| TFC respond to WSH exclusivity 17:53 - Mar 12 with 37927 views | ChaffRAFC |
https://www.thefootballclubllc.com/
TFC Statement and LOI Release
12 March 2024
We were disappointed to hear today that the chairman has elected to enter a period of exclusivity without an open, full, and fair process. We believe it's crucial for both supporters and shareholders to be fully informed about the future of their club.
Given the numerous questions surrounding this issue, we want to provide as much clarity as possible based on the information available to us.
Attached is our Letter of Intent (LOI) as submitted to the Chairman. We have not yet received any feedback on the LOI from the Chairman, nor have we been given an opportunity to respond to the opposing bid. We believe that both LOIs as submitted should be made transparent to shareholders so they can assess what each bid offers.
We've been engaged in discussions with the club for over two months while working on a long-term business plan that could provide financial stability and additional revenues.
We had a meeting scheduled with Simon for this coming Wednesday to further discuss our plans and thoughts regarding the club's future. However, Simon unexpectedly canceled this meeting on Saturday.
We advocate for a fair evaluation process for all bids. If another bid ultimately proves to be more beneficial for the club, we will fully support the decision to choose that bid.
CONFIDENTIAL
Date: 3 March 2024
Simon Gauge, Chairman
Rochdale AFC
Crown Oil Arena
Dear Mr. Gauge,
We are writing to provide a letter of intent from The Football Club LLC (TFC) in respect of a transaction with Rochdale AFC (RAFC).
The upcoming vote is politically and emotionally charged. We do not want to add any confusion to that vote, and feel the club’s stakeholders should decide the future of the club without us impacting the vote. Therefore, we ask that our submission be kept confidential until after the vote is made by the shareholders and fans at the EGM on 7 March 2024. However, there is one exception to this request: you are permitted to forward this Letter of Intent (LOI) to George Brigham prior to that date. We also request that George Brigham keep this LOI confidential.
We appreciate your hospitality in our February 2024 visit as well as the time, effort, and energy that you and other local community leaders have afforded us. Working with you over the past 3 months to develop our plan has been exciting and deeply fulfilling for us on both a personal and professional level.
Our plan is to provide a capital infusion into the club to cover the next four years of projected deficits while establishing a revenue stream through the commercial development of the club’s grounds. This would be done in such a way as to protect the pitch, stands, and football/rugby spaces. The commercial center would provide the club with long-term stability.
This plan is contingent upon a positive opinion from the Borough Council Planning and Development Department. Our intent is to receive that opinion in March 2024. We note this to be completely transparent. The other bid appears to rely on a commercial real estate development plan as well; we anticipate that the other plan would also need such an opinion in order to move forward.
Our ownership group includes professionals with expertise in property development, tech entrepreneurship, data science, business development, law, finance, marketing, logistics, and more. It is led by two passionate footballers, one of whom grew up in and lives in Lancashire. Most of us are eager to contribute our skills free of charge.
We will strive to ensure that the history and traditions of RAFC are maintained for future generations of fans. We are fully committed to the success of Rochdale AFC.
We do not have a multi-club strategy. We have a Rochdale AFC strategy.
Transaction Overview and Structure
Based on our preliminary review of your football club, TFC is pleased to submit this non-binding letter of intent for a transaction with RAFC. We have shown proof of funds to demonstrate our ability to complete this transaction.
This proposal is based on the pending restructuring of the club’s share structure at the March 7th EGM which would issue 9,000,000 new shares of the club, increasing the total club shares to 10,000,000. We propose purchasing 80% of the equity of RAFC, including all assets and liabilities.
We believe that in order for this transaction to be successful our interests must be aligned. With that in mind, we are proposing a structure that allows all parties to benefit from our future success in an equitable way.
Subject to alignment on definitive documents and completion of customary diligence, we are offering the following:
£1,600,000 at closing, with the use of proceeds to be put towards the operation of the football club.
TFC receives 80% of all RAFC shares on a fully diluted basis, issued upon closing and not subject to any vesting period.
As a gesture of goodwill to the Rochdale community, TFC will transfer 5% of all shares on a fully diluted basis to The Dale Trust to help restore their ownership stake in RAFC (this would leave TFC’s share total at 75% of all shares).
£220,000 of Simon Gauge’s debt will be converted to equity representing 10% of the fully diluted shares of RAFC. We would like to discuss how to handle the remainder of Simon’s debt.
It is our understanding the Borough Council has been open to deferring their debt for 5-7 years. This is a course of action we intend to explore.
We look forward to working with you to develop the process by which these competing bids will be assessed.
Regards,
Justin Corrado |  |
| If I hadn't seen such riches, I could live with being poor |
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| TFC respond to WSH exclusivity on 21:47 - Mar 13 with 4004 views | DorkingDale |
| TFC respond to WSH exclusivity on 21:05 - Mar 13 by Rehsad |
Maybe it's because it hasn't taken a couple of years to find a buyer - it's taken a couple of years to come up with the 'How to buy 90% of a business for £2m plan'. |
.....this |  | | |
| TFC respond to WSH exclusivity on 23:29 - Mar 13 with 3692 views | James1980 |
| TFC respond to WSH exclusivity on 21:05 - Mar 13 by Rehsad |
Maybe it's because it hasn't taken a couple of years to find a buyer - it's taken a couple of years to come up with the 'How to buy 90% of a business for £2m plan'. |
Didn't the previous board look into a deal involving Altman and Marcelli? Maybe a stumbling block there was the group they were involved in wanting 90% | |
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| TFC respond to WSH exclusivity on 00:50 - Mar 14 with 3569 views | mikehunt |
Did anyone catch any of the interview with SG on Radio Bolton last Saturday, before kick off? The interviewer actually asked him what happens next, will shareholders get to vote on which offer they prefer? He waffled somewhat before saying no in a roundabout way,
Anyone who knows how to might be able to listen back to what he actually said. |  |
| The worm of time turns not for the cuckoo of circumstance. |
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| TFC respond to WSH exclusivity on 07:57 - Mar 14 with 3275 views | Newbury_Dale |
| TFC respond to WSH exclusivity on 21:05 - Mar 13 by Rehsad |
Maybe it's because it hasn't taken a couple of years to find a buyer - it's taken a couple of years to come up with the 'How to buy 90% of a business for £2m plan'. |
But the point remains that they've had ample opportunity to design some sort of solution for buying this football club on their terms and haven't taken it. And now there's indignation from them because another entity beat them to it ? I'm afraid that's not how business works. [Post edited 14 Mar 7:57]
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| TFC respond to WSH exclusivity on 08:33 - Mar 14 with 3167 views | D_Alien |
| TFC respond to WSH exclusivity on 07:57 - Mar 14 by Newbury_Dale |
But the point remains that they've had ample opportunity to design some sort of solution for buying this football club on their terms and haven't taken it. And now there's indignation from them because another entity beat them to it ? I'm afraid that's not how business works. [Post edited 14 Mar 7:57]
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Many of us might prefer Dale to be acquired by owners who're the best fit, not "fastest finger first" |  |
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| TFC respond to WSH exclusivity on 09:04 - Mar 14 with 3039 views | James1980 |
| TFC respond to WSH exclusivity on 08:33 - Mar 14 by D_Alien |
Many of us might prefer Dale to be acquired by owners who're the best fit, not "fastest finger first" |
As I said before the best fit and the preferred candidate of Simon Gauge are not mutually exclusive. | |
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| TFC respond to WSH exclusivity on 09:08 - Mar 14 with 3020 views | wozzrafc |
| TFC respond to WSH exclusivity on 08:33 - Mar 14 by D_Alien |
Many of us might prefer Dale to be acquired by owners who're the best fit, not "fastest finger first" |
But that still might be the case that the fastest is the best fit, we don’t know. The club had been talking to TFC in Early feb so may have already been making some decisions.
The thing is due to the lack of communication from the club we can only assume. Again we await the trust who have had chance to speak to WSH we may find out more. The club could learn a lot from them. | | | |
| TFC respond to WSH exclusivity on 10:48 - Mar 14 with 2806 views | D_Alien |
| TFC respond to WSH exclusivity on 09:08 - Mar 14 by wozzrafc |
But that still might be the case that the fastest is the best fit, we don’t know. The club had been talking to TFC in Early feb so may have already been making some decisions.
The thing is due to the lack of communication from the club we can only assume. Again we await the trust who have had chance to speak to WSH we may find out more. The club could learn a lot from them. |
Yes, i know, i've made the same points previously | |
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| TFC respond to WSH exclusivity on 10:49 - Mar 14 with 2805 views | D_Alien |
| TFC respond to WSH exclusivity on 09:04 - Mar 14 by James1980 |
As I said before the best fit and the preferred candidate of Simon Gauge are not mutually exclusive. |
See my reply to wozzrafc | |
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| TFC respond to WSH exclusivity on 12:17 - Mar 14 with 2653 views | tony_roch975 |
| TFC respond to WSH exclusivity on 23:29 - Mar 13 by James1980 |
Didn't the previous board look into a deal involving Altman and Marcelli? Maybe a stumbling block there was the group they were involved in wanting 90% |
As I remember it, Chris Dunphy had negotiations with Altman and Marcelli but I'm not aware of any involvement of the then BoD in those - what a pity those negotiations weren't put into the public arena (and with the Trust) - feels like we were in a far better place then to get a good deal. | |
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| TFC respond to WSH exclusivity on 12:30 - Mar 14 with 2578 views | judd |
| TFC respond to WSH exclusivity on 12:17 - Mar 14 by tony_roch975 |
As I remember it, Chris Dunphy had negotiations with Altman and Marcelli but I'm not aware of any involvement of the then BoD in those - what a pity those negotiations weren't put into the public arena (and with the Trust) - feels like we were in a far better place then to get a good deal. |
Andrew Kelly quoted the minutes of the board meeting that discussed their interest in a statement he made public. |  |
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| TFC respond to WSH exclusivity on 12:32 - Mar 14 with 2554 views | tony_roch975 |
| TFC respond to WSH exclusivity on 12:30 - Mar 14 by judd |
Andrew Kelly quoted the minutes of the board meeting that discussed their interest in a statement he made public. |
Thanks - do you recall the gist of that minute? | |
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| TFC respond to WSH exclusivity on 12:49 - Mar 14 with 2492 views | judd |
| TFC respond to WSH exclusivity on 12:32 - Mar 14 by tony_roch975 |
Thanks - do you recall the gist of that minute? |
It was to record that their approach had been turned down. 2018 I believe. | |
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| TFC respond to WSH exclusivity on 12:55 - Mar 14 with 2427 views | 49thseason |
I thought they backed out saying there was something major amiss within the club that had been brought to their attention?... probably Bottom and his machinations...? |  | | |
| TFC respond to WSH exclusivity on 12:56 - Mar 14 with 2425 views | judd |
| TFC respond to WSH exclusivity on 12:55 - Mar 14 by 49thseason |
I thought they backed out saying there was something major amiss within the club that had been brought to their attention?... probably Bottom and his machinations...? |
That was 2020/21 | |
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| TFC respond to WSH exclusivity on 13:00 - Mar 14 with 2388 views | 49thseason |
| TFC respond to WSH exclusivity on 12:56 - Mar 14 by judd |
That was 2020/21 |
Blimey, time flies, it feels like a lot of water has gone under the bridge since then....! | | | |
| TFC respond to WSH exclusivity on 13:22 - Mar 14 with 2297 views | tony_roch975 |
| TFC respond to WSH exclusivity on 12:49 - Mar 14 by judd |
It was to record that their approach had been turned down. 2018 I believe. |
but turned down by whom - Chris Dunphy or the BoD? Seem to recall no details of the potential investment were made public? | |
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| TFC respond to WSH exclusivity on 13:23 - Mar 14 with 2287 views | James1980 |
| TFC respond to WSH exclusivity on 12:49 - Mar 14 by judd |
It was to record that their approach had been turned down. 2018 I believe. |
Am I remembering correctly that there wasn't much detail as to why the approach was turned down. | |
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| TFC respond to WSH exclusivity on 13:33 - Mar 14 with 2244 views | D_Alien |
| TFC respond to WSH exclusivity on 13:00 - Mar 14 by 49thseason |
Blimey, time flies, it feels like a lot of water has gone under the bridge since then....! |
Rather more like leaving lockgates open on the canal while the water drains away
It's beyond ludicrous that "two weeks to go" is being posted when there's at least two offers on the table but only one is being given the courtesy of due consideration
The conduct of this process has been worse than giving Stockdale the January window to fritter an oversized playing budget, continuing when it didn't work then sacking him a couple of weeks into the new season [Post edited 14 Mar 13:38]
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| TFC respond to WSH exclusivity on 13:52 - Mar 14 with 2183 views | wheniwasyourage |
| TFC respond to WSH exclusivity on 13:33 - Mar 14 by D_Alien |
Rather more like leaving lockgates open on the canal while the water drains away
It's beyond ludicrous that "two weeks to go" is being posted when there's at least two offers on the table but only one is being given the courtesy of due consideration
The conduct of this process has been worse than giving Stockdale the January window to fritter an oversized playing budget, continuing when it didn't work then sacking him a couple of weeks into the new season [Post edited 14 Mar 13:38]
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I expect but don't know, that WSH are offering better terms to settle SG's debt and TFC said... let talk about it, that's like saying get lost.
After SG's reported actions at the EGM... I like him even less than before and for the record I have stated he was not very good for the past year. HOWEVER, the morally right thing to do is ensure his loans are make good and he is thanked for his service. Don't want to see the guy under financial hardship for rescuing us from MH. | | | |
| TFC respond to WSH exclusivity on 14:32 - Mar 14 with 2066 views | 49thseason |
| TFC respond to WSH exclusivity on 13:33 - Mar 14 by D_Alien |
Rather more like leaving lockgates open on the canal while the water drains away
It's beyond ludicrous that "two weeks to go" is being posted when there's at least two offers on the table but only one is being given the courtesy of due consideration
The conduct of this process has been worse than giving Stockdale the January window to fritter an oversized playing budget, continuing when it didn't work then sacking him a couple of weeks into the new season [Post edited 14 Mar 13:38]
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You are correct there are 17 days left inmthe month. But 6 of them are weekends so effectively 11 working days to do a deal or call the liquidators. Any deal is better than no deal at this stage, but what kills most deals is indecision. | | | |
| TFC respond to WSH exclusivity on 14:44 - Mar 14 with 2018 views | TalkingSutty |
| TFC respond to WSH exclusivity on 14:32 - Mar 14 by 49thseason |
You are correct there are 17 days left inmthe month. But 6 of them are weekends so effectively 11 working days to do a deal or call the liquidators. Any deal is better than no deal at this stage, but what kills most deals is indecision. |
Just because Simon Gauge says it's a deal or liquidation at the end of the month doesn't mean it's true. We have interested parties, so time and money will be found in order to explore all options..not just Simons. I'm pretty sure that will happen. Desperation isn't required and you are completely wrong when you suggest that any deal is better than no deal at this stage. That's disrespectful to the football club when all options should still be on the table. This isn't Simon Gauge's Club. [Post edited 14 Mar 14:46]
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| TFC respond to WSH exclusivity on 14:49 - Mar 14 with 1996 views | BigKindo |
| TFC respond to WSH exclusivity on 14:32 - Mar 14 by 49thseason |
You are correct there are 17 days left inmthe month. But 6 of them are weekends so effectively 11 working days to do a deal or call the liquidators. Any deal is better than no deal at this stage, but what kills most deals is indecision. |
In deal making often they are worked on 24/7 to get past the finishing post. |  | | |
| TFC respond to WSH exclusivity on 14:55 - Mar 14 with 1955 views | Rodingdale |
| TFC respond to WSH exclusivity on 14:44 - Mar 14 by TalkingSutty |
Just because Simon Gauge says it's a deal or liquidation at the end of the month doesn't mean it's true. We have interested parties, so time and money will be found in order to explore all options..not just Simons. I'm pretty sure that will happen. Desperation isn't required and you are completely wrong when you suggest that any deal is better than no deal at this stage. That's disrespectful to the football club when all options should still be on the table. This isn't Simon Gauge's Club. [Post edited 14 Mar 14:46]
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It isn’t SGs club, but he behaves as if it is and no-one has the strength or willingness to stand up to him and stop him. He has taken control of the clubs narrative, reaching out to journalists and getting the airtime. He has learnt that over his tenure. The stakes are very high for him, his reputation and cash are at stake. The fans forum was a roaring success for him, a love in. The EGM voted heavily for his motions. He has a mandate and will close his deal behind closed doors. And what’s more he’ll be on radio Bolton soon after telling the story of how he saved the club (his face and some of his cash back).
The trust statement, no criticism of George at all, shows how weak their position is, there is no organised resistance.
Too many people believed in Gauge and those of us who questioned and challenged were shouted down.
It’s a shame but hey ho, the race is almost run. | | | |
| TFC respond to WSH exclusivity on 15:21 - Mar 14 with 1862 views | TalkingSutty |
| TFC respond to WSH exclusivity on 14:55 - Mar 14 by Rodingdale |
It isn’t SGs club, but he behaves as if it is and no-one has the strength or willingness to stand up to him and stop him. He has taken control of the clubs narrative, reaching out to journalists and getting the airtime. He has learnt that over his tenure. The stakes are very high for him, his reputation and cash are at stake. The fans forum was a roaring success for him, a love in. The EGM voted heavily for his motions. He has a mandate and will close his deal behind closed doors. And what’s more he’ll be on radio Bolton soon after telling the story of how he saved the club (his face and some of his cash back).
The trust statement, no criticism of George at all, shows how weak their position is, there is no organised resistance.
Too many people believed in Gauge and those of us who questioned and challenged were shouted down.
It’s a shame but hey ho, the race is almost run. |
It is pretty unbelievable how one man has been allowed to just do as he want with the club, how has the situation been allowed to develop bearing in mind its a fan owned club with over 500 shareholders and the Trust holding the most shares? It's not just the Trust who should be asking themselves that question but also the shareholders and fans. As a collective fan base we are all culpable and also too quick to believe what comes out of the boardroom. The fans always want what's best for the club but recent history has revealed that quite a few who sit in the boardroom think entirely differently. | | | |
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