melonhead im not saying its fact- just inferring from what ive read
And i'd be inclined to agree - bear in mind this is most likely a payment to SJM for his shares not a cash injection into the club. What will be interesting is what happens to the existing chairmanship loans....does SJM take £20M now, £20M later for the other half of his shares, but leave the chairmanship loans in place (i.e. the club would still owe him £25M in outstanding loans)?
I seriously doubt that TSI would be persuaded that a business with assets of £57M and liabilities of £35M (i.e. a paper value of around £22M) is worth £80M. Assuming the deal is around £40M total for the club, plus structured repayment of the chairmans loans, then SJM will improve his current bank balance by some £65M over the next few years.
Meanwhile the new owners will get full control of the club, initially for a modest outlay of some £20M, plus whatever they need to sink into players/wages to fill the black hole this year, and whatever they choose to spend on squad improvement....then in a couple of years they get to own 100% of the club, for another £20M. Perhaps SJMs loans will be repaid in a structured way over the next few years adding £5M or so to the black hole annually?
Whatever happens it seems that a deal has been struck which should transition ownership of the club to the new owners in a controlled way, over a period of time, whilst allowing the team management to give us a better chance at promotion than we would otherwise have had (and given that we've been there or thereabouts for the last 3 seasons it must be considered that this gamble might have a decent chance of paying off).
Currently I'm feeling fairly comfortable about the whole thing - rather bizarrely, what would probably worry me the most would be if we suddenly rushed out and spent £4-5M this window. That would indicate that for all SJMs comments about prudence were less than realistic....