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Post by je85 on Aug 2, 2024 10:07:35 GMT
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Post by Chris P. Bacon on Aug 2, 2024 15:57:49 GMT
It's been rumoured for a while now that Lim wanted out and I assume this was behind the announcement that they were looking for new investors. Those investors were not forthcoming and so they had a dilemma. So GN has had no option but to buy him out. He appears to have more business irons in the fire than the rest, so i don't know if that means he has more leverage cash-wise, because this is in itself strange. just at the time he's stepped away from day-to-day management of the club, he steps in and buys a controlling share.
Right now I assume it makes no difference, but the club lost 90k a week last year. Until now that burden fell on 7 people, but now it falls on 6, with GN copping for the bigger share?
This could become an issue down the line and this season could be make or break. How long will our owners take these losses?
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Post by chipbarm on Aug 2, 2024 16:09:43 GMT
My thoughts echo Chris's really. The rumours that Lim wanted out were true hence the search for new investment. Clearly that didn't materialise. Agree also that GN will have a funding package behind him. I suspect he and the other CO92 are hoping it's a relatively short term thing as they are still looking for investors, presumably to take on some or all of his majority holding.
I just hope we stay up as a minimum this season as I fear relegation would see the owners pulling out and worst case scenario the club then going to the wall. Hope I'm being overly pessimistic on that
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Post by je85 on Aug 6, 2024 16:36:17 GMT
To throw a number of ten pence’s in on this after thinking about it over the weekend - I think this is an opportunity for the club to be more proactive on the hunt for new investment.
When the protests against Lim started to really escalate again two years ago in Valencia (and marginally at the peninsula in the form of an instagram post and a sticker or two around the ground) my initial thought was ‘could be worse’ then subsequently thought he may double down with us to get away from the distain of Valencia fans.
That clearly hasn’t happened but at least we haven’t had to deal with the Financial mismanagement or the Cultural disconnect as heavily felt in Valencia. I do think the lack of communication and transparency in relation to some of the sporting decisions is in part due to Lim, he put comparable restrictions on Valencia in the same way in the last few years our spending has been curtailed. Speculatively a big part of Lim’s interest waining was not getting the AJBell and the surrounding area in my mind. That could’ve created an opportunity to recoup Lim’s £10mil total investment in the club plus potentially make a few quid by building property, charging for parking, renegotiating the Sale sharks deal etc. Of late we have plateaued, I don’t think the CO92 have delivered the heights Lim hoped for because he would’ve stuck around and invested more or bought the CO92 out if we had kicked on. That said Lim himself hasn’t made a comment about the departure so maybe I am wrong and he isn’t that bothered about little old Salford.
Going forward I feel Neville buying Lim’s shares is a holding pattern and it’s these shares are the ones that will be broken up to new investors and Neville will get his money back for facilitating Lim’s exit. I also wouldn’t be shocked if the additional investment comes from the US, if you look at the whole football pyramid their interest in UK football as an investment isn’t slowing down. Beckham’s partners in Miami I immediately thought would’ve looked to fill the space left by Lim to start a multi club model like City Football Group out of Miami.
Cash is king but I do think we need an injection of energy and new thinking at ownership level. CO92 are proof just because you had a successful playing career doesn’t mean you can run a club, but appreciate they do agitate interest in the club. At games I regularly feel like the club is less about winning football matches and more about being a kind of charitable endeavour. I am all for this to a point, but if we don’t win enough games and we go down the resource for those charitable activities won’t be viable. I think we as a club, our locality and stadium/training ground situation makes us a good opportunity for someone to come in and drive the club forward.
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Post by je85 on Aug 8, 2024 16:06:50 GMT
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Post by chipbarm on Aug 8, 2024 17:08:18 GMT
That's a ridiculous valuation no wonder we aren't attracting investors if that's true. |
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Post by Chris P. Bacon on Aug 8, 2024 19:00:19 GMT
I didn’t know they put jackanory back on again? |
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Post by je85 on Aug 8, 2024 22:07:29 GMT
This is the full extract re: Salford in Matt Slaters Business of football piece in the athletic:
“The disparity between sellers and buyers goes far below the Premier League, with dozens of clubs in the EFL and non-League looking for investment.
Take Salford City. This month, former footballer turned media pundit/property developer/fashion icon Gary Neville bought the 40 per cent stake in the League Two club that Peter Lim had owned.
The Singaporean businessman had initially purchased a 50 per cent stake in Salford in 2014, with Gary Neville, his brother Phil and their “Class of ’92” team-mates, Nicky Butt, Ryan Giggs and Paul Scholes taking 10 per cent stakes each. Lim then sold 10 per cent to David Beckham in 2019 to complete the set of that vintage Manchester United academy crop in the Salford ownership group.
But Gary Neville’s move is only meant to be temporary.
In a statement announcing the change of control, Butt, now Salford’s chief executive, said: “We continue to explore options to work with additional strategic partners to assist us in achieving our ambitions for the club.”
Which is all perfectly sensible. Unfortunately, they have been looking for “strategic partners” all year, as Lim, who also owns La Liga’s Valencia, made it clear he no longer wanted to fund Salford’s substantial annual losses.
But Lim appears to have got tired of waiting, so Neville has been forced to fill the breach.
For how long, who knows? But it could be a while if he and his partners are unwilling to lower their £30million valuation of the club, who finished 20th in League Two last season, nine points and three places above the relegation zone….”
A bit of fag packet maths - the £30mil valuation by the CO92, puts Lim’s stake at £12million. There is no way Neville paid that for the 40%, even if it’s temporary. One of my big issues with Neville and De facto Butt - is his hypocrisy about the running of Salford when he has steamed into United’s, Everton’s and Liverpool’s owners consistently but arguably done no better post-Covid. He won’t be putting more money in, and if that money is a loan who is covering the interest? Potentially that makes Salford no different to United and look at what loans and debt are doing to their PSR.
Appreciate there is some differences in the economies of scale but the levels of self righteousness and arrogance of not just Gary Neville but all of the CO92 is astounding. Depending on which reports you read, There is a very real prospect we have received in transfer fees and the BTA sell on - anywhere between £600-850k this summer and to suggest that has been used to improve the club not just the playing side in fanciful. I understand we would be snookered without the CO92 as it stands, but let’s be clear as custodians and self appointed directors of football, CEO’s and heads of recruitment they are crap at running a football club. And that’s before you get to Giggs court appearances.
This report has really p***ed me off if the valuations are close to verbatim. Considering Slaters relationships in the commercial world of football I am confident it’s well sourced. But the continued idea amongst fans up and down the country that the CO92 are good owners needs nipping in the nackers because it’s pure PR Spin, the reality is actually laughable.
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Post by Chris P. Bacon on Aug 9, 2024 6:08:06 GMT
For all we know, GN may have paid Lim very little if Lim was desperate to get rid?
It does seem to be a mystery how we can be losing 90k a week and still be so poor. That said our reputation as a home for waifs and strays doesn’t help. Paying top wages for players on the downside of their career seems to be a consistent theme throughout their tenure.
I just don’t see any investment coming anytime soon, because I can’t think of a single thing that would attract them? Success on the pitch…. no. Huge fan base to exploit (I mean that in the nicest way)….no. All of which is a bit of a mare for GN. Even if he paid a peppercorn amount for Lim’s share, he’s now picking up the larger share of the losses and how long can or is he willing to he sustain that? Lim must have piled some pressure on to get out.
What this all means…..I don’t know.
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Post by je85 on Aug 9, 2024 7:26:09 GMT
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Post by chipbarm on Aug 9, 2024 9:32:28 GMT
We're screwed aren't we? Listening to KR last night on GMR we are skint and he's clearly not getting the 4 players he wanted. A couple of loans at best as, to paraphrase him, they are cheaper than buying. Someone from Everton might be close but no hint of anyone else.
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Post by Chris P. Bacon on Aug 9, 2024 10:04:10 GMT
That sums it up really. Absolutely skint. |
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Post by je85 on Aug 9, 2024 10:26:09 GMT
We're screwed aren't we? Listening to KR last night on GMR we are skint and he's clearly not getting the 4 players he wanted. A couple of loans at best as, to paraphrase him, they are cheaper than buying. Someone from Everton might be close but no hint of anyone else. Honestly at times in that GMR interview I have never heard such waffle out of a Salford manager. Personally he is getting a bit too much of an apologist for the owners like Wood in my opinion. Obviously not in the room when he talks about the work ethic etc of the owners but I am not seeing evidence of that. Recruitment is a prime example of that, utter b***ocks. |
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Post by chipbarm on Aug 9, 2024 18:01:44 GMT
We're screwed aren't we? Listening to KR last night on GMR we are skint and he's clearly not getting the 4 players he wanted. A couple of loans at best as, to paraphrase him, they are cheaper than buying. Someone from Everton might be close but no hint of anyone else. Just seen Stockport have signed a midfielder from Everton on loan. Pound to a penny that's who we were after. |
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Post by bronco123 on Aug 10, 2024 18:56:54 GMT
I would guess we are valued at £30m because that is near the money pumped in by Lim (loaned £21m) plus the rest from the CO92. Either that or it is a big coincidence.
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