Fan's View Fan's View - Northampton

[Lundinsponytail]

Very good read.

Could someone explain what the last bit of the chairman section about strengthening the capital base means in simple terms ?

Yes, broadly it means strengthening the underlying financial support for a company.
It usually applies to struggling firms who apply to their shareholders or banks for more funds, either by means of a rights issue (more shares, diluting the holding of anyone who does not take part) or an increase in debt.
I suspect in this case that you will see a 'porting of debt' to Tiger, a rights issue to start the process of wiping out the small shareholders and then an injection of debt from Tiger to fund the club (currently losing 150k a month).
The key figure to watch will be total debt. DE 'bought ' 4 million of Ian Lenagans debt for 1 pound. He then promised to wipe out any further debt accrued on his watch. So the maximum amount of debt 'ported ' to Tiger should be 4 million (And ideally nothing, as the club will not owe anybody anything, in moral terms, other than the 2.5 million that Lenagan lost and he is long gone).

 

[Paul B]

Yup. He was fired. The chairman said at the time that there was only room for one person making decisions at the top of the club and that he had decided that that would be him.
Not long after, and rather at odds with the reason for firing Ashton, he appointed another chief exec, and then undermined him publicly and then fired him as well (trailing that sacking to a bunch of people in a pub before telling the man himself).
In the meantime, a myriad of other people arrived at the club and swiftly left. Two commercial directors, a marketing manager, two if not three fan engagement people. Truly, it has been a chaotic last two years behind the scenes.
Of course, if all you care about is turning up to watch football, then most of this passes you by (hence Paul B's genuine astonishment that DE has ever, ahem, told a porkie or taken any money out of the club) - you just take the pat line doled out in the match programme as read.
Which may be a bit exasperating for those of us who are paying close attention, but does mean that they have a life!

Not sure this "genuine astonishment" is entirely fair. I understand people arriving and leaving indicated that all was not as well as it had been behind the scenes but as someone far removed from what is going on I have still not got irrefutable evidence that DE has told a porkie. Fair question - Why should I believe him when he says no bid made by Sartori? But equally why should I believe those who say a bid was made?

A couple of posters on here are obviously closer to the heart of the matter than I.

(Hope Martin doesn't see this but I don't read the programme. Well only once in a blue moon)

 

[Paul Cannell]

Or the claim that no bid had been made by Sartori?

Thank you. How did I miss that one?

 

[Paul Cannell]

Fair question - Why should I believe him when he says no bid made by Sartori? But equally why should I believe those who say a bid was made?

A couple of posters on here are obviously closer to the heart of the matter than I.

That is a fair question. As I'm no more in the know than you I work by sensing the atmosphere and trying to determine whether there's a consistency in what is being reported.

 

[Paul B]

Well they have already mentioned reducing the debt in the initial release so it’s got to be less owed to someone. We were at around £10m of debt owed to various people as soft debt at one point were we not ? So if il is now not owed anything it will be interesting to see how much is still owed where. The £4m is interesting but didn’t someone already say that could have been just to offset capital gains ? What would be the benefit of buying all the small shareholders out? They have been doing it at arsenal to gain overall control, but tiger already has that, so just to increase profit at a future sale ?

That is a fair question. As I'm no more in the know than you I work by sensing the atmosphere and trying to determine whether there's a consistency in what is being reported.

You are right about sensing atmosphere. Agree it's not what it was but we're now in a new era. Have just heard Tiger - trying to work out what that was all about. When asked if it was just him or a consortium - "I have a guy who looks into the financial things and one staff who helped in Reading with scouting. I like him a lot. he will come and help".

 

[MJB]

Was Ashton actually pushed then?

From memory he left here and was soon in the Bristol City job, and making rather a success of it.

I had always assumed that the new role was the reason he left here. Is the implication that he was sacked and then was fortunate that an even better job fell in his lap?

Yup. He was fired. The chairman said at the time that there was only room for one person making decisions at the top of the club and that he had decided that that would be him.
Not long after, and rather at odds with the reason for firing Ashton, he appointed another chief exec, and then undermined him publicly and then fired him as well (trailing that sacking to a bunch of people in a pub before telling the man himself).
In the meantime, a myriad of other people arrived at the club and swiftly left. Two commercial directors, a marketing manager, two if not three fan engagement people. Truly, it has been a chaotic last two years behind the scenes.
Of course, if all you care about is turning up to watch football, then most of this passes you by (hence Paul B's genuine astonishment that DE has ever, ahem, told a porkie or taken any money out of the club) - you just take the pat line doled out in the match programme as read.
Which may be a bit exasperating for those of us who are paying close attention, but does mean that they have a life!

Fair enough.

As someone with a very young family and a busy career (as most do I’m sure, I’m not being vainglorious on the latter) I’m broadly in the punter category myself currently

Given my profession, I’m also all too aware that the official line is often contrary to the truth on the ground!

 

[alcobol]

Pretty good review - impressed by the Life of Pi reference.

 

[uptheus]

Looking forward to reading your FV post this week Paul, especially after seeing your face post match yesterday!

 

[Paul B]

Looking forward to reading your FV post this week Paul, especially after seeing your face post match yesterday!

Wait no longer

 

[outsidethebox]

Fair enough.

As someone with a very young family and a busy career (as most do I’m sure, I’m not being vainglorious on the latter) I’m broadly in the punter category myself currently

Given my profession, I’m also all too aware that the official line is often contrary to the truth on the ground!

Not sure PC will be too impressed when he reads what his butler has posted - or have to move on to, what can only be, smaller and lesser things. ?

 

[Paul Cannell]

No, he's talking about cook and the relationship between what gets written on the menu and what's presented at table.