In my local paper up for auction in September guide price £380,000 to £420,000 by Clive Emson Auctioneers.Anybody fancy a bid.
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Discussion Thread
San Stonebridge up for Auction
(27 posts)-
Posted 10 months ago #
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Posted 10 months ago #
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Hmm, So if the club went to auction to bid for it, they may get it for less than the 500K thats already been spoken of,
Posted 10 months ago # -
I cannot imagine there being too many development companies wanting to invest over £400,000 on a stadium that has a lease lasting 16 years still. If this is the case, it could auger well for a Fleet bid, led by BK.
Posted 10 months ago # -
I cannot imagine there being too many development companies wanting to invest over £400,000 on a stadium that has a lease lasting 16 years still. If this is the case, it could auger well for a Fleet bid, led by BK.
That might well be the case but the auction is on 21 September which is less than 3 weeks to raise the funds
Posted 10 months ago # -
I might be completely wrong, and I apologise if I am, but I read somewhere that BK was preparing a bid of up to £500,000. And no, I don't know how it would be funded, but I assume the club could arrange a business mortgage.
Posted 10 months ago # -
it looks like if by any chance the club could be lucky enough to buy the ground, there is room to expand, plus a rental income
Posted 10 months ago # -
I might be completely wrong, and I apologise if I am, but I read somewhere that BK was preparing a bid of up to £500,000. And no, I don't know how it would be funded, but I assume the club could arrange a business mortgage.
Erm, and what bank in the current climate will lend that kind of money to a business with the kind of financial security that EUFC offer?
Posted 10 months ago # -
I have no doubt that when Brian K, Duncan H, the club accountant and committees of both EUFC and Myfc have decided the best way forward for the club, We will be informed, In a recent thread on Myfc site there seemed to be many owners/members keen to invest once the way forward had been decided, It would be far better to get the purchase funded by owners/members/local fans than to try and arrange a business mortgage, As I understood the comments on Myfc by Duncan H /Brian K they were seeking a general concensus regarding raising the funds from owners/fans and the returns investers would get for their investment, before deciding the best way forward, With a 21st Sept deadline things should start to happen soon.
Posted 10 months ago # -
I assume the club could arrange a business mortgage.
Isn't it against the MyFC constitution for the club to be in debt?
Posted 10 months ago # -
They broke their own rules when they voted for a £10,000 per week budget last year - which saw us losing approx £50,000 per month. That alone nearly killed the club.
A mortgage isn't viewed in the same way as a debt, it is more of a controlled loan.Posted 10 months ago # -
I believe an external company would have to be created to facilitate the purchase and any loans.
Posted 10 months ago # -
I would have thought that it is against MyFC's constitution for MyFC Society Ltd to be in debt, not the company in which it has purchased shares (i.e. EUFC Ltd). Please correct me if I am wrong.I assume the club could arrange a business mortgage.
Isn't it against the MyFC constitution for the club to be in debt?
However, I think it would be difficult to obtain a mortgage on the ground unless the Bank was willing to accept the ground as security for the loan, which I think is unlikely unless an acceptable guarantor for the repayments could be found (again, extremely unlikely).Posted 10 months ago # -
I don't know how to contact Brian K but I would certainly be interested in putting money into a share issue to buy Stonebridge Road, although I am sure there is already a lot of detail on how to acheive this is ongoing behind the scenes. The Clive Emson guide price doesn't make the raising of the money look too impossible, does it? Obviously the MyFC issue also complicates matters although an open to all share issue should be viable. ( Ithink) Thereby embracing any MyFC members who want to invest.
Posted 10 months ago # -
The route that seems to be forming is a separate company owned by anyone who wants to support the club in its efforts i.e. MYFC, the ex Directors, other EUFC shareholders, Fleet Trust and fans who don't come under any of the previous groups.
It has yet to be decided whether it will be structured to try and give investors a return on their money if there are ever any distributable profits. This is a major decision to be made.
If you want to be involved please e-mail me at brian@eufc.co.uk so I can keep you up to date on how things progress.
Please note guide prices don't always bear any relation to the final bid either on the upside or downside.Posted 10 months ago # -
I've said this before but why not try and do a deal with Eurostar ? I am sure they have that amount tucked away somewhere. Eurostar Stadium has a nice ring to it .
Posted 10 months ago # -
This is a major decision to be made.
If you want to be involved please e-mail me at brian@eufc.co.uk so I can keep you up to date on how things progress.I would imagine a lot would be interested in helping, but would there be need to be a minimum buy in price? and also is there be time to arrange it and make it legal?
Any commitment, i assume would have to be over a long term period, so that the loan (in whatever form) can be guaranteed a regular repayment.
signed Mr naivePosted 10 months ago # -
This is a major decision to be made.
If you want to be involved please e-mail me at brian@eufc.co.uk so I can keep you up to date on how things progress.I would imagine a lot would be interested in helping, but would there be need to be a minimum buy in price? and also is there be time to arrange it and make it legal?
Any commitment, i assume would have to be over a long term period, so that the loan (in whatever form) can be guaranteed a regular repayment.
signed Mr naiveI don't think BK is talking about a loan here, I presume that he means the issue of shares in a new company of (say) 1 million shares @ 50p (minimum) per share to raise £500,000 for the purchase the ground.
Posted 10 months ago # -
This is a major decision to be made.
If you want to be involved please e-mail me at brian@eufc.co.uk so I can keep you up to date on how things progress.I would imagine a lot would be interested in helping, but would there be need to be a minimum buy in price? and also is there be time to arrange it and make it legal?
Any commitment, i assume would have to be over a long term period, so that the loan (in whatever form) can be guaranteed a regular repayment.
signed Mr naiveI don't think BK is talking about a loan here, I presume that he means the issue of shares in a new company of (say) 1 million shares @ 50p (minimum) per share to raise £500,000 for the purchase the ground.
I make you right, the problem is the way the share holders were treated , when MYFC took over, from the little i understood, there shares were worth nothing, and they got to have no say on the matter, could this come back and bite the powers to be, who walked over the share holders last time ?
Posted 10 months ago # -
That's interesting Busta. What do you mean exactly? I thought MyFC bought 75% of the shareholdings from the outgoing directors essentially in return for clearing debts. The remaining 25% shareholders still have their shares, no? It was before most of us got heavily involved though so I don't know any details.I make you right, the problem is the way the share holders were treated , when MYFC took over, from the little i understood, there shares were worth nothing, and they got to have no say on the matter, could this come back and bite the powers to be, who walked over the share holders last time ?
Posted 10 months ago # -
Not being a ex or existing shareholder, i cannot answer your question , as i stated its only from the little i understood, which was from snippets picked up on the old forum. You would have to ask a old share holder to get the true facts. I just remember old share holders on here complaining there shares had been made worthless etc. I thought MYFC had the option to buy the other 25% at a later date? If that is the case then they shares must be worthless, but i am probably miles from the facts & extremely wrong,That is the reason i am asking the question. As i for one would like to know how the previous share holders were treating, before putting money into the scheme.
Posted 10 months ago # -
Oh, I see. Fair enough - definitely worth outing if someone felt badly treated at the time. As for the share option thing - MyFC does as you say have an option (3 years from memory, or 5? Can't remember - won't happen anyway) to buy the outstanding 25% at a price that values them at £600K as I recall (i.e. the whole club at nearer £2.5 mill). If that option were to be exercised then their shares are definitely worth something!Not being a ex or existing shareholder, i cannot answer your question , as i stated its only from the little i understood, which was from snippets picked up on the old forum. You would have to ask a old share holder to get the true facts. I just remember old share holders on here complaining there shares had been made worthless etc. I thought MYFC had the option to buy the other 25% at a later date? If that is the case then they shares must be worthless, but i am probably miles from the facts & extremely wrong,That is the reason i am asking the question. As i for one would like to know how the previous share holders were treating, before putting money into the scheme.
Posted 10 months ago # -
Busta - the old shareholders of EUFC have 25% still of EUFC and 100% of Fleet Leisure and Fleet Group Development - so to say the shares are worthless is erroneous. The deal was unfortunately complicated though so understand any misapprehensions.
If you had 1% of the football club before, you now have 0.25%; but hopefully 0.25% of something with stronger ambitions than 1% of one that had gone as far as it could.Posted 10 months ago # -
I think you also have to look at the likely reasons that the minority shareholders bought those shares in the first place,
I don't speak for anyone but myself obviously but:Would I buy shares in the Fleet? Yes
Would I expect a dividend? No
Would I expect to make any money on the shares? No because I wouldn't sell them
Would I be concerned about the value of the shares? No because I wouldn't sell them
Why would I buy shares then? To help the club
Would I be concerned that the club raised more money through another share issue? No I would be delighted that other people are helping the club too (although I would be concerned that a change of majority shareholder could change the club for the worse but two years on I am happy that those concerns where unfounded)Nobody buys shares in the Fleet to make money, you do it either to own the club or to help the club.
Posted 10 months ago # -
As a share holder don't you expect to have some say in running YOUR club? should the club make decision on your behalf. Were share holders offered a vote on the MYFC takeover? That is really what i meant about worthless, not so much the value. As pointed out to me the shares were devalued to 25% of there original value, and yes when you use 1% as a top value it all sounds good, but buy a thousand at £1 and you are left with £250, you had a deposit on a car, now your left with the money to buy a push bike.
As a share holder, do you not think that you should be sent a full, complete & true audit of accounts? Are the company that you own shares in, not answerable to your questions on those accounts?
Rather than to inform you, that they do not intend to answer any questions on certain money matter's? then hold there hands out and ask you for more money.
Are your share's worth less than a member of MYFC? if you are not a member of MYFC but a proper share holder,do you get informed the same time as they do about events? or as a later date with joe public?
Yes I agree to buy shares in Ebbsfleet Utd is done for love and not profit. To best of my knowledge, there are very few if any football club make money on there shares. The ones i own don't for sure.
If you want to support the club, and give them the money, save all the trees wasted on the paper and admin costs.
If your happy to throw money into a bottomless pit , to people that cannot or choose not to keep you fully informed (not saying this time will be the same) it is your choice. Me for one would like to ask question's, and get answers from a organisation, that is run like a proper company, and are answerable for all there action. Not just ones they want to answer. I believe that is not a unfair thing to ask for, or want
I have said all i am going to say for now, on this matter, and i will watch what unfolds over the next few weeksPosted 10 months ago # -
Busta - are you a shareholder of EUFC and were you before the MYFC majority stake?
If so you should know that:
1) The MYFC takeover went to a vote of the shareholders
2) Your shares aren't necessarily devalued - you are diluted in terms of percentage but that smaller percentage may be worth more than before
3) Before the takeover and since, we have had an Annual General Meeting of shareholders in the Social Club or Fleet Leisure, full audited accounts were presented and discussed in an open forum. There are loads of clubs who don't do that.
So I really don't get where you're coming from.Posted 10 months ago # -
Busta ,BK has given a sensible reply in several posts here.
0% of sod all is about as useful as 100% of the same sod all.
It is likely we wouldnt be where we are now without MYFC and consequently shares would have been devalued in worth possibly to zero.
Posted 10 months ago #
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