Thread by @CraigDPowerOut

#STFC Talksport Interview w/Power (thread 2/3)
LP-My concern is, and I have been onto the EFL, that if for some reason because under pre-emption rights there’s been disclosure for both parties Able/Axis who were looking to purchase before the pre-emption rights issue come up.

LP-So obviously Clem is now dealing with the EFL financial side and I believe there is some hurdles for him, I don’t believe the proof of funds that are there will be enough needed but obviously that’s for the EFL to deal with and that’s why this is dragging on.

LP-When I went to court, I wanted to keep the club and said I was happy to continue to fund it but once I lost the court case, I’ve been told that the shares need to be transferred then that’s what I got to do and I can’t be expected then to fund the club in the meantime.

JW- The situation is one of limbo Lee, I’m sure you would agree with that. Are you prepared to continue to finance the club until a solution is found?

LP- Well no, that’s the problem that we’re in Jim. Like you say I was prepared to do that, and I told the court that at the time after obviously the hearing, the judgement went against me and I was told obviously that I had to sell under these pre-emption rights.

LP-We informed Clem Morfuni’s lawyers on the 24th June that we’ll comply with the court order, and we won’t be appealing and since then we’ve had no monies sent, which is all that they need to do to my lawyer’s client account and then obviously we transfer the shares.

JW- The big worry Lee is that STFC fans simply want to know is the club going to be able to start the new season?
LP- Well it’s a difficult one Jim, because I expected sending that on the 24th, that Mr Morfuni’s team to come on the 25/26th June to pay Junes wages at the club..

LP-...and move the club forward, that’s what’s been ordered by the court. So obviously that hasn’t happened, obviously there’s been problems with the EFL or I’m guessing there is somewhere….

SJ- But Lee the court wouldn’t have ordered for him to pay the wages they would have ordered you to honour your obligation to transfer the shares, what I want to ask you is if you knew what was contained in that shareholders agreement and you knew the obligations...

SJ- ...that you had under rights of pre-emption, in part, you are part responsible for the delay in a transaction delivery and that puts you in a situation where you possibly have an obligation to keep on funding the club until such a time as he passes the f&pp test

SJ- Because if you’re not arguing in court about these pre-emption rights, then this guy is going through this EFL f&pp test months earlier and you’re not at this pinch point now.

SJ- Doesn’t that put the obligation back on you because in part as you are part responsible for the reasons this has taken this amount of time to resolve it?

LP- No, because as part of that order the judge made an order that £300k had to be placed in port by Clem so at anytime the club can access it. We requested access but they declined. The court made it quite clear where that responsibility lies, while this process takes place.

SJ- So he’s not meeting the obligations for you and for the club. So doesn’t this bode really badly for the football club because very shortly, if he doesn’t pony up this money to meet the wages, if you don’t get paid you’re not going to transfer the shares...

SJ-...if for some reason or another he doesn’t pass the fit and proper persons test because he doesn’t prove to have the right amount of money, aren’t we leading to all roads leading to this club ending up in administration?

LP- Well that’s the problem Simon, that’s my exact point and what I’ve been trying to speak to the EFL about. Now obviously they’re more aware than I am of what that financial situation is with him. Obviously, there was a proof of funds provided that I didn’t think...

LP-...would be enough baring in mind I have run this club for the last 8 years, but anyway that’s for the EFL to decide. Now apart from that there isn’t a lot else we can do. All I said to the EFL in the week was, look if this isn’t going to happen...

LP-...then you need to let me know because obviously I need to get a new manager and I need to sign new players, I need to obviously go back to funding this or to finding investment or if even Able are there…

SJ- But you know Lee, with respect, you know this 300 grand that you are legally entitled to, so you are going to have to step in, and potentially consider funding it in the short term. You know that if you fund it that there is a 300grand obligation upon this fellow...

SJ-...if he gets into a position to take the club because he passes the fit and proper persons test. Or you’re gonna be called on what you just said, which is that I’m gonna have to find a funding mechanism. Either which way it’s gonna have to happen ain’t it?

LP- It’s one or the other Simon there, to be fair. And just because of the way this has gone and its very complex I’ve tried to make it as straight forward as I can because obviously, I realise that timescales on the show.

LP- But it’s very very complicated legals and situation but…the be all and end all, once this judgment was given and obviously once we said we wouldn’t be appealing the decision and that we would move forward, we believed that obviously the issue….

JW- Can you convince us Lee, that the upshot that we’re not gonna see another Bury here, are we?
LP- No Jim, I think it’s a completely different situation to that and that’s what’s quite annoying because obviously like you say I’ve funded this club for 8 years...

LP-..and now obviously there’s another court battle in the background and Simon would be aware that any football owner seeks investment or funds from various sources. But ultimately, I took on that responsibility and I’ve funded this football club.

LP-I tried to sell this club when we got promoted and obviously, I tried to do that with Able and it didn’t work out and now I’m forced to sell it to Axis. The situation is really until Mr Morfuni passes this EFL test and everyday that goes by is a concern…

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