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Fresh off-the-pitch development emerges at Barnsley
By Billy Mulley 25 September 2022, 10:47
Barnsley are drawing interest from a mystery English group in regards to a possible takeover of the club, as per a Patreon report from journalist Alan Nixon.
The League One outfit are currently owned by Barnsley FC investment Ltd, which is comprised of Chien Lee (31%), Indian businessman Neerav Parekh (21%), the five investors including and represented by Julie Anne Quay (20%), the Cryne family (20%) and Paul Conway’s company Pacific Media Group (8%).
Nixon’s report states that this would likely be a difficult deal to complete, given that there is a rather level split between current shareholders.
This means that an agreement would need to be reached with several different parties before advancing from this initial interest.
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Sounds great that someone and English, could be interested in buying the club.
Need to be careful it’s not frying pan into fire.
Last thing we need is another Ridsdale
What we do need is someone to buy the club pay off the debts, then have cash left over to invest in both the ground and the team.
Now that would be a GREAT Christmas present.
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Guessing here - if there is any truth in this it could be Chien Lee selling his shares as he and Paul Conway have lost control of the club.
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Alternatively - it could be that Chien Lee and/or Paul Conway has found someone interested in buying the Neerav and JAQ shares.Originally Posted by Young_Nudger
If it is ….. they will have to be prepared to spend big - because after what I saw on Thursday, Neerav and JAQ are over the moon at being involved at Barnsley.
It would be extremely sad if JAQ sold her shares to someone interested in forming a partnership with Chien.
Not that i dislike Chien - it’s just that during the short time I spent with them I was impressed and I really like Neerav and Jean.
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So you're agreeing with Gally on BBS Nudge. your ban will be lifted sooner than you think.
The new share issue of £3.2 million shares to keep the club afloat need to be purchased. The first emergency share issue of £1 million in June was taken up by all shareholders in proportion to their existing shareholding. This second emergency share issue is presumably offered on the same basis and would obviously cost each shareholder more to buy the shares (probably later to be sold to recoup the money).
Lee has already paid £320,000 on the first £1 mill issue and would need to pay another £1,240,000 for the second £3.2 mill issue.
Parekh has paid £212,000 and would need to pay another £680,000
The Investor Group has paid £200,000 and would need to pay another £640,000
The Crynes have paid £200,000 and would need to pay another £640,000
PMG (Conway and Hung) have paid £75,000 and would need to pay another £240,000
(All numbers rounded)
It could be Parekh testing the resolve of Lee and Conway in the hope of buying up their shares.
It could be the Crynes finding the demands too much--remember this Consortium haven't paid the Crynes for the club yet and a Court case is ongoing to get the money. The only money paid is the £750,000 first instalment agreed by them all to be taken out of the club's accounts.
It could be The Investor Group not wanting to throw good money after bad seeing it as a poor hedge fund investment
It could be Conway/Hung baulking at the thought of £240,000
The turmoil is probably where the rumours are coming from. Who is reluctant to pay ? Even though they were able to sell the shares later.
On the other hand it could all be a load of b0ll0cks and they have all paid up.
As I said a few days ago this Board structure is unstable. They can't keep offering share issues to cover big losses every month. It is unsustainable. Barnsley FC could ,of course sell more players in January to cover further losses or to buy the shares back.
Last edited by SBRed48; 25-09-2022 at 03:23 PM.
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Av earrd recent euro millions winna Albert Allsop of Derwent Rooard Athersley is teeumin up wi Carncil to buy lottart and still evvanuff left orr to finish Market Gate bridge, done bi October sez Albert thee watch ,,
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Typo edit --- The Lee sum on the second issue is £ 1,024,000 not the £1,240,000 typed in error and timed out before I could correct it.
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I, and I would guess others, appreciate the time and effort you have put in to come up with these numbers.
Personally - I haven’t a clue who has paid what into the club.
All I can say about the issue is to repeat what I heard at the meeting last Thursday.
Hence the reason IMO it’s important to attend these meetings.
I don’t know how this works in practice - but Neerav said something on the lines of - those shareholders that were not part of the last two injections of money, their shareholding has decreases.
I am presuming with that he means Lee and Conway.
That is to say - the last £1 M and then £3.2 M investment has reduced the value of what Chien Lee holds.
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That is positive news if Lee and Conway haven't stumped up their share so have therefore reduced their share holding. It suggests they want to leave the club.
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What pees me off more than anything here though, is the possibility of yet another fire sale needing to happen January, to help the finances.
All the good work that the players and Duff are doing right now, will be totally ruined and we'll be back to square one yet again. Its an absolute disgrace, and yet some people have the nerve to say Lee and Conway PMG did a good job. 😬
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