Can anyone confirm or

[jdfc]

say for definite if there was a clause in the takeover of our club that the Yanks can’t walk away and leave us with any more than £35k debt

[Deeranged]

They've already broken several clauses in the takeover so doubt they'd care if they offski'd with the club in £2M or £3M debt. What can happen to them? The successors couldn't sue them because according to many there will be no successor and the club will be done.

However, I thought it was zero debt since Dundee FC can't have debt as part of the admin agreement? Any current debt, and I'm sure Islay will confirm if I'm right or wrong, is not the club's but is against DPH or whatever they call themselves now as a holding company.

Of course, I might be miles off.

[islaydarkblue]

They've already broken several clauses in the takeover so doubt they'd care if they offski'd with the club in £2M or £3M debt. What can happen to them? The successors couldn't sue them because according to many there will be no successor and the club will be done.

However, I thought it was zero debt since Dundee FC can't have debt as part of the admin agreement? Any current debt, and I'm sure Islay will confirm if I'm right or wrong, is not the club's but is against DPH or whatever they call themselves now as a holding company.

Of course, I might be miles off.

Dark Blue Property Holdings Limited are not the holding company for Dundee Football Club Limited.
Football Partners Scotland LLP (FPS) own 75% of the issued share capital of Dundee Football Club Limited.
From memory I remember reading that FPS were going to transfer all their Dundee Football Club Limited shares to Dark Blue Property Holdings Limited after the annual accounts for the year ending 31st May 2019 were published.
However this has never happened.
Perhaps their plan to do so was because the new stadium at Campy Nou would have been built and ready for use by the beginning of August 2020.

[Returnofrros]

When they don't recognise 2nd largest shareholder, there wud be no problem walking.

Do I think they will....no.

But when the exit comes it will happen very quickly.

[islaydarkblue]

When they don't recognise 2nd largest shareholder, there wud be no problem walking.

Do I think they will....no.

But when the exit comes it will happen very quickly.

I would not be surprised to see all the outstanding debt due to FPS and Dark Blue Property Holdings Limited converted to shares in debt for equity transactions.
This would allow Tim Keyes to try to sell the FPS shareholding in Dundee Football Club Limited to any interested party.
I know that Dee4life have first refusal to purchase the FPS shareholding but that will never happen as they do not have the funds to do so.

[Dens Park Dynamo]

say for definite if there was a clause in the takeover of our club that the Yanks can’t walk away and leave us with any more than £35k debt

If i recall correctly it was £50,000

[islaydarkblue]

If i recall correctly it was £50,000

That is correct.
One of the entrenched rights of the A shares which are included in the Dundee Football Club Limited Articles of Association dated around 23rd August 2013 stated that maximum debt at the end of every financial year could only be a maximum of £50,000 which had to be repaid during the next twelve months.
Another entrenched right in the A shares was that Dee4life were entitled to a Primary and Secondary representative on the Dundee Football Club Limited board of directors.
The Dundee Football Club Limited board of directors had to accept the person nominated by the Dee4life board of directors to be their Primary representative.
They could object to the first three people nominated by the Dee4life board of directors to be their Secondary representative but they must accept the fourth person nominated by the Dee4life board of directors to be their Secondary representative.