MikeMcKenna Posted January 11, 2006 VT Supporter Share Posted January 11, 2006 Belfast Telegraph Home Irish magnates pull out of £64m Villa takeover By Phil Shaw 11 January 2006 The proposed £64m take-over of Aston Villa, which would have seen the octogenarian chairman Doug Ellis finally relinquish control of the Premiership club, appears to have fallen through after the Irish property magnates linked with the deal decided not to proceed. Brian and Luke Comer, the Galway-born, Hertfordshire-based brothers who were attracted to Villa by the prospect of developing land owned by the club within the grounds of Villa Park, are understood to regard Ellis' valuation as too high given the location and nature of the property and the price being sought. After negotiations which started in the autumn, the Cromers have withdrawn. The Solihull entrepreneur and lifelong Villa supporter Michael Neville will now try to find fresh investors for his consortium, which was reported to have offered 560p per share to buy the majority shareholding, held by Ellis and the businessman Jack Petchey. The failure of the take-over will come as a blow, if not an unexpected one, to the Villa manager, David O'Leary. The one-time free-spender at Leeds United had hoped to have funds for strengthening one of the top division's smallest squads during the January transfer window. Club sources, who had claimed the delays were caused by the legal process of "due diligence", have yet to confirm that the deal is dead. But they do not now expect Ellis' controversial reign - which stretches back to the 1960s with only a brief hiatus a quarter of a century ago, during which Villa won the European Cup - to end in the near future. Ellis told shareholders at Villa's annual meeting in October that he hoped to be in a position to let shareholders know about the viability of take-over proposals "within a month". Despite the Cromers' interest becoming public, no comment has been forthcoming. The affair has been played out in contrast with the quickfireinvestment in Portsmouth by a Russian multi-millionaire. However, Villa fans frustrated by the collapse of the Irish bid and Ellis' alleged lack of ambition, may come to view events differently. Neither brother has a strong interest in football. I don't know if this is a rehash but it was published 2 hours ago - still no quotes but it looks totally dead now......... **** ELLIS! Link to comment Share on other sites More sharing options...
John Posted January 11, 2006 Share Posted January 11, 2006 Doug Ellis at his book signing Still signing books then. :roll: Given this and the frequent operations he seems to be having I wonder how he fits in all the work he claims to do as Chairman & CEO as well. :roll: Link to comment Share on other sites More sharing options...
Demitri_C Posted January 11, 2006 Share Posted January 11, 2006 we are doomed Link to comment Share on other sites More sharing options...
ahamaad Posted January 11, 2006 Share Posted January 11, 2006 ic Brum: Anyone got a spare 10 million knocking about? If these guys can't even come up with the money, forget the cash for transfers! :evil: Mystery over Villa takeover Jan 11 2006 By Jon Griffin,Birmingham Mail THE outcome of the long-running Villa takeover saga remained shrouded in mystery today amid reports the Irish consortium was £10 million short of meeting the asking price. Aston Villa appeared to quash reports that Irish property magnates Brian and Luke Comer had already pulled out of the deal - but there was no indication that any agreement was imminent. Villa spokesman Phil Mepham today told the Birmingham Mail: "We have not been informed of any changes to the current position." He said Villa was not planning to make any statement to the Stock Exchange. Meanwhile, Michael Neville, the frontman for the proposed £64 million takeover by the Comers, could not be contacted for comment. Story continues ADVERTISEMENT But an insider, who asked not to be named, said: "There's no doubt that Doug Ellis wants to sell - he wanted to settle the deal before Christmas but the consortium are still trying to raise the money. "The word is that they are about £10 million short. They can't raise enough money to meet the asking price. There are serious concerns about the sums of money available." The Mail revealed before Christmas that the takeover bid had reached due diligence stage - detailed examination of both parties' accounts - and Mr Neville said he was hopeful a deal could be agreed by the New Year. But he later said no potential agreement was likely before mid-January as speculation grew that the takeover talks, which have been dragging on since October, would eventually come to a halt. Ellis told shareholders at the annual meeting in October that he hoped to be able to provide more information within a month but has consistently refused to make any further public comment since. Link to comment Share on other sites More sharing options...
villagaz Posted January 11, 2006 Share Posted January 11, 2006 Apparently the Independent has run this story as well. I'll still not renew my ST til that old clearing in the woods has gone. Link to comment Share on other sites More sharing options...
AVFCinSpain Posted January 11, 2006 Share Posted January 11, 2006 From Ic Brum Ellis has new operation Jan 11 2006 VILLA chairman Doug Ellis has undergone what he describes as a minor hospital operation. And the 82-year-old chairman has dismissed rumours that his health is in doubt. Ellis underwent surgery on Monday and said: "I'm fine. I had a procedure under anaesthetic on Monday. The main thing is it was non-malignant. "It was just a very small operation. Certainly nothing like the the big one, the heart by-pass. Rumour has it that the latest operation was to ensure his wallet was secure, as the strings had got a bit loose in the summer. Link to comment Share on other sites More sharing options...
MikeMcKenna Posted January 11, 2006 VT Supporter Share Posted January 11, 2006 Anyone got a spare 10 million knocking about? If these guys can't even come up with the money, forget the cash for transfers! :evil: Obviously they dont value the business as highly as ellis. I doubt very much that they can't raise £10 million - more likely they cant justify the valuation Link to comment Share on other sites More sharing options...
VillaDave Posted January 11, 2006 Share Posted January 11, 2006 I'll still not renew my ST til that old clearing in the woods has gone. Your choice mate. Personally I prefer to support the Villa through thick & thin. As for the takeover - I think there's an awful lot of posturing and attempts to smoke people out going on currently. I wouldn't believe ANYTHING you read in the press until it has concrete quotes from both sides in it. Link to comment Share on other sites More sharing options...
ianrobo1 Posted January 11, 2006 Share Posted January 11, 2006 But an insider, who asked not to be named, said: "There's no doubt that Doug Ellis wants to sell - he wanted to settle the deal before Christmas but the consortium are still trying to raise the money. "The word is that they are about £10 million short. They can't raise enough money to meet the asking price. There are serious concerns about the sums of money available." the point is that I think they have the money but will not pay the 'Ellis' payment .... Link to comment Share on other sites More sharing options...
mykeyb Posted January 11, 2006 Share Posted January 11, 2006 Wonder how Jack Petchey is feeling now. Ellis passing on could cost him a lot of loot. Link to comment Share on other sites More sharing options...
ahamaad Posted January 11, 2006 Share Posted January 11, 2006 Wonder how Jack Petchey is feeling now. Ellis passing on could cost him a lot of loot. Yet still he backs him at evry fecking AGM! Link to comment Share on other sites More sharing options...
AVFCinSpain Posted January 11, 2006 Share Posted January 11, 2006 Anyone got a spare 10 million knocking about? If these guys can't even come up with the money, forget the cash for transfers! :evil: Obviously they dont value the business as highly as ellis. I doubt very much that they can't raise £10 million - more likely they cant justify the valuation There in lies the problem, a closer investigation of the books has indicated £64m is not good value and maybe the Comers are now playing on how much Ellis wants to sell. Unfortunately, I fancy they will lose, as Ellis doesn't want to. Link to comment Share on other sites More sharing options...
ahamaad Posted January 11, 2006 Share Posted January 11, 2006 ^^^ Apparantly elies wants to sell. Link to comment Share on other sites More sharing options...
stevenjos Posted January 11, 2006 Share Posted January 11, 2006 And i really wanted to go to the Port Vale game as well. But i refuse to go whilst HE is in charge. There are so many nasty things i could write. Link to comment Share on other sites More sharing options...
AVFCinSpain Posted January 11, 2006 Share Posted January 11, 2006 ^^^ Apparantly elies wants to sell. But you've just said it, he lies!!! Link to comment Share on other sites More sharing options...
blandy Posted January 11, 2006 Moderator Share Posted January 11, 2006 Anyone ever bought or sold a car? Anyone ever said "I just can't afford 600 quid, look I've got 500 cash, in my pocket here, now..." and then waved the cash around to show you have it? is all this any different, really? The test is whether it works, or whether it gets blown out. We'll find out soon enough who is keener - Ellis to sell, or Comers to buy. As I said at the start of December "If after considering the resuts of the due dilligence rummage through the workings and books of the club, the group decide they still want the club, I am of the view that the price will need to come down for it to go ahead. And come down a fair bit." Link to comment Share on other sites More sharing options...
Didiersix Posted January 11, 2006 Share Posted January 11, 2006 Anyone ever bought or sold a car? Anyone ever said "I just can't afford 600 quid, look I've got 500 cash, in my pocket here, now..." and then waved the cash around to show you have it? is all this any different, really? The test is whether it works, or whether it gets blown out. We'll find out soon enough who is keener - Ellis to sell, or Comers to buy. I think that is a good point Blandy, and if it is true it is quite funny really as 'brinkmanship' with regard to transfers etc. is something Ellis has revelled in for the last 20-odd years. Quite funny if he got beaten in the biggest and final deal of his life. Link to comment Share on other sites More sharing options...
David-Copenhagen Posted January 11, 2006 Share Posted January 11, 2006 The thing for Ellis is that he does not have the time, he knows that and everybody else knows that. JP is the unknown variable here, since it is not only Ellis that needs to sell! Link to comment Share on other sites More sharing options...
kiddybloke Posted January 11, 2006 Share Posted January 11, 2006 Takeover could be done by new year shouldnt this thread be locked ? :winkold: Link to comment Share on other sites More sharing options...
Amsterdam_Neil_D Posted January 11, 2006 Share Posted January 11, 2006 Quite funny if he got beaten in the biggest and final deal of his life I agree & it sort of prooves us all right in the end, the geezer could never ever see the big picture of either football or business. I think the deal is done & all this Bolox smells of Ellis. This is all smoke from him. I predict the following to come out of Ellis:- "After weeks of hard ball I have got X more millions for the club" translation for the real world "Could have been done months ago but I thought I would string it out a bit too make out I am a hard nosed Business man when everyone knows I am a blue nosed tosser. I am sitting pretty now with millions of pounds in my bank & all i gave them was the 2 oke coke cups in 20 years" Link to comment Share on other sites More sharing options...
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