The ?56 million was

?16 million to buy up all the shares (so that's the closest thing to a "valuation" of the company0
?20 million to repay debts that have to be repaid on a change of control
?20 million that Cullum wanted to put into the team

What Cullum wanted to do was just buy ?20 million of newly created shares (similar to what Evans did), giving him control with the ?20 million going into the football budget. I assume that the disagreement over valuation was that Mr & Mrs Wynn-Jones felt that ?20 million wasn't enough to gain control.

So there was disagreement about the method by which Cullum would take control, and disagreement about the amount of money needed.

Posted By: Bryan Salad Surgery on March 1st 2009 at 19:28:48

Message Thread

People seem to think the board over valued the club (NCFC) - grimsbycanary3, Mar 1, 19:16:50
- I think regardless of what the terms of the debt are... (NCFC) - Dog, Mar 1, 19:18:55
  - exactly (NCFC) - grimsbycanary3, Mar 1, 19:20:51
    - The ?56 million was (NCFC) - Bryan Salad Surgery, Mar 1, 19:28:48
    - I believe ?16m was the figure the club gave (n/m) (NCFC) - Ben, Mar 1, 19:27:42
      - well doesnt sound too unreasonable does it? (n/m) (NCFC) - grimsbycanary3, Mar 1, 19:31:18
        
        It does to me (NCFC) - Ben, Mar 1, 19:41:39
        
        what have sheff weds just valued themself at (NCFC) - grimsbycanary3, Mar 1, 19:44:40
        
        if you value the club at 16mn and the buyer takes on the debt (NCFC) - Worzel Scrimmage, Mar 1, 19:51:30
        
        does the debt count towards the value? (n/m) (NCFC) - grimsbycanary3, Mar 1, 20:09:17
        
        Well if you're taking on ?20m debt as well then in effect you're spending ?36m (n/m) (NCFC) - Ben, Mar 1, 20:12:40
        
        yes you are spending that (NCFC) - grimsbycanary3, Mar 1, 20:24:04
        
        No? what is it then? (NCFC) - Worzel Scrimmage, Mar 1, 20:49:13
        
        Because that what the loan agreements say (NCFC) - Bryan Salad Surgery, Mar 1, 20:51:27
        
        We're talkign about whether the debt is considered part of the fucking value or not ffs (NCFC) - Worzel Scrimmage, Mar 1, 20:58:30
        
        Ah now I understand (NCFC) - Bryan Salad Surgery, Mar 1, 21:07:42
        
        what you have to pay for something and the value are two very different things (n/m) (NCFC) - grimsbycanary3, Mar 1, 21:02:49
        
        have a read of this (NCFC) - Worzel Scrimmage, Mar 1, 21:11:02
    - Correct. (n/m) (NCFC) - Dog, Mar 1, 19:22:42

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