Freehold intention to dispose

All About Walsall
21

The only realistic option we have is for either Bonzo to sell the freehold for a nominal £1 or for a benefactor to come along, buy it and gift it back to the club, and i can’t see either one happening :slightly_frowning_face:

22

Well, whoever buys it is going to want a return on their investment and that includes Pombear.

23

:joy::joy::joy:

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24

That’s the problem , truth be told we don’t know.

25

Ya never know, his guilty conscience may kick in and realise that he has taken enough out of the club and now wants to put something back :grin:

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26

Not if it’s the club itself buying it out of its own funds.

Maybe that’s why LP hasn’t been pushing the boat out sorting out all those issues everyone keeps complaining about as he’s keeping all the club’s spare pennies in a piggy bank with “Freehold Purchase” written on the side?

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27

That would tie in with the nominal £1 or so that i was talking about :joy:

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28

Now wouldn’t a tranche of money from Luton and Brentford come in useful.

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29

The club = Pomser +

30

mins on the O/s

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32

Interesting that the club requested Bonser start the ACV process. Looks promising.

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33

“SG said it’s a complex situation but we are moving along with it and are hopeful his can be achieved at some point in the future. In order to achieve this, we have to go through the ACV (Asset of Community Value) process, which has been commenced by the Landlord at the request of the Club. The landlord has written to the Council with notice of intention to dispose of the freehold. SG stated that this has to happen before the football club can then buy the freehold.”

So that basically means for the club to buy the freehold, that JB has to formally announce that he’s willing to sell it??

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34

Reading in between the lines:

  • Discussions are ongoing between the club and JB vis-a-vis the purchase of the land
  • The first step towards JB selling the freehold is to declare his intention to the council, irrespective of who he’s selling it to

My guess is that we’re approaching the end of the “window” JB agreed with LP for the purchase of the freehold, we’ve not got the money, so JB is starting the cogs turning to offload it in a couple of years time.

It does sound promising, but the realist in me says unless there’s £7m waiting in the wings, I’m not sure how we’d be financing this…

35

For anyone to purchase it, he has to do that cos it’s an ACV

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36

But not necessarily his own money being used for the purchase (if it happens), in which case he’d have no personal interest in realising a return on it as such.

37

One would imagine that as The Trust made the nomination, the Council would have informed them of the Notice to Dispose of the asset. The Council received the notice on 28th March 2022. I don’t know whether anyone other than The Trust are obliged to be informed of the notice.

An interim six-week moratorium period has been triggered, during which a community interest group should make a written request to be treated as a bidder, the deadline for which is 9th May 2022. If such a group decides to bid, then a full moratorium period of six months is triggered which expires on 28th September 2022. During the moratorium periods, the asset can’t be sold other than to a community interest group.

If a sale to a community interest group isn’t made within the moratorium period, then the asset can be sold on the open market during a protected period which expires on 28th September 2023, although I don’t know what protected actually means.

I imagine that if no community interest group expresses an interest to bid, then the asset can be sold on the open market after 9th May 2022, although I don’t know whether there are any restrictions around that.

I assume that the football club can’t be classed as a community interest group and so as/if the notice to dispose has been submitted as a step to initiate our chairman’s agreement with the owner, and if no community interest group wishes to bid, the transaction could take place after 9th May 2022 at the earliest.

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38

Surely the key to any community interest group lodging an actual bid would be the price.

So basically, to find out the price a written request to be considered a potential bidder needs to be lodged by a community interest group in the next 6 weeks??

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39

Do you mind sharing whatever you been smokin’ mate

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40

That is easy mate, but it isn’t weed it is about 6 boxes of lemsip cold and flu capsules :joy: because they are useless :joy: