Lets get this Cullum thing straight - ?56M is worst case.....

assuming he takes 100% control of the club, that is what he would need to put up to do it AND add ?20M tot the transfer budget.

We know he has to offer all the shareholders the same deal if he wants 30% or more of the shares and has to have the finance in place to do so if necessary.

However, Delia, Michael, the Turners etc can still retain an interest AND some of their shares. Cullum only needs 50.1% of the shares to control the club and on the given figures that would cost in the region of ?8M!

This kind of horse trading is indicative of these kind of business transactions. ?20M and ?56 are just the respective starting points and Cullum has said that he wants to sit down with the club and discuss this.

IF a deal is done, I think you will find that Cullum will clear the debt etc (which he has to do to take control) add the ?20M for players and buy enough shares to take control, all of which he could do for a figure below ?50M!

Bargains positions will have to shift, if they don't, there don't be a deal - end of!

Posted By: Kirrie, Jul 1, 11:05:42