| Rochdale AFC becomes mortgage free!!! on 08:07 - Jun 8 with 2625 views | RAFCBLUE |
| Rochdale AFC becomes mortgage free!!! on 08:02 - Jun 8 by wozzrafc |
I may be wrong but in their claim Morton House are claiming for damages to be reimbursed for the value of the shares (which they valued at about £12 per shares) to decided at a fair value by the court.
Given what we know now about the main asset IE the ground you would assume that any valuation put on the club will be a lot less than that. Would Morton House continue to risk throwing bad money after bad for just a fraction of what they laid out?
It seems to me that the mediation at the end of this month has just become a whole more important to Morton House in terms of getting anything back through legal channels.
Add in the pending EFL verdict (don’t hold your breath) and the continued scrutiny from HRMC you might even say it looks more and more like the last dice being thrown. |
If the real value of Rochdale shares on 31 May 2021 (the day before the AGM/EGM) was minus 11p and Morton House paid £12, then they have overpaid by £12.11 per share.
That would be a staggering level of incompetence and almost point to seller misrepresentation, particularly those sellers who knew the real financial position of the club.
This is where the Simon Stone BBC article might be helpful:
https://www.bbc.co.uk/sport/football/58883213
Simon Stone very clearly says:
In 2018 some senior figures on the club's board felt the financial position was unsustainable in the long term.
If those "senior figures" are sellers I hope they took some good advice on representations made to any buyer! |  |
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| Rochdale AFC becomes mortgage free!!! on 09:15 - Jun 8 with 2526 views | 49thseason |
| Rochdale AFC becomes mortgage free!!! on 08:07 - Jun 8 by RAFCBLUE |
If the real value of Rochdale shares on 31 May 2021 (the day before the AGM/EGM) was minus 11p and Morton House paid £12, then they have overpaid by £12.11 per share.
That would be a staggering level of incompetence and almost point to seller misrepresentation, particularly those sellers who knew the real financial position of the club.
This is where the Simon Stone BBC article might be helpful:
https://www.bbc.co.uk/sport/football/58883213
Simon Stone very clearly says:
In 2018 some senior figures on the club's board felt the financial position was unsustainable in the long term.
If those "senior figures" are sellers I hope they took some good advice on representations made to any buyer! |
I imagine the initial "representations" to MH were made by Bottom, but I think the other sellers were approached by MH directly, having been identified by Bottom in the first instance. You wonder who thought the shares were worth £6 each, or was it the plan by MH to spend £1.2m to try an hide it from HMRC by buying 51% of RAFC as quickly as possible and then take huge salaries and expenses out of the club in a managed decline? Bottom seems to be an expert at managed decline of football clubs. |  | | |
| Rochdale AFC becomes mortgage free!!! on 11:00 - Jun 8 with 2324 views | DaleiLama |
| Rochdale AFC becomes mortgage free!!! on 09:15 - Jun 8 by 49thseason |
I imagine the initial "representations" to MH were made by Bottom, but I think the other sellers were approached by MH directly, having been identified by Bottom in the first instance. You wonder who thought the shares were worth £6 each, or was it the plan by MH to spend £1.2m to try an hide it from HMRC by buying 51% of RAFC as quickly as possible and then take huge salaries and expenses out of the club in a managed decline? Bottom seems to be an expert at managed decline of football clubs. |
You wouldn't think so from his CV?
Here’s the narrative from LinkedIn:
“Strategic-minded CEO, elite professional sports industry/ commercial director/consultant with comprehensive experience leading business development, marketing, business planning, and sales functions within the global B2C retail marketplace.
Proven success directing and managing an elite level Professional Football Club by devising and implementing programmes to accomplish set objectives for corporate and SME organisations. Experienced in devising strategies that invest in sustainable business success, organising business resources and processes, and identifying and capitalising on development needs through training, coaching, and determining best methods for gaining competitive advantage. Transformational leader; supporting and motivating cross-functional teams to deliver exceptional performance and results. Instrumental at influencing internal and external stakeholders by considering other viewpoints and drivers. Exceptionally articulate communicator with vast media experience; exhibiting excellent organisational and interpersonal skills at all business levels”.
Then accomplishments:
1/ Commended by Senior Council Executives as most responsible and professional CEO at RAFC in last 20 years as well as praised by the Mayor of Manchester as a “football man with a great sense regarding finance”
2/ Returned a £1.4m profit in first year as CEO from a loss in previous year.
3/ Led the club through a pandemic and was praised by Director Colleagues and staff for this work
4/ Continually sought after for interviews by media blah blah blah
5/ Introduced first ever staff handbook/code of conduct/HR procedures in a 114 year old business
The reported facts/consensus opinions:
1/ Have we had a worse one in the last 20 years?
2/ Little or none of that down to him?
3/ Awarded himself and others an exorbitant salary review whilst staff were furloughed
4/ Continually promoted himself to be something he is not with a view to furthering his own aims and career
5/ None of which applied to the CEO position - a position he manipulated to his own ends to award his cronies pay rises whilst he plotted the downfall of a club he supposedly loved to the point of tears, all to personally benefit financially.
I'd like to suggest some edits.
Description:
Chancer
Accomplishments:
Been shown the door at most of his major employers it would appear (KFC Fylde doesn't even get a mention) |  |
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| Rochdale AFC becomes mortgage free!!! on 11:44 - Jun 8 with 2245 views | judd |
| Rochdale AFC becomes mortgage free!!! on 11:00 - Jun 8 by DaleiLama |
You wouldn't think so from his CV?
Here’s the narrative from LinkedIn:
“Strategic-minded CEO, elite professional sports industry/ commercial director/consultant with comprehensive experience leading business development, marketing, business planning, and sales functions within the global B2C retail marketplace.
Proven success directing and managing an elite level Professional Football Club by devising and implementing programmes to accomplish set objectives for corporate and SME organisations. Experienced in devising strategies that invest in sustainable business success, organising business resources and processes, and identifying and capitalising on development needs through training, coaching, and determining best methods for gaining competitive advantage. Transformational leader; supporting and motivating cross-functional teams to deliver exceptional performance and results. Instrumental at influencing internal and external stakeholders by considering other viewpoints and drivers. Exceptionally articulate communicator with vast media experience; exhibiting excellent organisational and interpersonal skills at all business levels”.
Then accomplishments:
1/ Commended by Senior Council Executives as most responsible and professional CEO at RAFC in last 20 years as well as praised by the Mayor of Manchester as a “football man with a great sense regarding finance”
2/ Returned a £1.4m profit in first year as CEO from a loss in previous year.
3/ Led the club through a pandemic and was praised by Director Colleagues and staff for this work
4/ Continually sought after for interviews by media blah blah blah
5/ Introduced first ever staff handbook/code of conduct/HR procedures in a 114 year old business
The reported facts/consensus opinions:
1/ Have we had a worse one in the last 20 years?
2/ Little or none of that down to him?
3/ Awarded himself and others an exorbitant salary review whilst staff were furloughed
4/ Continually promoted himself to be something he is not with a view to furthering his own aims and career
5/ None of which applied to the CEO position - a position he manipulated to his own ends to award his cronies pay rises whilst he plotted the downfall of a club he supposedly loved to the point of tears, all to personally benefit financially.
I'd like to suggest some edits.
Description:
Chancer
Accomplishments:
Been shown the door at most of his major employers it would appear (KFC Fylde doesn't even get a mention) |
1. A former Rochdale CEO who left during Bottomleys reign has just won Chief Exec of the year for L2
2. At the AGM to discuss those accounts he was forced to admit to making a false statement as to how the £1.4m profit was arrived at. The statutory accounts for that year, signed off by him, had to be re-submitted to Companies House as they were wrong in any case
3. His avaricious pay award may have been praised by directors but the owners of the club removed him from the board. At the same time a demand from the floor to remove him from his employment was acted upon after the acting chair requested a little time to consider things
4. Media hogging and "law of the land" lecture eventually helped in his downfall
5. The HR procedure (club charter) which was on the club website was amended after his appointment procedure was challenged via Trust questions. Screenshot of before and after have been preserved
Any mention of his resignation from the board of RDA? [Post edited 8 Jun 2022 11:45]
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| Rochdale AFC becomes mortgage free!!! on 12:43 - Jun 8 with 2145 views | DaleiLama |
| Rochdale AFC becomes mortgage free!!! on 11:44 - Jun 8 by judd |
1. A former Rochdale CEO who left during Bottomleys reign has just won Chief Exec of the year for L2
2. At the AGM to discuss those accounts he was forced to admit to making a false statement as to how the £1.4m profit was arrived at. The statutory accounts for that year, signed off by him, had to be re-submitted to Companies House as they were wrong in any case
3. His avaricious pay award may have been praised by directors but the owners of the club removed him from the board. At the same time a demand from the floor to remove him from his employment was acted upon after the acting chair requested a little time to consider things
4. Media hogging and "law of the land" lecture eventually helped in his downfall
5. The HR procedure (club charter) which was on the club website was amended after his appointment procedure was challenged via Trust questions. Screenshot of before and after have been preserved
Any mention of his resignation from the board of RDA? [Post edited 8 Jun 2022 11:45]
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Of course not! How could he spin that and make it look like a triumph? He's consulting currently, and has been since leaving RAFC. Odd that. He probably ought to be consulting "how to make a quick escape when someone knocks on the door in the wee small hours". | |
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| Rochdale AFC becomes mortgage free!!! on 13:42 - Jun 8 with 2056 views | BigKindo |
| Rochdale AFC becomes mortgage free!!! on 23:11 - Jun 7 by D_Alien |
Precisely
If Morton House want to pursue anyone in court, they've chosen the wrong target. So wrong, in fact, that they're the equivalent of a striker seeing goalposts where the corner flags are. George Donnelly would understand their mistake
There are people out there who've benefited from their lack of judgement, who they should rightly see as the proper targets for their angst:
David 'Roger' Bottomley
Alexander Jarvis
Andrew Kilpatrick
Graham Rawlinson
- to name the OBVIOUS ones. So why are they wasting their time and money (that they almost certainly haven't got) pursuing innocent directors and football fans?
Come on Morton House - do we have to tell you how to do EVERYTHING?? |
Don't forget that two American Investors held substantial amounts of shares which they sold to MH. If as a result the investigation into the source of the funds reveals dirty money then our US cousins could have a big problem. The USA Internal Revenue Service have more powers that the FBI. |  | | |
| Rochdale AFC becomes mortgage free!!! on 17:42 - Jun 8 with 1803 views | kel |
The Twitter and Facebook reaction from the Hornets rugger boys on this news is joyous to see. What a bunch of backward and bitter individuals they really are.
Suck it up lads. |  | | |
| Rochdale AFC becomes mortgage free!!! on 18:58 - Jun 8 with 1678 views | Sandyman |
| Rochdale AFC becomes mortgage free!!! on 17:42 - Jun 8 by kel |
The Twitter and Facebook reaction from the Hornets rugger boys on this news is joyous to see. What a bunch of backward and bitter individuals they really are.
Suck it up lads. |
They're "obssed"  |  | | |
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| Rochdale AFC becomes mortgage free!!! on 19:00 - Jun 8 with 1677 views | NorthernDale |
I didn't know they had a forum, that is news to me. |  | | |
| Rochdale AFC becomes mortgage free!!! on 19:44 - Jun 8 with 1612 views | RAFCBLUE |
| Rochdale AFC becomes mortgage free!!! on 17:42 - Jun 8 by kel |
The Twitter and Facebook reaction from the Hornets rugger boys on this news is joyous to see. What a bunch of backward and bitter individuals they really are.
Suck it up lads. |
Being mortgage free, at least Rochdale Hornets fans, especially "The Hornet" now know that they are financially contributing into a fan owned club that supports people in Rochdale and where every penny of their rent, beer etc goes toward supporting our first team squad.
I hope Hornets do really well and pack the place out; financially very lucrative for us if they do so. | |
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| Rochdale AFC becomes mortgage free!!! on 19:45 - Jun 8 with 1608 views | judd |
| Rochdale AFC becomes mortgage free!!! on 19:00 - Jun 8 by NorthernDale |
I didn't know they had a forum, that is news to me. |
He didn't say forum | |
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| Rochdale AFC becomes mortgage free!!! on 20:03 - Jun 8 with 1563 views | NorthernDale |
Sorry, I do apologise. | | | |
| Rochdale AFC becomes mortgage free!!! on 20:25 - Jun 8 with 1513 views | judd |
| Rochdale AFC becomes mortgage free!!! on 20:03 - Jun 8 by NorthernDale |
Sorry, I do apologise. |
No need to, but they do have a forum. Google Rochdale Hornets forum and you’ll find it. | |
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