Huddersfield take over concluded

[Jerseybean]

As per the title: https://www.bbc.co.uk/sport/football/65052544

[ExiledAjax]

"Huddersfield added that the unnamed group's takeover was subject to "legislative and governance procedures", and that more information would be provided after completion."

He's exchanged contracts but not completed the sale. Similar to how you buy a house. The "unnamed" nature of the "North American Group"* suggests to me that the O&D Test is yet to be satisfied, likely because they are struggling to identify exactly how many people will hold a "Significant Interest" in the Club following Completion. 

It may also be that there are one or more people who will hold a "Significant Interest" in the Club following Completion but who cannot, or have not yet, satisfied the O&D test.

Exchange today presumably negates any threat of administration - remember that 5pm today is the trigger deadline for points deductions being this season or next.

*Note that this description permits Canadian, Mexican and potentially other Latin American or Carribbean based members.

[Mr Popodopolous]

Matt Hughes broke it I think he's a Huddersfield fan. Said Hoyle was writing off £40m of debt.

Apologies for the publication in q but I expect he's quite well informed about Huddersfield.

Always had a certain level of doubt about Hodgkinson when he took over, couldn't out my fing3r on it but while not reckless or corrupt he just didn't seem..very good. Is worth looking at their 2020 and 2021, perhaps 2018 and 2019 accounts too for debt repayment schedule. Absolutely not FFP but cash flow IMOM

Edited March 23, 2023 by Mr Popodopolous

[The Gasbuster]

56 minutes ago, Mr Popodopolous said:

Matt Hughes broke it I think he's a Huddersfield fan. Said Hoyle was writing off £40m of debt.

Apologies for the publication in q but I expect he's quite well informed about Huddersfield.

Always had a certain level of doubt about Hodgkinson when he took over, couldn't out my fing3r on it but while not reckless or corrupt he just didn't seem..very good. Is worth looking at their 2020 and 2021, perhaps 2018 and 2019 accounts too for debt repayment schedule. Absolutely not FFP but cash flow IMOM

If Hoyle is taking a £40M hit to avoid the club going into admin, and losing 12 points, then you have to say "fair play" to him.

Especially when it is likely, (not certain) they will go down anyway.

[Mr Popodopolous]

13 minutes ago, The Gasbuster said:

If Hoyle is taking a £40M hit to avoid the club going into admin, and losing 12 points, then you have to say "fair play" to him.

Especially when it is likely, (not certain) they will go down anyway.

Oh absolutely if accurate all the credit to him. Skimread the article and a -12 would have complicated their future quite badly. Always struck me as a decent custodian for the most part, Hoyle.

[mozo]

Another club attracts an American consortium. Meanwhile, still nothing happening here. 

[sh1t_ref_again]

8 minutes ago, mozo said:

Another club attracts an American consortium. Meanwhile, still nothing happening here. 

good

[ExiledAjax]

15 minutes ago, mozo said:

Another club attracts an American consortium. Meanwhile, still nothing happening here. 

Not sure I'm keen on us being bought by an "unnamed North American group". Whatever you might think of the current owners, at least we know who they are!

[Mr Popodopolous]

30 minutes ago, mozo said:

Another club attracts an American consortium. Meanwhile, still nothing happening here. 

I suspect the asking price is far lower in this instance. Matt Hughes a while ago said it was £1 but with debt to Hoyle included.

Debt to Hoyle has been waived or mostly waived, so there will ne other costs but far lower.

13 minutes ago, ExiledAjax said:

Not sure I'm keen on us being bought by an "unnamed North American group". Whatever you might think of the current owners, at least we know who they are!

Wonder how that will align with EFL requirements.

Edited March 23, 2023 by Mr Popodopolous

[Kodjias Wrist]

1 hour ago, mozo said:

Another club attracts an American consortium. Meanwhile, still nothing happening here. 

Whats to say we haven't attracted American interest? I thought I heard over the last few years we have had some foreign interest. If there is interest i can imagine SL getting his monies worth. 

[grifty]

3 hours ago, Mr Popodopolous said:

Oh absolutely if accurate all the credit to him. Skimread the article and a -12 would have complicated their future quite badly. Always struck me as a decent custodian for the most part, Hoyle.

Hi Mr P, can you explain to me how a new/old owner writing off £x million of debt isn’t against the point of FFP, and I include us in this.

How or why does the rule allow clubs to have so much debt and an owner write it off. Thanks

[Mr Popodopolous]

15 minutes ago, grifty said:

Hi Mr P, can you explain to me how a new/old owner writing off £x million of debt isn’t against the point of FFP, and I include us in this.

How or why does the rule allow clubs to have so much debt and an owner write it off. Thanks

I'll give it a go Grifty.

Basically given FFP goes through Profit and Loss, debt written off is an exceptional item that is adjusted out.

Therefore while on paper it may add £40m to the profit, in practice it makes no difference to the FFP calculations. It relieves cash flow however and may well relieve interest payments too but only the latter if applicable effects the FFP returns as such- interest free loans, makes no odds.

Edited March 23, 2023 by Mr Popodopolous

[Davefevs]

29 minutes ago, Mr Popodopolous said:

I'll give it a go Grifty.

Basically given FFP goes through Profit and Loss, debt written off is an exceptional item that is adjusted out.

Therefore while on paper it may add £40m to the profit, in practice it makes no difference to the FFP calculations. It relieves cash flow however and may well relieve interest payments too but only the latter if applicable effects the FFP returns as such- interest free loans, makes no odds.

My understanding too.

[1960maaan]

1 hour ago, Mr Popodopolous said:

I'll give it a go Grifty.

Basically given FFP goes through Profit and Loss, debt written off is an exceptional item that is adjusted out.

Therefore while on paper it may add £40m to the profit, in practice it makes no difference to the FFP calculations. It relieves cash flow however and may well relieve interest payments too but only the latter if applicable effects the FFP returns as such- interest free loans, makes no odds.

Hoyle is a big fan of the Club, only stepped down previously through ill health. I understand he actually bought the shares , or bought them back, so he was 100% owner and he could hand complete control to the Yanks. The idea being there would be more investment from the new owners. Not sure what leeway they have , but should have plenty of cash to avoid any short term problems. That is some gesture , just hope they've found the right owners to pass the Club on to.