Well I know we've been round this buoy many times before, but

There are two keys to NCFC being bought out

One is dealing with the debt. The nuclear option here is administration, a CVA and the banks reluctantly agreeing to a haircut. Painful but plenty of precedent for clubs doing it and recovering, even with a 10 point deduction. The more attractive option is what Piswich did - look such an unattractive debtor that the creditors are prepared to sell the debt in the market at a big discount. That's how Evans acquired Piswich free of external debt - he bought their debt for a song from Norwich Union. Unfortunately that option is much ahrder for us because (ironically) of the securitisation of season ticket sales. Since season tickets remain high the debt still looks quite attractive and there probably isn't a big discount to be had.

The other key factor is the existing equity players agreeing to sell for a pittance (which also happened at Piswuch). Delia has said every now and then that she would do that if she believed that do so would 'be in the club's best interests', but that gives her plenty of wiggle room.

If those two hurdles could be cleared, then yes, I would have thought that we were quite an attractive buy.

Posted By: Old Git on May 21st 2009 at 10:04:57

Message Thread

So who is going to reclaim their rebate? big change of heart for me I will (NCFC) - lovely old job, May 21, 09:12:53
- I look upon the rebate as 20% discount on this season just gone (NCFC) - Nelsons final flanel, May 21, 10:04:14
- if i had a season ticket i'd probably let the club keep it (NCFC) - Ralf Scrampton, May 21, 09:55:18
- Me too (NCFC) - yarmyyarmy, May 21, 09:52:55
  - what about everyone sending back the rebate but boycotting certain games (NCFC) - Dave in France, May 21, 10:04:24
    - other than the lost pie revenue (n/m) (NCFC) - Ralf Scrampton, May 21, 10:20:09
    - Would never happen. (n/m) (NCFC) - Arizona Bay, May 21, 10:08:29
    - cos the team need the support? (n/m) (NCFC) - Tombs, May 21, 10:06:41
      - Have you been recently? I think our atmosphere would be better if about 40% stayed away (NCFC) - megson, May 21, 10:12:46
        
        good point (NCFC) - Tombs, May 21, 10:17:36
    - Maybe, but they must have got the message anyway. (NCFC) - yarmyyarmy, May 21, 10:06:19
      - Rebate is held in trust and the ST holders vote on how it is spent (NCFC) - Tombs, May 21, 10:09:01
- I'm letting them keep it (NCFC) - Old Git, May 21, 09:43:41
  - That is the dilemma (NCFC) - Tombs, May 21, 09:52:52
    - sounds pretty clear which you really think (NCFC) - Tricky Hawes, May 21, 09:54:17
      - Well I know we've been round this buoy many times before, but (NCFC) - Old Git, May 21, 10:04:57
      - well, it has to be slightly attractive (NCFC) - Tombs, May 21, 10:01:20
      - If actually (IF) there was an investor out there and our Board were playing hardball, now (NCFC) - lovely old job, May 21, 10:01:17
      - Mandaric at Portsmuff? (not strictly 'lower league' when he bought them though) (n/m) (NCFC) - Ralf Scrampton, May 21, 09:57:12
        
        Is he making money out of them? (NCFC) - Ken Dodds Dads Dog, May 21, 09:59:42
        
        sold them to that Russian geezer (Gaydamark?) for a hugely inflated price (NCFC) - Ralf Scrampton, May 21, 10:02:23
        
        Fair dos. (n/m) (NCFC) - Ken Dodds Dads Dog, May 21, 10:03:00
  - Sigh, that's basically it isn't it? God knows what i'm going to do,. (NCFC) - megson, May 21, 09:50:37
  - You have a season ticket OG? (NCFC) - Tricky Hawes, May 21, 09:44:30
    - Several (n/m) (NCFC) - Old Git, May 21, 09:46:38
      - Really? Do you have family that use them or something? (n/m) (NCFC) - Tricky Hawes, May 21, 09:50:09
        
        No (NCFC) - Old Git, May 21, 09:53:31
        
        ^^^Ticket tout^^^ (n/m) (NCFC) - Ken Dodds Dads Dog, May 21, 10:01:15
        
        How very dare you! (n/m) (NCFC) - Old Git, May 21, 10:07:01
        
        ^^^ Neil Doncaster ^^^ (n/m) (NCFC) - NCFC4life, May 21, 09:59:44
        
        Gonecaster! (NCFC) - Old Git, May 21, 10:06:22
        
        Ahem (NCFC) - yarmyyarmy, May 21, 10:10:23
        
        Good work fella (n/m) (NCFC) - Old Git, May 21, 10:19:09
- i'm having my money back (NCFC) - strap_on sally, May 21, 09:26:58
  - would you change your mind if we had one of the biggest playing budgets in Div 1 or have (NCFC) - lovely old job, May 21, 09:36:30
    - no (NCFC) - strap_on sally, May 21, 09:43:01
      - Never eat cress; eat salad sandwiches and raspberry yoghurt. (n/m) (NCFC) - Arizona Bay, May 21, 10:06:31
        
        what's wrong with cress in a salad sandwich? (n/m) (NCFC) - Jumbo1, May 21, 10:21:23
- Have you heard a whisper which has provoked your change of mind? (n/m) (NCFC) - Arizona Bay, May 21, 09:15:41
  - Yes, you don't have to be a Rocket scientist to realise that things are very tight within (NCFC) - lovely old job, May 21, 09:22:42
    - devils advocateface (NCFC) - Tombs, May 21, 09:29:05
      - ^^^^ both of the above are why i'm at. (NCFC) - megson, May 21, 09:45:25
        
        Why? where did that come from? Where. Where i'm at. (n/m) (NCFC) - megson, May 21, 09:46:05
        
        I know where it's at (NCFC) - Old Git, May 21, 09:58:26

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