Northampton to be sold to Indian Consortium

[Pooliekev]

A petition for administration basically means that the council have filed a notice to take us into admin. That is done to buy us some time in the negotiations. The petition for administration supersedes the winding up petition, which is heard Monday. It was announced yesterday because that was the last possible day it could be filed before Monday's court hearing.

Basically it's buying us time and a plan b if in the unlikely event the takeover doesn't happen. We aren't actually going into administration as all parties expect the deal to be concluded before that is necessary.

Gotcha Mr Sabin, you explained it far better than the BBC.

 

[LadyWomble]

There's obviously lots going on behind the scenes we don't know about but I'm struggling to work out why the tax bill hasn't been paid. Whilst £166k isn't a paltry sum, it's small change in the context of Northampton's debts - £10m to the Council being the stand-out one. Neither Captain Tony Cardoza nor his idiot son (may they rot in hell) will pay and it's probably politically awkward for the council to do so but what about this Thomas bloke? If he's so keen to buy NTFC, why doesn't he pay up and stop the HMRC action on Monday stone dead? What's his motivation anyway (acknowledging he's the front-man rather than the money-man) if his consortium aren't going to get any of the land around Sixfields that could be developed? From what I've read, he's an Oxford fan, not a Cobbler so why? Brinkmanship, though the council say they don't want to actually enforce administration? I'm probably missing something but find it all very confusing.

I'm sure the winding-up petition will be postponed - loads of precedents for that - but still a horrible time for Cobblers fans.

 

[Beee]

On a side note - why did you guys need a new stand anyway? Your stadium was absolutely fine for this level, why expand needlessly?

 

[BeesKnees]

Why do any club expand their stadium, ambition

 

[EricSabin]

On a side note - why did you guys need a new stand anyway? Your stadium was absolutely fine for this level, why expand needlessly?

It wasn't extra seats we were after initially, it's the executive boxes etc. We were aiming to increase our revenue streams not from football, and hopefully move through the leagues.

 

[eric read]

There's obviously lots going on behind the scenes we don't know about but I'm struggling to work out why the tax bill hasn't been paid. Whilst £166k isn't a paltry sum, it's small change in the context of Northampton's debts - £10m to the Council being the stand-out one. Neither Captain Tony Cardoza nor his idiot son (may they rot in hell) will pay and it's probably politically awkward for the council to do so but what about this Thomas bloke? If he's so keen to buy NTFC, why doesn't he pay up and stop the HMRC action on Monday stone dead? What's his motivation anyway (acknowledging he's the front-man rather than the money-man) if his consortium aren't going to get any of the land around Sixfields that could be developed? From what I've read, he's an Oxford fan, not a Cobbler so why? Brinkmanship, though the council say they don't want to actually enforce administration? I'm probably missing something but find it all very confusing.

I'm sure the winding-up petition will be postponed - loads of precedents for that - but still a horrible time for Cobblers fans.

Kelvin Thomas isn't an Oxford fan either, he was an employed Chairman/CEO for us. If I remember correctly, he's a Charlton fan, although something at the back of my mind tells me there's a West Ham connection? Either way, he's not in it for the love of Northampton Town, and won't be the money man either.

That said, he's quite a good front man and very approachable. He was quite well liked by many of the supporters at Oxford, but not by all. He is a football man, not a bad player in his day, very good friends with Wilder, but the intriguing thing for me is who is the money man/men?

 

[Kenneth E End]

Basically it's buying us time and a plan b if in the unlikely event the takeover doesn't happen. We aren't actually going into administration as all parties expect the deal to be concluded before that is necessary.

I'm confused. Geoff Doyle (former BBC Radio Northampton sport presenter) and now Luton Town commentator was saying tonight that Northampton would be going into administration on Monday and as such they would be losing 10 points?

Now, if the Football League do not impose a points deduction, I would like a massive explanation.

Northampton don't have £10.25m to pay back the council - they'll get about £1m of that at best; and they don't have £166,000 to pay their taxes either. It'll go on and on, throughout the uncertainty at the same time, the players don't get paid.

 

[EricSabin]

I'm confused. Geoff Doyle (former BBC Radio Northampton sport presenter) and now Luton Town commentator was saying tonight that Northampton would be going into administration on Monday and as such they would be losing 10 points?

Now, if the Football League do not impose a points deduction, I would like a massive explanation.

Northampton don't have £10.25m to pay back the council - they'll get about £1m of that at best; and they don't have £166,000 to pay their taxes either. It'll go on and on, throughout the uncertainty at the same time, the players don't get paid.

Geoff Doyle is talking out of his arse.

 

[EricSabin]

Court hearing today. Should be a formality but doesn't stop me bricking it.

 

[EricSabin]

ADJOURNED. ANNOUNCE THE FUCKING TAKEOVER YOU SLAGS.

 

[womble76]

Not until you have lost 12 points please.

 

[mowgli]

Not until you have lost 12 points please.

Cruel!

 

[EricSabin]

We'd still only be 7 points off the play-offs and 9 clear of the dropzone....

 

[womble76]

yep but we would go up a place.

 

[Kenneth E End]

So, this has been adjourned until the 30th November. Kelvin Thomas has made it clear he doesn't want to repay the debt back to the council, so how is there going to be anything other than deadlock in the negotiations? I keep reading that a takeover is "close".

Northampton Town will have to go into administration and as such would incur a 12pt deduction. That would buy them time and as such would (at the very least) give them a considerable stay of execution. The council seem to be hoping that the two companies involved are not intrinsically linked, but if the FL agree, some serious questions need to be asked.

Thomas will know that he can swoop in and get away with paying probably 10% of the remaining debt via a CVA. Now, how does this get handled when it comes to returning the golden share to a new company and such would incur another 10pt deduction (at least). The rules state(d) that a CVA must be agreed between all parties prior to a new company being formed and accepted back into the League. This £10.25m loan was from Northampton Borough Council. Is this treated the same as HMRC as in all intents and purposes is taxpayers money?

 

[EricSabin]

Tonight we found out what the delay was via a statement from Thomas.

'We have worked diligently to try and bring a positive resolution. However, events are transpiring that may show these efforts to be in vain'.

The old owners, David and Tony Cardoza haven't completed their end of the paperwork, but everything else is agreed, so it's just them holding up the deal. The statement makes it sound like they want us to go into admin (our old owners!!) and they are also talking to other buyers who'd just be interested in the land and wouldn't give a hoot about us.

I'm absolutely furious tonight. If anyone sees him around fucking stick one on the bald fat thieving c***.

 

[Kenneth E End]

Whatever happens, I can't see how the club avoids administration anyway unless the council waiver a substantial portion of the debt. And/or suddenly an owner pumps in the £166,000+ to the taxman to make him go away.

 

[EricSabin]

Deal was going to be announced today and the new owners were going to immediately put 1 million in.

Cardoza wants more cash for himself.

 

[LordJord]

What a crook cardoza is. Saying it's not about the money for them and he's doing the best for the football club, you blew 10m and we have one less stand for it, bit late for that now!

Kelvin Thomas saying everything agreed with all other parties, I can only hope it gets done before administration next week.

 

[BeesKnees]

Sure I've heard this guy referred to in less than glowing terms in the past.
http://www.bbc.co.uk/sport/0/football/34881333

Oh yes..
http://thewashbag.com/2015/01/25/a-jed-end-for-mccrory-as-lee-remains-in-power/

 

[Kenneth E End]

Ahh Jed McCrory - a Luton Town fan, alongside his henchman Lee Power, who sacked Mick Harford and Joe Kinnear from here, employed by John Gurney who tried to destroy our club after Power was brought in from err... Northampton.

Stay well clear.

 

[Kenneth E End]

What is going on in Northampton at the moment - Northampton CCC lost £305,000 last year, owing Northants Borough Council £2m. Northampton Saints also owe the council £5m. Just a tad embarrassing.

 

[HertsCobbler]

It was actually Peter Miller who sacked Kinnear.
Saints owe council £5m as they had loan to build new stand. Which has been built and pretty sure the builders were paid in full.

 

[bristolbull]

oh god not jed mccrory again.how is this person allowed anywere near a football club again,nearly ruining Swindon wasn't enough,was rumoured to be the money man behind the disaster of agombar and Lonsdale that destroyed Hereford united,then pulling the plug when it became obvious the council weren't going to allow them the leases to the valuable development land that the ground stands on,if he turns up at Northampton then be afraid..very afraid..he certainly wont be there for the good of ntfc or its fans.

 

[EricSabin]

http://*/1T4Jlpo

More prospective new owners, a group of local businessmen. This particular link has been floating around for a while, but it's the first time they've gone on record to say they'll keep us afloat and out of admin.

Preferred options

1) Kelvin Thomas and his gang
2) Local businessmen
3) An apple on a fork
4) A dead horse

Fuck off Jed Mcrory

 

[Flaxman's Alibi]

What is going on in Northampton at the moment - Northampton CCC lost £305,000 last year, owing Northants Borough Council £2m. Northampton Saints also owe the council £5m. Just a tad embarrassing.

Quite refreshing for a local council to assist so robustly in to its important local sporting institutions, however reckless.

I think the most that Mansfield District Council has ever plunged in to our local sport has been to buy our double Olympic swimming champion a pair of fancy shoes.

 

[LordJord]

Love wilder. He's bang on with this. Nothing like a good well placed rant,hope it gets done ASAP!

 

[Flaxman's Alibi]

Great interview. That's the sort of passionate gaffer who every single supporters wants at their club, and he's built a very decent side at Cobblers too.

 

[mowgli]

Fair play to Wilder that was a passionate rant.

 

[EricSabin]

I love the bloke, if he left now I'd have nothing but respect for him.