Admin by Oct 16th - It's here now!

[Jack Waddington]

See you all next week minus Dunc!

[+DoofersDad]

The Courier reporting that Wednesday is the deadline for any offers to buy the club or of investment.  The Board will then meet at the end of the week to evaluate the offers received.  There is no confirmation whether any offers have actually been received.  If no offers are received, then presumably there is no alternative to the Administration route and they might be able to put something out on Wednesday to that effect.  Silence on Wednesday might therefore indicate that offers have been received.  I therefore look forward to no statement on Wednesday.

[+snorbens_caleyman]

9 hours ago, DoofersDad said:

Silence on Wednesday might therefore indicate that offers have been received.  I therefore look forward to no statement on Wednesday.

I hope that you're right.  But I think that silence might simply indicate that no-one has their act together

[Charles Bannerman]

59 minutes ago, snorbens_caleyman said:

I hope that you're right.  But I think that silence might simply indicate that no-one has their act together

Did Panos Thomas’ original announcement of the crowdfunder not say 9pm on the 16th? If so, that would tend to make any announcement on Wednesday appear unlikely anyway. It is also reported that the board will be meeting “towards the end of the week” to discuss such interest as there has been. That suggests Thursday or Friday and if that’s the case, you would them have to add on whatever time it takes to issue a statement - assuming that the board meeting comes to a clear cut decision, whatever that may be.

[+snorbens_caleyman]

26 minutes ago, Charles Bannerman said:

Did Panos Thomas’ original announcement of the crowdfunder not say 9pm on the 16th?

His statement about the finiancial problems simply says "by Wednesday, 16th October".  https://ictfc.com/club-update-2/

And the crowdfunder announcement says "no later than Wednesday 16th October 2024".  https://ictfc.com/save-ict-fund/

[Charles Bannerman]

2 minutes ago, snorbens_caleyman said:

His statement about the finiancial problems simply says "by Wednesday, 16th October".  https://ictfc.com/club-update-2/

And the crowdfunder announcement says "no later than Wednesday 16th October 2024".  https://ictfc.com/save-ict-fund/

I’m sure I saw 9pm mentioned somewhere, but even if it is 9pm, the sum raised is so far short of £200,000 (however significant that is anyway) that the precise hour might not matter anyway.

[big cherly]

1 hour ago, Charles Bannerman said:

Did Panos Thomas’ original announcement of the crowdfunder not say 9pm on the 16th? If so, that would tend to make any announcement on Wednesday appear unlikely anyway. It is also reported that the board will be meeting “towards the end of the week” to discuss such interest as there has been. That suggests Thursday or Friday and if that’s the case, you would them have to add on whatever time it takes to issue a statement - assuming that the board meeting comes to a clear cut decision, whatever that may be.

It’s not a great look thou, is it? All the messages from the club and last Monday’s fan show was we’re entering into admin on Wednesday if we don’t get 200K.  Put aside the unclear messages about what the fund actually paid, it looks to me right now that the fans are again being strung along. A simple statement from the club via there webpage could clear up any confusion.  I don’t wait in any anticipation! 

Edited October 15, 2024 by big cherly

[LisleRightPeg]

It’s mind blowing that the club hasn’t issued more information on the current situation. I just hope the players and staff are being kept up to date better than us fans

[STFU]

There are also a few conversations on social media where people who have donated to the fund believe that if it does not reach the £200k their donation will be refunded.

If we roll back to 7 weeks ago we were told that the club had been saved from administration and a lot of fans bought season tickets and merchandise on the basis of that assurance.

We were then told that the club needed £200k by 16th October to prevent administration and then it was strongly intimated that even with £200k administration was still very likely. It was then spun that the crowdfunder would somehow help get the club through administration because it would add to the money the club already has in the bank.

I took the first instance at face value and purchased a season ticket but the crowdfunder and accompanying narrative was a huge red flag so I haven't contributed. Fool me once etc.

Absolutely no detail was given during the fan meeting which was little more than a 'we're all in it together' PR exercise which leaned heavily on rallying everyone behind a dislike of Gardiner.

Savage said in the press that fans deserved to know everything 'warts as well' but we've barely been given sight of a prawn mayo stain on a boardroom tie.

Have we had full honesty? I don't believe so and I suspect there's a lot being kept under wraps to protect directors (present and recently departed) from legal accountability.

If we're being real there's not a single person who's going to put £3.5 million in to clear debts and another £1.5 million to get to end of the season. Why would they when they can wait for administration and 'buy' the club for a fraction of that price?

Administration is inevitable and what we need to hope for is getting through that and having someone both willing and able to run the club on the other side.

Edited October 15, 2024 by STFU

[CELTIC1CALEY3]

Could it be that Savage was given promises on debt write off, minds changed, administration was the final card, creditors to gain nothing from a club without any real assets, and do not want to participate in the future running of the club, but at the final hour agree write off to facilitate a takeover? Why delay until Friday if there is a slight chance of avoiding all hell letting lose with administration?

 

[+DoofersDad]

I agree. Nobody is going to want to shell out millions simply to bail out the people who got the club into this mess and who, it would appear, would rather see the club go to the wall and people lose their jobs than write off their loans.  The club will be a far more attractive proposition after the administrators have wielded their axe and we can only hope that someone emerges who wants to run a football club rather than a speculative business enterprise with a football team tagged onto it.

[+snorbens_caleyman]

1 hour ago, CELTIC1CALEY3 said:

Could it be that Savage was given promises on debt write off, minds changed, administration was the final card, creditors to gain nothing from a club without any real assets, and do not want to participate in the future running of the club, but at the final hour agree write off to facilitate a takeover?

I don't think that Savage is deliberately playing chicken with Morrison & co, but there must be an element of that in there somewhere.  Potentially losing a large sum of money would concentrate the mind wonderfully.

[CELTIC1CALEY3]

In addition, the club seem confident we are playing Annan this Saturday.

[big cherly]

4 hours ago, STFU said:

“a prawn mayo stain on a boardroom tie”

Couldn’t let the above line go by without my highest praise. The spirit of McGonagall lives on! 
 

Rest of the post is on-point. I’m afraid being fans of the, (any) club, were the last in line (after the key players, insiders, favoured media and press men) to be told the true and current position. 
Agree any future statement or comment from anyone at the club will have to be vetted before release I suspect as it will be combed over by the lawyers from SG (and possibly RM) as we approach the Admin knocking on the door. Can’t see any investor daft enough to come in and throw away 3.4 M to pay of loan debt! 
Stranger things happen in the world of business however (strings attached), so who knows! 

[ictchris]

Three part article in the P&J about Gardiner and his reign.  Appalling details.  The guy is an absolute idiot.

[STFU]

3 minutes ago, ictchris said:

Three part article in the P&J about Gardiner and his reign.  Appalling details.  The guy is an absolute idiot.

And that's only the stuff he could safely print given threats of legal action being flung around.

Gardiner is an absolute fantasist.

[+Fraz]

Gardiner: ‘I have a fantastic relationship with countless Caley Thistle supporters’

 

Fking he is. 

 

[Satan]

Plot thickening

[CELTIC1CALEY3]

Story likely to be close to reality - it is not on Fox News. I do not mean Johnnie Foxes. There has to be just a smidgen of hope that someone rescues the club - before administration, which might not end well if it happens.

[Scotty]

3 hours ago, ictchris said:

Three part article in the P&J about Gardiner and his reign.  Appalling details.  The guy is an absolute idiot.

3 hours ago, STFU said:

And that's only the stuff he could safely print given threats of legal action being flung around.

Gardiner is an absolute fantasist.

 

That P&J article is something that should be classed as a must-read, especially if you were able to hold your nose long enough to read the two articles in the Daily Mail. 

This part stood out for me from part 1, as the timeline is skewed. The ST asked fans not to buy season tickets and merchandise before an insolvency practitioner was ever mentioned and you haven't really resigned if you are still in the building for (if rumour is to be believed) potentially up to a year.

Quote

It must be the first Supporters Trust committee of any club in the world, who after hearing that after myself and Ross Morrison had resigned and that the club had consulted an insolvency practitioner, then issued a statement claiming they wanted all fans NOT TO BUY SEASON TICKETS OR ANY MERCHANDISE??

 

 

[Charles Bannerman]

6 minutes ago, Scotty said:

 

That P&J article is something that should be classed as a must-read, especially if you were able to hold your nose long enough to read the two articles in the Daily Mail. 

This part stood out for me from part 1, as the timeline is skewed. The ST asked fans not to buy season tickets and merchandise before an insolvency practitioner was ever mentioned and you haven't really resigned if you are still in the building for (if rumour is to be believed) potentially up to a year.

 

 

As I recollect it, Gardiner’s “resignation” announcement, weighed down by the caveat of “notice”, round about the end of May, wasn’t taken seriously by anyone as having any significance. What really mattered was when he left the building and had no further connection with the club and that didn’t happen until Savage gave him his marching orders several weeks later. During the intervening period, the fans veto on spending money on the club continued because the central issue was whether or not Gardiner carried any practical influence over the club’s activities.

[STFU]

1 hour ago, Satan said:

Plot thickening

I don't see how they could get to the required 50.45% shareholding the offer requires without others giving up/gifting their shares. On that basis the offer may have been a non starter.

[ScottMacScott]

1 hour ago, Scotty said:

 

That P&J article is something that should be classed as a must-read, especially if you were able to hold your nose long enough to read the two articles in the Daily Mail. 

This part stood out for me from part 1, as the timeline is skewed. The ST asked fans not to buy season tickets and merchandise before an insolvency practitioner was ever mentioned and you haven't really resigned if you are still in the building for (if rumour is to be believed) potentially up to a year.

 

 

Where can you read if you don't have subs to the P&J?

 

[Starscape]

55 minutes ago, ScottMacScott said:

Where can you read if you don't have subs to the P&J?

 

https://www.textise.net/

[Scotty]

5 hours ago, Charles Bannerman said:

As I recollect it, Gardiner’s “resignation” announcement, weighed down by the caveat of “notice”, round about the end of May, wasn’t taken seriously by anyone as having any significance. What really mattered was when he left the building and had no further connection with the club and that didn’t happen until Savage gave him his marching orders several weeks later. During the intervening period, the fans veto on spending money on the club continued because the central issue was whether or not Gardiner carried any practical influence over the club’s activities.

That’s my point though. He seems to be conflating different timelines and events to suit his side of the narrative. 

I have read all three parts of the article and his responses or rebuttals on any of the points are either downright disrespectful, churlish or sound like a vat full of sour grapes. 

He can say whatever he likes but if we do enter administration then it would seem the vast majority of supporters will put the blame firmly at his feet.