Terms of Sale agreement .... apparently

Well, that was quick.
Guilfoyle has just announced provisional terms of sale with Heaney and others. It doesn't say what the terms are specifically dependent on though... I can't believe the football creditor thing has been settled already ... surely not... and is the administrator confident the Football league are going to accept another Leeds ownership thing ? I guess Ridsdale does.
Maybe, this is the PB's way of shutting out the others and then squatting.

Unless they can prove that they are also serious about the football side of things, this bunch of property developers must be resisted on every attempt they make to rinse us of Home Park. I'm joining the Friends of Central Park group for a start. I see it as good news for those who simply want us to function in the short term and fulfil the fixture at Shrewsbury, but potentially diabolical news for anyone with a long term interest in the club's future success. Who knows, the bidders might prove me wrong and pump some money into the football team too, and when that happens Gaddafi will disband his forces and hand over power to the people of Libya.

This now means the situation will drag on. All Guilfoulup has to do is speak to the Football League and tell them the identity of the Preferred Bidder and if they are happy then we can remain in administration for another 12 months.

We'll function as a football club, just, but while we go through the season the potential owners will have endless meetings with the Council before finally sometime in early 2012 they will complete their purchase of our football club and the stadium and land.

Will the staff work another 12 months unpaid or will the GTs have to step up their efforts?

So, squatting it is then. The big worry was for this to drag on all year and that seems even more possible now.
Anybody who supports these methods of buying the club needs our help and sympathy.

You won't be able to walk through the city for twelve months without the sound of rattling buckets... the 'club' won't be getting a penny from me, and many other fans I suspect.
I never thought the Big Society would take on so fast.

and they still haven't paid the second instalment!

I think they will start paying the bare minimum of a wage packet now but that'll be the only income from this lot that the club will see. Relegation next season would be an excellent bet in the bookies.

I just spoke to an agent of one of our former players, he says there's no way the players will take a reduced payment on the Football Creditors debt (the players' and staff wages) and the Football League would not allow it.

Has there ever been a case that players at another club in administration would accept a reduction in the wages owed to them from the new owner?
It does appear the Football Creditors clause is King and non-negotiable.

The Preferred Bidder has reportedly said that he didn't know or understand the FC rule but he HAS to pay the back-dated wages. This could drag on.

Posty, I hope you're keeping EVERYTHING regarding this fiasco. When we finally reach the bottom of the pit you'll have a top seller if you can bundle this mess into a book!

Bet it wouldn't make it onto the shelves of the club shop though!

PL2 3DQ wrote:

I just spoke to an agent of one of our former players, he says there's no way the players will take a reduced payment on the Football Creditors debt (the players' and staff wages) and the Football League would not allow it.

Has there ever been a case that players at another club in administration would accept a reduction in the wages owed to them from the new owner?

I must say, I agree with the football agent ... if I were a player, I'd tell these people to sling it... I wouldn't take a penny cut ... to hell and see who's still smiling. With so little left in the club, it is so obvious that the intent is to pay the former owners in place of the staff and players. Surely, it's time for the Football League to take a stance .... but now, not in a year's time. It really isn't acceptable.