Takeover Close To Collapse?
Both the Daily Mail and the Express are reporting that the Villa deal is close to collapse. Information appears to be sketchy at the moment, but with the process of 'due diligence' having been going on for nearly three months, despite claims from Doug that the deal would be announced 'within the next month' at the agm, it does appear that there is something seriously wrong with the potential bid.
Michael Neville who has fronted the approach said earlier this week that he was still 'upbeat' that the deal would go through, but had also warned that no bid had been made and there wouldn't necessarily be one.
As with everything at Villa, it has turned into a saga. What we need, one way or the other, is a resolution to this affair. Further to that, whilst the club is so conveniently in limbo, it wouldn't hurt for us to get better communication from both parties. Due diligence means they are looking at the books. Villa is not a large PLC and their books can't be that complicated. You either have the funds and see the potential of a business and so bid, or you look at the accounts, decide the proposal isn't for you and pull out.
It is clear that Ellis, despite his embarrassing protestations to Sky Reporter Jeff Shreeves this weekend that he could still beat him at tennis (so what we all cry?!), that he is now at the stage where he has to sell, we have no funds, can't even bring in a loan player because we already have two (and rules state a Premiership club can only have two loan players) and the club is simply drifting.
SO. Why don't they do what we have said they should do all along? Instruct a merchant bank or a business broker to actively seek new investment. If Portsmouth can attract Russian billionaires, why can't this great club seek the sort of investment needed to take this fantastic club forward?