NTFC FOR SALE
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Author Topic: NTFC FOR SALE (Read 13359 times)
MK_Cobbler
Confirmed on the clubs website.
The controlling shareholding of NTFC is up for sale due to frustrations with the council.
IN AIDY WE RUST
crazycobbler
Re: NTFC FOR SALE
Not surprised really, had a feeling this was coming based on some of his previous interviews. Looked like he'd had enough a while back.
Time for the keyboard owners to step up ......I
Boot and shoe
No surprise .
I think this has been evident for a while and I don't blame them .
The club is in real danger now and I am nervous about what lies ahead .
As for the council , they couldn't care less. Individuals need outing in that organisation and disgracing publicly .
Dark days ahead
Battery Man
Would be interesting to know the name of the member of the council they think is working against them. I think this has been coming for a while and maybe it could be a good thing long term for the club, but I would have thought that finding a buyer whilst there is still this situation regarding the East Stand will prove difficult.
Quote from: Boot and shoe on May 23, 2018, 10:49:19 am
Not sure how to read the official statement as in someways it can be interpreted as a 'lever' to force the Council to act on the lease situation. Also how likely will it be easy to sell a club with an outstanding legal/lease issue?
just.reading
Quote from: everbrite on May 23, 2018, 11:06:19 am
Why would it be a lever? As previously said, I don't think the council care either way.
From reading the statement (I know its only one side of the argument but haven't seen anything from the council, which seems to be the challenge) I can't blame them for their decision. Hopefully it will give the council a kick up the **** but I'm sure if someone comes along they will be gone.
I know some will say its just an excuse and they want out, and they're welcome to their opinion, but I feel that KT etc are the right people for the club in the short term and this is devastating news. I cant believe any one who is in it for the game will want the club with the same issues, only people will be interested are people who want land to develop. Not necessarily a bad thing as long as the club is funded but adds a level of risk.
Its never boring supporting this club!
You could look at it as a threat I suppose but I'm not sure the council care .
I believe there are people in that council who are looking after their own interests and would rather the whole thing disappeared .
Those individuals need flushing out and exposing . They need to be made accountable for their actions before and after the Thomas takeover .
The organisation is rotten .
Shadowstorm
This is worrying and alarming news, and I dont blame them. We as fans need to step up and start putting pressure on the council to just deal with it
super-si
"For reasons known only to themselves, on 17 September 2013 NBC granted a lease of an area of land adjacent to and forming part of the East Stand to County Developments Northampton Ltd (CDNL) set up by the previous Chairman and his partners. This land was already leased to the club..."
SOMEONE HAS SOMETHING TO HIDE AND MR MACINTOSH PROBABLY KNOWS MORE ABOUT THIS THAN HE WILL EVER SAY. THE POLITICIANS ARE HOLDING OUT HOPING THAT THE POLICE INVESTIGATIONS ARE CLOSED AND THEY CAN BREATHE A SIGH OF RELEIF.
I STILL FEEL THAT KT AND DB HAVE THE INTERESTS OF THE CLUB AT HEART
The big problem I can see is that if KT & DB sell the club, they still own CDNL and the lease behind the East Stand, so they can basically stop the East being completed if a new owner takes over, because they own the land.
For the full NTFC Statement:
https://www.ntfc.co.uk/news/2018/may/club_statement_230518/
CLUB STATEMENT: BOARD TOTALLY FRUSTRATED BY LACK OF ACTION, COOPERATION AND COMMUNICATION FROM NORTHAMPTON BOROUGH COUNCIL
The Board of Directors confirm that having grown totally frustrated with the complete lack of action, cooperation or communication from Northampton Borough Council that they are reluctantly open to a discussion about selling their controlling shareholding in Northampton Town Football Club.
Chairman Kelvin Thomas said, "We find ourselves in an extremely disappointing and almost impossible position and having tried over so many months every possible approach to Northampton Borough Council to regularise the East Stand lease position, we feel that we have little choice but to step aside and allow others to complete the process. Regularising the lease position should not, under any circumstances, be controversial and we have been merely asking NBC to correct their own error made back in 2013 which was before our involvement."
Director David Bower added, "For reasons known only to themselves, on 17 September 2013 NBC granted a lease of an area of land adjacent to and forming part of the East Stand to County Developments Northampton Ltd (CDNL) set up by the previous Chairman and his partners. This land was already leased to the club. After taking over the club and understanding the full picture, it was clear this situation needed correcting and we assumed that NBC would work with us to this end.
"To ensure that we could effectively sort out the Council's error, Kelvin and I paid a considerable sum to allow CDNL (which by then had been placed in liquidation) to go through a Company Voluntary Arrangement. This process was completed in the face of considerable opposition from various officers and members of the Council who clearly had a different agenda. In an effort to frustrate our plans the Council unsuccessfully wasted considerable sums of public money in legal fees when the Council could have achieved what both they and the football club required with a more cooperative approach.
"For almost 18 months we have been asking the Council to allow CDNL to surrender the relevant area to the Football Club so that there was no potential conflict. In December 2017, after many months of pushing, solicitors instructed by the Council, sent to our solicitors a draft Deed of Surrender. Our solicitors processed this within one working day with minimal change and returned the draft Deed to the Council's solicitors.
"However, since then we have not been able to make any further progress despite numerous approaches to various Officers of the Council and in fact we received notice last week from the Council solicitor they were still waiting for instruction from the Council. A promise was even made by the Council to the Supporters Trust that the surrender would be completed by no later than the end of March 2018, a deadline that passed without any movement.
"The Deed of Surrender merely gives up without any payment or other consideration any claim which CDNL has, to the relevant area which would remove any possible conflict for the club in the future. Unfortunately, the ownership of the club and CDNL is not 100% common because the club has many additional smaller shareholders, mainly fans, alongside Kelvin and myself. It is also very important to protect the interests of all the parties that the lease position is legally correct.
"Notwithstanding the essential simplicity of what has been proposed, the Council continues to prevaricate and Kelvin and I can only conclude that certain officers and members have a personal issue with us. We both agree we can't allow this negative situation to continue and the club and its supporters deserve better, therefore we have had to make the decision we have.
"Kelvin and I have tried on behalf of the club to engage in a constructive fashion with Officers of the Council, including the Leader, in regard to the real opportunities that exist on the Sixfields site, but no action is ever taken and this lack of action on the lease position is the final straw for us. If we felt confident that we could have a reasonable dialogue with the Council on matters then our view may have been different, but we have to draw a line in the sand at some point.
"We now believe that at least one senior officer, who was interestingly involved when the original loans were made and when the problem lease was also issued, remains influential in the total lack of cooperation that we have seen. We have previously suggested to the Council that if this is not the case then why don't they prove this by their actions and Kelvin and I repeated this observation."
Chairman Kelvin Thomas continued, "We have thought for a while that there are parties within the Council who are working against us personally in this process. We accept during various stages of the purchase and the subsequent CDNL CVA proceedings we had to take a rather robust position with the Council to protect the club's interests, but we did not expect this to work against us in such a way.
"It seems there is now some sort of agenda in the background against David and myself and regrettably we think the only course of action available is to allow others to take matters forward. We are confident there is still a really good opportunity for the club's wider development and we do think the Council can play a positive role in this matter for the benefit of the whole community, but it seems that needs to be with someone other than us.
"What is most frustrating, considering what happened prior to our ownership, is that we have not asked the Council for anything other than to work together to regularise this incorrect lease position to protect the club. This process is not contingent on any other matter, tied to any additional land or requires any Council funding.
"The Supporters Trust have also tried in vain to get information from the Council and have had numerous missed deadlines and whilst we have been able to show the Trust legal confirmation that what we have said is correct, we understand the Council have been unable to provide any legal confirmation to substantiate their claims. We have also taken time to meet with Chairman Andy Roberts and Board Member Kevin Simons from the Trust and were very open with our frustration and we know they are working hard to find out what is going on also.
"Financially we are in a strong position to open conversations about the shareholding of the club and it is important to make clear that we will continue to support the Football Club as normal during our ownership and the existing budget discussed with James (Whiting) and Dean (Austin) does not change in any way and this will be a competitive budget for the league next season. The club has always been stable financially under our ownership and this will continue, and we will complete any discussions in a professional manner.
"We do feel this creates an opportunity for someone, or a group, to be able to take the club forward. We would love those conversations to be with local people and are very open to that, but what is most important is that our discussions are with people who can demonstrate the appropriate level of finances, energy, and desire to progress the club.
"We have always tried to be as open as possible with supporters whilst trying to advance matters regarding the East Stand in the background with the Council and we are firm in our commitment that we will put the club first, but it is now with a heavy heart that we have reached this point as we feel we have been left with no choice."
« Last Edit: May 23, 2018, 11:44:05 am by memyhead » Report Spam Logged
meccanostand
A complicated and sensitive situation. There still appears to be little public clarity (please show me if I'm mistaken) on whether there are wider plans to redevelop the land around Sixfields other than complete the East Stand.
There is also not enough information from the Council's side and this is not acceptable given what happened under Cardoza.
Time for both sides to put their cards on the table.
Also if there are any financial interests (particularly local) who have the best interests of the club at heart, then now seems the time to make a play. I'm sure the supporters' trust will be all ears, especially if a member-ownership % is viable.
« Last Edit: May 23, 2018, 11:47:49 am by meccanostand » Report Spam Logged
claretparrot
Quote from: barton cobbler on May 23, 2018, 11:37:03 am
I can't see that happening, as nobody would buy the club under those circumstances.
GrangeParkCobbler
Quote from: claretparrot on May 23, 2018, 11:44:04 am
So KT and DB have to sell their controlling interests in both companies to the same buyer otherwise it will be even more complicated than it is now.
The Hotel End GTA Champion 2006/7, 2007/8, 2011/12, 2012/13 and 2018/19
LeeleeSTAR
I understand that Kelvin and Bower own CDNL outright and that the NTFC ownership is more fragmented with various small shareholders so why couldnt NTFC just buy CDNL off Kelvin and Bower for a £1 sum, then the club would surely own the leasehold? Is this too basic an option that it's not legally possible?
« Last Edit: May 23, 2018, 11:52:57 am by LeeleeSTAR » Report Spam Logged
guest2487
At least Beds can now put his masterplan into action!
Mathius
Whoever this senior officer is, expect him to be outed soon. Keep an eye on the Chron. Even if dodgy, what benefit does this SO get from holding up development now? If he took a backhander in the past, how does that affect the present?
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