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Paul Gregg


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Evening Chaps,

 

Wednesday have called a press conference for tomorrow afternoon, and rumors are that our unpopular chairman Dave Allen is selling his shares to Paul Gregg. Now I'm led to believe that he was involved with Everton and he was also disliked.

 

My question is are we going from the frying pan into the fire?

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He has no interest at all in football He's in it to make money, which might not be a bad thing for Sheffield.

Heres a clip from Wikpaeda you can read more if you just put his name into your Browser.........

 

 

Everton F.C.

 

Gregg invested £7M in friend Bill Kenwright's vehicle True Blue Holdings Ltd [22], which took the majority share holding in Everton F.C. in 2000 from former Chairman Peter Johnson [23]. Gregg first came to the attention of Everton fan's, when he became the main driver behind the King's Dock scheme, promising to plough in an additional £30M to get the project moving [24]. After the scheme fell apart, and amid allegations of excessive "consultancy fee's" paid to one of Gregg's companies, he stayed with the club around the Bill Kenwright five year plan, subject to: "having no interest in football, and wishing to make a return on my investment within two years" [25].

 

However, in August 2004, Gregg fell out with Kenwright over the £40M debt levels of the club, and offered to cover the cash needs of the club while re-finance was agreed, subject to Kenwright and his supporter Jon Wood resigning [26]. Kenwright refused, while Gregg claimed support from fellow director Lord Grantchester, who later issued a statement saying he only supported dissolution of True Blue Holdings. Gregg's investment never materialised, and Kenwright survived when he presented his own plans for investment via the Fortress Sports Fund Ltd. CEO Trevor Birch resigned after six weeks in the job over the feud, having saved Everton from bankruptcy in December 2003 [27].

 

True Blue Holdings was dissolved in December 2004 [28], to enable new investment to be attracted, but it has also left the club vulnerable to takeover. With the dissolution of True Blue, the individual holdings of the 22,031,351 shares were assumed to convert directly to Everton shares, leaving the bulk of the Blues' shares split between four parties - Kenwright, the Gregg family, Jon Woods and Lord Grantchester. Kenwright owned the largest block of shares, closely followed by Gregg - but with Kenwright and Woods holding of over 50% out voting Gregg's 23%, Kenwright remained firmly in control.

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Yes, Allen blamed Wednesdayite (Supporters trust) He gave them 10% a few years ago, refuses to speak with them but wants them to give the shares back as they are holding the club back, as potential investors will only get 32% of shares from the board.

 

Deadly Doug sold Villa to Randy Lerner with only 29% though.

 

Never mind, roll on next season mediocrity :)

Edited by The Wednesday
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