First time poster guys - just seeing what's already out there in terms of the fans putting additional resources into the club . Having read through the forum a lot of people would be willing to buy season tickets and merchandise which is great . Unfortunately that's not going to be enough to keep the vultures at bay so just seeing if there are any fans initiatives already on the go which would put additional cash into the club . Much like what Hearts done in there time of need and Rangers with there fund . Just trying to think of a way to help .

1 hour ago, DoofersDad said:

7 of those 13 companies were dissolved. 4 of those 7 companies never had any accounts submitted prior to them being dissolved.  

Makwana resigned from one company in October 22 which remains technically active but appears to be simply existing.

Makwana is involved in 5 active companies as follows:-

Seventy7 Ventures Ltd.  This deals in "management consultancy activities other than financial management". Makwani is the sole director and only employee. Latest accounts show net liabilities of £15,898.  On 28th June this year, a charge was filed against the company by a Jersey based company.  If Seventy7 Ventures cannot repay the unspecified loan, the Jersey firm has the claim on all aspects of an unspecified project.  I can't see anything other than ICT being "the project".

Cryptolytx Ltd.  This is involved in "other publishing activities" and "new agency activities".  He is the sole director and there are no employees.  Net liabilities are £19,935.

! am for change C.I.C.  (whatever that means).  The nature of the business is described as "other social work activities without accommodation not elsewhere classified".  There are 2 other directors.  It was founded in July 2022.  No accounts have been submitted and they are overdue.  A notice was published just 5 days ago that "unless cause is shown to the contrary, the company will be struck off the register and dissolved not less than 2 months after the date shown."

ELI APP Ltd.  Involved in "Other information technology service activities", Makwana is the sole director and only employee.  Net liabilities are £86,945.  An active proposal to strike off is currently suspended due to an objection.

Enterprise Lab Ltd.  This company apparently provides "educational support services".  Makwana is the sole director and one of 2 employees.  The company has net liabilities of £50,634.

There is absolutely nothing in all of this that would give me the confidence to give Makwana £10 towards running an ice cream van, let alone taking control of our football club.  There are red flags everywhere.  It would be good if the club would explain to its shareholders, season ticket holders and supporters in general, what it is about Mr Makwana that gives them the confidence that he can both finance a majority stake holding in the club and then finance and manage the long term development of the club.

Yes I’d been through that and reached similar conclusions - although the limited info available publicly might not necessarily tell the full story. Worth pointing out as well that not all of those companies are his, he just is/was a director and not always the owner.

For those who don’t know, dissolving a company is something that happens usually when a company has served its purpose and/or just isn’t required any more. There is nothing untoward about this as such and it is very different from insolvency. The American guy on that video, and others, wrongly seem to assume it is a sign of failure or dodginess. It can be, I guess, but it can also be the opposite - transfer business assets or intellectual property into a company, sell them for a profit and then dissolve the company before you have to publish accounts for the relevant year that show how much you made.

A claim that appears in various websites that Makanwa “started, scaled and sold” numerous businesses. There is no evidence of that anywhere I looked. Maybe it is a misleading claim, or maybe the deals made him a lot of money and are just hidden through such legitimate means? I’d like to believe it was the latter, but when you see the house that is the registered office, it’s hard to believe he has a lot of personal wealth.

Im guessing our Board, CEO and lawyers know how to use Google too and will have asked similar questions to the ones we are asking. Surely?

I'm sure everyone on here is desperately hoping this is the deal that turns the club around. However,  considering who was central to brokering this deal, I can understand the cynicism. Fingers crossed for better days ahead.

Do a companies house search for any of our main directors past and present and you'll find a string of dissolved companies.

E.g. morrison has over 20 and some of them had suffered a wind up order including the company they renamed as the ict concert company.

The red flags for me are not is what shown or not in the seventy7 ventures accounts.  When it comes time to pay if he doesn't have the money he won't get his shares or whatever it is he is buying.

The worry is the lack of any relevant experience and the feeling he's going to turn the club ito some kind of freak show exhibit with all the phygital tech crypto nonsense.  It's the fact that he openly states that the football is the last thing to worry about in running a club.  I'm starting to hope he doesn't have the money for those reasons.

17 minutes ago, STFU said:

Do a companies house search for any of our main directors past and present and you'll find a string of dissolved companies.

E.g. morrison has over 20 and some of them had suffered a wind up order including the company they renamed as the ict concert company.

The red flags for me are not is what shown or not in the seventy7 ventures accounts.  When it comes time to pay if he doesn't have the money he won't get his shares or whatever it is he is buying.

The worry is the lack of any relevant experience and the feeling he's going to turn the club ito some kind of freak show exhibit with all the phygital tech crypto nonsense.  It's the fact that he openly states that the football is the last thing to worry about in running a club.  I'm starting to hope he doesn't have the money for those reasons.

Also what conditions or qualifications come as a prerequisite to any funds being released. Going to be confidential of course to the board and characters like SG, however given the past performances and lack of real business experience or knowledge (not to mention any desire), just who is going to do the due diligence and check the small print clause x, sub section y, that doesn’t leave the Council and the fans picking up the pieces if and when it all goes belly up in 2-5 years when the current board have flown! Hope the council insist on a  legal check regarding the land use.
Just want to get it out in the open now. 
 

Edited July 28, 20241 yr by big cherly

Common Good Land and Assets is for the benefit of the citizens, not corporate profit. 

Gordy Fyffe will be fully aware of that.

      LET'S GET PHYGITAL!!!     

Time for another Wyness Shuffle podcast inviting Mr Makwana to a no holds barred interview. 
 

Do it lads!

This deal has red flags left, right and centre! It sounds like a total sham. I can only see 1 of 3 things with this deal. 
1. Mr Makwana has duped the board with his patter and vision and they have fallen hook line and sinker for it. 
 

2. The board just want to pass the buck to anyone who is willing to take the club on, regardless of due diligence and whether he is a fit and proper person. 
 

3. Makwana has some secret millions somewhere to buy the majority shareholding and invest

I hope it's the 3rd option but this bloke wouldn't look out of place on watchdog!

Edited July 29, 20241 yr by Doofer

I posted this in a Hayes and Yeading fans Facebook group.

Here's what they said

 

If he has obtained funding for this deal from somewhere then we need to know where it got it from.  The only source of money seems to be from this Jersey finance company, which given it's location is going to be a black hole of information.  

I had assumed that you need to offer proof of funding to purchase shares in a company, from what the H&Y fans say, he'll string us along and then not come up with anything - costing us time and effort that could have been spent finding an actual investor.

I think I said on here or on P&B that our useless board of idiots would find the worst possible 'investment' partners and they may well have done it.

 

That’s ten weeks since relegation and around two months since it was confirmed that the club’s financial situation was so desperate that radical action was essential. Since then, this time of year’s normal financial boost of season ticket money has been greatly reduced, there has only been one home game with a very modest attendance and no Sports Bar and there’s reason to believe that unhappy fans have been limiting their purchases of merchandise.

So what has the club been doing for money?

Have the Usual Suspects been continuing to dig deep, despite indications that the company they have been continually been plunging money into a company that’s going to have new owners?

Or what?

Edited July 29, 20241 yr by Charles Bannerman

20 minutes ago, Charles Bannerman said:

That’s ten weeks since relegation and around two months since it was confirmed that the club’s financial situation was so desperate that radical action was essential. Since then, this time of year’s normal financial boost of season ticket money has been greatly reduced, there has only been one home game with a very modest attendance and no Sports Bar and there’s reason to believe that unhappy fans have been limiting their purchases of merchandise.

So what has the club been doing for money?

Have the Usual Suspects been continuing to dig deep, despite indications that ownership of what they have been continually been plunging money into is going to have new owners?

Or what?

That’s what I said to my wife at breakfast this morning still paying big wages to some!

7 hours ago, ictchris said:

The only source of money seems to be from this Jersey finance company, which given it's location is going to be a black hole of information.  

At the risk of double downing on where the funds come from, I have to put a ‘ethics’ slant on this subject.

Jersey has been a main artery for money laundering in the past with Russian money a key part of this practice. The Jersey government were told (by the UK & others) to get a grip of things. As such in 2019 the jersey gov put some sanctions in place to placate the noise. In 2022 Abramovich had $7bn seized by the jersey gov. That’s a hell of a lot of money sitting in a bank at low interest rates. 
So me being the cynic I am, question how the money men (the whole Russia -Jersey show) and their lawyers create the breathing space and rules ‘holidays’ to start the process again under the radar. 

For arguments sake if S7V’s investment cost £10M (hotel, flats and gaming centre where no profit goes to the club), then ten of such ventures quickly add up to a tidy sum.

So for all the procedures, protocols, regulations and good practice rules espoused by such organisations and authorities (like the Highland Coonsil) and dare I say ICTFC, what if any checks are to be done to check any funding forthcoming from S7V is legit?

Or are we such a lot that, that as long as it’s our club that is the recipient then ‘that’s OK’, don’t ask the questions. 

Edited July 29, 20241 yr by big cherly

5 hours ago, Doofer said:

This deal has red flags left, right and centre!

What the fans see ....

 

What the board see

(Warren Buffet in case you are wondering)

16 minutes ago, Scotty said:

What the fans see ....

 

What the board see

(Warren Buffet in case you are wondering)

What Gardiner see's 

Trust and Board

Sceptics 

What I see

 

Utterly brilliant takedown, but really just saying what we are all saying.  Can we co-opt Zealand onto the board of the Supporters Trust?  

My wife tell me that to set up an equity fund, Makwana has to obtain a licence.  He needs to pass exams to show that he has the knowledge to run such a fund.  And he presumably also has to show a past record of financial success and probity - which might be a bit difficult!

Hi all,

I run a  twice-weekly newsletter focusing on off-field issues affecting Scottish fans. You can find it here: Scottish Football: For The Fans | Dale Haslam | Substack

It's been interesting researching the 'new investors' in recent days and it's nice to see many on this forum have done similar research.

I've asked Makwana for an interview and will be posting a few updates about the club in the next week or so. 

I truly hope things work out and the future is bright for the club. Healthy scepticism is vital.

On 7/29/2024 at 8:43 AM, ictchris said:

I posted this in a Hayes and Yeading fans Facebook group.

Here's what they said

 

If he has obtained funding for this deal from somewhere then we need to know where it got it from.  The only source of money seems to be from this Jersey finance company, which given it's location is going to be a black hole of information.  

I had assumed that you need to offer proof of funding to purchase shares in a company, from what the H&Y fans say, he'll string us along and then not come up with anything - costing us time and effort that could have been spent finding an actual investor.

I think I said on here or on P&B that our useless board of idiots would find the worst possible 'investment' partners and they may well have done it.

 

A good post.

What I notice is that, for about three months, he was claiming *to be* the owner of Hayes and Yeading, not that it was somehow a potential.

His posts strongly allude to him deciding to sack the manager and replace him, and to bring about huge improvements to the ground - and then suddenly nothing happens.

The obvious parallel is that he's claiming to be the owner of ICT now with no actual evidence of it - and that also could last for months unless the club is crystal clear on what the situation is.

To make things even more opaque, he told me yesterday he is "currently working with the club to get this takeover completed" while sharing news links that say he is already the 'new owner'. It can't be both.

Edited July 30, 20241 yr by forthefanssubstack

9 hours ago, CELTIC1CALEY3 said:

 

 

Should also watch this one first ....

 

 

We have been a little busy today 😉

 

 

 

 

Just now, Scotty said:

We have been a little busy today 😉

 

 

 

 

The Alan Savage interview is definitely worth reading. He’s hit a lot of nails on the head. 

1 minute ago, Robert said:

The Alan Savage interview is definitely worth reading. He’s hit a lot of nails on the head. 

behind a paywall for me unfortunately. 

42 minutes ago, Scotty said:

behind a paywall for me unfortunately. 

Here it is:

EXCLUSIVE: Ex-Caley Thistle chief concerned over ‘desperate’ Ketan Makwana takeover – and says ‘fans will go crazy’ if Scot Gardiner stays

Former Inverness chairman Alan Savage "can't see how Seventy7 and the club could have done full due diligence on this deal."

By Paul Chalk

July 30 2024, 7:00 pm

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Alan Savage, the former Inverness CT chairman. Image: Sandy McCook/DC Thomson.

Former Caley Thistle chairman Alan Savage hopes the club’s new major shareholder can quickly banish concerns over the surprise deal.

On Friday, the now-League One outfit confirmed an investment offer from Seventy7 Ventures, a UK-based sports, entertainment and leisure group, had been accepted.

Despite reported firm interest from American-based suitors for the sum of £2million, the surprise announcement from ICT was Ketan Makwana, the executive chairman of Seventy7 Ventures, had clinched the deal.

Ketan Makwana, executive chairman of Seventy7 Ventures, who are becoming the majority shareholders at Caley Thistle.

Makwana is the sole director and only employee of the Windsor-based firm and their latest accounts show net liabilities of £15,898.

He admitted on social media he had failed in six previous attempts to buy football clubs.

Makwana, and ICT, have pledged they will be giving more information beyond their initial statement, with supporters keen to find out more about who is taking over their club.

But former player and assistant manager Duncan Shearer asked in his Tuesday P&J column: “Who are his backers? How does he intend on tackling the debt at the club? Will there be funding available to take the club forward?”

Shearer also questioned what the future holds for Caley Thistle chief executive Scot Gardiner, who tendered his resignation in June, but was credited by Makwana for helping secure the shareholding.

Savage was Highlanders chairman from 2006 to 2008 when the club were in the top-flight of Scottish football.

‘To leave the deal until one minute to 12…  Have they just accepted it?’

The chief executive of Inverness-based Orion Group said the financial situation at the embattled Caley Jags must be dire for the board to have handed over the keys to someone who had failed to buy clubs so many times previously.

Savage claimed: “I believe certain groups of shareholders have given their shares to Seventy7 to get its shareholding over 50%, as they are only buying 20% of the club.

“Why would they give shares to someone they don’t know? What’s in it for them?

“Maybe they will respond to this article.

“A shareholders’ meeting would have been in order.

“He’s had six goes at buying football clubs and been rejected six times.

“It’s not a train set – it’s a proud member of the SPFL.

“I just can’t see how Seventy7 and the club could have done full due diligence on this deal.

“Listen, I really hope this works out. Let’s hope so.

“It just seems like a desperate, but I suppose an essential move to avoid administration.

“Had I been on the (club) board six months ago, I’d have been asking (now former director) David Cameron and Allan Munro whether they were going to continue funding the club, and, if not, would have started trying to find a buyer then.

“There are lots of benefits of being the owner of a football club – business people and film stars are buying clubs in France, Holland, Wales, all over the place. Buyers can fly there, play golf and watch the football.

“The club here is an attractive proposition, but to leave the deal until one minute to midnight…  Have they just accepted it?”

The Caledonian Stadium, home of now-League One club Caley Thistle. Image: Sandy McCook/DC Thomson.

Has (or will) new owner Ketan Makwana provide cash up front?

Like Savage, many fans have voiced their opposition to ICT CEO Gardiner remaining in place, saying they won’t buy merchandise of go and see the team while he remains at the club.

Savage wonders whether the agreement with Makwana and Seventy7 Ventures could include Gardiner staying for some time yet.

He said: “I read Duncan Shearer’s column, and I fall in line with what he’s saying – there are many questions to be answered.

“The club has obviously got cash flow problems. They need cash immediately to get them through the next few weeks, so will Ketan put money up front before he signs the deal?

“Let’s hope so, as not many businessmen in the world would do that. This would really show the fans he is the real deal with genuine long-term ambitions for the club.

“Amid it all, you still have Scot Gardiner there, who appears to have done the negotiations on behalf of the club.

“Most entrepreneurial people who buy and sell businesses for a living like to decide matters themselves.

“But will he keep Scot Gardiner on, because he’s not appointed a CEO, has he?

“Fans will understandably go crazy if that happens.”

Orion commitment remains to ICT’s youth academy

ICT head of youth Charlie Christie.  Images: Jason Hedges/DC Thomson.

In May, Savage who told the Press and Journal he and his son Paul will pitch in with an Orion-driven initiative of up to £100k if needed to support the ICT youth academy.

He said at the time: “I am prepared to cover any shortfalls with sponsorships of various types.

“I can put this together and make sure the youth system is protected.

“We want to improve it and take it to a higher level, with more one-on-one mentoring.

“I have heard of shortfalls of anything from £50,000-£100,000.

“The caveats for me is no dealings with Scot Gardiner, and that any money given stays to run that department, independent of the football club.”

Speaking to The Press and Journal on Tuesday, he confirmed: “I stand by my commitment that, through Orion, I will protect the youth development, both boys and girls.

“I want to put sufficient money in to realise Charlie Christie’s ambition of continuing to mentor players, such as he did with his son Ryan.

“Whatever happens and whichever direction the club takes Orion is committed to do that.”