Takeover in doubt again?

Hard to believe but Thomas Sandgaard may well find himself holding the baby for much longer than anticipated as doubts emerged today over whether or not Mark Spiegel has the money to complete his takeover. Bloomberg's have run a piece that suggests Spiegel is still looking for backers to complete his bid.

They say his plan is based upon acquiring the club for £11.6m and then having £20m to invest in growing the club. His 'Football Strategies Group" (FSG) would "elevate the club, expose it to new audience and win on the pitch." Critically, he is still looking for investors and you have to worry that he has placed this piece as a desperate advertisement for help. 

Timing is not great, as we must be close to Sandgaard's exclusivity deadline and you have to worry that Spiegel can't or won't commit to the takeover price without the financial muscle in place to support the investment. Indeed, he would struggle to satisfy EFL requirements if he can't show them that he has the wherewithal to run the club in the short-term.

It may be semantics but "elevate the club" doesn't sound like a determination or commitment to promotion and "winning on the pitch" doesn't necessarily suggest it either. Perhaps I am over-focusing but it doesn't feel great. Why out-bid Methven's mob if he didn't have the investment in place to back his takeover? 

Whatever happens, Thomas Sandgaard continues to carry the risk until the club is sold. As things stand, if Spiegel backs out, Tommy will be on the hook for another couple of months at very least and probably longer. That's another few million pouring out of his coffers. Season Ticket sales won't take off and he will be left in a very uncomfortable position in terms of a squad rebuild which I am sure would be done under another budget cut.

You also have to question Spiegel's recent utterance that he was on track and all his investors were still with him. If so, you might assume that Spiegel himself isn't planning on taking a big personal risk.