Oh but the largest creditor is ... sisu. They more or less dictates the terms.
Sounds like they're the only secured creditor ,with that in mind ,they would still control the club if they put us into admin, would that make us more valuable in a potential sale ,more than they're being offered now?OSB /GODIVA:thinking about:
Sisu's options:
If the club can sustain itself on the lower cost structure and player trading, they need do nothing. They can simply sit and wait for either a suitable bid or start collecting interest on the loans.
This is what they are working on - getting the club to live within its means. This would also give them better cards on their hands when trying to get new investors to the funds to buy the stadium.
When the club owns the stadium and is generating a profit - however small - will be the perfect time for them to leave through a buy out.
On the other hand - if the club continues to depend on money to cover operational losses, then sisu will have to decide if the money that is needed will help protect their investment and the chance they will ever recoup any or some of the money. In that calculation they will figure in what money they can expect to get from a possible take over and how much they will get from selling the assets, paying the external creditors and close the shop (liquidation). Most of the figures that will go into the equations will be based on subjective oppinions and they will never get it 100% right. One very difficult calculation is how much they can get for the players and wheter they think they will get more if they handle the sales themself or leave it to administrators. If they are confident they will be able to get a lot more selling the players themself, then theres a chance/risk that will tip the equation in favor of liquidation.
In any case, if they decide enough is enough then they will stop funding. The club will run out of money and call in the administrators. The administrators will try to find a way for the club to continue through a settlement with the investors, but as sisu are by far the largest creditor it will be more or less them who either accept a bid from potential new owners where the loans are written off by a large percentage or reject a deal if they think selling off the assets will generate more.
Should a new bid come from Hoffman/Elliott the negotiation will quite hateful and I suspect sisu will only accept a very generous offer that is far beyond what selling off the assets would bring.
Should the club for any reason end up in administration I think the risk of liquidation is much larger than the chance of a settlement with new owners - especially if the only bidder should turn out to be from someone from the old board.
And it is good to remember one thing: sisu themself will only be losing their administration fees from the investment funds!
