| The takeover by Gamechanger 20 Ltd - The training ground land 23:56 - Mar 2 with 141099 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 10:56 - Mar 5 with 5016 views | portmanking |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:36 - Mar 5 by abracaDOBRA_ |
These get done on exchange of contracts right? I guess it's just the EFL ratification were waiting on. |
From a UK conveyancer's website:
Priority search is one of the most important searches conducted in the process of conveyancing. It is conducted by the buyer’s solicitor after the exchange of contracts.
Basically, priority searches are some last minute searches conducted by the solicitor. This is conducted immediately before the completion. It is really beneficial because it ensures or guarantees that no changes are made to title of the property that you are intending to buy at the last minute. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:56 - Mar 5 with 5007 views | BlueWorldOrder |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:56 - Mar 5 by portmanking |
From a UK conveyancer's website:
Priority search is one of the most important searches conducted in the process of conveyancing. It is conducted by the buyer’s solicitor after the exchange of contracts.
Basically, priority searches are some last minute searches conducted by the solicitor. This is conducted immediately before the completion. It is really beneficial because it ensures or guarantees that no changes are made to title of the property that you are intending to buy at the last minute. |
How long does that normally take? |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 10:58 - Mar 5 with 5003 views | abracaDOBRA_ |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:56 - Mar 5 by portmanking |
From a UK conveyancer's website:
Priority search is one of the most important searches conducted in the process of conveyancing. It is conducted by the buyer’s solicitor after the exchange of contracts.
Basically, priority searches are some last minute searches conducted by the solicitor. This is conducted immediately before the completion. It is really beneficial because it ensures or guarantees that no changes are made to title of the property that you are intending to buy at the last minute. |
Makes Evan's statement even more odd when its put like that, considering the search would've been before his statement. |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:03 - Mar 5 with 4956 views | portmanking |
| The takeover by Gamechanger 20 Ltd - The training ground land on 10:58 - Mar 5 by abracaDOBRA_ |
Makes Evan's statement even more odd when its put like that, considering the search would've been before his statement. |
As discussed on the Kings of Anglia podcast, I think Evans' statement was designed to say everything and nothing. However, the main theme running through it is designed to cement Evans' legacy, reassuring fans that he's been a responsible owner and would only sell on the club to someone with its best interests at heart. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:03 - Mar 5 with 4936 views | bonzoblue |
Brilliant detective work Muncher. Been keeping my eye on this thread religiously for the past few days!
Who knows why this is dragging out, but if it’s a priority period of 45 days and it was lodged on Feb 23rd, does that mean we can expect this deal to go through by April 9th at the very latest?
As people have been speculating, Evans’ statement may have been a call to other interested parties to get in any last minute bids and April 9th is his deadline, at which point he’d happily settle with the Americans knowing there was nothing else on the table? Could you see that as a tactic someone in ME’s position might use, or is that not the done thing in your experience? |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:06 - Mar 5 with 4896 views | SomethingBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:03 - Mar 5 by portmanking |
As discussed on the Kings of Anglia podcast, I think Evans' statement was designed to say everything and nothing. However, the main theme running through it is designed to cement Evans' legacy, reassuring fans that he's been a responsible owner and would only sell on the club to someone with its best interests at heart. |
It was (among other things) the sort of statement you can make when you know something isn't going through in the following couple of days but is likely to within weeks. | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 12:00 - Mar 5 with 4686 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:03 - Mar 5 by portmanking |
As discussed on the Kings of Anglia podcast, I think Evans' statement was designed to say everything and nothing. However, the main theme running through it is designed to cement Evans' legacy, reassuring fans that he's been a responsible owner and would only sell on the club to someone with its best interests at heart. |
I'd agree with this and also that it's to cover something that cannot be announced for a couple of weeks possibly. | | | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 12:18 - Mar 5 with 4616 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:03 - Mar 5 by bonzoblue |
Brilliant detective work Muncher. Been keeping my eye on this thread religiously for the past few days!
Who knows why this is dragging out, but if it’s a priority period of 45 days and it was lodged on Feb 23rd, does that mean we can expect this deal to go through by April 9th at the very latest?
As people have been speculating, Evans’ statement may have been a call to other interested parties to get in any last minute bids and April 9th is his deadline, at which point he’d happily settle with the Americans knowing there was nothing else on the table? Could you see that as a tactic someone in ME’s position might use, or is that not the done thing in your experience? |
To answer an earlier question the search is instant for a priority search of whole.
The priority period can be extended if necessary to preserve the applicant's priority, 30 business days at a time. They would however sit behind anyone that had raised a further search in the meantime.
Which explains why doing such a search too early does you no favours.Typically you would tell your trainee or paralegal to do the priority searches on the day of exchange/day before.
The only way they are not under contract at present would be if something got delayed at the last moment and they kept the search in place because they thought it would then exchange in the next few days and things are still dragging. It's a possibility. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:24 - Mar 5 with 4553 views | Metal_Hacker |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:03 - Mar 5 by portmanking |
As discussed on the Kings of Anglia podcast, I think Evans' statement was designed to say everything and nothing. However, the main theme running through it is designed to cement Evans' legacy, reassuring fans that he's been a responsible owner and would only sell on the club to someone with its best interests at heart. |
The "speech" from Evans for me personally , was simply to take any heat off PC and his first presser - nothing more nothing less |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:19 - Mar 5 with 4394 views | SenatorBlue |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:24 - Mar 5 by Metal_Hacker |
The "speech" from Evans for me personally , was simply to take any heat off PC and his first presser - nothing more nothing less |
This thread is my first port of call every day. Thank you Muncher for keeping me sane these last few days. I’ve worked in companies where take overs have been prematurely announced by media, universally officially denied by parties concerned, only to go through a shortish period later. So long as the priority remains - all is well in my mind. [Post edited 5 Mar 2021 13:20]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 13:29 - Mar 5 with 4333 views | ketton_itfc |
| The takeover by Gamechanger 20 Ltd - The training ground land on 12:18 - Mar 5 by Muncher |
To answer an earlier question the search is instant for a priority search of whole.
The priority period can be extended if necessary to preserve the applicant's priority, 30 business days at a time. They would however sit behind anyone that had raised a further search in the meantime.
Which explains why doing such a search too early does you no favours.Typically you would tell your trainee or paralegal to do the priority searches on the day of exchange/day before.
The only way they are not under contract at present would be if something got delayed at the last moment and they kept the search in place because they thought it would then exchange in the next few days and things are still dragging. It's a possibility. |
Thanks mate this thread has been enlightening, really appreciate the time you’ve taken explain to us how these things work. |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:50 - Mar 5 with 4253 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:29 - Mar 5 by ketton_itfc |
Thanks mate this thread has been enlightening, really appreciate the time you’ve taken explain to us how these things work. |
No worries.
I have called the land registry to try and get a copy of the plan lodged with the transfer of part, as it should be a matter of public record, but the registry would not provide me with a copy of it. For a number of reasons I think they're not quite right on that but I will leave it there! | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 14:45 - Mar 5 with 4080 views | tractorboy1978 |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:03 - Mar 5 by portmanking |
As discussed on the Kings of Anglia podcast, I think Evans' statement was designed to say everything and nothing. However, the main theme running through it is designed to cement Evans' legacy, reassuring fans that he's been a responsible owner and would only sell on the club to someone with its best interests at heart. |
In my experience (albeit only two and not football clubs) of takeovers, the purchase price/terms are under constant negotiation right up until the day of completion. There will be all sorts of intricacies under discussion with both sides trying to get the best deal possible. This to me is simply Evans trying to publicly play hard ball and strengthen his own hand - 'this isn't completed yet' kind of thing. [Post edited 5 Mar 2021 14:46]
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| The takeover by Gamechanger 20 Ltd - The training ground land on 14:49 - Mar 5 with 4044 views | portmanking |
| The takeover by Gamechanger 20 Ltd - The training ground land on 14:45 - Mar 5 by tractorboy1978 |
In my experience (albeit only two and not football clubs) of takeovers, the purchase price/terms are under constant negotiation right up until the day of completion. There will be all sorts of intricacies under discussion with both sides trying to get the best deal possible. This to me is simply Evans trying to publicly play hard ball and strengthen his own hand - 'this isn't completed yet' kind of thing. [Post edited 5 Mar 2021 14:46]
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Is that so? They can carry on renegotiating the price once contracts have been exchanged? | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 15:08 - Mar 5 with 3967 views | chrismakin |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:50 - Mar 5 by Muncher |
No worries.
I have called the land registry to try and get a copy of the plan lodged with the transfer of part, as it should be a matter of public record, but the registry would not provide me with a copy of it. For a number of reasons I think they're not quite right on that but I will leave it there! |
Could it be that could be coming in with a 40% stake or something. So Evan's is speaking the truth in that hes not selling the club as a whole. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 15:10 - Mar 5 with 3948 views | BlueWorldOrder |
| The takeover by Gamechanger 20 Ltd - The training ground land on 13:50 - Mar 5 by Muncher |
No worries.
I have called the land registry to try and get a copy of the plan lodged with the transfer of part, as it should be a matter of public record, but the registry would not provide me with a copy of it. For a number of reasons I think they're not quite right on that but I will leave it there! |
Does it exist? No record might mean it's not happening. | |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 15:24 - Mar 5 with 3886 views | DanTheMan |
| The takeover by Gamechanger 20 Ltd - The training ground land on 15:10 - Mar 5 by BlueWorldOrder |
Does it exist? No record might mean it's not happening. |
No it just means they wouldn't let them have a copy. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 17:06 - Mar 5 with 3765 views | Muncher |
| The takeover by Gamechanger 20 Ltd - The training ground land on 15:24 - Mar 5 by DanTheMan |
No it just means they wouldn't let them have a copy. |
They just won't let me have a copy. It's arguable they should, because there are legitimate circumstances where you might want to see such a document, but I'm not about to have an argument with HMLR in this instance!
They are buying a a majority stake in the club, not 40%. If you were buying a smaller stake you would simply buy some of Evans shares in the PLC and rely on a lease granted from Evans other group company to the Club for the training ground.
They have to buy the training ground in this way because it is not owned by Ipswich Town PLC, you can't leave the seller's group company controlling a key asset, you have to buy it to secure the use of it long term.
If Ipswich Town PLC owned the training ground we wouldn't be seeing any of this. On a share purchase there is no equivalent way in which you must go public, albeit only really "public" to people like me who are actively looking for this, you don't come across it by chance.
There is no way you could structure this particular transaction to buy the club and training ground (a share purchase and an asset purchase) without making such a search between exchange and completion.
There must be a gap between exchange and completion here because the deal is conditional on EFL approval. You can't get EFL approval first and think about exchange after, it makes no commercial sense and probably doesn't comply with EFL rules. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 17:38 - Mar 5 with 3679 views | OsborneOneNil |
| The takeover by Gamechanger 20 Ltd - The training ground land on 17:06 - Mar 5 by Muncher |
They just won't let me have a copy. It's arguable they should, because there are legitimate circumstances where you might want to see such a document, but I'm not about to have an argument with HMLR in this instance!
They are buying a a majority stake in the club, not 40%. If you were buying a smaller stake you would simply buy some of Evans shares in the PLC and rely on a lease granted from Evans other group company to the Club for the training ground.
They have to buy the training ground in this way because it is not owned by Ipswich Town PLC, you can't leave the seller's group company controlling a key asset, you have to buy it to secure the use of it long term.
If Ipswich Town PLC owned the training ground we wouldn't be seeing any of this. On a share purchase there is no equivalent way in which you must go public, albeit only really "public" to people like me who are actively looking for this, you don't come across it by chance.
There is no way you could structure this particular transaction to buy the club and training ground (a share purchase and an asset purchase) without making such a search between exchange and completion.
There must be a gap between exchange and completion here because the deal is conditional on EFL approval. You can't get EFL approval first and think about exchange after, it makes no commercial sense and probably doesn't comply with EFL rules. |
Great post Cruncher. |  | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 18:10 - Mar 5 with 3604 views | ArnieM |
I think this thread should be made a sticky tbh 👠|  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 18:34 - Mar 5 with 3494 views | rykenn |
| The takeover by Gamechanger 20 Ltd - The training ground land on 18:10 - Mar 5 by ArnieM |
I think this thread should be made a sticky tbh 👠|
Agree! |  |
| “What is a club in any case? Not the buildings or the directors or the people who are paid to represent it. It’s not the television contracts, get-out clauses, marketing departments or executive boxes.
“It’s the noise, the passion, the feeling of belonging, the pride in your city. It’s a small boy clambering up the stadium steps for the very first time, gripping his father’s hand, gawping at that hallowed stretch of turf beneath him, and without being able to do a thing about it, falling in love.” - Sir Bobby x |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 18:38 - Mar 5 with 3466 views | J2BLUE |
| The takeover by Gamechanger 20 Ltd - The training ground land on 18:10 - Mar 5 by ArnieM |
I think this thread should be made a sticky tbh 👠|
It gets stickied every time he says the searches haven't been taken down. |  |
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| The takeover by Gamechanger 20 Ltd - The training ground land on 11:17 - Mar 6 with 3142 views | Muncher |
Still there, no change. | | | |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:19 - Mar 6 with 3121 views | abracaDOBRA_ |
| The takeover by Gamechanger 20 Ltd - The training ground land on 11:17 - Mar 6 by Muncher |
Still there, no change. |
Imagine if it got taken down... absolute meltdown on here | | | |
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