January transfer window 2024

[windymiller]

I thought they already signed and filed the paperwork, and were just waiting for PL approval. I would be surprised if the PL reviewed the accounts of just buyers who might possibly buy a club if conditions were right.

Aren't they still fundraising for the purchasing cash? Honestly, I have no idea what to believe about this mob. There's so much out there and clearly not all of it is true.

 

[Neiler]

Presumably we’d never heard of him when he was going for 1m in the summer?

The Golden Generation conveyer belt keeps rocking.

 

[PeregrineT]

Aren't they still fundraising for the purchasing cash? Honestly, I have no idea what to believe about this mob. There's so much out there and clearly not all of it is true.

Yeah, not sure anyone knows that, random outlets release random stories which might be true. Also who knows what the agreement is with Moshiri and how much they ACTUALLY have to put up front rather than 1-2 years down the line.

 

[windymiller]

Yeah, not sure anyone knows that, random outlets release random stories which might be true. Also who knows what the agreement is with Moshiri and how much they ACTUALLY have to put up front rather than 1-2 years down the line.

Why can't we ever do things the easy way?! To be fair, I thought we were doing it the easy way when Moshiri took over a look how that went.

 

[pfim]

Yeah, not sure anyone knows that, random outlets release random stories which might be true. Also who knows what the agreement is with Moshiri and how much they ACTUALLY have to put up front rather than 1-2 years down the line.

The deal isn’t closed until approval is given, money is in escrow and the deal is signed.

 

[argietoffee]

Given that the takeover is dragging on, our next set of finances are likely to be scrutinised and the outcome of the appeal may not be known I just can't see anything other than loans.

Sales

 

[PeregrineT]

The deal isn’t closed until approval is given, money is in escrow and the deal is signed.

Right, and as far as Ive seen reported its signed, and it makes sense the PL wouldnt waste their time and money reviewing a firm who wasnt obligated to buy...instead still considering whether they pull the trigger.

 

[Mrbluenose]

Sales

Yeah, you're correct, we may need to.

I was more focused on the incomings.

If we do sell I would expect the money to go in the meter, as it were.

 

[pfim]

Right, and as far as Ive seen reported its signed, and it makes sense the PL wouldnt waste their time and money reviewing a firm who wasnt obligated to buy...instead still considering whether they pull the trigger.

if the deal was signed, it would be complete. They’ve likely signed a term sheet or LOI. It likely outlines exit clauses and clauses related to performance and good faith.

The deal has not been consummated. It’s just like buying a house, you agree with the buyer on a price and sign a contract, but you don’t own the house until you sign the closing documents.

 

[MikeH72]

The Golden Generation conveyer belt keeps rocking.

Yes, they’re bottom of the league

 

[PeregrineT]

if the deal was signed, it would be complete. They’ve likely signed a term sheet or LOI. It likely outlines exit clauses and clauses related to performance and good faith.

The deal has not been consummated. It’s just like buying a house, you agree with the buyer on a price and sign a contract, but you don’t own the house until you sign the closing documents.

Just because the deal is signed doesnt mean its complete. You cant proceed with the deal unless all parties have signed a binding agreement. Using your house analogy its like it has contingencies, in this case instead of an appraisal its the approval of the PL. While we dont know what it is I find it highly unlikely there are any clauses that let 777 just consider whether they still feel like they want to buy it. The PL likely doesnt waste its time and money reviewing paperwork for those that might someday own a club.

 

[pfim]

Just because the deal is signed doesnt mean its complete. You cant proceed with the deal unless all parties have signed a binding agreement. Using your house analogy its like it has contingencies, in this case instead of an appraisal its the approval of the PL. While we dont know what it is I find it highly unlikely there are any clauses that let 777 just consider whether they still feel like they want to buy it. The PL likely doesnt waste its time and money reviewing paperwork for those that might someday own a club.

The binding agreement in your scenario is the "deal."

If you buy a house you sign a contract, contingent on meeting criteria (funding, inspections, etc).

If I no longer want to buy the house, I forfeit my deposit and that is the penalty for doing so.

When you sign a LOI to buy a company, it is contingent as well (funding is the largest).

If 777 can't close the deal for whatever reason, there are likely contingencies (or penalties) around that.

On the club's side, there are likely provisions as well in terms of good faith provisions so they can't kill the deal if the get a better offer etc.

Those all likely have time limits.

But the deal is not complete, you can't force 777 to buy something they can't or no longer wish to.

 

[Kevsleftpeg]

if the deal was signed, it would be complete. They’ve likely signed a term sheet or LOI. It likely outlines exit clauses and clauses related to performance and good faith.

The deal has not been consummated. It’s just like buying a house, you agree with the buyer on a price and sign a contract, but you don’t own the house until you sign the closing documents.

You contradict yourself a bit. A deal can be completely signed and sealed subject only to satisfaction of certain post signing conditions e.g. regulatory clearance. If those conditions are satisfied then both parties are legally obliged to complete the deal. One you exchange contracts on a house seal (a split exchange and completion) both parties are legally obliged to complete the deal. You are correct that legal ownership would only transfer on completion.

 

[Kevsleftpeg]

Just because the deal is signed doesnt mean it’s complete. You cant proceed with the deal unless all parties have signed a binding agreement. Using your house analogy its like it has contingencies, in this case instead of an appraisal its the approval of the PL. While we dont know what it is I find it highly unlikely there are any clauses that let 777 just consider whether they still feel like they want to buy it. The PL likely doesnt waste its time and money reviewing paperwork for those that might someday own a club.

There probably is a binding agreement to complete the deal (a SPA) which has been signed and which includes certain post signing conditions which need to be met for completion to occur. I’m a finance lawyer. It’s complete normal to have a split signing and completion when regulatory clearance is required. It’s doesn’t mean the deal isn’t signed and legally binding, it is just subject to conditions.

 

[Kevsleftpeg]

The binding agreement in your scenario is the "deal."

If you buy a house you sign a contract, contingent on meeting criteria (funding, inspections, etc).

If I no longer want to buy the house, I forfeit my deposit and that is the penalty for doing so.

When you sign a LOI to buy a company, it is contingent as well (funding is the largest).

If 777 can't close the deal for whatever reason, there are likely contingencies (or penalties) around that.

On the club's side, there are likely provisions as well in terms of good faith provisions so they can't kill the deal if the get a better offer etc.

Those all likely have time limits.

But the deal is not complete, you can't force 777 to buy something they can't or no longer wish to.

An LOI is not legally binding. No seller is going to agree to a deal which is contingent on the buyer finding funding. They would actually generally insists on certainty of funding I.e. signed facility from banks or commitment letter and equity commitment letters.