UK consortium to takeover Galway Utd?

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09/07/2009, 5:38 PM
Paddyfield

UK consortium to takeover Galway Utd?

http://www.galwaynews.ie/8093-exclus...nited-takeover

A GROUP of Manchester based businessmen are in discussions about a potential takeover bid for cash-strapped League of Ireland Premier Division side Galway United, the Connacht Tribune can exclusively reveal.
Talks between United and the three men are still in the early stages, and details on the proposal are sketchy, but it is understood that the deal is the only viable option to keep United afloat at a time when it is losing thousands of euro a week due to a massive drop in gate receipts and advertising revenue, as well as an almost non-existent support from the corporate sector.
The present United board has been fighting a continuing losing battle to get money into the club - the most recent scheme, a special three-ticket deal for the League games against Cork City and Dundalk and the friendly on Sunday week against Millwall at a cost of €30 was offered, a saving of €15. The club hoped for an uptake of around 3,000 tickets. Only seven tickets were sold.
Some businessmen from Manchester attended a couple of games in Terryland last season, and talks began about a possible investment in, or takeover of, the club at that time. Those talks broke down, but speaking to the Connacht Tribune yesterday, United CEO Nick Leeson confirmed that talks had reopened
09/07/2009, 5:44 PM
Ezeikial

Quote:

The present United board has been fighting a continuing losing battle to get money into the club - the most recent scheme, a special three-ticket deal for the League games against Cork City and Dundalk and the friendly on Sunday week against Millwall at a cost of �30 was offered, a saving of �15. The club hoped for an uptake of around 3,000 tickets. Only seven tickets were sold.

This sounds incredible! Surely it can't be true?
09/07/2009, 6:11 PM
Mr A

Yeah, as if they were ever going to shift 3000 of them!
09/07/2009, 8:13 PM
Terry

Word has it, that they are Nicks "mates" that are interested ! They are willing to take over the club to use it as a sort of stepping stone for eastern european footballers that want to make it to england ?
09/07/2009, 8:15 PM
MariborKev

Quote:

Originally Posted by Mr A

Yeah, as if they were ever going to shift 3000 of them!

Aye, the LOI cynic in me went "3,000 were they mad?"
09/07/2009, 8:31 PM
Dodge

Quote:

Originally Posted by Maribor

Aye, the LOI cynic in me went "3,000 were they mad?"

In fairness you wouldn't need a doctorate in LOI to think that was mad.

Surprised they sold 7 tbh
09/07/2009, 8:40 PM
Hairy Bowsie

So who owns Terryland Park?
09/07/2009, 8:42 PM
Dunny

Quote:

Originally Posted by Hairy Bowsie

So who owns Terryland Park?

Galway & District Football League
09/07/2009, 8:58 PM
pixiehead

Quote:

Originally Posted by Dunny

Galway & District Football League

Its also part owned by us.

This is great news. Hope its for real :confused:
09/07/2009, 9:32 PM
sheao

Great for Galway if true.
09/07/2009, 9:33 PM
eamo1

This or bust.

Its either this or bust and so it has to be done.I just hope its not the type of situ they had(still have) at Hearts where they want to decide which players are brought in and not the manager.Its probably not a good sign for all local players but most werent good enough anyway.
Now where is my Latvian-English Dictionary or my Polish-English Dictionary?:).
09/07/2009, 9:55 PM
rebus2008

i think galway got the idea from our ex-leader future-con bertie. He always said that manchester was a great place to unearth a digout.
09/07/2009, 9:56 PM
Hairy Bowsie

Given the track record for clubs being taken over in recent years, i can't see where the optimism comes from?

If i was a Galway fan, i'd be bricking it. At least Terryland can't be sold from underneath you but i'd still be afraid.
09/07/2009, 10:08 PM
number16

Terryland Park

Is owned 100% by the Galway & District League, so all that is being sold is the club & the franchise for LOI.
09/07/2009, 10:20 PM
pixiehead

Its crazy too. Irish businessmen supporting Manchester and weve to get a digout from Manchester businessmen:mad::confused:
I dont care if we bring in a load of forgein players as long as we are safe! and keep Derek O brien ;)
09/07/2009, 10:26 PM
Mr A

Quote:

Originally Posted by Maribor

Aye, the LOI cynic in me went "3,000 were they mad?"

Exactly.. the point being that if that's the sort of numbers they estimate then no wonder they're in need a bail out.

I don't believe for a second that he ever thought they'd get into four figures, it just strikes me as a really bizarre claim to make, especially when you're undermining your own credibility when trying to get new backers in.

(And yes, I know I'm leaving an open goal here but I'm feeling generous)
09/07/2009, 10:26 PM
Hairy Bowsie

It's next to impossible to make a profit out of a LoI club. Everyone knows this. So are Galway fans not now asking themselves why a group of businessmen want in on their club?

I mean they're businessmen so they are about making money and they're well off, which suggests they're good at making money? So why are they buying a Galway (or any LoI club) when there is no chance of making money unless they all ulterior motives.
09/07/2009, 10:28 PM
Mr A

Yes, but Galway have no real assets.. so what could be in it for them?
09/07/2009, 10:29 PM
Demoshield

Quote:

Originally Posted by pixiehead

Its also part owned by us.

This is great news. Hope its for real :confused:

GUFC do not own any part of Terryland, in fact they own nothing. If the take over goes ahead the only thing they will be getting is �5000,000 worth of debt, as I imagine the board won't be in a position to pay this off as they are mostly involved in the construction sector, so won't be putting in any of their own money this season. It's this or bust. Nick & Michael D were on local radio last week outlining the dire situation of GUFC & one of them said if we could sell 3,000 of the �30 tickets they would be ok 'till the end of the season. Don't think they expected to sell 3,000 but were expecting more than 7. A half season ticket was also laaunched �99 for 9 games, again less than 10 sold. A patron schem was launched �25 per month for individuals, �100 per month for a business, very few takers again. The great Galway sports mad public don't give a **** about Galway United, it's the Manchester men or Adi�s.
09/07/2009, 10:38 PM
Demoshield

Quote:

Originally Posted by Hairy Bowsie

It's next to impossible to make a profit out of a LoI club. Everyone knows this. So are Galway fans not now asking themselves why a group of businessmen want in on their club?

I mean they're businessmen so they are about making money and they're well off, which suggests they're good at making money? So why are they buying a Galway (or any LoI club) when there is no chance of making money unless they all ulterior motives.

From what I gather, they will brig over x amount of young players from all over europe each season. After they shine here, a few can be sold on at a profit & thus the club will become self financing. GUFC own absolutely nothing, no stadium, no training pitch, no team bus, nothing not even a pot to p11s in. They are not here to make money in the short term & we have nothing they can take and sell, so nobody knows what would posses them to take over GUFC. Unless they are planning of winning the champions league in a year or two.............:p

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