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, May 21, 10:04:57