Daggers Being Sold

[John Still]

80% of the club to be sold to some dodgy more directorships than I have had hot dinners character. Very worrying times.

 

[Look Out There Are Llamas]

In English?

Never mind - I read that as dodgy dictatorships.

Doh.

 

[JaseTheVillain]

I believe it translates to '80% of Dagenham and Redbridge is to be sold to a man who has been a director in many different companies. Very worrying times.'

 

[John Still]

See our forum for details cant post a link to it.

The "local businessman" has proposed investing a minimum of £1.25 million over the next five years for ownership of 80% of the club. The worrying point is that the Board have given it a unanimous backing!

Although I have been banging on for ages for the Chair to go out and get some investors, this does not sound like the best deal for the club.

His track record is not inspiring.

 

[Look Out There Are Llamas]

http://www.viewsfromthesieve.co.uk/viewtopic.php?f=2&t=2018&sid=ce7914ccdeceae574326e0964e6bbdbd

 

[John Still]

Fans have been doing some digging and this guy passes companies onto other directors who then liquidate and he asset strips and starts again leaving debts along the way. Our board have fallen for this hook, line and sinker.

This guy seems like a flash git his wedding video is even on twitter.

AFC DAGENHAM

 

[Murphy]

Won't be getting too worked up about this until something is announced officially.

It's certainly a possibility, however. After we dropped out of the league we reverted to our old members structure which allows someone to buy the club if they so wish (I have no idea how it all works).

 

[GodsGift]

http://www.viewsfromthesieve.co.uk/viewtopic.php?f=2&t=2018&sid=ce7914ccdeceae574326e0964e6bbdbd

It's quite refreshing to see the cynical response from Daggers fans.

 

[Railway Blue]

Welcome to the bent owners association. We've had 4 (I think) of them over the years.

Barnes, Gutterman, Mad Terry and SV.

 

[John Still]

Won't be getting too worked up about this until something is announced officially.

It's certainly a possibility, however. After we dropped out of the league we reverted to our old members structure which allows someone to buy the club if they so wish (I have no idea how it all works).

It's a done deal was voted on last week. No turning back now.

 

[Murphy]

Bit more meat on the bones in the last few days, appears there's a rival group to Tamplin's including former director Gerry Hanning and ex-player Lee Goodwin as part of a consortium. As a number have mentioned, if they've felt the need to put the funds up to challenge Tamplin, they know he can't be good news (and looking further at his failed businesses, I'm inclined to agree).

This is so all of a sudden, seems so insignificant in terms of the money spoken about (Tamplin supposedly wants to invest £1.25m across 5 years for an 80% stake in the club, which to me seems ludicrous), but it's so important.

 

[Murphy]

Board Statement - http://www.daggers.co.uk/news/article/club-statement-3158185.aspx

Good points - This guy apparently has £45m.
Bad points - He has 4 bust companies and wants his son's U14s team to play at the stadium on Sunday mornings.
Conclusion - Doesn't add up.

 

[Gashead]

Bad points - He has 4 bust companies and wants his son's U14s team to play at the stadium on Sunday mornings.

I assume you're familiar with the tinpot thread at this stage in pre-season?

 

[John Still]

The proposed buyer has withdrawn his offer, no reason given but the stick he already had online was probably a tipping point. Fan power right there.

The consortium offer will not be considered and the club will now move to a Ltd by shares and not Ltd by Guarantee, expect many fans to be buying up the club. Our budget for the coming season will now reduce dramatically.

 

[Luke Imp]

Will it change? What I mean is, surely it wasn't increased on the back of a takeover that hadn't happened?

 

[John Still]

Will it change? What I mean is, surely it wasn't increased on the back of a takeover that hadn't happened?

Yes the board needed the cash injections as per the limited by guarantee scenario, the payment would have cleared the debt instead we now need to limit any further signings. We will be competitive due to the manager but nothing near the top. Since the process started not one single signing. Budget can now be set.

 

[John Still]

So it looks like there is a good reason we need to sell out, were financially gone tax bill not paid talk of players might not be paid and unless we can feel the gap it could be curtains. Forget us finishing anywhere near the top this year we can't afford to replace out replacement centre/left back who is out for season with a cruciate.

 

[Jemfy]

What is the scale of debt involved here? How did it get so bad?

I think moving to a limited by shares model is probably a step backwards right now, and a way for the current owners to try and get away from paying the debts by spreading around responsibility. I can't see a share issue to the fans returning enough to make a significant dent in a debt that threatens the existence of a club at conference level. That said my understanding of business models is rather, erm, limited.

Owing to HMRC is the worst possible scenario since they started really clamping down and issuing winding up orders (which it is right of them to do, just a change from how it used to be). Has a winding up petition been submitted to the courts yet?

Who owns the stadium by the way?

 

[fantstone]

this is horrible news. hope things go a bit better for you in the coming weeks.

 

[John Still]

What is the scale of debt involved here? How did it get so bad?

I think moving to a limited by shares model is probably a step backwards right now, and a way for the current owners to try and get away from paying the debts by spreading around responsibility. I can't see a share issue to the fans returning enough to make a significant dent in a debt that threatens the existence of a club at conference level. That said my understanding of business models is rather, erm, limited.

Owing to HMRC is the worst possible scenario since they started really clamping down and issuing winding up orders (which it is right of them to do, just a change from how it used to be). Has a winding up petition been submitted to the courts yet?

Who owns the stadium by the way?

Tax bill is about £100k due to be paid in about 3 weeks, it won't be as things stand.

Loan to the council for the away now home stand £300k, now can't afford the repayments.

Money owed to Wayne Burnett £70k being paid monthly as he would be if employed.

Various others due to black hole not plugged with a sponsors leaving due to results specially at home being crap for 5 years and we barely won 20 games in the last 4 seasons at home.

A consortium has offered to clear the debt but the current MD Steve Thompson prefers the other offer as he keeps his job so has along with a couple of his chums declined the consortium offer.

We won't be singing any new players unless they are loans like the young lad from Brighton being paid in full by them.

 

[John Still]

Ground is owned by council who are under pressure from London Mayor to build more homes but pretty much only greenbelt left, anyone who has been to the ground will know it's prime for new homes.

 

[Luke Imp]

Reads as though another one of the issues is that Natwest have withdrawn your overdraft facility?

That's similar to what the Co-op did with us, although we came to an arrangement to reduce that over 'x' amount of years.

 

[John Still]

Reads as though another one of the issues is that Natwest have withdrawn your overdraft facility?

That's similar to what the Co-op did with us, although we came to an arrangement to reduce that over 'x' amount of years.

Yeah I read that before the post above, it's extremely worrying now. Still said at fans forum recently what the fuck has happened to this club, he won't stay longer than this season. We are more likely to be conference south or Ryman league than football league in the near future.

I doubt we will average much over 1100 this season.

 

[Murphy]

Ground is owned by council who are under pressure from London Mayor to build more homes but pretty much only greenbelt left, anyone who has been to the ground will know it's prime for new homes.

Fairly sure it has to be used as a sports ground. There is little chance the council would ever flog the ground from under us.

 

[Jemfy]

Fairly sure it has to be used as a sports ground. There is little chance the council would ever flog the ground from under us.

Apart from anything else the planning permission rules include a provision that removing sports facilities requires them to be replaced with an adequate facility. It's part of the reason that planning permission on Nene Park didn't go through - contention on the understanding of the facilities which were lost and the replacements and money provided for replacements.

 

[Chris FGR]

Apart from anything else the planning permission rules include a provision that removing sports facilities requires them to be replaced with an adequate facility. It's part of the reason that planning permission on Nene Park didn't go through - contention on the understanding of the facilities which were lost and the replacements and money provided for replacements.

Given that our current ground only got planning permission due to it's intended community/sporting purposes it's interesting to note that under current plans the site, which took up some land which used to house the neighbouring school sports field, is earmarked to be used for housing when we move out of the town. So no adequate facility will be replacing it.

Be interesting to see if the planning permission rules you state affect those plans for the site further down the line.

 

[John Still]

John Still now part of the consortium, very interesting letter on our forum sent to all the full members

http://viewsfromthesieve.co.uk/viewtopic.php?f=2&t=2141

 

[John Still]

John Still now threatening to leave if protests continue. The protest yesterday was minimal so not sure what he is bleating about. I know those protesting have made a purpose of keeping away from games or not until after which was the case yesterday.

This season could turn into a farce.

 

[Murphy]

John Still now threatening to leave if protests continue. The protest yesterday was minimal so not sure what he is bleating about. I know those protesting have made a purpose of keeping away from games or not until after which was the case yesterday.

This season could turn into a farce.

Minimal it may have been but it was bloody embarrassing. Regardless of what people think of Thommo/Bennett, they don't deserve to be shouted out and called 'fucking tossers' and told using that language to 'get out of our club.'. It is, and especially in the case of Thommo, his club as well, again regardless of what you think of him.

I have no real problem with protests because that is every supporter (and by extension member of society's) right. But when it descends into that yesterday it becomes farcical, no matter how minimal. It paints the club in a bad way and does nothing to improve the situation/relations. I'm not sold on Tamplin either way, but telling him to 'get out of our club' when he's A) not in yet and B) not done anything obviously wrong to us, albeit the case of his past businesses which needs to be addressed, is ludicrous. People moan for years and years and years that we have no ambition and no investment, then when someone comes along who offers that chances and who is obviously worth a few bob, he's blown completely out of the water without being given a chance. Before I'm accused of defending him, I'm trying to say neutral. I'm not sold either way.

Basically, it needs sorting fast or Still could go or more pertinently, the club could go with him if investment is not found.

 

[John Still]

Tamplin is already in the door, it's just not a signed deal. Can't really disagree with anything you've said.

Like you say it need sorting ASAP as we have the makes of a good side.