Exiles set for Exile?

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TigerFeetSteve
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Re: Exiles set for Exile?

Post by TigerFeetSteve »

TiltonTiger wrote: Mon May 29, 2023 7:04 pm ...And then there were 10:

Telegraph reporting that Irish will be suspended by RFU.
Was going to say I was expecting our last signings to be announced this week following the final coaching announcements, but now wonder if we may have a few more to come
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Jimmy Skitz
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Re: Exiles set for Exile?

Post by Jimmy Skitz »

feel for the fans and staff losing jobs if this happens but know nothing about the issues with this takeover or why current owners won't provide proof of funding to keep their place until the deal is done
Rugbygramps
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Re: Exiles set for Exile?

Post by Rugbygramps »

Jimmy Skitz wrote: Mon May 29, 2023 7:39 pm feel for the fans and staff losing jobs if this happens but know nothing about the issues with this takeover or why current owners won't provide proof of funding to keep their place until the deal is done
As I understand it and in very basic terms, the current/previous owner doesn’t wish to invest any more money in the club, the new/prospective owner is unable/unwilling to provide a business plan for next season showing how the club will be funded as requested by the RFU
Jimmy Skitz
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Re: Exiles set for Exile?

Post by Jimmy Skitz »

Rugbygramps wrote: Mon May 29, 2023 7:46 pm
Jimmy Skitz wrote: Mon May 29, 2023 7:39 pm feel for the fans and staff losing jobs if this happens but know nothing about the issues with this takeover or why current owners won't provide proof of funding to keep their place until the deal is done
As I understand it and in very basic terms, the current/previous owner doesn’t wish to invest any more money in the club, the new/prospective owner is unable/unwilling to provide a business plan for next season showing how the club will be funded as requested by the RFU
fair enough on the first but if you are buying a business that's part of sports league you know there are rules, you should see what new owners need to do in US sports to get approved, so this shouldn't be a shock to them.
TigerFeetSteve
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Re: Exiles set for Exile?

Post by TigerFeetSteve »

The weirdest bit for me is the current owners stance in this.

He's the major creditor to the club, yes he wants out, yes he's fed up of investing more money in the club, but supposedly they're losing £4million a year atm.

I cannot believe what Crossan (current owner) will lose funding for another year or so would come close to what he would lose through an administration process.

The only conclusion is that he doesn't believe that the club is realistically going to sell no matter how long it's on the market for.
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Wes
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Re: Exiles set for Exile?

Post by Wes »

Considering he was prepared to sell for £1, I suspect he's already assumed he's not getting any money back.
If the equation is £0 or minus £4m, £0 sounds quite appealing.

It's a real shame but seems inevitable...
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TigerFeetSteve
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Re: Exiles set for Exile?

Post by TigerFeetSteve »

Wes wrote: Mon May 29, 2023 8:08 pm Considering he was prepared to sell for £1, I suspect he's already assumed he's not getting any money back.
If the equation is £0 or minus £4m, £0 sounds quite appealing.

It's a real shame but seems inevitable...
Yeah but that £1 was including all debts being paid off, so £40odd million in reality, I'd have thought he'd be lucky to get half to a third of that with administration, so he could probably write off £10million in debt and still sell it for a pound and make more money that way...
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TigerFeetSteve
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Re: Exiles set for Exile?

Post by TigerFeetSteve »

Used to run around with an 11, 14 or 15 on my back.
TigerFeetSteve
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Re: Exiles set for Exile?

Post by TigerFeetSteve »

Used to run around with an 11, 14 or 15 on my back.
Hot_Charlie
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Re: Exiles set for Exile?

Post by Hot_Charlie »

TigerFeetSteve wrote: Tue May 30, 2023 2:15 pm Now amended witg proviso that all wages paid on time

https://www.cityam.com/exclusive-london ... ers-first/

https://twitter.com/FoyChris/status/166 ... MOyqw&s=19
Frustrating for all employees. Could be good news, still a very real probability they'll still lose their jobs, just a week later (without pay).
GB72
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Re: Exiles set for Exile?

Post by GB72 »

I am not so down about this news. OK, this is the RFU and so common sense does not apply but by issuing the deadline, they had already ripped off the plaster and so offering and extension, and a pretty short one at that, offers me some hope that the takeover going through remains reaslistic and the only condition set is that one party or the other dips their hand in their pocket and pays the wages for the month. There would be no logic in giving the extension if there was no prospect of the takeover completing (see earlier proviso about it being the RFU though).

Nobody is going to thank them for giving an extension if the chances of the club surviving and people getting paid are non existant as all it does is stop them moving on for another week.
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Re: Exiles set for Exile?

Post by Hot_Charlie »

GB72 wrote: Tue May 30, 2023 2:43 pm I am not so down about this news. OK, this is the RFU and so common sense does not apply but by issuing the deadline, they had already ripped off the plaster and so offering and extension, and a pretty short one at that, offers me some hope that the takeover going through remains reaslistic and the only condition set is that one party or the other dips their hand in their pocket and pays the wages for the month. There would be no logic in giving the extension if there was no prospect of the takeover completing (see earlier proviso about it being the RFU though).

Nobody is going to thank them for giving an extension if the chances of the club surviving and people getting paid are non existant as all it does is stop them moving on for another week.
Indeed. As you say, careful with the use of RFU and logic in the same paragraph!

Hopefully it'll be good news for many. I'm not hopeful mind you!
Darc Tiger
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Re: Exiles set for Exile?

Post by Darc Tiger »

Employees will apparently be paid this month, so another week to go
TigerFeetSteve
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Re: Exiles set for Exile?

Post by TigerFeetSteve »

https://www.thetimes.co.uk/article/fe04 ... 6ebb8c72e9

London Irish backtrack on commitment to pay full salaries today and only pay 50% instead. So one of the two conditions for an extension has not been met, we'll see what the RFU do in response.
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Re: Exiles set for Exile?

Post by daktari »

TigerFeetSteve wrote: Wed May 31, 2023 7:50 am https://www.thetimes.co.uk/article/fe04 ... 6ebb8c72e9

London Irish backtrack on commitment to pay full salaries today and only pay 50% instead. So one of the two conditions for an extension has not been met, we'll see what the RFU do in response.
I know the RFU are useless but there is only so much procrastination before they have to do something
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