I fear it may do

Not sure what the EFL can do about it. This is why an independent regulator with powers is required.[/quot

So if there is nothing they can do about it why are they even bothering with the fit and proper test . Maybe if they were held accountable they would do the test correctly !

[Keith]

Should be able to hold the EFL to account if this turns out to be another farce which I fear it may do

Not sure what the EFL can do about it. This is why an independent regulator with powers is required.

So if there is nothing they can do about it why are they even bothering with the fit and proper test . Maybe if they were held accountable they would do the test correctly !

My understanding (which may not be accurate) is that currently the EFL can stop the sale of a club to persons who they don't believe are 'fit & proper', for example, people who have criminal convictions for money laundering would not be 'fit & proper' to own a business that could be used for money laundering, etcetera. Similarly, if they can't evidence that they both have funds, and acquired the funds legitimately, they can be stopped from buying. However, if someone can evidence that they have enough, legally acquired money and don't have relevant criminal convictions, then the EFL powers end. The proposed Football Regulator will have powers to actually step in and remove the assets from owners who mismanage the club. How they will do this is yet to be seen.

[redrobo]

Why oh why do we have to learn of a meeting that took place between the EFL, a Co Chairman of our club, the proposed buyer and Jason from the Shrimps Trust....

Has Jason put a complete block on any Director discussing anything to do with the sale or for that matter any subject concerning our club.

I'm unclear how diligent the EFL are in assessing how a potential owner is a suitable person to own a football club under their umbrella in particular the potential owners past business record and their current financial position.

The proposed buyer has a bad track record in purchasing a business particularly the Midlands Engineering Company that specialized in producing high quality performance motor vehicle wheels that is now i understand in receivership having failed to pay its employees on 4 consecutive months. Surely such a horrendous track record in that company and the way that they have failed on numerous occasions to provide the required documentation and this despite the current owner appearing not to be interested in selling our club to anybody else other than the current bidder must ring alarms bells in the minds of the EFL.

The EFL must surely ask the current owner why he is so insistent on selling to the current bidder when it is now a well known fact that another potential owner (and rumoured supporter of the club) has made an offer over and above that of the market value of the club and more importantly has already got the approval of the EFL as being a suitable person to take control of our club.

Something is simply not right and begs the question as to why Jason refuses to discuss the logic behind his refusal.

And let's not forget Jason's role in the demise of the Rugby Club.

Given also the fact that a recently appointed Director of the potential buyer's business interests has resigned also suggests to me that the 'chosen one' is totally unsuitable as owner of any club.

However I fear that the EFL will only concern itself with the new financial position and dismiss any facts about previous failings and approve the sale much to Jason's financial gain and sod the consequencies relating to the future of our club.

[deadorred70]

Sounds about right Redrobbo

[vvm]

Seems to me that Sarbjot is trying to smoke and mirrors his way into passing this test. Seems very clear that his source of funding is not legitimate and cannot be proven. Maybe he's got somebody else involved as the main shareholder of his new company he plans to buy the club with, once he gets approval the ownership will be passed fully to Sarbjot. Something along those lines of creating different companies, appointing people to the board and complicating the background so much that on the surface he can present as legitimate.

We can all see through it and we're only getting crumbs of detail. Hopefully the EFL can see through it too but I'm worried they just won't care enough.

Why does he even want the club and why is Jason desperate to sell to him and only him? I wouldn't say it's a terrible investment but probably not worth going through the effort he has. I can understand a supporter wanting it, they have a connection, there's little to no debt and if ran well could be a success.