New Ownership 2023

[Bremsstrahlung]

Another “almost done” deal bites the dust.

US-based consortium FC32 have been exploring a takeover of the Jets for more than six months and appeared a likely saviour of the embattled club.

However, consortium principal Paul Francis told the Newcastle Herald on Thursday that they had withdrawn from negotiations after the group's latest bid was rejected by the current owners - the chairman of rival clubs who have been bankrolling the Jets since 2021

"We put forward the best bid we could," Francis told the Herald from the US. "We increased it but it was not competitive with the other bids. We have to move on."

It is understood FC32 have walked away from the table and returned previously during negotiations.

Jets executive chairman Shane Mattiske was hopeful communications with FC32 would continue, but if they were no longer a contender, he said there were "multiple" alternative options.

"There are at least four parties actively involved in the due-diligence process," Mattiske said.

"Two of them have made formal offers. The ownership group is reviewing those offers and assessing them in relation to closing a deal in the very near future."

Australian Profession Leagues (APL) chairman Stephen Conroy indicated last month that the Jets had until the end of the season to finalise a new owner or risked folding.

One of the remaining consortiums is understood to be based in Melbourne and is led by investors who have previously been involved with an A-League club in Melbourne.

The Herald has also been told another overseas group has expressed interest.

FC32, which is partially backed by the investment group Athletic Ventures, owns Swiss second-tier club AC Bellinzona, and plans to set-up a network of clubs around the world.

The Jets, which has been bankrolled by the owners of rival clubs since January 2021, had been slated to be next.

FC32, after agreeing on a purchase price for the Jets, sought to renegotiate after the APL was unable to provide key information about the league and its financial projections.

The APL made half its staff redundant earlier this year and last week had to sign a deal with a new broadcast company after the collapse of Global Advance.

This season each franchise received $2 million in grants, which was cut from $2.3 million. The APL is yet to confirm what the dispersal will be next season.

The lack of clarification had a major impact on FC32's decision to walk away.

"From a business point of view, we can't take that risk, especially when we are starting out," Francis said. "There was a comfort level that we pushed beyond and we can't go any more.

"We have to focus on the other acquisitions in our portfolio.

"This has been so circular we have to move on."

[Alton]

Ok so FC32 got knocked back, so do we go under just because the offer wasn?t enough?

[Bremsstrahlung]

Allegedly 4 other parties still involved.

The article suggests FC32 offered a low amount that was rejected by owners and then they pulled out as they were “going around in circles”.

It’s unclear whether those others have lodged offers or if they are still just weighing it all up.

But at least we have a reason why - Owners rejected.

[evolution]

It’s unclear whether those others have lodged offers or if they are still just weighing it all up.

Seems fairly clear two offers have been made:

"Two of them have made formal offers. The ownership group is reviewing those offers and assessing them in relation to closing a deal in the very near future."


Owners will naturally be wanting to make as much back from the sale as possible, can't blame them for that. High time to pick one and get the deal done however.

[380]

What is clear is the reputational damage done to the APL, Its board and its Snr Management. Part of me is convinced if not for the outing of the monies wasted by the APL, Redundancies and broadcasting issues both with production company and Paramount a deal would have been a fait accompli. Any other time it is the interested party subject to the due diligence fit for ownership third degree but in the last few months the tables have turned and potential buyers are running the form guide closely over the APL in a fit for purpose exercise.

Clearly FC32 had doubts over the APL's ability to manage the League and threw a revised offer to the owners reflecting that lack of confidence. I still maintain the best option would be the Jayco Caravans Melbourne storm and in the past part Heart owner Gerry Ryan. Knows the League , Has a handle on the personalities and politics of those at the APL and Understands you need to provide dollars for a couple of quality imports and a solid spine if you want to go deep in to the finals in this league. It doesn't take much to turn fortunes around at this club, More wins than losses a bloke who can find the back of the net on the back of a handy #10 and all of a sudden there is in excess of 10,000 attending home matches again. Someone like Ryan with his background in this league would be well aware of those challenges.

[StannyCFCJET]

What is clear is the reputational damage done to the APL, Its board and its Snr Management. Part of me is convinced if not for the outing of the monies wasted by the APL, Redundancies and broadcasting issues both with production company and Paramount a deal would have been a fait accompli. Any other time it is the interested party subject to the due diligence fit for ownership third degree but in the last few months the tables have turned and potential buyers are running the form guide closely over the APL in a fit for purpose exercise.

Clearly FC32 had doubts over the APL's ability to manage the League and threw a revised offer to the owners reflecting that lack of confidence. I still maintain the best option would be the Jayco Caravans Melbourne storm and in the past part Heart owner Gerry Ryan. Knows the League , Has a handle on the personalities and politics of those at the APL and Understands you need to provide dollars for a couple of quality imports and a solid spine if you want to go deep in to the finals in this league. It doesn't take much to turn fortunes around at this club, More wins than losses a bloke who can find the back of the net on the back of a handy #10 and all of a sudden there is in excess of 10,000 attending home matches again. Someone like Ryan with his background in this league would be well aware of those challenges.

But that 10,000 the moment we lose 1 game are gone again.

[My2BobsWorth]

We had regular 10K for many years whether we won or lost, lost 5K when current CEO took over, that's the problem. And the total alienation of the members who like the red and blue strip. Nothing to do with wins

[My2BobsWorth]

What is clear is the reputational damage done to the APL, Its board and its Snr Management. Part of me is convinced if not for the outing of the monies wasted by the APL, Redundancies and broadcasting issues both with production company and Paramount a deal would have been a fait accompli. Any other time it is the interested party subject to the due diligence fit for ownership third degree but in the last few months the tables have turned and potential buyers are running the form guide closely over the APL in a fit for purpose exercise.

Clearly FC32 had doubts over the APL's ability to manage the League and threw a revised offer to the owners reflecting that lack of confidence. I still maintain the best option would be the Jayco Caravans Melbourne storm and in the past part Heart owner Gerry Ryan. Knows the League , Has a handle on the personalities and politics of those at the APL and Understands you need to provide dollars for a couple of quality imports and a solid spine if you want to go deep in to the finals in this league. It doesn't take much to turn fortunes around at this club, More wins than losses a bloke who can find the back of the net on the back of a handy #10 and all of a sudden there is in excess of 10,000 attending home matches again. Someone like Ryan with his background in this league would be well aware of those challenges.

Didn't like the cut of FC32's jib, but totally understand their frustration with the dickheads running this shitshow

[plague]

lost 5K when current CEO took over,

Many people are saying this.
Many such cases.
Sad.

[380]

We had regular 10K for many years whether we won or lost, lost 5K when current CEO took over, that's the problem. And the total alienation of the members who like the red and blue strip. Nothing to do with wins

Exactly right 2Bob. As long as its proper ownership not this adopted orphan shit and a squad assembled each season with the sort of quality seeing us compete in and around the top third of the comp we get back to the 10k again with attendances around the 15k at home when against other NSW based sides. Always said when it comes to the A League you get the spine of your side right and a couple of decent visa players and you are two thirds of the way to being a very competitive outfit.

[My2BobsWorth]

We had regular 10K for many years whether we won or lost, lost 5K when current CEO took over, that's the problem. And the total alienation of the members who like the red and blue strip. Nothing to do with wins

And we have nerds on the fan council still pushing for no red and blue. It's a perfect storm of stupid

[StannyCFCJET]

We had regular 10K for many years whether we won or lost, lost 5K when current CEO took over, that's the problem. And the total alienation of the members who like the red and blue strip. Nothing to do with wins

It was getting lower well before the current CEO took over. Take our 17/18 season for instance. Great squad, Mr Lee is actually spending money on the team. 3-4 games to go and the team is guarenteed finals and we have a few homes game left and we lose an away game to Adelaide. We have 2 home games in a row after this and just a few weeks back we had close to 19k at home when we defeated Sydney 2-1. What were those next two homes games on the back of just one loss? 11k then 8k. Newcastle crowds vanish as soon as we loss a game. Then the season after off the back of a GF loss and almost the same squad the crowds at home are pretty much always under 10k and getting lower

[northern_swan]

And we have nerds on the fan council still pushing for no red and blue. It's a perfect storm of stupid

of all the reasons I’ve heard from other people who have walked away, not one person has mentioned the colour of the strip.

There’s 100 other things more important than the colour of the shirt that need to be dealt with.

[Maito Mitch]

And we have nerds on the fan council still pushing for no red and blue. It's a perfect storm of stupid

The fact this is still an argument says a lot about the identity of the club. Or lack of. We don't even know what colour we are ffs

There's your problem with the crowds right there.

Ffs I was a member for 10 years and I barely know when we play anymore.

Let the club fold and start again

Newcastle United

Red and blue. I was always against it but the Knights have made those colours synonymous with Newy. We play in a red and blue stadium

Give FFA back control and get it back on fox

[My2BobsWorth]

of all the reasons I’ve heard from other people who have walked away, not one person has mentioned the colour of the strip.

There’s 100 other things more important than the colour of the shirt that need to be dealt with.

List them in order, so we can fix the shit

[StannyCFCJET]

The fact this is still an argument says a lot about the identity of the club. Or lack of. We don't even know what colour we are ffs

There's your problem with the crowds right there.

Ffs I was a member for 10 years and I barely know when we play anymore.

Let the club fold and start again

Newcastle United

Red and blue. I was always against it but the Knights have made those colours synonymous with Newy. We play in a red and blue stadium

Give FFA back control and get it back on fox

Red and Blue will just feel like the Tinkler era again trying to unite the two fan bases. Sort out other issues sure but can we just ****ing leave our colours as gold and navy blue like we had in our first few years when we were consistently decent

[Couscous]

WTF are you guys going on about. The colours are not the problem.

Having said that, the fans will return if we switch to emerald and cinnamon.

[Maito Mitch]

I'm not saying the colours are the problem. But if we are all so divided on the colours it shows how little identity the club has.

Who has passion for the club when we lack a real identity.

Sure results would help, but that's not what's keeping people away.

We are a football team. A dodgy one at that. We need to become a football club

[anfield]

The jets have been in a holding position financially for a few years now and the supporters have sensed this.

I think a new owner will give everyone hope and certainty and crowds will come back. At least that's what I'm hoping. At the moment it feels a bit like a team is being rolled out without too much pressure on gaining results. Give the kids a go and make some cash back lost on the investment.

I see the transfer fees being a possible sticking point. The current owners will probably want a fire sale to get some return back on the 3 or 4 players possibly worth a transfer fee.

Be good to get back to a owner that's sole football focus is the jets. Thanks to the 4 other clubs for keeping the jets afloat, but it's time to stand alone.

Please no red and blue, Nothing personal to the Knights. The jets are not the Knights.

[380]

So now being told an interested party is a English championship club.