Reading takeover officially complete

[Coyote]

https://www.bbc.co.uk/sport/football...s/cvg9gk2rj43o

Hopefully it'll be us next. Reading will be a solid side competing for auto-promotions next season.

[NYCBlue]

Correct me if I'm wrong, but the club owes Tan over £100m. And Dalman over £40m. No one is going buy a club with that amount of debt.

[ToTaL ITK]

Debt-to-equity anyone ?

[Coyote]

Correct me if I'm wrong, but the club owes Tan over £100m. And Dalman over £40m. No one is going buy a club with that amount of debt.

If someone sees the potential for the investment to be turned around, they absolutely would. Even if it means whoring ourselves out on the media circuit like Wrexham, I'd take it over this.

If Tan expects to get all his money back, he's a fool. The club is in Stage 4 under his watch. He should quit whilst he's behind and let someone else have a go.

Hell, keep Dalman if we have to, he's by far the most competent of the 3.

[Grangenders]

The Wrexham story is a one off never to be repeated. Unless Tan wants to sell off the club and make a huge loss, then no one will be buying us. I can see him keeping us until the end of his days, at which point the family will get rid.

[A Quiet Monkfish]

Correct me if I'm wrong, but the club owes Tan over £100m. And Dalman over £40m. No one is going buy a club with that amount of debt.

Funny thing is, I can't see any way out for Tan. No-one is going to buy the club, we aren't going to return to the PL in the next 10 years [if that], and he won't want to keep losing £millions each year. For him it's just like having an elderly relative 7000 miles away, waiting for them to die, whilst having a couple of carers taking care of their basic needs..

[NYCBlue]

If someone sees the potential for the investment to be turned around, they absolutely would. Even if it means whoring ourselves out on the media circuit like Wrexham, I'd take it over this.

If Tan expects to get all his money back, he's a fool. The club is in Stage 4 under his watch. He should quit whilst he's behind and let someone else have a go.

Hell, keep Dalman if we have to, he's by far the most competent of the 3.

I think you mean he's the least incompetent of the three. He still has to go.

[Coyote]

I think you mean he's the least incompetent of the three. He still has to go.

I do agree.

[Optimistic Nick]

Correct me if I'm wrong, but the club owes Tan over £100m. And Dalman over £40m. No one is going buy a club with that amount of debt.

Businesses get bought in debt all the time. The bigger question is what Tan values the debt at, and what he values the business at on a debt-free basis. The debt is surely worth pennies in the pound, but let's say he values it at £25m and Dalman's at £10m. I've no idea what the business itself is worth - let's say £10m. You just structure it so the acquirer buys the equity for £1 and the debt for £45m. That's better than Tan waiving or capitalising the debt and the purchaser acquiring the shares for £45m: the purchaser saves £225k on the stamp duty; they've a valve to pull cash out of the business even if it can't pay dividends etc. They can always capitalise it later if they want.

Of course if Tan expects to get back his full investment then that's a different matter. As you say- even if Tan places no value on the club itself, he's effectively asking someone to pay £140m for it if he's not willing to write off a penny of what he's owed. It's hard to see how it could be worth that, in particular in League 1.

[fugsyphil]

Hell, keep Dalman if we have to, he's by far the most competent of the 3.

Personally don't believe a single word this man says and would love to see the back of him first, then Choo