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| Tues 27th June 2000 - Takeover news. | |
| June Headlines |
Apologies
for the late posting of this information. Monday 26th June. On Saturday Sam Hammam was splashed over the back of the Echo saying deal off. Sunday and Monday as you can imagine were days full of hi octane paostings on the messageboard as people tried to come to terms with what was happening. How could we as fans be putr through this again. As you will have read in the earlier press reports and the press reports below we have two sides with slightly different stories. Steve Borley (who I think is in the most unenviable position) and the board claim to have rejected Hammam's third offer, after accepting the first two, because it was an insulting offer. Hamman has claimed surprise that he was rejected and that the board has missed a great opportunity. Hammam has only said that he made a fair offer. It appears that the first two offers were accepted but before a written confirmation could be obtained the goalposts were moved. Sam Hammam claims a split in the boardroom over this but the board say they have been united in their decisions. You can see that with the claims and counter claims we will never get totally to the bottom of this. I'm sure the absolute truth is somewhere in between. I will not condemn the current board as I cannot comment fully on their agenda, I will not overly praise or condemn Sam Hammam for his role in this, what I will just say though is that surely both sides can get together and thrash out a deal. Surely Cardiff City need Sam Hammam. Any club in the football league would welcome his involvement. The fans are suffering and will vote with their feet I'm sure of it. My message to the current CCFC board and to Sam Hammam is to sort it out. We must not become a laughing stock. The following report appeared on Monday morning. Report from TotalWales on Monday 26th June. Wimbledons former owner blamed the breakdown of the deal on a boardroom split at Ninian Park. Everybody should be pulling in the same direction but obviously they are not. Maybe some tried to help me, may be some didnt. They will have their own reasons, said the Lebanese tycoon, who ironically sold Wimbledon for £28m recently because, the lack of harmony was like a cancer eating into the club. The 52-year-old Hammam has not ruled out a City take-over entirely but added, Unless they come back to me very quickly the deal is off. It brought a What deal? response from City chairman Steve Borley who denied any boardroom disagreement over the sale of the club to Hammam. Sam Hammam did indicate verbally the sort of arrangement he might be prepared to undertake in discussions with me and some of my directors, said Borley. But the club has not received any written offer from him. We all want great football people like Mr Hammam at Cardiff City and everyone who knows me knows that I have welcomed all investors into this club. I asked Mr Hammam to set down his offer in writing so that it could be formally discussed by the full board and a position statement prepared for the 600 or so other shareholders. The ball was in his court. City directors are furious that Hammams interest was leaked by people close to him. Why and how this got out is a matter of great concern and we will not conduct private business through the sports pages of newspapers, added Borley. Expressions of interest cannot be moved into the public domain until confirmed in writing for scrutiny by the clubs advisers. Mr Hammams verbal offer is not the only option available. We have five bona fide alternatives to consider. Four involve organisations within football but outside Wales. Continuing to run the business through its existing resources is the other option. We are delighted the club is attracting so much interest. Clearly the parties concerned all recognised the outstanding opportunity that exists to develop this club. However, shareholders and supporters must understand that these are businessmen who want the best deal for themselves and their other investors first and foremost. All offers are being considered but we will resist being rushed into any arrangement. Previous discussions with other potential investors collapsed because of interference and the open manipulation of the press by those involved. This must stop. We must be permitted to undertake discussions in privacy. We have asked for a degree of calm while we consider all the options and decide which is best for the club. Perhaps some of them are linked. We dont know until we have them all in writing. Hammam, who steered the Dons from the Fourth Division to the Premiership during his 22 years with them, believe he could similarly transform the Bluebirds. The club needs more capital and direction. Im surprised at what has happened and sorry for the fans. They are the biggest losers, he said. He was ready to inject £3m into the club immediately in return for at least 80 per cent of the existing shares he was prepared to buy for 12.5p each now, plus 12.5p when City reached Division Two and a further 25p if they attained First Division status within three to five years. Comments from Samesh Kumar on the
situation. Teantalk report from today. Tuesday 27th June. Tuesday started off as Monday had finished. Many arguments over the collapse of the deal. The Western Mail ran the storry below about how fans want to get on with football and not be messed about anymore. It still appears that there is a unrepairable split between Hammam and CCFC and the arguments rumble on. Report from TotalWales. We are fed up with all this takeover talk. Its all we have been hearing for the last seven or eight years - club politics rather than the playing side, said Supporters Club spokesman Tony Jefferies. We are aware the latest proposed take-over by Sam Hammam was leaked by someone close to him, against the boards wishes. But no-one can blame the directors for insisting that Mr Hammam put his offer in writing. Until that happens the speculation is very damaging for the club. The players and the fans dont know whats happening. I understand summer season ticket sales are well down, and it must be difficult for the manager Billy Ayre as far as team strengthening is concerned. Players he is planning to bring in are probably holding fire, wondering if Billy is going to be there himself come the start of the season. The talk surrounding Clive Sullivans aborted take-over had a very detrimental effect last season. It played a major part in City being relegated last season. The club was in limbo for months. I have no doubt that the uncertainty over the clubs future unsettled the players. Now the same thing is happening with the new season almost upon us. The talk is all about takeovers, not players. Countless fans I have spoken to are past caring whether its Steve Borley, Sam Hammam or Clive Sullivan at the helm. Its time for the board to spell out exactly what is happening so we all know where we stand and can get down to serious football business. Lebanese businessman Hammam is also believed to be interested in buying Division Two club Bristol City who are poised to name Danny Wilson as their new manager today. Stalwart supporter Geraint Pritchard from Ton Pentre believes Hammams offer is a golden opportunity too good to be missed. Sam Hammam has the wealth and vast football experience that could give the city of Cardiff what it deserves - a first-class football club, said Pritchard, a season-ticket holder since 1962. Obviously a genuine take-over bid has to be put in writing. But it seems strange that Hammam has withdrawn his offer so quickly blaming the directors for the breakdown. I dont know if thats true although there does seem to be disharmony within the boardroom. The previous manager Frank Burrows did well to gain promotion on a shoe-string budget the season before last. Then it all started to go wrong when it looked like the Clive Sullivan take-over deal was going ahead. I think Burrows thought he was going to lose his job and his heart wasnt in it. Tuesday afternoon a glimmer of hope. The Echo were again quoting Sam Hammam and he claims the door is still open. Hammam wants the club 100%. None of the current board would be allowed to remain. This is now being played in the media again. Hammam has put the ball back in City and Steve Borley's court. Hammam claims he has offered a fair price. The board say not. Hammam claims he did not put an offer in writing as a final verbal offer was never agreed on. So now we are at a stage where one side is willing to sell the other side wants to buy. Sticking point the price. Reading the Echo today it would appear the structured purchase price dependant on promotion still applies but I cannot be 100% sure of that. The deal is not dead yet then. There is a board meeting at Ninian Park tomorrow. I would guess that all this will be thrashed out again. With Hammam giving them chance to sell again and the pressure from the fans there will be a big debate tomorrow on whether Mr Borley should pick up the phone. The last twist today was the mention that Hammam maybe interested in Bristol City as well. The Bristol Evening Post carried
this story. The ex-Wimbledon chairman has approached John Laycock - via Hammam's close friend and former colleague Bobby Gould - about the prospect of the new Ashton Gate chairman selling up his shares. And Laycock, City's top shareholder with 27.9 per cent of the club's total, confirmed: "I was approached by someone acting on behalf of Sam Hammam two months or so ago asking me if I'd be prepared to sell my shares. "It's well known Sam Hammam is looking to invest in League clubs and his offer was presumably with a view to taking over. "But it was certainly never seriously considered by us and I have no intention of selling up." Bristol resident Gould, Dons boss under Hammam for three years in the late 1980s, explained: "Sam has drawn up a radius of clubs to target. He puts a few feelers out to see if there's any potential for him. "The Bristol City approach was more a sounding out. But if people at the club had given a green light, there may have been developments. "As a friend, I was the middle man acting on Sam's behalf. Whether he wants to venture forward with it, though, I've no idea." Hammam pulled out of a Cardiff takeover at the weekend because of a boardroom split over the matter, having pledged to inject £3m for players and write off the club's debts. He also offered to buy all the shares although Cardiff directors claim he never put his offer in writing. So what to think. Maybe this is gamesmanship, a warning to City that if you do not call I will go elsewhere. I don't know for sure. What I do know is that the longer it carries on the more frustrated the fans are getting. Pre season training starts next week. There is word that upto 5 new players will be introduced in the next 7 days. This is what we want to see, lets build up the excitement of the new football season thats only 6/7 weeks aaway. |
Copyright Michael Morris 2000.