storming":3r17e25f said:
We are hurtling towards the start of the season. There is no sign of the money. The "funds are in place", Brenda is "pushing Mr Heaney to move things forward". PR is confident they can do what they need to do in a "timely manner".
If the rescue plan is to be implemented, at what point does Brenda/FL throw out this legally-binding deal?
We don't know the conditions the Football League officials require to be satisfied in order that they can recommend to the Football League Board that the Football League Share be passed to PAFC (125) Ltd.
We don't know whether these conditions are financial (agreement on the payment of the football creditor debt or in relation to the underwriting of losses) or structural in relation to the Bishop International Ltd ? PAFC (125) Ltd set up and whether this complies with the Football League rules.
We don't know whether the Football League are insisting on full disclosure on the Directors and others associated with Bishop International Ltd.
We don't know whether Bishop International Ltd have reached agreement with the secured creditors and in particular Lombard.
We don't know whether there is a contractual time limit on the exclusive position secured by the signing of the conditional Sale and Purchase Agreement.
Most importantly we are yet to see an unequivocal statement from the administrator that Bishop International Ltd have cleared funds (required to be in excess of £5m) to complete the Sale and Purchase Agreement if the Football League give clearance to the transfer of the share. The unambiguous way of demonstrating such a proof of funds is to have them secure in an escrow account waiting for them to be transferred to the administrator's account to complete the purchase. All that is known in the public domain is that the administrator has a solicitor's letter that "confirms" Bishop International Ltd have the funds. The problem is that Guilfoyle is so discredited that anything less than escrow account proof will mean that the doubts about the ability of Bishop International Ltd to complete the deal will persist and intensify and well placed sources will continue to contend that they don't have the money.
So in answer to the question it will depend on the contractual terms of the Sale and Purchase Agreement. When it was eventually signed reference was made to a 4-6 week period. I would imagine 5th August may be the deadline on that basis. Only if the Sale and Purchase Agreement contains a provision for its early determination on non-compliance grounds can we expect an earlier decision, regretfully.