Richie Posted June 10 Report Share Posted June 10 7 minutes ago, steelman1991 said: Whats' equally worrying is that 3 of the WS Board actually voted to accept this pile of shit. 2 of them also on the Club board who unanimously recommend the offer Quote Link to comment Share on other sites More sharing options...
David Posted June 10 Report Share Posted June 10 While we should all be very wary of that offer, and I certainly don't see the value in it at all, I would be keen to know exactly how the Barmack's arrived at the valuation they have of the club? I assume it's not just a number plucked out of thin air? So, while the offer should, in my opinion, be rejected, I'd like to know the workings of their valuation. Quote Link to comment Share on other sites More sharing options...
Tamwell Posted June 10 Report Share Posted June 10 That’s absolutely shameful from McMahon and the board. 1 Quote Link to comment Share on other sites More sharing options...
Mootherwell86 Posted June 10 Report Share Posted June 10 It is also absolutely shite that the Well Society STILL aren’t in a position to offer an alternative proposal to members. 1 Quote Link to comment Share on other sites More sharing options...
wellfan Posted June 10 Report Share Posted June 10 McMahon is recommending that half the Club is sold for £2 million over 6 years, not accounting for debt, that the Barmack’s gain Exective Board control and Chairmanship from day one after a miserly investment of £300K, and that the Well Society has to stump up a large amount of cash only to lose majority share ownership by the end of the 6 years. Let that sink in. McMahon, and those Society board members who voted for this, should be shown the door immediately. 1 Quote Link to comment Share on other sites More sharing options...
Pepper Posted June 10 Report Share Posted June 10 "We have always seen the WS money as an insurance policy against a major downturn in our finances" There's half the problem right there. A broadcaster recently approached us about a docuseries on the club that could open considerable commercial opportunities. So this revolutionary form of investment is exactly as we suspected - trying to do a Wrexham. GET THIS IN THE SEA. Quote Link to comment Share on other sites More sharing options...
FirParkCornerExile Posted June 10 Report Share Posted June 10 Just now, Mootherwell86 said: It is also absolutely shite that the Well Society STILL aren’t in a position to offer an alternative proposal to members. That's my big bug bear , surely to recommend rejection the Well society should have a detailed counter 6 year vision. 2 Quote Link to comment Share on other sites More sharing options...
wellfan Posted June 10 Report Share Posted June 10 5 minutes ago, Mootherwell86 said: It is also absolutely shite that the Well Society STILL aren’t in a position to offer an alternative proposal to members. 3 minutes ago, FirParkCornerExile said: That's my big bug bear , surely to recommend rejection the Well society should have a detailed counter 6 year vision. See the WS statement: “We anticipate that we will ballot our members on this over two weeks beginning 1 July, which will then allow the Well Society to reflect members’ views in the club’s anticipated shareholder vote. We are currently working on the logistics and more information will be sent to our members in due course. By this time, we will also share the Society’s plans for the future, if it remains as majority shareholder. These plans have been in development since the beginning of the year, with input from supporters, consultants, football experts and business professionals, and we now aim to expedite the publication of our plans within the necessary timescales. As part of the ballot process, we also intend to provide the opportunity to engage the Society Board on these proposals, both online and in-person.” 1 Quote Link to comment Share on other sites More sharing options...
bobbybingo Posted June 10 Report Share Posted June 10 3 minutes ago, FirParkCornerExile said: That's my big bug bear , surely to recommend rejection the Well society should have a detailed counter 6 year vision. I don't have a counter vision, but I know when I'm getting royally shafted. 1 Quote Link to comment Share on other sites More sharing options...
Richie Posted June 10 Report Share Posted June 10 13 minutes ago, David said: While we should all be very wary of that offer, and I certainly don't see the value in it at all, I would be keen to know exactly how the Barmack's arrived at the valuation they have of the club? I assume it's not just a number plucked out of thin air? So, while the offer should, in my opinion, be rejected, I'd like to know the workings of their valuation. From what I took from the statement, the ground is being excluded as an asset as it effectively cannot be sold (without a subsequent ~£40m investment for a new stadium). 1 Quote Link to comment Share on other sites More sharing options...
FirParkCornerExile Posted June 10 Report Share Posted June 10 2 minutes ago, bobbybingo said: I don't have a counter vision, but I know when I'm getting royally shafted. I'm sorry but raffles, tombola's and WS quiz nights don't do it for me as our fund raising opportunities. If they have something thats better I'll happily reject. If they dont I'll consider the investment offer. As long as the assets of the club are protected (ie, the ground) I'm open to be convinced. 1 Quote Link to comment Share on other sites More sharing options...
wellfan Posted June 10 Report Share Posted June 10 4 minutes ago, FirParkCornerExile said: I'm sorry but raffles, tombola's and WS quiz nights don't do it for me as our fund raising opportunities. If they have something thats better I'll happily reject. If they dont I'll consider the investment offer. As long as the assets of the club are protected (ie, the ground) I'm open to be convinced. But the assets of the Club aren't protected if we enter administration in 6 years following the majority shareholder losing interest and the Well Society not having the reserves to buy back majority control of a Club that sold itself down the river to the lowest bidder. Quote Link to comment Share on other sites More sharing options...
steelboy Posted June 10 Report Share Posted June 10 McMahon mentioning that Barmack will take 49% in equity but not saying what the final Well Society total is. A fucking snake. Also it's obvious Barmack will just buy shares from Dickie or someone else to get to 50.1% A deal where the Well Society puts in money to have it shares reduced is even more of a rip off than I thought. He's not only giving Barmack the club for free but transferring him all the Well Society funds. Chopping 3 million off the value of the club due to debt to the Well Society and the Scot Gov loan is another piss take. 4 Quote Link to comment Share on other sites More sharing options...
FirParkCornerExile Posted June 10 Report Share Posted June 10 4 minutes ago, wellfan said: But the assets of the Club aren't protected if we enter administration in 6 years following the majority shareholder losing interest and the Well Society not having the reserves to buy back majority control of a Club that sold itself down the river to the lowest bidder. The Well Society have £750,000 and in 6 years time they can buy back for £650,000, so can they not take back control at that point. Apologies I've not looked in detail yet. Quote Link to comment Share on other sites More sharing options...
texanwellfan Posted June 10 Report Share Posted June 10 20 minutes ago, FirParkCornerExile said: That's my big bug bear , surely to recommend rejection the Well society should have a detailed counter 6 year vision. That would be good but I think the offer taken by itself is very underwhelming and doesn’t make me want to jump in and accept regardless of WS having a plan or not. It was mentioned early on that there were several interested parties so I hope this one is not the pick of the bunch. Quote Link to comment Share on other sites More sharing options...
robsterwood Posted June 10 Report Share Posted June 10 Think the Wrexham documentary idea was paper talk. By all accounts deal on the table appears a risk not worth taking. Quote Link to comment Share on other sites More sharing options...
steelboy Posted June 10 Report Share Posted June 10 27 minutes ago, FirParkCornerExile said: That's my big bug bear , surely to recommend rejection the Well society should have a detailed counter 6 year vision. What's Barmack's vision? It's hot air management speak. 1 Quote Link to comment Share on other sites More sharing options...
wellfan Posted June 10 Report Share Posted June 10 4 minutes ago, FirParkCornerExile said: The Well Society have £750,000 and in 6 years time they can buy back for £650,000, so can they not take back control at that point. Apologies I've not looked in detail yet. Have a look at the details. It's laughable. The deal offered dictates that the Well Society has to put cash in at the same time as it loses its majority shareholding so that £750K will quickly vanish. Quote Link to comment Share on other sites More sharing options...
steelboy Posted June 10 Report Share Posted June 10 29 minutes ago, Pepper said: "We have always seen the WS money as an insurance policy against a major downturn in our finances" There's half the problem right there. A broadcaster recently approached us about a docuseries on the club that could open considerable commercial opportunities. So this revolutionary form of investment is exactly as we suspected - trying to do a Wrexham. GET THIS IN THE SEA. It's always been about his production company trying to sell content to streamers. Quote Link to comment Share on other sites More sharing options...
santheman Posted June 10 Report Share Posted June 10 I'm hoping to wake up and find out that it's a typo error and there should be a 1 or 2 in front of the figure Quote Link to comment Share on other sites More sharing options...
FirParkCornerExile Posted June 10 Report Share Posted June 10 6 minutes ago, robsterwood said: Think the Wrexham documentary idea was paper talk. By all accounts deal on the table appears a risk not worth taking. ** info means original post answered. Quote Link to comment Share on other sites More sharing options...
Pepper Posted June 10 Report Share Posted June 10 5 minutes ago, robsterwood said: Think the Wrexham documentary idea was paper talk. By all accounts deal on the table appears a risk not worth taking. It's literally mentioned in his statement! Quote Link to comment Share on other sites More sharing options...
wellfan Posted June 10 Report Share Posted June 10 1 minute ago, FirParkCornerExile said: Without having had a full look , surely if the WS could afford to buy back (apparently they have £750,000 in the bank) its worth taking a punt for two years at which point the WS could exercise their option to buy back for less than they currently have in the bank. Read the details in McMahon's and the Society's statements, and all will become clear on how that £750K won't be there in 2 years if the deal is accepted. Quote Link to comment Share on other sites More sharing options...
steelboy Posted June 10 Report Share Posted June 10 It's sobering to think that they believe our support is stupid enough to accept this. Whoever the three people in favour of this on the Well Society board are need to be removed asap. 4 Quote Link to comment Share on other sites More sharing options...
robsterwood Posted June 10 Report Share Posted June 10 Maybe take Kettlewell can take Theo and Lennon to dragons den and get better offer from Deborah or Pete. That valuation is a joke. 😂😂 I get Hibs value higher but surely not by amount mentioned. Quote Link to comment Share on other sites More sharing options...
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