Here's what I think

This offer was clearly not rejected out of hand - it fell on the issue of the valuation of the club. No-one knows how far apart the two sides were - but if they were miles apart what would be the point of speaking any more? Valuing the club is hard: most of the assets are property - and this is a falling market. Then there is the issue of future revenue - a third division club is worth less than a second division club. So there's plenty of scope for disagreement.

At this stage the issue of control appears more important to Cullum than to Delia and Michael. Whichever way it went they would lose the control they have now.

I don't think we know enough to take sides - yet.

Posted By: Mr Creosote, Jun 30, 10:13:38