User:Diffdude
From FleetWiki
I am Rick from Denver Colorado.
[edit] Testing Calendar Feed
[edit] Response to the The deal to purchase a 75% stake in Ebbsfleet United
This is great we finally have an agreement to vote on.
To me it all looks pretty good, and I will probably be voting "Yes", also keep in mind the fact the Operator (Will) did not have to ask for our vote (it's in the terms and conditions that the Operator buys the team).
It's hard to say weather it's a good deal or not, without more detailed financials.
Here is my summary of the proposal. I will put some questions I have in a separate post.
Executive Summary (i.e. short and sweet)
MyFC will buy 75% Stake in Ebbsfleet FC for £635,000. The 75% stake will allow MyFC to run the football club they way it wants.
MyFC is not buying out current owners, just buying new issued shares in the club. The current owners will retain their now diluted shares.
MyFC Members will vote to accept the deal. Vote will close 12:00pm Jan 23rd. Yes or No vote only. Members will not see the Agreement or Due Diligence, only the summary. No changes are possible in agreement.
A 2nd vote will allow Liam Daish to have transfer budget in January and re-sign current players.
MyFC Members will start picking the team in March
MyFC Society Board will be chosen in Feb and Mar 2008, along with CEO.
No talk on forums allowed on structure of deal, only talk on if Ebbsfleet is right for price. FT will close down threads if necessary.
Background Summary
Three football teams were front runners (not Halifax), one higher price, one lower.
EUFC was better because - price, transport links, potential, availability, two year payments, league position, ground, potential for new ground, youth section, club is in new era.
Deal Structure Summary
Ebbsfleet United Football Club Limited (the Club) - owns player contracts, the FA Registration, and the lease of the ground
Fleet Leisure Limited (Leisure) - leases the training ground and facilities
Fleet Group Development Limited (Developments) - In talks for a new stadium
Three new shares of stock will be created, classes, A, B, C.
MyFC Society will own all A shares
Current owners will own B & C shares.
A & B shares decide Business side of club
C shares decide Leisure and Development side.
A shares = MyFC shares, control most football decisions. B shares = Old owners shares, some power. Veto over some decisions (winding up, etc).
Payments : £635,000 over 2 years (£400,000 due now), £235,000 in 3 installments, £125,000 in 1 year, £40,000 at 2 years, remaining £70,000 is paid we needed to pay off debts.
The Club will lease the training ground from Leisure for £40,000 per year, increasing to £48,000 per year over 13 years.
Development Group will continue to try and secure a new stadium, club will be charged £135 per hour consulting fee not to exceed £40,000 per year.
Club is currently running £26,000-£28,000 in debt every month.
21 day notice to EUFC shareholders will be given, but is moot because 75% already agreed.
[b]Post Takeover Summary[/b]
Daish & Assistants contracted to end of 2008-2009 season
MyFC Society Board will be chosen in Feb and Mar 2008, along with CEO. Advisory committee of past directors will be created.
Jason Botley stands down as chairmen, and Brian Kilcullen is interim.
Questions for Will or Legal Team:
1. What is Diash's budget for the player contracts (new and old) that we are voting on?
2. How much money we will have left over in the budget after the purchase?
3. Who are the owners or principles of the Leisure and Developments companies?
4. What are the legal reasons for the private agreement and Due Diligence?
5. Will the board (once elected) will be able to see the complete agreement and Due Diligence?
Timelapse photo of my beer fermenting...
