| The Trust should be fully involved in the Liberty transfer before it is too late 17:28 - Oct 25 with 7896 views | NOTRAC |
The Trust has come in for considerable criticism over the last few years, some justified,some most certainly not.
I have posted a number of threads on here over a number of years predicting events such as the takeover, the bypassing of the Trust on the sale of shares,warnings about Jenkins , when it was very much against the Trust and most supporters opinions and before even people like Shaky got involved.
Again since the takeover I have warned about the sale of the Liberty lease .It is not a short term transfer ,it appears to be for forty years. In football terms this is almost a lifetime transfer.Although in name it is being transferred to the football club, in reality of course it is being transferred to the American syndicate that has not put a penny into the club itself, has its controlling shares in an anonymous American company, and who cannot wait to obtain control of the lease to sell it on with the football club for personal gain.
Anyone who really believes that the Americans are buying the lease from their own funds and for the purpose of extending capacity are living in cloud cuckoo land.
It will be purchased either by loans or funds built up in the football club from transfer surplus's or by increasing the indebtedness of the club by a mortgage on the lease itself.
The long term effects of this lease transfer could be devastating for the future wellbeing of the club itself and for the people of Swansea.
Whilst it is admirable that the Trust has as its objective the wellbeing of football in Swansea, I am both appalled and absolutely disappointed that there has been so little communication and action by the Trust on this issue.
As far as I am aware two of the representatives for the football club in negotiating the sale of the lease from the joint ownership of the football rugby and council partnership are Jenkins and Dineen.
Whilst in reality because of their minority shareholding there was little that could be done about the sale of shares, I always felt that if the Trust were wary about this lease transfer they could have had more success in stopping it happening by rousing public opinion against it and influencing the Council.
I believe that one of the main reasons that Jenkins has continued in his job, has been to ensure the safe passage of the lease transfer.
Also I am beginning to wonder from what has recently been posted on here whether any delay in paying the Trust the agreed share amount, is to ensure that the lease purchase goes through without opposition from the Trust.
The Liberty has been an integral part of the success of Swansea Football Club over the last fourteen years.
To risk transferring the lease ownership to these people from what has been a non profit making partnership without due diligence by the Trust and a full explanation of why the Trust thinks it is a good idea , is frankly appalling, especially after the shortcomings regarding the Share sales by their fellow shareholders .
The transfer of ownership of this lease with the subsequent rental charges to the football club, and the probability of debt is prime, in my opinion , to the Trusts main objective. |  |
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| The Trust should be fully involved in the Liberty transfer before it is too late on 19:38 - Oct 25 with 1774 views | longlostjack |
| The Trust should be fully involved in the Liberty transfer before it is too late on 19:28 - Oct 25 by londonlisa2001 |
Hmm. I'm not sure a major shareholder / director could realistically lobby the council to put in protections against the company that they are a major shareholder / director of?
They are not fulfilling their fiduciary responsibilities of acting in the best interest of all shareholders if they do that.
It's the problem about being 'inside'. [Post edited 25 Oct 2017 19:29]
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As long as all sides stick to the rules there should be nothing to worry about. Property investments and local councils. Put me down as dubious. |  |
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| The Trust should be fully involved in the Liberty transfer before it is too late on 19:40 - Oct 25 with 1770 views | Shaky |
| The Trust should be fully involved in the Liberty transfer before it is too late on 19:36 - Oct 25 by londonlisa2001 |
So you want specific safeguards to stop the lease being sold, and yet there are no safeguards to stop the club being sold (along with the lease)? And the Trust's shares sold at the same time.
The danger is not the lease being sold to a mysterious Delaware company, the danger is that the club IS a mysterious Delaware company. |
As far as i am aware, it is customary to have all sorts of restrictions on onwards assignment/trasfer/sales/etc of commercial leases.
Admittedly i only know something about retail and office space. |  |
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| The Trust should be fully involved in the Liberty transfer before it is too late on 19:46 - Oct 25 with 1756 views | Vetchfielder |
| The Trust should be fully involved in the Liberty transfer before it is too late on 19:36 - Oct 25 by londonlisa2001 |
So you want specific safeguards to stop the lease being sold, and yet there are no safeguards to stop the club being sold (along with the lease)? And the Trust's shares sold at the same time.
The danger is not the lease being sold to a mysterious Delaware company, the danger is that the club IS a mysterious Delaware company. |
:-) Yes , fair point Lisa, but I voted for legal action. |  |
| Proud to have been one of the 231 |
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| The Trust should be fully involved in the Liberty transfer before it is too late on 19:48 - Oct 25 with 1750 views | londonlisa2001 |
| The Trust should be fully involved in the Liberty transfer before it is too late on 19:40 - Oct 25 by Shaky |
As far as i am aware, it is customary to have all sorts of restrictions on onwards assignment/trasfer/sales/etc of commercial leases.
Admittedly i only know something about retail and office space. |
There are. Which is why I'm less bothered about a lease than about the deal with the club.
It remains to be seen whether these are imposed of course, but the Trust can't sit on the other side of the negotiations to the club itself.
Could do if it was a supporters' lobbying group sitting on £25m with no corporate governance concerns about its role as shareholder and, more importantly, director of course ... | | | |
| The Trust should be fully involved in the Liberty transfer before it is too late on 19:49 - Oct 25 with 1747 views | londonlisa2001 |
| The Trust should be fully involved in the Liberty transfer before it is too late on 19:46 - Oct 25 by Vetchfielder |
:-) Yes , fair point Lisa, but I voted for legal action. |
:-) Fair enough. It was more in response to the OP really as I can't see how you can argue one not the other. | | | |
| The Trust should be fully involved in the Liberty transfer before it is too late on 16:16 - Nov 6 with 1548 views | longlostjack |
Bump | |
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| The Trust should be fully involved in the Liberty transfer before it is too late on 16:26 - Nov 6 with 1534 views | vetchonian |
| The Trust should be fully involved in the Liberty transfer before it is too late on 16:16 - Nov 6 by longlostjack |
Bump |
stabledoor,horse and bolted! | |
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| The Trust should be fully involved in the Liberty transfer before it is too late on 18:53 - Nov 6 with 1472 views | Oldjack |
The trust can huff and puff ,stick their noses in as much as they like ,If the Yanks don't want them involved and that's more than likely as seen in the past .They'll get a little pat on the head and told in a stern voice ,go and sit over there and keep quiet ,boys |  |
| Prosser the Tosser dwells on Phil's bum hole like a rusty old hemorrhoid ,fact
You Greedy Bastards Get Out Of OUR Club!
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| The Trust should be fully involved in the Liberty transfer before it is too late on 19:05 - Nov 6 with 1461 views | longlostjack |
| The Trust should be fully involved in the Liberty transfer before it is too late on 18:53 - Nov 6 by Oldjack |
The trust can huff and puff ,stick their noses in as much as they like ,If the Yanks don't want them involved and that's more than likely as seen in the past .They'll get a little pat on the head and told in a stern voice ,go and sit over there and keep quiet ,boys |
I'm sure they would do that. But then the Trust should be shouting about it from the bloody rooftops and mobilising support ! | |
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| The Trust should be fully involved in the Liberty transfer before it is too late on 19:21 - Nov 6 with 1443 views | 3swan |
From their last minutes there is a planned Trust Board meeting today at the Liberty at 5.30.
I'd hope there will be a communication at least about today's news | | | |
| The Trust should be fully involved in the Liberty transfer before it is too late on 19:24 - Nov 6 with 1437 views | whoflungdung |
Any white smoke yet | |
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| The Trust should be fully involved in the Liberty transfer before it is too late on 20:04 - Nov 6 with 1396 views | harryhpalmer |
| The Trust should be fully involved in the Liberty transfer before it is too late on 19:48 - Oct 25 by londonlisa2001 |
There are. Which is why I'm less bothered about a lease than about the deal with the club.
It remains to be seen whether these are imposed of course, but the Trust can't sit on the other side of the negotiations to the club itself.
Could do if it was a supporters' lobbying group sitting on £25m with no corporate governance concerns about its role as shareholder and, more importantly, director of course ... |
Could the club not sell the lease on, and then charge the club a pile of money in rent - I am assuming if happens they wouldn't be able to do that to the Ospreys though.
But I don't see why they can't do that to the Swans, unless there is a covenant stopping them?
Also couldn't they borrow against it too, thus racking up considerable debt - again putting undue risk against the club? | |
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| The Trust should be fully involved in the Liberty transfer before it is too late on 20:06 - Nov 6 with 1388 views | Oldjack |
| The Trust should be fully involved in the Liberty transfer before it is too late on 19:05 - Nov 6 by longlostjack |
I'm sure they would do that. But then the Trust should be shouting about it from the bloody rooftops and mobilising support ! |
and that my friend is not going happen until we're on our knees ,mark my words | |
| Prosser the Tosser dwells on Phil's bum hole like a rusty old hemorrhoid ,fact
You Greedy Bastards Get Out Of OUR Club!
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