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Post by aghast on Feb 7, 2019 9:30:05 GMT
It's very simple. The current custodians did not do a proper due diligence before taking over the club. Our Chairman admitted at his first AGM that "certain matters had come to light they were not aware of....." Then they brought The Colony without proper investigation on how much it was going to cost to get it up and running. I can only hope that any new custodians are more savvy. What I also struggle to understand is the concept that a banking institution would fail to carry out due diligence. I mean, it flies in the face of everything these banking institutions stand for, it's against their very DNA. Oh well, I suppose you could speculate and discuss to the end of time. The AQ's are not likely to tell us. Hamer might, but he would probably wrap it all up in a riddle then make a bolt for he stairs. Oh for the open communication of Nick Higgs! From the new interview with Steve H, it seems clear to me that the owners don't tell him anything. In fact he virtually admits that he doesn't have a clue what's happening. He seems to just make stuff up based on what he thinks they might do, so his contribution isn't really worth much more than a post on this thread. Poor old Steve.
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Post by farmygas on Feb 7, 2019 9:30:50 GMT
Of all the banking dynasties in the world of course we got the ones that are a bit tinpot.
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Post by Henbury Gas on Feb 7, 2019 9:47:28 GMT
There has been no explanation as to why a banking family would want to take a loss making business, then for several years cover those losses and then, when the debts are equall to or even exceed the assets of the business, either attempt to sell or liquidate the business. I just don't see what the point of all that s hit would be. Can anyone enlighten me, please? It's very simple. The current custodians did not do a proper due diligence before taking over the club.
Our Chairman admitted at his first AGM that "certain matters had come to light they were not aware of....." Then they brought The Colony without proper investigation on how much it was going to cost to get it up and running. I can only hope that any new custodians are more savvy. Pure speculation IMO
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Post by Severncider on Feb 7, 2019 10:08:18 GMT
It's very simple. The current custodians did not do a proper due diligence before taking over the club. Our Chairman admitted at his first AGM that "certain matters had come to light they were not aware of....." Then they brought The Colony without proper investigation on how much it was going to cost to get it up and running. I can only hope that any new custodians are more savvy. Pretty sure SH also suggested it cost a lot more to run a football league club than the family realised. He did. The one thing that has always intrigued me as why the sale of Gillingham FC did not succeed, when he always said he would consider offers for them. Now where is Mr Scally's phone number?
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Marshy
Proper Gas
Posts: 14,282
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Post by Marshy on Feb 7, 2019 10:12:34 GMT
Pretty sure SH also suggested it cost a lot more to run a football league club than the family realised. He did. The one thing that has always intrigued me as why the sale of Gillingham FC did not succeed, when he always said he would consider offers for them. Now where is Mr Scally's phone number? F**k Scally, the bloke is an arrogant clown!
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Post by Henbury Gas on Feb 7, 2019 10:13:21 GMT
Pretty sure SH also suggested it cost a lot more to run a football league club than the family realised. He did. The one thing that has always intrigued me as why the sale of Gillingham FC did not succeed, when he always said he would consider offers for them.Now where is Mr Scally's phone number? Because Wael stated quite clearly that the then owner of Gillingham wanted to stay on as Chairman
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Post by mjhgas on Feb 7, 2019 10:55:55 GMT
Surely with all the efforts being made in the community it's a matter of time before there is announcement of a Mem rebuild?
Soften them up with multiple community projects and then announce the stadium refurb!
Only a guess!
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Post by Cantankerous Gas on Feb 7, 2019 13:18:15 GMT
Although not the same as our situation, It seems Scunny have been having similar issues over the last few years (106 agreements & land owners wanting a share of stadium revenue).....
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Post by toddy1953 on Feb 7, 2019 13:28:51 GMT
Although not the same as our situation, It seems Scunny have been having similar issues over the last few years (106 agreements & land owners wanting a share of stadium revenue).....
Well at least the fans are now informed - we are still guessing why UWE fell through 18 months on.
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Post by toddy1953 on Feb 7, 2019 13:35:37 GMT
Surely with all the efforts being made in the community it's a matter of time before there is announcement of a Mem rebuild? Soften them up with multiple community projects and then announce the stadium refurb! Only a guess! You may well be right, but I couldn't imagine the current infrastructure around the ground coping with, say 15000, turning up on a wet Tuesday night.
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Post by baggins on Feb 7, 2019 13:45:08 GMT
Surely with all the efforts being made in the community it's a matter of time before there is announcement of a Mem rebuild? Soften them up with multiple community projects and then announce the stadium refurb! Only a guess! Can't see any development of any kind happening as long as Hani holds the wallet.
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Post by orgasmic on Feb 7, 2019 14:02:13 GMT
It's very simple. The current custodians did not do a proper due diligence before taking over the club.
Our Chairman admitted at his first AGM that "certain matters had come to light they were not aware of....." Then they brought The Colony without proper investigation on how much it was going to cost to get it up and running. I can only hope that any new custodians are more savvy. Pure speculation IMO Pure speculation other than the direct quote as evidence and the subsequent bit added by Topper? If Severncider is incorrect and they did carry out due diligence but missed things from it and miscalculated the costs then they are just incompetent. I don't know the answer, I just hope Severncider is right as I'd rather have a fallible board than an incompetent one!
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Post by Hugo the Elder on Feb 7, 2019 14:03:08 GMT
Pure speculation other than the direct quote as evidence and the subsequent bit added by Topper? If Severncider is incorrect and they did carry out due diligence but missed things from it and miscalculated the costs then they are just incompetent. I don't know the answer, I just hope Severncider is right as I'd rather have a fallible board than an incompetent one! Typical Rovers. Why can't we have both? .....oh wait.
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Post by farmygas on Feb 7, 2019 14:03:21 GMT
It's very simple. The current custodians did not do a proper due diligence before taking over the club.
Our Chairman admitted at his first AGM that "certain matters had come to light they were not aware of....." Then they brought The Colony without proper investigation on how much it was going to cost to get it up and running. I can only hope that any new custodians are more savvy. Pure speculation IMO It's quite obviously not.
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Post by Henbury Gas on Feb 7, 2019 14:28:14 GMT
It's quite obviously not. They quite obviously did because the purchased the club for a very small amount
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Post by Officer Barbrady on Feb 7, 2019 14:31:07 GMT
It's quite obviously not. They quite obviously did because the purchased the club for a very small amount They quite obviously didn't because they have since said the stadium was going to cost more than they had originally thought.
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Post by Hugo the Elder on Feb 7, 2019 14:35:41 GMT
They quite obviously did because the purchased the club for a very small amount They quite obviously didn't because they have since said the stadium was going to cost more than they had originally thought. Is it possible that the Council was the issue rather than UWE, the owners or finance?
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Post by farmygas on Feb 7, 2019 14:35:45 GMT
They quite obviously did because the purchased the club for a very small amount They quite obviously didn't because they have since said the stadium was going to cost more than they had originally thought. See also: UWE stadium deal that they brought the club on the strength of that they then threw out The random flailing since then Training ground costs/land
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Post by Henbury Gas on Feb 7, 2019 14:37:23 GMT
They quite obviously did because the purchased the club for a very small amount They quite obviously didn't because they have since said the stadium was going to cost more than they had originally thought. You can blame Hewlett Packard for that one
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Post by gregsy on Feb 7, 2019 14:49:24 GMT
They quite obviously didn't because they have since said the stadium was going to cost more than they had originally thought. You can blame Hewlett Packard for that one So what your basically saying is that when it got to the point of signing all the paperwork the printer ran out of ink?
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