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 Takeover still on at S6

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Welsh_Owl

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PostSubject: Takeover still on at S6   Fri Feb 13, 2009 8:18 am

WEDNESDAY this afternoon annouced a major new step in their bid to bring investment into Hillsborough.

A deal has been agreed with the Co-op bank over money they are owed, and talks with other major creditors and certain key shareholders are at an advanced stage.

A club statement says that outline agreement has been reached with the bank "concerning overall indebtedness of the business."

This is understood to mean that the bank are prepared to write off some of the £21m owed to them (out of a total club debt of around £25m) - which would allow the maximum possible proportion of new investors' money to go directly into the club.

The statement adds: "This agreement is subject to contract and formal sign-off by all parties and to new investment, Delivering the agreement will result in the club being in a sound financial position.

"Throughout this process, the bank has been very supportive of the club and its management and has been keen to ensure that any investment funds raised on behalf of the club are indeed invested in the club and its future.

"In addition, positive discussions with the other major creditors and key certain shareholders are at an advanced stage and progressing well.

It is believed that a satisfactory outcome will be achieved, thus allowing a definitive agreement to be put before potential investors.

"Following a period of legal financial and commercial due diligence, which has already commenced, it is anticipated thatr full proposals, all of which would be inter-conditional, will be announced in line with the target deadline of March 31."

Chief executive Nick Parker said: "Long-term financial stability is obviously a pre-requisite before any professional investor will put money into a business and these positive discussions pave the way forward for the club.

"We thank all the major creditors and partires involved for their support during this complex and protracted process and look forward to delivering a successful and financially secure future for Sheffield Wednesday."

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RichoRUFC
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PostSubject: Re: Takeover still on at S6   Fri Feb 13, 2009 11:13 am

who would invest in ur lot?
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Welsh_Owl

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PostSubject: Re: Takeover still on at S6   Fri Feb 13, 2009 11:32 am

dont know realley cos i think someone would rather buy us then ur lot and if u didnt remember that rotherham nearly folded last year
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RichoRUFC
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PostSubject: Re: Takeover still on at S6   Fri Feb 13, 2009 11:53 am

ye but we got bought dint we lol
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Welsh_Owl

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PostSubject: Re: Takeover still on at S6   Fri Feb 13, 2009 11:56 am

yeah by a wednesday fan
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Screech



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PostSubject: Re: Takeover still on at S6   Fri Feb 13, 2009 4:34 pm

sheff u will have been promoted by the time that takeover happens; it's gunna be ages yet Wink - and even then it ain't gunna happen Laughing
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Nigel SWFC
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PostSubject: Re: Takeover still on at S6   Fri Feb 13, 2009 4:47 pm

Screech wrote:
sheff u will have been promoted by the time that takeover happens; it's gunna be ages yet Wink - and even then it ain't gunna happen Laughing

Ya, Ya What!
OCS Man Guna Fudge You Up Init!
Get Rhema and Haleema Wink


jocolor
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