| TFC respond to WSH exclusivity 17:53 - Mar 12 with 35442 views | ChaffRAFC |
https://www.thefootballclubllc.com/
TFC Statement and LOI Release
12 March 2024
We were disappointed to hear today that the chairman has elected to enter a period of exclusivity without an open, full, and fair process. We believe it's crucial for both supporters and shareholders to be fully informed about the future of their club.
Given the numerous questions surrounding this issue, we want to provide as much clarity as possible based on the information available to us.
Attached is our Letter of Intent (LOI) as submitted to the Chairman. We have not yet received any feedback on the LOI from the Chairman, nor have we been given an opportunity to respond to the opposing bid. We believe that both LOIs as submitted should be made transparent to shareholders so they can assess what each bid offers.
We've been engaged in discussions with the club for over two months while working on a long-term business plan that could provide financial stability and additional revenues.
We had a meeting scheduled with Simon for this coming Wednesday to further discuss our plans and thoughts regarding the club's future. However, Simon unexpectedly canceled this meeting on Saturday.
We advocate for a fair evaluation process for all bids. If another bid ultimately proves to be more beneficial for the club, we will fully support the decision to choose that bid.
CONFIDENTIAL
Date: 3 March 2024
Simon Gauge, Chairman
Rochdale AFC
Crown Oil Arena
Dear Mr. Gauge,
We are writing to provide a letter of intent from The Football Club LLC (TFC) in respect of a transaction with Rochdale AFC (RAFC).
The upcoming vote is politically and emotionally charged. We do not want to add any confusion to that vote, and feel the club’s stakeholders should decide the future of the club without us impacting the vote. Therefore, we ask that our submission be kept confidential until after the vote is made by the shareholders and fans at the EGM on 7 March 2024. However, there is one exception to this request: you are permitted to forward this Letter of Intent (LOI) to George Brigham prior to that date. We also request that George Brigham keep this LOI confidential.
We appreciate your hospitality in our February 2024 visit as well as the time, effort, and energy that you and other local community leaders have afforded us. Working with you over the past 3 months to develop our plan has been exciting and deeply fulfilling for us on both a personal and professional level.
Our plan is to provide a capital infusion into the club to cover the next four years of projected deficits while establishing a revenue stream through the commercial development of the club’s grounds. This would be done in such a way as to protect the pitch, stands, and football/rugby spaces. The commercial center would provide the club with long-term stability.
This plan is contingent upon a positive opinion from the Borough Council Planning and Development Department. Our intent is to receive that opinion in March 2024. We note this to be completely transparent. The other bid appears to rely on a commercial real estate development plan as well; we anticipate that the other plan would also need such an opinion in order to move forward.
Our ownership group includes professionals with expertise in property development, tech entrepreneurship, data science, business development, law, finance, marketing, logistics, and more. It is led by two passionate footballers, one of whom grew up in and lives in Lancashire. Most of us are eager to contribute our skills free of charge.
We will strive to ensure that the history and traditions of RAFC are maintained for future generations of fans. We are fully committed to the success of Rochdale AFC.
We do not have a multi-club strategy. We have a Rochdale AFC strategy.
Transaction Overview and Structure
Based on our preliminary review of your football club, TFC is pleased to submit this non-binding letter of intent for a transaction with RAFC. We have shown proof of funds to demonstrate our ability to complete this transaction.
This proposal is based on the pending restructuring of the club’s share structure at the March 7th EGM which would issue 9,000,000 new shares of the club, increasing the total club shares to 10,000,000. We propose purchasing 80% of the equity of RAFC, including all assets and liabilities.
We believe that in order for this transaction to be successful our interests must be aligned. With that in mind, we are proposing a structure that allows all parties to benefit from our future success in an equitable way.
Subject to alignment on definitive documents and completion of customary diligence, we are offering the following:
£1,600,000 at closing, with the use of proceeds to be put towards the operation of the football club.
TFC receives 80% of all RAFC shares on a fully diluted basis, issued upon closing and not subject to any vesting period.
As a gesture of goodwill to the Rochdale community, TFC will transfer 5% of all shares on a fully diluted basis to The Dale Trust to help restore their ownership stake in RAFC (this would leave TFC’s share total at 75% of all shares).
£220,000 of Simon Gauge’s debt will be converted to equity representing 10% of the fully diluted shares of RAFC. We would like to discuss how to handle the remainder of Simon’s debt.
It is our understanding the Borough Council has been open to deferring their debt for 5-7 years. This is a course of action we intend to explore.
We look forward to working with you to develop the process by which these competing bids will be assessed.
Regards,
Justin Corrado |  |
| If I hadn't seen such riches, I could live with being poor |
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| TFC respond to WSH exclusivity on 17:09 - Mar 15 with 3758 views | 442Dale |
The National League stance is still to be established.
If a member club is stating there are doubts over completing the current season, at what stage do they step in/suspend games/clarify the situation?
Integrity of the competition being paramount.
Next season is a whole different conversation. |  |
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| TFC respond to WSH exclusivity on 17:21 - Mar 15 with 3688 views | wozzrafc |
| TFC respond to WSH exclusivity on 17:09 - Mar 15 by 442Dale |
The National League stance is still to be established.
If a member club is stating there are doubts over completing the current season, at what stage do they step in/suspend games/clarify the situation?
Integrity of the competition being paramount.
Next season is a whole different conversation. |
2.18 If during the course of a season the Board decide that the organisation and management or finances of a particular Club fall below the standards appropriate to membership of the Competition, the Competition Secretary shall be instructed to warn the Club at once that it may be excluded from membership of the Competition at the end of that playing season. Such a Club shall have the right to appeal to The FA within 14 days of the date of notification of the Board’s decision."
According to the above end of the season |  | | |
| TFC respond to WSH exclusivity on 17:42 - Mar 15 with 3613 views | 442Dale |
| TFC respond to WSH exclusivity on 17:21 - Mar 15 by wozzrafc |
2.18 If during the course of a season the Board decide that the organisation and management or finances of a particular Club fall below the standards appropriate to membership of the Competition, the Competition Secretary shall be instructed to warn the Club at once that it may be excluded from membership of the Competition at the end of that playing season. Such a Club shall have the right to appeal to The FA within 14 days of the date of notification of the Board’s decision."
According to the above end of the season |
Yes, but what if any member club indicated a doubt they would complete their fixtures? | |
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| TFC respond to WSH exclusivity on 18:17 - Mar 15 with 3489 views | wozzrafc |
| TFC respond to WSH exclusivity on 17:42 - Mar 15 by 442Dale |
Yes, but what if any member club indicated a doubt they would complete their fixtures? |
I expect it would come under the same rule given the reason they might not have completed was due to lack of finances | | | |
| TFC respond to WSH exclusivity on 18:34 - Mar 15 with 3422 views | 442Dale |
| TFC respond to WSH exclusivity on 18:17 - Mar 15 by wozzrafc |
I expect it would come under the same rule given the reason they might not have completed was due to lack of finances |
It needs clarification. Like most things.
What if other clubs are questioning why they should play games and risk injuries if any points gained become null and void? | |
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| TFC respond to WSH exclusivity on 19:00 - Mar 15 with 3338 views | NorthernDale |
I cannot figure out, why some posters seem to want the Dale to fold, talking about being negativity. Hopefully the Americans or the other group will get the takeover the line and the Dale can move forward.
Sometimes, I wonder if they are Southall or Bottomley or some minion seeking to cause mischief. If the takeover fails, then we look at the future, but until then, support the Dale, rather then talk us into oblivion. | | | |
| TFC respond to WSH exclusivity on 19:04 - Mar 15 with 3318 views | 442Dale |
| TFC respond to WSH exclusivity on 19:00 - Mar 15 by NorthernDale |
I cannot figure out, why some posters seem to want the Dale to fold, talking about being negativity. Hopefully the Americans or the other group will get the takeover the line and the Dale can move forward.
Sometimes, I wonder if they are Southall or Bottomley or some minion seeking to cause mischief. If the takeover fails, then we look at the future, but until then, support the Dale, rather then talk us into oblivion. |
Does anyone want Dale to fold?! | |
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| TFC respond to WSH exclusivity on 19:06 - Mar 15 with 3303 views | James1980 |
| TFC respond to WSH exclusivity on 19:00 - Mar 15 by NorthernDale |
I cannot figure out, why some posters seem to want the Dale to fold, talking about being negativity. Hopefully the Americans or the other group will get the takeover the line and the Dale can move forward.
Sometimes, I wonder if they are Southall or Bottomley or some minion seeking to cause mischief. If the takeover fails, then we look at the future, but until then, support the Dale, rather then talk us into oblivion. |
One poster has gone full Captain Ahab with their obsession about their White Whale, Simon Gauge. | |
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| TFC respond to WSH exclusivity on 19:11 - Mar 15 with 3285 views | D_Alien |
| TFC respond to WSH exclusivity on 19:06 - Mar 15 by James1980 |
One poster has gone full Captain Ahab with their obsession about their White Whale, Simon Gauge. |
Are you saying he's trying to Mobylise against the Dicktator? |  |
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| TFC respond to WSH exclusivity on 19:13 - Mar 15 with 3275 views | wozzrafc |
| TFC respond to WSH exclusivity on 19:00 - Mar 15 by NorthernDale |
I cannot figure out, why some posters seem to want the Dale to fold, talking about being negativity. Hopefully the Americans or the other group will get the takeover the line and the Dale can move forward.
Sometimes, I wonder if they are Southall or Bottomley or some minion seeking to cause mischief. If the takeover fails, then we look at the future, but until then, support the Dale, rather then talk us into oblivion. |
I think no one wants Dale to fold, if we can see these next few weeks out and get this deal over the line then for the first time since we got relegated I can see a route back into the league | | | |
| TFC respond to WSH exclusivity on 19:24 - Mar 15 with 3192 views | James1980 |
| TFC respond to WSH exclusivity on 19:13 - Mar 15 by wozzrafc |
I think no one wants Dale to fold, if we can see these next few weeks out and get this deal over the line then for the first time since we got relegated I can see a route back into the league |
Someone has pretty much said exactly that, well fold in our current guise. | |
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| TFC respond to WSH exclusivity on 20:23 - Mar 15 with 3012 views | _Windydale |
| TFC respond to WSH exclusivity on 19:06 - Mar 15 by James1980 |
One poster has gone full Captain Ahab with their obsession about their White Whale, Simon Gauge. |
The constant stream of sledging and ruthless retribution to the extent , its on a par with some Korean revenge flick. A bloody minded mission to take down the enemy and the whole club with it. 'old boy' was great though and 'The man from Nowhere' are classics. | | | |
| TFC respond to WSH exclusivity on 20:27 - Mar 15 with 2982 views | kel |
| TFC respond to WSH exclusivity on 19:00 - Mar 15 by NorthernDale |
I cannot figure out, why some posters seem to want the Dale to fold, talking about being negativity. Hopefully the Americans or the other group will get the takeover the line and the Dale can move forward.
Sometimes, I wonder if they are Southall or Bottomley or some minion seeking to cause mischief. If the takeover fails, then we look at the future, but until then, support the Dale, rather then talk us into oblivion. |
There’s definitely a whiff of the Bottomley fan club about all these recent posters appearing from nowhere when all this takeover stuff came out. They like to think - much like Gauge’s bag man (TM TS) - that they’re more intelligent than the rest of us but they really aren’t. They’re out to cause as much mischief as they can because they were either kicked off the gravy train themselves or they’re bitter that their mate Roger was. |  | | |
| TFC respond to WSH exclusivity on 22:35 - Mar 15 with 2697 views | Brierls |
| TFC respond to WSH exclusivity on 20:27 - Mar 15 by kel |
There’s definitely a whiff of the Bottomley fan club about all these recent posters appearing from nowhere when all this takeover stuff came out. They like to think - much like Gauge’s bag man (TM TS) - that they’re more intelligent than the rest of us but they really aren’t. They’re out to cause as much mischief as they can because they were either kicked off the gravy train themselves or they’re bitter that their mate Roger was. |
If only it was just the Bottomley fan club. I can understand their motive. |  | | |
| TFC respond to WSH exclusivity on 00:46 - Mar 31 with 1931 views | kel |
| TFC respond to WSH exclusivity on 13:52 - Mar 14 by wheniwasyourage |
I expect but don't know, that WSH are offering better terms to settle SG's debt and TFC said... let talk about it, that's like saying get lost.
After SG's reported actions at the EGM... I like him even less than before and for the record I have stated he was not very good for the past year. HOWEVER, the morally right thing to do is ensure his loans are make good and he is thanked for his service. Don't want to see the guy under financial hardship for rescuing us from MH. |
“ I like him even less than before and for the record I have stated he was not very good for the past year.”
You’ve hardly mentioned Gauge. Are you thinking of one of your other usernames maybe? | | | |
| TFC respond to WSH exclusivity on 02:47 - Mar 31 with 1860 views | Sandyman |
Dale fans know who the bad guys are. We have experience and are very good at it. Little has been said about the current set of potential owners because they have been scrutinised and look a million times more credible than the clowns from 2020 / 21. Hence little criticism on here. Honesty counts, pretence is worth nothing. [Post edited 31 Mar 18:14]
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| TFC respond to WSH exclusivity on 03:15 - Mar 31 with 1841 views | kel |
| TFC respond to WSH exclusivity on 02:47 - Mar 31 by Sandyman |
Dale fans know who the bad guys are. We have experience and are very good at it. Little has been said about the current set of potential owners because they have been scrutinised and look a million times more credible than the clowns from 2020 / 21. Hence little criticism on here. Honesty counts, pretence is worth nothing. [Post edited 31 Mar 18:14]
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Wheniwasyourage should know much better after knowing me for many years and how deep I like to dig. A shame really but not altogether surprising going off past form.
Round of golf anyone? | | | |
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