TAN had a good offer to sell the club, but told them to sod off?

[198bore]

Re: TAN had a good offer to sell the club, but told them to sod off?

Fake news :) Also, if we’re supposedly losing 3m per month (36m per year) despite picking up 36m in parachute payments this season then we’re apparently bleeding 72m a year? That doesn’t sound right. Or did they conveniently not include this revenue when highlighting those losses? In which case we’ll break even give or take.

[xsnaggle]

Re: TAN had a good offer to sell the club, but told them to sod off?

If we believe Dalman he has had a number of offers over the years, including at least 1 good one.
Given the current worldwide recessions which are undoubtedly affecting Tans business interests it is almost inconceivable that he is not looking to sell CCFC. I think we are lucky that his 'pride' is not allowing him to sell at any price and he continues to support us. Mind you I dont think that support can continue forever.

Why do people continually talk about VT's financial position and the club not being able to afford this or that as if they know all about his personal and club finances.
It's bollox. Like people saying there is no money for players just before we buy one.

[Former Labour leader]

Re: TAN had a good offer to sell the club, but told them to sod off?

Why do people continually talk about VT's financial position and the club not being able to afford this or that as if they know all about his personal and club finances.
It's bollox. Like people saying there is no money for players just before we buy one.

I'm not pretending to have any insider knowledge. The businesses that I know that Tan is involved in, and this is in the public domain are in retail, hotels, McDonald's franchises and car sales. All those have been affected by the pandemic. In that scenario cash flow is not going to be good and it really doesn't take a chartered accountant to suggest that he ought to consider selling loss making businesses. Doesnt mean to say he will though.

[The Hooded Claw]

Re: TAN had a good offer to sell the club, but told them to sod off?

On the other hand, you don’t sell businesses when their valuation is low.
Vincent Tan might look at selling the club if it were promoted, where its valuation would be much higher, thus releasing cash for his other businesses (or himself).

[Joe Gillis]

Re: TAN had a good offer to sell the club, but told them to sod off?

What happened to that promise about being debt free in 3 years? Wasn't that about 4
years ago?

[jon1959]

Re: TAN had a good offer to sell the club, but told them to sod off?

What happened to that promise about being debt free in 3 years? Wasn't that about 4
years ago?

No - it was debt free in 5 years - and was said 5 years ago (mid February 2016).

Since then Mehmet Dalman has answered questions about the 'debt free' commitment several times - and the Trust has given regular commentaries on progress.

I may not have remembered this right - but I think Tan has converted £79m to equity and written off other debts on top of that - but the Board advised him to postpone any further conversions (last year or the year before?) because (I think) of FFP rules and since then the Covid impact.

Maybe Keith can give an update on the latest position.

Whatever - Tan went a long way to doing what he said in 2016, but is not there yet.

[light up the darkness]

Re: TAN had a good offer to sell the club, but told them to sod off?

Wonder why he doesn’t sell say half to one of his very wealthy Chinese chums? That would be ideal wouldn’t it?

Malaysian maybe

[Enoch Mort]

Re: TAN had a good offer to sell the club, but told them to sod off?

No - it was debt free in 5 years - and was said 5 years ago (mid February 2016).

Since then Mehmet Dalman has answered questions about the 'debt free' commitment several times - and the Trust has given regular commentaries on progress.

I may not have remembered this right - but I think Tan has converted £79m to equity and written off other debts on top of that - but the Board advised him to postpone any further conversions (last year or the year before?) because (I think) of FFP rules and since then the Covid impact.

Maybe Keith can give an update on the latest position.

Whatever - Tan went a long way to doing what he said in 2016, but is not there yet.

At the recent meeting with MD and KC, KC confirmed that no further conversions of debt to equity had happened since the last set of accounts. As you say, this month is the 5th anniversary of VT’s commitment. There is no doubt that he was converted a significant amount of debt to equity, Michael Isaacs would not be bringing his legal case against us if he had not. VT has also written off debt. However he has also transferred some of his debt to other parties so the “debt free” aspect, if that was what he promised I can’t remember, is not going to be the case. We are also trying to borrow £8m from the EFL, that will have to be paid back by 2024 I think, which will increase indebtedness in the short term.

[goats]

Re: TAN had a good offer to sell the club, but told them to sod off?

Malaysian maybe

Half of Malaysians are Chinese Malay I think?

[UNDERHILL1927]

Re: TAN had a good offer to sell the club, but told them to sod off?

If he's run us as a business then he's failed massively. He should have got someone in straight away, in the background that knew football. That one appointment could have saved a lot of money and disappointment.

[2b2bdoo]

Re: TAN had a good offer to sell the club, but told them to sod off?

If he's run us as a business then he's failed massively. He should have got someone in straight away, in the background that knew football. That one appointment could have saved a lot of money and disappointment.

Lots of clubs are run by football people and they still don't have a clue. One of the most experienced would be Peter Ridsdale and that wasn't a great time either.

[UNDERHILL1927]

Re: TAN had a good offer to sell the club, but told them to sod off?

Lots of clubs are run by football people and they still don't have a clue. One of the most experienced would be Peter Ridsdale and that wasn't a great time either.

Yeah not saying it guarantees success just better than what we currently have in my opinion.

We've been to the Premier League twice (don't personally count that first time mind) but with a bit more direction and clever management behind the scenes we could have quite easily stayed up at least one season.

[Taunton Blue Genie]

Re: TAN had a good offer to sell the club, but told them to sod off?

Half of Malaysians are Chinese Malay I think?

Top half or bottom half?

[stan butler]

Re: TAN had a good offer to sell the club, but told them to sod off?

If he refused to sell due to it being an unfit potential buyer then Vincent Tan needs to be applauded.
And if it was Sam Hammam involved thank god Tan refused we have been bitten by him once before and he still refuses to go away.

[WJ99mobile]

Re: TAN had a good offer to sell the club, but told them to sod off?

No - it was debt free in 5 years - and was said 5 years ago (mid February 2016).

Since then Mehmet Dalman has answered questions about the 'debt free' commitment several times - and the Trust has given regular commentaries on progress.

I may not have remembered this right - but I think Tan has converted £79m to equity and written off other debts on top of that - but the Board advised him to postpone any further conversions (last year or the year before?) because (I think) of FFP rules and since then the Covid impact.

Maybe Keith can give an update on the latest position.

Whatever - Tan went a long way to doing what he said in 2016, but is not there yet.

Best owner we’ve ever had.