Dagenham & Redbridge F.C. - For Sale ???

[Mikins]

We've still got the other side of Burnett's pillowcase right?

Seriously though, this sounds very dubious, and I know people on here lean towards the worst outcome generally but I really don't see how this guy has the capital he's claiming.

Not that I'd say anyone was getting their pockets lined in advance to approve it or anything..

[bearaab]

Delved a little further and just from 3 of his dissolved companies it seems there was a total debt of £2.25m owing to various creditors including HMRC.

See below links to each and then on each you want to click on the PDF for "Statement of affairs Form 4.19"

AGP STEELS LTD / Dissolved May-14 - Debt to creditors £260,000
https://beta.companieshouse.gov.uk/comp ... ng-history

COMPLETE STEEL SERVICES LTD / Dissolved Dec-14 - Debt to creditors £1.6mil or £2.275mil (isn't clear from the creditors report as both figures seem to be mentioned as the total due.)
https://beta.companieshouse.gov.uk/comp ... ng-history

COMPLETE STEEL LTD - Dissolved Jan-13 Debt to creditors £352k or £404k (isn't clear from the creditors report as both figures seem to be mentioned as the total due.)
https://beta.companieshouse.gov.uk/comp ... ng-history

Either way, it seems a huge amount of money has been written off and IF, I repeat IF this bloke is intending in investing and/or buying the club I think we should all possibly be very worried indeed.

We all thought the Club needed to start again if this goes tits up then we really will be.

All?

[grumpy old git]

My first thought was would this man pass the fit and proper person test, but as far as I can see the only insolvencies that count are ones related to football clubs. Does anyone know more about this?

[Paul from Barking]

Deja Vu - it's Karl from Hornchurch.... D'you need new windows, mate?

[SteveW]

I'd like to know just how interested this bloke is in Dagenham & Redbridge / football. If he is going to sign up for the long term or be another fly by night where we end up with an AFC D&R situation. You'd hope a full due diligence would have been done on him. I've got to admit I have a really bad feeling about this I can't see it ending well and every extra piece of information that comes out on here just seems to confirm it.

[SteveW]

Deja Vu - it's Karl from Hornchurch.... D'you need new windows, mate?

I get the very same feeling.

[Mike the Dagger]

Ok.
Councils don't sell assets then?

I believe it is protected as a sports ground under some sort of convenant, so selling it for building on is not an easy thing to do. Not impossible, but an asset stripper is not going to find it easy to profit from it I would have thought.

[dagger4eva]

I have e-mailed Steve and asked if the club will be making any official comment on the matter.

Will post reply as/when received.

[steeevooo]

Deja Vu - it's Karl from Hornchurch.... D'you need new windows, mate?

This was similar to my very first thoughts too. Very concerning developments, but would the Full Members not have to vote on such a restructuring of the club? Or am I being naïve in thinking that they might be able to see how troubling this could be for D&R FC?

[daggersjeff]

Not that I'd say anyone was getting their pockets lined in advance to approve it or anything..

My very thoughts!!!

This all gonna end in tears!!

[dagger4eva]

Although before my time, I believe at the time of the last merger the members were asked to vote it through or not have a club to support.

Heaven forbid we had a deja vu situation again this time.......

:|

[Mike the Dagger]

So who here is a full or life member?

Time to step up if you are.

[dagger4eva]

What would seemingly appear to be a copy & paste job reply now received.

Recently the Club has been approached by several people or groups of people interested in investing into the business. It is my duty to consider all approaches and any viable offer is then taken to the Board. The Board believes that one particular offer deserves further consideration by the Full & Life Members, a process that is now underway. As this is ongoing it would not be appropriate for the Club to make any statement until the Members have had the opportunity to consider the matter. Ultimately this will be their decision.

[ARNU]

If some looney wants to lose his money investing in something that rarely ever makes any money that's up to him. How we survive with our income and lack of advertisement is a mystery to me. Any injection of cash must be a good thing.

[Mike the Dagger]

If some looney wants to lose his money investing in something that rarely ever makes any money that's up to him. How we survive with our income and lack of advertisement is a mystery to me. Any injection of cash must be a good thing.

An injection of serious cash that didn't come with the club selling it's soul may well be welcome.

80% of the club (that can't be sold based on its current set up) for £1.25m over 5 years, which is the deal that has been stated here, is most definitely not a good thing. What happens when the "looney" realises he's bought a money pit and pulls out? Grays Athletic or Hornchurch (or Telford United/Rushden & Diamonds/etc/etc).

If we are that in trouble for money then cut our cloth accordingly and if we need to go down another level and rebuild, then so be it.

Does anyone know definitively what the parachute payment from the FL is for the next 2 years? It should be 100% of what we would have got in League 2 for a year, and 50% of that for a further year, but I can't find what it is 100% of anywhere.