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| Quote ="deeHell"Couldn't agree more, I won't be going anywhere near the club until him and his family have gone. I'm not the only one, I know of a few regulars who are of that opinion. The Richardsons are an embarrassment to the club it's time to go!'"
They've already got my money (season ticket) so I'd rather turn up and make a vocal protest. I'd be suprised if they go anywhere near the ground after the last few revelations.
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| Quote ="Tricky2309"I hope your wrong too Clan, because if your not then I'm afraid I am finished with the Club until such time as Ted and his daughter are gone, and I don't suppose I will be the only one.
All this "he's a supporter just like the rest of us crap he spouts, would be proven to be just that, crap. If he was a genuine supporter then he would step aside graciously and accept that he and his family no longer represent the best future for Wakey.
'"
I think any potential buyer who is considering retaining any of the Richardson's might as well just burn his cash. Fans have had enough, and simply won't stand for it anymore. As you said, some will just walk away never to return. I've a season ticket but if the Richardson were to remain after a takeover i think i'd not bother
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| Quote ="Adeybull"My money is on
2 - A "pre-pack" administration within 24 hours or so, with one of the interested parties' new company taking over the assets (and the players and relevant staff under the TUPE rules) at what the Administrator will say was the best price obtainable, given the severe time frame to allow the club to start the new SL season, without starting which the club is worthless
That is my prognosis, but I may well be miles out!'"
Adey, how does a "pre-pack" work. My understanding is that the Club speaks with the Administrator and does the deal pretty much before the Club is put into administration so that it comes straight out of administration. The Club therefore can negotiate with the Administrator and the potential owner of its choice. If a deal can be done it does not have to involve the other potential owners.
Hope I've got it wrong as I fear that the investor who may be best for Wakefield Trinity will not get a chance.
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| Quote ="Sandal Cat"Adey, how does a "pre-pack" work. My understanding is that the Club speaks with the Administrator and does the deal pretty much before the Club is put into administration so that it comes straight out of administration. The Club therefore can negotiate with the Administrator and the potential owner of its choice. If a deal can be done it does not have to involve the other potential owners.
Hope I've got it wrong as I fear that the investor who may be best for Wakefield Trinity will not get a chance.'"
I really hope this isn't allowed to happen, we need the rfl to be of some use to us for once and tell them that the new club will not be allowed membership if Ted and his cronies remain
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| Quote ="The Clan"I think you're almost spot on wit that description, the only things missing are the fine details of which investor (one hand picked by Ted and who has sympathy for his and his family's position). It won't necessarily be the one we want or the one that's best for Wakefield Trinity!
TUPE regulations will be quoted as the reason certain employees of the club have retained their authority and employ.
Some positive news will be bellowed from the rooftops in the hope that the sense of releif and positivity will mask the fact that those responsible for our embarrassment are still in charge.
I don't know anything for certain but that's my best guess.'"
I'm worried now you have said that! We could have another 'Tillion' on our hands!! or another acronym company suddenly appears!! please let Mr Parkin takeover and we can go FORWARD!!
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| Any future involvement of that family and we can write of our future. I believe it's as simple as that. Now is the time to start again, a chance to cut the disease, break free from this amateurish setup and run the club like a real business not like a carboot stall. I couldn't bear it if on Tuesday I was told that we had new owners but they were still involved with the day to day (mis)management of the club. Clan, SC, are your presumptions based on understandable negativity and guess work, or do you know something? I hope to god you're wrong
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| This would have been the first time in twenty years that I would have bought a season ticket owing to shift work. However if the Richardson family are still in situ then I am afraid that I am finished with the club and I have been a supporter for over forty years.
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| Obviously interested buyers will have had meetings with the club, Yorkcourt, Rodders, SL/RL, the accountants etc ,etc
When the administrators are appointed they take over the running of the business, the old board then have no say in the management of the club. The administrators role in normal situations is simply to work for the best interests of the creditors. They will collate all offers for the club from the interested buyers. Together with SL / RL they will decide which offer will be accepted. SL will have a big say on this as all SL clubs represent a 1 /14th share in SL. So SL will have a massive say in which offer is accepted.
Potential buyers will make an offer for the clubs assets ( Benidorm flats etc etc ) and will also confirm arrangements made with creditors, shop suppliers, Rodders etc etc. ( good news is that players and staff are fully paid and we have no SL / Rugby debt , unlike the Crusaders situation ) The administators and SL will decide which offer to accept based on value to creditors and also which offer is best for SL. So they may not accept just the highest offer for the assets. Which buyer will be best for the new club, SL and the creditors.
I just cannot see how the views of the old club will be considered.
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| What criteria will it get decided though? Id rather the new owners have 100+ million like the guisley guy compared to someone with 2 million added up?
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| Quote ="bellycouldtackle"Obviously interested buyers will have had meetings with the club, Yorkcourt, Rodders, SL/RL, the accountants etc ,etc
When the administrators are appointed they take over the running of the business, the old board then have no say in the management of the club. The administrators role in normal situations is simply to work for the best interests of the creditors. They will collate all offers for the club from the interested buyers. Together with SL / RL they will decide which offer will be accepted. SL will have a big say on this as all SL clubs represent a 1 /14th share in SL. So SL will have a massive say in which offer is accepted.
Potential buyers will make an offer for the clubs assets ( Benidorm flats etc etc ) and will also confirm arrangements made with creditors, shop suppliers, Rodders etc etc. ( good news is that players and staff are fully paid and we have no SL / Rugby debt , unlike the Crusaders situation ) The administators and SL will decide which offer to accept based on value to creditors and also which offer is best for SL. So they may not accept just the highest offer for the assets. Which buyer will be best for the new club, SL and the creditors.
I just cannot see how the views of the old club will be considered.'"
just one problem niggling away at me, what if one of the major creditors was whoever we rent the ground from? would put them in a strong position to say who preffered bidder was?
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| Having been TUPE'd in the last 12 months, one hopes, for the good of the club, that a 'sympathetic' person does not buy the club so the new owners can get rid of the deadwood in the way I was! (Not that I was deadwood, just didn't fancy the commute to Chorley from Wakefield every day!)
If they do get hold of the club, I am sure many will stop going having had enough.
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| Whatever happens good luck to everyone
i heard from a friend who up until a short while ago worked for Wakefield Trin that there had been an offer from the RFL to assist with the payment of the Tax bill, however i took it with a pinch of salt. The only slant i could put on it was that the RFL had said if the club could find a buyer to take over the club before administration and take on the debts the RFL would assist with the tax in order to hide their embarassment that in the final year of this 3 year stint of super league licences 2 clubs have already gone into administration.
I do think that Mr Richardson and Co are responsible for the situation you are in, however i also feel that the licence system has caused clubs to try to live beyond their means, and i can see your situation happening again in 3 years time as clubs will do anything to stay within the superleague elite.
Good luck i hope that if you do go into administration that it works out for you.
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| Hi guys,
I'm relatively new to this site but having read the various threads it would seem that excitement grows and matters are coming to a head! IF Mr Parkin comes aboard I would welcome him. Surely someone who has, apparently been linked in the past with LUFC, will find the finances of a SL club relatively simple-I've always though that with professional management, a clean slate, plus some investment is the key to progress.
I shall hope, like everone else that Trinity fans get what they deserve and have not had for too long -genuine succes-I want to see it again, Roll on and here's hoping!!!
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| Many people have accepted that we will go into admin and may even drop down a division for 2012.However there seemed to be a general feeling of optimism that the entering of Administration would ultimately lead to a complete new board of directors and a bright future with the current regime having no connection to the club what so ever.
If admin doesnt lead to the complete cleansing of the club -- it would be a complete disaster!!!!!!!!!!!!
There will be no bright future.
There will be no investement.
The floating supporters will stay away.
Committed supporters will turn away.
The club will find it self in another mess within 12 months.
Richardson and his cronies have become an embarrassment to the club and the game!!
Richardson - get the hell out and take your brood with you!!!!!!!!!!!!
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| Quote ="tropical1"i also feel that the licence system has caused clubs to try to live beyond their means'"
Whatever system of P&R is in place makes that happen. There was no franchising when we went into a CVA in 2001. It's poor management to spend beyond your means, whether you are in the Super League, Championship or an amateur club.
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| Quote ="chapster"just one problem niggling away at me, what if one of the major creditors was whoever we rent the ground from? would put them in a strong position to say who preffered bidder was?'"
If you look at Adeybull's post on the first page of this thread, it's likely that the sale through Administrators will need to be done without arranging a meeting of creditors beforehand so it will be down to the Administrator to decide who is making the "best" offer. While the creditors may not see this as being ideal, it's probably going to be the best deal they'll get.
If the LE article was correct in stating that the club were to be allowed to stay at BV rent-free until the end of 2010 then we don't owe them anything significant yet. IIRC the LE article goes on to say that an agreement had been reached with the LPA Receiver acting for Bank of Ireland about the level of rent payable for 2011. There is no reason why this should change as a result of the club going into Administration.
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| Quote ="t-r-i-n-i-t-y"Whatever system of P&R is in place makes that happen. There was no franchising when we went into a CVA in 2001. It's poor management to spend beyond your means, whether you are in the Super League, Championship or an amateur club.'"
That's true, although the circumstances now are different to 2001 when Pearman had both promised to provide investment (which never came through) and committed the club to expenditure that he didn't have the authority to do.
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| Quote ="RDM"If you look at Adeybull's post on the first page of this thread, it's likely that the sale through Administrators will need to be done without arranging a meeting of creditors beforehand so it will be down to the Administrator to decide who is making the "best" offer. While the creditors may not see this as being ideal, it's probably going to be the best deal they'll get.
If the LE article was correct in stating that the club were to be allowed to stay at BV rent-free until the end of 2010 then we don't owe them anything significant yet. IIRC the LE article goes on to say that an agreement had been reached with the LPA Receiver acting for Bank of Ireland about the level of rent payable for 2011. There is no reason why this should change as a result of the club going into Administration.'"
read it, and understood it thank you mr patronising.
still something niggling away though, somewhere there must be a big hole, much bigger than 350k owed to tax man, so how big is it? and who is it owed to?
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| Quote ="RDM"I think you're closer to the mark than our friend bigalf
'"
He probably is, but you and I were talking about a "Last Resort / Nightmare" scenario that no one would wish on the fans.
The next few days will be interesting.
BTW Lots of Pre-Pack deals tend to end with the former directors being involved with the new company.
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| Quote ="chapster"read it, and understood it thank you mr patronising.
still something niggling away though, somewhere there must be a big hole, much bigger than 350k owed to tax man, so how big is it? and who is it owed to?'"
not quite grand canyon size but bigger than a bunker. irish bank, taxman, rodders
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| If the Richardsons remain then, after over 25 years, i'm done with club. I want no association with the current regime, they have brought my club to its knees. If they block this one chance of progress just to feather their own nests then its just proves them to be the lowlife we know they are.
Ted & Co. if you do read this forum, GET OUT OF OUR CLUB NOW AND DON'T COME BACK.
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| Quote ="chapster"read it, and understood it thank you mr patronising.
still something niggling away though, somewhere there must be a big hole, much bigger than 350k owed to tax man, so how big is it? and who is it owed to?'"
Sorry if you felt I was patronising - certainly wasn't intended.
The £350k was roughly what had accrued to HMRC during the period between the last winding up petition being lodged in July & SRW paying it off in November. This was the amount covered by the agreement that HMRC ripped up a couple of weeks later.
The £150k difference will mainly be the further amount that has accrued since November. Yes, some of the £500k will be for other creditors and/or provide a bit of working capital, but the majority of what is owed by the club is owed to HMRC.
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| Quote ="bigalf"BTW Lots of Pre-Pack deals tend to end with the former directors being involved with the new company.'"
I know they do, but that usually requires the directors to have money to put into the new company - which Ted doesn't!!!
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| Quote ="RDM"I know they do, but that usually requires the directors to have money to put into the new company - which Ted doesn't!!!'"
I know Ted doesn't but others have.
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| Quote ="Herbert Splatt"Best news possible if thats true.'"
It may be for you mate, but spare a thought for the suppliers who are going to end up with jack s**t!!! and are told they won't get any money
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