Wanderers crisis: Whites face winding-up order over unpaid tax while Gartside remains 'gravely ill'

I'm just taking a leaf out of Boggers' book.

There will be news on the BBC at one o'clock today.

It's on BBC1, The BBC News Channel and various radio stations.

And some of it may be big.

(None of it will involve BWFC, but I never said it would, did I?)

Breadman wrote:Big news on the BBC at one o'clock today apparently.

there usually is, its a news show! Will any of it have anything to do with Bolton Wanderers tho? (sorry breaders, like everyone else, getting fed up with rumour, counter rumour, uncertainty, depressive news etc etc)

Breadman wrote:I'm just taking a leaf out of Boggers' book.

There is news on the BBC at one o'clock today.

It's on BBC1, The BBC News Channel and various radio stations.

And some of it may be big.

(None of it will involve BWFC, but I never said it would, did I?)

ha! posts crossed

Breadman wrote:I'm just taking a leaf out of Boggers' book.

There will be news on the BBC at one o'clock today.

It's on BBC1, The BBC News Channel and various radio stations.

And some of it may be big.

(None of it will involve BWFC, but I never said it would, did I?)

Boggers has his finger on the pulse of BWFC. 
It's stopped though.

Sorry, I'm just getting bored with it all now.

Pull the plug, take the points deduction, terminate some contracts, play the kids, go down and start again.

Breadman wrote:Sorry, I'm just getting bored with it all now.

Pull the plug, take the points deduction, terminate some contracts, play the kids, go down and start again.

 that sounds worringly like a good idea at the moment

Norpig wrote:

Breadman wrote:Sorry, I'm just getting bored with it all now.

Pull the plug, take the points deduction, terminate some contracts, play the kids, go down and start again.

 that sounds worringly like a good idea at the moment

it is a seductive idea because it gives a bit of certainty about immediate future and stops this seemingly never ending rumour mill. It is also a dangerous idea, as finding the bottom to bounce back from may not end with League 1, and downward momentum, very difficult to turn round.

Financially troubled Bolton expect to receive further bad news in the next few days in the form of a winding-up petition from Revenue & Customs.

Bolton owe about £600,000 in unpaid taxes and have £172.9m of debt.

The Championship's bottom club did not pay senior players in November and need £15m to get to the end of the season.

Takeover talks have been held with four parties but unless a deal is done, they face the threat of administration and a 12-point deduction.

A consortium involving former striker Dean Holdsworth is thought to be the preferred bidder, though the structure of that deal is complex and is thought to involve an element of borrowing.

Should that group not take over, and no alternative buyer is found, Bolton's financial adviser Trevor Birch would have to look at alternative options, which could see the club end up in administration.

Owner Eddie Davies brought in Birch to lead takeover discussions, with chairman Phil Gartside understood to be gravely ill. Gartside's family have requested privacy.

Davies has agreed to write off the £172.9m he has loaned the club in order to push through a deal but is refusing to put in any further funds.

Administration would leave Bolton, who reached the last 16 of the Uefa Cup in 2008 and were only relegated from the Premier League in 2012, 16 points adrift of safety.

Speaking last week, Birch described Bolton's situation as "increasingly perilous", adding "new investment is needed quickly".

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Breadman wrote:Sorry, I'm just getting bored with it all now.

Pull the plug, take the points deduction, terminate some contracts, play the kids, go down and start again.

...with ED still the owner and Gartside still the Chairman? Because that's what it would mean.

Yeah, I know....I thought that when I posted it.

Gartside's not coming back, is he? (I've turned my cynicism switch off in the interests of public decency.)

So he's out of the frame for good.

As for Davies, I'm left wondering what he'd do.

Presumably, after the final round of cost cutting that Administration would inevitably entail, this "million quid a month" the club's losing would surely be massively reduced, so perhaps that would afford him some waiting time to properly source a new owner instead of having to rush into dealings with Holdsworth and his lot.

And once he's blagged BMBC into paying the tax bill (as is being discussed on the other thread), he would be able to cement his place in the town's folklore by saying "I've had a think and I am prepared to keep funding the club for a bit afterall."

Cue talk of statues and balloons again - whadda guy!

Or maybe not.

There is still a big part of me that thinks this take-over business was always a just a charade to give him an out or at the very least, repair the damage to his reputation that had started to occur and at the same time, lump somebody else with the tax bill and reduce the operating costs that he has to foot.

They've tried selling all the players and laying the admin staff off but it wasn't enough, so if he wanted to retain control without having to hand over more of Moonshift's money than was absolutely necessary, he had to come up with a plan.

And the mahusive take-over / Administration  ruse of 2015 was it.

This is all just wild speculation and is probably bollocks.

I dunno.........

i know it's been mentioned on here before but there really needs to be a supporters trust set up to try and buy the club or am i just being ridiculous?

wanderlust wrote:

Breadman wrote:Sorry, I'm just getting bored with it all now.

Pull the plug, take the points deduction, terminate some contracts, play the kids, go down and start again.

...with ED still the owner and Gartside still the Chairman? Because that's what it would mean.

No that's not quite right.

First of all Gartside as left the club and by all accounts is really a very ill man - (best wishes to him).

If the club enters Admin Davies LOSES control.

The Administrator takes control and SELLS the restructured remaining's of it as a going concern.

If he can't he liquidates it.

Davies could buy the club back out of Administration though!

Norpig wrote:i know it's been mentioned on here before but there really needs to be a supporters trust set up to try and buy the club or am i just being ridiculous?

Well I'd be kinder and just say you are being too hopeful.

We can't even merge a few BWFC forums together let alone fans coming together to buy the football club!

I can't see how new owners would want us in League One. How is that a good investment exactly.

whatever happens whether its administration or a new owner i can only see many years in the wilderness of the lower leagues much like when i first started to watch the Wanderers.

Unless we get a super rich owner then we can expect more of the same i think with even more cost cutting just to keep my beloved club actually still playing football and not consigned to the history books.

Depressed myself now 

Norpig wrote:whatever happens whether its administration or a new owner i can only see many years in the wilderness of the lower leagues much like when i first started to watch the Wanderers.

Unless we get a super rich owner then we can expect more of the same i think with even more cost cutting just to keep my beloved club actually still playing football and not consigned to the history books.

Depressed myself now 

Same question I asked above.....why would somebody invest if that will be the case ?

Is it official that Gartside has resigned his position and left the club?

As far as I am aware, he is still the Chairman - haven't heard anything to the contrary.

If we receive a winding up order, does that mean HMRC wont receive the £600,000 ? If that's the case, surely they would prefer to hang on as long as possible, and investigate all possibilities.
If they are at the end of that process already, then whatever happens, and if the club survives at all, we are in for a depressing, as well as a very bumpy, ride.

wanderlust wrote:Is it official that Gartside has resigned his position and left the club?

As far as I am aware, he is still the Chairman - haven't heard anything to the contrary.

No, Gartside is still chairman on "sick leave". Birch is acting chairman in Gartside's absence.

luckyPeterpiper wrote:

wanderlust wrote:Is it official that Gartside has resigned his position and left the club?

As far as I am aware, he is still the Chairman - haven't heard anything to the contrary.

No, Gartside is still chairman on "sick leave". Birch is acting chairman in Gartside's absence.

Bet he is still getting paid