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RUFC - Deadline Extended

If there is anyone out there wanting to put in a bid for Rotherham United then the Administrator, Jeremy Bleazard has extended the deadline from 5pm today until 5pm, 18th April.

The Advertiser says that Mr Bleazard has done this to give potential bidders extra time to study more information about the finances at Millmoor.

It is thought that at least two formal bids will be made and that Mr Bleazard will make a decision on which he thinks to be the most suitable within days of the deadline.

Of course, even then, the club will not be safe with the new owners having to sort out the financial problems with the insolvency expert.

As part of a CVA (Company Voluntary Arrangement), the creditors will be asked to take so many pence in the pound and a seventy five per cent agreement is needed to get a CVA. If there is any opposition to this, which is likely from the Inland Revenue, then a CVA cannot go ahead. If the club doesn't get a CVA then, if there is still interest, the club will be put to the highest bidder.

By being given an extra week I am wondering if someone else has asked for a press pack rather late in the day and requested an extension - which I suppose would only be fair that they be given as much time to study the pack as others have done. Or could it be that more information has come to light and had to be sent to the prospective buyers?

I also wonder if, when the new buyers, whoever they may be, are safely installed at the club the confidentially agreement all interested parties had to sign can be broken?

For us fans, the players, management and club staff it's still wait and see time.




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The Journalist

Writer: Herringthorpe  Mail feedback, articles or suggestions

Date:Friday April 11 2008

Time: 7:55AM

 

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