Phil V 72, on 10 January 2019 - 07:08 AM, said:
"When a company is up for sale - or selling off one of its parts - it needs to show an in-depth report on its financial health to potential buyers. This is called vendor due diligence. It provides comfort to both buyers (acquires) and sellers (vendors) with an independent view of the business, encompassing its performance and prospects.
Vendor due diligence aims to address the concerns and issues that may be relevant to even the most demanding purchaser."
As I understand it, at this stage there would be no requirement for the purchaser to disclose the identity of the investors.
I hope this sensible reply sorts out your confusion Dim.
This will be my last post on the subject.
At all times I think I have carried out our enquiry professionally, at no times did I divulge any private information that was supplied to me to anyone other than a few I could trust 100%.
My remit was to raise funds for an amount of money that I had put on the table to buy the club through AC and the only people who knew who the potential investors were was me and the individuals who I had spoken to. I can categorically say that no money would have been invested from any ex-director of CFC with regard to the purchase so I am amazed over this statement.
"There's nobody around here who can afford it to buy the club, they couldn't even afford to run it, never mind the daft, derisory offers they make for it. "They're just living a dream world. "I used to say to them all, this isn't a corner shop you're running, it's not Saltergate, this is the main store on the high street. "Just look how much it costs just to run the stadium on an annual basis. "They couldn't afford to run it. "They put tuppence ha'penny together to try and buy it, they couldn't afford to run it if I let them have it."
I had 2 financial advisers working with me who thoroughly vetted the accounts and the clubs financial position. I trusted their input and asked further questions of AC which he supplied with no hesitation.
I don't believe for one minute that I was a 'tyre kicker' and I don't think AC thought I was either.
In the words of DA our offer was derisory and if he thought it was due to his investments, then he is entitled to call the offer that. In my opinion the offer was for far more than the club is currently worth.
I will not publicly slate any parties involved as this goes against my business principles. My businesses are built up by winning customers. I thank every customer who has helped me in my 32 years of business. I have had bad customers like everyone, I have received complaints like everyone but each time I have either muttered under my breath or rectified the complaint even if it was an apology.
After listening to the first part of the press conference yesterday, I was optimistic and excited for the changes. I will in fact continue to support CFC and any manager who is taken on but sometimes it is best to say nothing additional to what was supposed to be the unveiling of a new manager.
A rally cry to the fans to get behind JS was more than enough to end the conference without going over old ground and blaming everybody else.
Again CFC lack confidentiality in business accuments. The day MA departed JS appeared as the bookies favourite at 4/1 on. His length of contract was mentioned before any announcement was made. This is surely a problem within the ranks of CFC. Certain people should be told things in a need to know basis and not discussed outside of those circles. As the saying goes "loose lips sink ships"
Finally I would like to thank everyone for their support and wish everyone involved with CFC my very best. JS should be a good appointment and with an open cheque book he should be able to get the winning factor back to the fans.
I hope DA succeeds in pulling this off and gets us back to where we belong. I would also be happy for him to be able to sell the club at an attractive price to the correct investors and have a return on his investments.
But if there is ever a need for the fans to be involved in the future with a fans buyout again, I will be there in waiting. COYB
Z