The Worst Owner We Have Ever Had?

[moorlad]

Blue Yonder is supposed to be a project where the club would not have to pay any money to get a new stadium (rented of course), in a few months time there is supposed to be more news on this. It'll likely just be another nothing to report thing while they try to get Tesco or Morrison's or whoever to partner with us. There actually may well be the possibility that some such deal can be struck, that leaves us with selling the only asset the club has, Brunton Park.

Lapping did not like that idea, he said so directly to me on the other board, he wanted to stay at BP. Nixon and Jenkins did not like the Lapping plan, particularly when Pattison was booted. However they were stuck with having to say they'd had a look at it. Any other way of throwing it out would have been ridiculous, Lapping has a good relationship with fans and media alike, so they had to invent a second bid.

What they are now doing is going ahead with Lapping Light. They are going to implement large parts of his plan

[moorlad]

Oh and by the way, the Trust is a significant shareholder, with a place on the board of directors, why the hell have they not been informed of the identity of this mystery billionaire?

That, as much as anything, speaks volumes for me.

[perthblue]

From a supporters point of view trying to make sense of what`s going on is a bit like trying to complete a jigsaw without all of the pieces...personally I would be amazed to find out that one of the missing pieces is a `mystery` billionaire...

[Qwertyyoop]

Ok. Accept that it,s a mistake to pass comment without the full facts, so two questions...
What's is the accepted value of Carlisle United ?
What percentage of shares were the Lapping Consortium getting for their 1.25 mil.

[moorlad]

The split was to have ended up being 45:45:10, Nixon, Pattison and Jankins 45%, Lapping consortium 45%, Trust 10% (Pattison's share was to have been only 1%). That would have valued the club at less than £3m. However that would also mean the custodians would have made a significant return on their initial investment of £1 each.

The actual value of the club in terms of selling it to be developed is the value of the land at Brunton Park, once developed that will be more than any £3m.

[griff]

Ok. Accept that it,s a mistake to pass comment without the full facts, so two questions...
What's is the accepted value of Carlisle United ?
What percentage of shares were the Lapping Consortium getting for their 1.25 mil.

It was 45% wasn't it? That would value the Club at £2.78 million, which won't be far out now we're debt free. That would be subject to argument though.

[moorlad]

Interestingly the value of the land (and buildings) in the accounts could be a starting point, particularly now the club has no debt (except to the old leeches). Piglet would know that valuation I imagine, he'll have seen last year's accounts, but the current year, for accounting purposes, finishes at the end of this month, so a balance sheet valuation won't be available for some months. I would have thought that because of current events it might have been a decent idea to have a revaluation done.

[Qwertyyoop]

Sorry ,surely Carlisle have been valued at between 4 and 5 Mil, so even at the lower figure, 1.25 would seem to be grossly undervaluing obtaining a 45% stake, unless that is you were a experienced investor when such a deal would be extremely attractive.
However if true why would the current Board have considered such an offer in the first place, Sorry, conspiracy theories aside, nothing is really falling into place, so perhaps honesty by the present Board may clarify the situation

[griff]

Anyone know the value of building land in Carlisle? Is the land that the Club occupies technically still part of the flood-plain, even though it's now got flood protection?

[moorlad]

Qwerty, the value of the assets may have been that, but there are liabilities as well you know. The last set of accounts I saw (granted a few years ago) did not have a balance sheet value of £4 or £5m. I realise Fred's loan has now been written off, but I still can't imagine the accounts value being that high to be honest.

The current owners paid £1 each for their shares and between them own around 75% of the club, that makes the value of the club £4. Or the Trust paid £600,000 (I think) for 25% of the shares, that valued the club at £2.4m.

As I have said many times, the only item of value the club has is property. All the players contracts, all the other fixed assets etc are completely valueless, unless they are sold to somebody for football purposes, this time (if it happens) they are being. But in the future that won't be the case (Blue Yonder).

In my honest opinion £2.78m is probably not too bad a valuation at the moment. Bear in mind how much money would be required to ma