| The takeover by Gamechanger 20 Ltd - The training ground land 23:56 - Mar 2 with 141149 views | Muncher |
I’ve been doing a bit of digging at HM Land Registry today and what I have seen backs up what Phil has previously mentioned and leads me to believe the takeover is well underway and likely just waiting EFL approval.
The Playford Road site (2 parcels of land) is the subject of a priority search in respect of an intended purchase by Gamechanger 20 Ltd which was lodged on 23 February by law firm Gateley PLC out of their Birmingham office (first instruction by that client).The Bent Lane site is subject to a similar priority search in respect of part of the site only, meaning the Evans group company is retaining part of it.
A priority search is carried out by solicitors to preserve their place in the queue of potential applications for dealing, it confers a priority period of about 45 days. It is a matter of public record and available to view by professionals who have the requisite portal account. It is typically only done in the immediate anticipation of completing a transaction, it can be done slightly ahead of this, but usually is done on the day of exchange of contracts. I’m a commercial property solicitor so carry out these searches on a regular basis. My best guess (based on the timing of the search) is Evans likely entered into a conditional contract last Tuesday for the sale of the land (and club). You would not carry out such a search unless a deal including the detail had either been agreed or was extremely close. The reason such searches are not carried out lightly is because it prevents the proprietor from entering into other transactions while the priority is lodged. If a deal is not happening you should cancel the search, but all 3 remain in place.
There is no corresponding priority search in respect of the stadium lease and I would not expect there to be as the lease is owned by the club as tenant and I would expect Gamechanger 20 Ltd is acquiring the existing share capital owned by Evans.
I am happy to share screenshots if anyone would like to see, but the searches are in relation to the Playford Road site (title number SK219236 & SK203140) and the bent lane site (SK200320) they appear under the “application enquiry” tab.
EDIT:
I have now have a placed a brief article on my firm's website here discussing it:
https://prettys.co.uk/news/takeover-ipswich-town-football-club-could-be-progress
[Post edited 8 Mar 2021 12:59]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 12:03 - Mar 4 with 4600 views | SomethingBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:45 - Mar 4 by chrismakin |
Could it be a case that they wont be taking over the club but will be buying land from Evan's for development.
Hence Evans statement being true. Yet Brett etc still having an interest in something itfc related |
That's not what is happening. | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 12:46 - Mar 4 with 4473 views | youngy288 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:03 - Mar 4 by SomethingBlue |
That's not what is happening. |
If there is a proposal in to the EFL, what is the estimated timeline for this process? |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:47 - Mar 4 with 4462 views | SomethingBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:46 - Mar 4 by youngy288 |
If there is a proposal in to the EFL, what is the estimated timeline for this process? |
This won't be a helpful answer but the truth is nobody really knows — and current pandemic conditions mean that, as we are all aware by now, the simplest thing can often be that much more fiddly. It's the endgame though, that's for certain. | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 12:47 - Mar 4 with 4453 views | Metal_Hacker |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:46 - Mar 4 by youngy288 |
If there is a proposal in to the EFL, what is the estimated timeline for this process? |
In understand it can take 3-4 weeks depending on any issues but again it's just what I've read / seen histrionically
Easiest thing to do is....sit tight and wait to see what comes out |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:01 - Mar 4 with 4385 views | J2BLUE |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:29 - Mar 4 by Muncher |
There is no notification to the owner, unless they have set up a general alert which immediately tells you of any pending applications or priority requests.
But in practice you would never make these searches where you weren't in discussions with the owner and were on the cusp of completing a transaction. The only time would be if it was a complete accident a case of fat fingers and the wrong number entered.
Gateleys have not accidentally entered 3 priority searches, accidentally in the name of a US consortium that just so happens to be looking to buy a football club, completely by chance against 3 titles that happen to be the training ground of a football club, one of which is a priority search in part which would further require them to accidentally prepare and submit a plan.... [Post edited 4 Mar 2021 11:32]
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You clearly know more about this than me but if there's no notification to the owner and these three searches are going to cost £9 isn't there a chance it's something they are doing as part of their due diligence rather than a sign of anything concrete? |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:03 - Mar 4 with 4370 views | chrismakin |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:01 - Mar 4 by J2BLUE |
You clearly know more about this than me but if there's no notification to the owner and these three searches are going to cost £9 isn't there a chance it's something they are doing as part of their due diligence rather than a sign of anything concrete? |
Add on lawyer fees j2 aswell |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:04 - Mar 4 with 4366 views | J2BLUE |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:03 - Mar 4 by chrismakin |
Add on lawyer fees j2 aswell |
It's still peanuts though isn't it in the big picture. | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:07 - Mar 4 with 4351 views | Plums |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:04 - Mar 4 by J2BLUE |
It's still peanuts though isn't it in the big picture. |
Setting up a company in an overseas jurisdiction, with a bank account, providing it with funds and appointing a solicitor and instructing them to perform these searches whilst all simple processes aren’t the actions of tyre kickers.
Watching with more than interest... |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:09 - Mar 4 with 4323 views | portmanking |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:07 - Mar 4 by Plums |
Setting up a company in an overseas jurisdiction, with a bank account, providing it with funds and appointing a solicitor and instructing them to perform these searches whilst all simple processes aren’t the actions of tyre kickers.
Watching with more than interest... |
An expensive solicitor at that. Gateleys are by no means small fry. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:12 - Mar 4 with 4292 views | NthQldITFC |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:47 - Mar 4 by Metal_Hacker |
In understand it can take 3-4 weeks depending on any issues but again it's just what I've read / seen histrionically
Easiest thing to do is....sit tight and wait to see what comes out |
It's not easy to sit tight when you've got a metaphorical itchy bum, or a literal one for that matter. |  |
| # WE ARE STEALING THE FUTURE FROM OUR CHILDREN --- WE MUST CHANGE COURSE # | | Poll: | It's driving me nuts |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:14 - Mar 4 with 4258 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:01 - Mar 4 by J2BLUE |
You clearly know more about this than me but if there's no notification to the owner and these three searches are going to cost £9 isn't there a chance it's something they are doing as part of their due diligence rather than a sign of anything concrete? |
No, because it's not a search which actually tells you anything about the property other than the register has not changed since the last time you downloaded a copy. It is called a search but it's not the kind of search you are thinking of in the context of a search result when buying a house.
It is a pre-completion search, rather than a due diligence search.
This is a sample search result, albeit one that says rather more than a typical one will. It will often say in the body "No adverse results have been found"
https://indexpi.co.uk/samples/landregistry/OS1.pdf
Another pre-completion search would be an insolvency search. You make it on the day of completion, as close as possible to the time of completion to ensure you are not dealing with a bankrupt. You wouldn't do it at any other stage of the transaction because you are 99.99% sure the seller is not in fact bankrupt and if you do it too early it's meaningless as it would need to be done again in any case immediately before completion.
This might be a bit hard for non lawyers to grasp, but if you ask any property lawyer at what point do you carry out a priority search, every single one will say shortly before exchange of contracts
[Post edited 4 Mar 2021 13:29]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:16 - Mar 4 with 4231 views | Ewan_Oozami |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:47 - Mar 4 by Metal_Hacker |
In understand it can take 3-4 weeks depending on any issues but again it's just what I've read / seen histrionically
Easiest thing to do is....sit tight and wait to see what comes out |
"histrionically" is the appropriate word currently! :-) |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:22 - Mar 4 with 4189 views | dirtyboy |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:07 - Mar 4 by Plums |
Setting up a company in an overseas jurisdiction, with a bank account, providing it with funds and appointing a solicitor and instructing them to perform these searches whilst all simple processes aren’t the actions of tyre kickers.
Watching with more than interest... |
I'd suggest not, but for context, I could set up said company and create statutory paperwork within a day and costs peanuts, even more insignificant when you're considering multi-million pound deals.
However, I do agree with Muncher on the searches, although they can be pulled and the solicitors may be expensive, but hourly work like this is still insignificant for the sums we're likely to be talking.
Not done and dusted by any stretch. |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:24 - Mar 4 with 4179 views | Plums |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:22 - Mar 4 by dirtyboy |
I'd suggest not, but for context, I could set up said company and create statutory paperwork within a day and costs peanuts, even more insignificant when you're considering multi-million pound deals.
However, I do agree with Muncher on the searches, although they can be pulled and the solicitors may be expensive, but hourly work like this is still insignificant for the sums we're likely to be talking.
Not done and dusted by any stretch. |
Try setting up a bank account for your new company - that in today’s Covid world is probably the hardest part of the entire process! | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:24 - Mar 4 with 4173 views | BlueWorldOrder |
I am VERY excited! |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:47 - Mar 4 with 4112 views | dirtyboy |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:24 - Mar 4 by Plums |
Try setting up a bank account for your new company - that in today’s Covid world is probably the hardest part of the entire process! |
I nearly posted that the bank account would be the biggest hold up, i've moved away from all high street banks and recommend clients to Tide or Starling who have been impressive, but still have a few hoops to jump through.
You're right though, banks aren't what they used to be, up until a few years ago, I could get a company and the HSBC manager at my local branch would have an account number and sort code for the client within a day too.
I thought being digital would speed things up! | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:49 - Mar 4 with 4093 views | Plums |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:47 - Mar 4 by dirtyboy |
I nearly posted that the bank account would be the biggest hold up, i've moved away from all high street banks and recommend clients to Tide or Starling who have been impressive, but still have a few hoops to jump through.
You're right though, banks aren't what they used to be, up until a few years ago, I could get a company and the HSBC manager at my local branch would have an account number and sort code for the client within a day too.
I thought being digital would speed things up! |
My new venture is with Starling, they’ve been excellent. Lloyds were ‘unable to help’ despite me having two corporate accounts with them. It seems the larger firms have been unable to respond to the flexibility that the pandemic demands whilst smaller ones have thrived - good on them! | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:50 - Mar 4 with 4082 views | J2BLUE |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:14 - Mar 4 by Muncher |
No, because it's not a search which actually tells you anything about the property other than the register has not changed since the last time you downloaded a copy. It is called a search but it's not the kind of search you are thinking of in the context of a search result when buying a house.
It is a pre-completion search, rather than a due diligence search.
This is a sample search result, albeit one that says rather more than a typical one will. It will often say in the body "No adverse results have been found"
https://indexpi.co.uk/samples/landregistry/OS1.pdf
Another pre-completion search would be an insolvency search. You make it on the day of completion, as close as possible to the time of completion to ensure you are not dealing with a bankrupt. You wouldn't do it at any other stage of the transaction because you are 99.99% sure the seller is not in fact bankrupt and if you do it too early it's meaningless as it would need to be done again in any case immediately before completion.
This might be a bit hard for non lawyers to grasp, but if you ask any property lawyer at what point do you carry out a priority search, every single one will say shortly before exchange of contracts
[Post edited 4 Mar 2021 13:29]
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Wow very detailed, thank you! | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 08:59 - Mar 5 with 3843 views | portmanking |
Searches still ongoing this morning, Muncher? | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:26 - Mar 5 with 3767 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 08:59 - Mar 5 by portmanking |
Searches still ongoing this morning, Muncher? |
Yes, all 3 of them are still there. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:45 - Mar 5 with 3683 views | portmanking |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:26 - Mar 5 by Muncher |
Yes, all 3 of them are still there. |
Interesting, you'd think they'd be pulled now that they're common knowledge if nothing really was going on... | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:53 - Mar 5 with 3641 views | bracknell_blue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 07:21 - Mar 3 by Muncher |
The 5 directors are:
Berke Bakay
Mark Detmer
Edward Schwartz
Michael O’Leary
Brett Johnson
Each are equal 25% shareholders, other than Schwartz who has no shares according to the current Persons with significant control register. |
Christ, I hope that is not the Ryanair Michael O'Leary! |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:23 - Mar 5 with 3424 views | Plums |
| The takeover by Gamechanger 20 Ltd - The training ground land on 09:53 - Mar 5 by bracknell_blue |
Christ, I hope that is not the Ryanair Michael O'Leary! |
It isn’t. He’s a former director of Oxford and seems to be the broker in this deal. | |
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