Quote:
Originally Posted by Dagger
The exact opposite of what your daft manager said.
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Yep, 'Arry needs to shut it.
Here's a quick rundown
- In April, it was either a re-financing or an extension with RBS was pulled by H&G. They agreed, but with a certain set of conditions. One of them was RBS forcing them to expand the board to 5 members, 3 being non-owners.
- Everything sat and percolated for a while. Mascherano was sold, Benayoun was sold, and somehow there's still no money. All went to interest one could assume (like last year with Alonso too)
- The hammer was coming down. RBS, due to either public pressure, or a simple realization that they were never going to get their money unless they asked for it NOW. So they made it clear no further extensions/refinancing would be made.
- Hicks tried to find money elsewhere. Nobody would give it to him.
- The board went to work. There were at the time TWO bids. Lim and NESV. They were for the same amount of money at the time, so they did due diligence on the NESV bid as they preferred their plan going forward. The board's job was to find a buyer that
A. Was best for the team, and
B. Paid off RBS.
Unless they went into administration, RBS probably wouldn't be entitled to any more than the balance of the loan+interest+fees. Since they hold the money though, they have the power.
And today:
-I hope Hicks can't afford food by Sunday.