Discussion in 'Wolverhampton Wanderers' started by Eggy, Sep 26, 2003.
It's a real shock! He is truly the kind of owner/chairman that you really do not see anymore--one who is really a fan first and shows it. Heaven knows that is an endangered species in the USA.
The one hope I have is that the owner will take good care of what Sir Jack has built and maybe take us to that "next level."
How many other owners, regardless of the sport, regardless of the country would say, "Sod it, Just prove to me you have the money, and desire to run the team, and it's yours" Can you see George Steinbrenner turning over the Yankees to a consortium from the Bronx for a lifetime season ticket?
I'm not poor by any means, but it must be nice to have the money to a- buy the team you've supported your whole life, and b- when the time comes, give the club to the community and write off £40 million in debt.
In any event, here's some clarification from Jez Moxey, as Wolves held a press conference today.
- The club is not for sale, per se. This is not a situation where Sir Jack needs to unload the club, or there is a cash crisis, it's just an 80-year old eliminating some of the major stress in his life (Running and being the savior, and primary financial backer of a Premeirship football club)
- Hayward would prefer to give the club to a Wolverhampton-based individual, or group, but Moxey says that Sir Jack would meet with anyone with the desire and "deep pockets" needed to run the club, at least at the level it's at now. At the dinner where he made the announcement though, Hayward did say that he would prefer the club not to fall into foreign hands. Hayward would write off all loans and other monies still owed him by the club, believed to be in the area of £40 million, and hand over 100% of the stock in the club, though he would also require that 25% of the stake in the club then be made available to the fans via some sort of stock issue, as he had originally intended to do after Wolves achieved promotion to the Premeirship. Hayward would also like to stay on as club president, if offered the position.
- The intention is also that the transfer be finalized by Christmas, so the new owners could be active in the January transfer window.
Hayward bought Wolves for £1.9 million in 1990. As to the value now, I'm not sure, but all told, £100 million may not be a bad guess?
I agree with Kwik that this sale for nothing really is the only way Hayward can truly judge whether someone will be committed to the club. And the fact that he doesn't need the money gives him the time to pick the right person...
a complete contrast for the moron Ken Bates.
And the speculation has begun!
Here's the info from the Express & Star
-The first name has emerged, in Carl Painter, described in the E & S as a "window and property mogul". The plus side is that he is from the Wolverhampton area, the negative is that his investment figure is being given at around £10 million, which means that he needs to put together more investors.
- The ever popular "Foreign consortium" is mentioned in reference to a Venezuelan group who may have interest.
- Another article in the E & S says that this is just the beginning, and that the real interested investiors, complete with the "deep pockets" needed to run the club may emerge within the next couple of weeks.
And amid all this, the obvious: If there is no sale in time for the January transfer window, there will be no winter spending spree, if Wolves need it. So, if Wolves are on the border of survival come January, and there is no sale aggreed to, there may not be much Premiership-quality new blood coming in.
Sir Jack has criteria that must be met before he unloads the team. I also think he might spend a little money to bring in a player or two come January.
Sir Jack certainly won't be spending more money. He's made that clear. Carl Painter is short of the real money needed but I think his game plan is to get more investors with him being the big one. He's never said he wants to buy Wolves out-right he has been in contact with Wolves for months looking to invest in shares.
I don't expect this to take alot longer than a few months.
From the E & S:
- Jez: "It's unreasonable to expect that Hayward will spend more when the club is up for grabs
- Budget is set, and Sir Jack has aggreed to expendatures through December, unless a new ownership group is brought in.
- Transfer spending will be based mostly on money coming in through attendance, TV appearances and the like. Consideration will also be given to league position at the time.
It's possible that Hayward may spring for a new player or 2. He's not going to go and spend millions of pounds, but 1 player may be a possibility.
Bully rejects chance to buy club..
He's been apporached by a group of individuals who each want to invest around £10million. Bully's not interested because
"I would love to but it depends on having the money to do it, so I have no interest. It is about whoever has the money and if fans can buy shares I think that is good".
£10million isn't anywhere near enough, although the Express and Star has also reported in another article that :
"The truth is that the real players in the great drama about to unfold will remain firmly in the shadows until a deal has been done.
As we speak, London sources have told me there is at least one such player capable of more than meeting Moxey's demands that the next owners' have "extremely deep pockets" to finance the continued regeneration of Wolves as a Premiership force.
It will be weeks at least before they break cover and in that time, Jones and Rae and Ince and the rest of them have to plough on, believing that they still have a chance of shoving down their throats the taunts of the pundits and smug "supporters" of the latest vogue club."