It’s Official, Ashley Refused To Cut His Losses

From Derek Llambias in the Boro match program:

“We did receive several bids that met the £100m asking price but, despite giving all parties involved our full support in their attempts to push the sale through, only two of those parties completed the due diligence process and reached the sale purchase agreement stage.

“Once those documents were in place, the necessary funding required to complete the sale of the club never actually materialised. So while there were bids on the table, when it came to the crunch none of the bidders actually came up with the agreed funds.”

Given that proof of funds was a requirement of proceeding with due diligence, I think this revelation is interesting. Potential buyers (plural) were keen enough to to get the ball rolling, they had the money and on the surface seemed to think it was a deal worth pursuing, but given access to the books and following talks none of them saw the asking price as reasonable when push came to shove.

This suggests that £100m (plus whatever add-ons we’ve not been informed of) was unrealistic. Despite all the claims from the club of how much Mike Ashley had pumped in, how he stabalised the club finances, how he just wanted out and was going to cut his losses, he was still asking too much of several bidders that were keen to take the club on.

Rather than something to highlight in your program notes, I’d have thought putting potential buyers through the whole purchase process but refusing to budge…and then dropping the asking price to £80m a month later for a bloke that can’t scrape it together…is not only going to infuriate fans but put off any buyers serious enough to go through whole process with you again in the future.

As previously posted. Mike Ashley never had any intention of selling, and does not intend to, at least until he has recouped his outlay. Any suggestion otherwise is simply more “public relations”, and we won’t be fooled by it.

You must be logged in to post a comment Login