Anderson's Q and A - Full summary.

Notes from Marc Iles at the BN.

6:54pm
Good evening and welcome to a special live blog as Wanderers chairman Ken Anderson faces up to questions from the fans.

6:55pm
We have been instructed that some topics will be off limits tonight - Paul Holliday will be reading a statement beforehand.

6:58pm
Room filling up - around 70 ish people here if I was to hazard an estimate.

6:59pm
Paul Holliday now reading through his statement.

7:00pm
He's saying questions about BluMarble and negotiations with Dena Holdsworth are off limits because of confidentiality and legal restrictions.

7:01pm
Chairman will make a statement first...

7:01pm
Apologises for having to cancel the last meeting.

7:02pm
KA wants to get across that there is too much press, and it isn't what he particularly wants.
He's concerned about websites and blogs who don't check information.
[NOTE - The LoV click bait blog published at least three articles last week painting Anderson, his son and the club financial position in a very negative way - Sluffy]

7:02pm
KA says it affects the manager, players and staff who work there.
"If people who write these anonymous things contact me I can confirm it's right or wrong."

7:02pm
KA: People who go on radio for their fifteen mins of fame, comes to mind.
[NOTE - The ST Chairman was on Radio Manchester talking about Anderson the club and his view of the finances only last week! - Sluffy]

7:03pm
KA: It would be nice to look back and see what we've achieved. We were nine mins away from administration.

7:03pm
KA: We were losing games, banners up in the stands about no effort. Now the team is going on. We need to be positive to be promoted.

7:05pm
KA: There were a number of contracts and decisions here when we took over that just didn't make sense.

7:05pm
KA: We have saved around £500,000 since we came in on various things.

7:06pm
KA: Dean was invited to come tonight, he was unable to do so. The shareholding is 60-40. I took another 10 per cent after it was originally 50-50.

7:06pm
KA: We have instructed Delliote to file the accounts.
They will not be nice reading.

7:06pm
KA: The accounts will be there on Companies House within the next month. I'm sure there will be questions.

7:07pm
KA: Filing the accounts gives us a chance to speak with the Football League about the embargo

7:09pm
KA: This January, having discussed things with the manager, we don't intend to bring anyone in unless someone exceptional becomes available. We don't expect to make changes unless there was a bad injury.

7:09pm
KA: Future funding will be a mix of debt and equity.

7:10pm
Q from fan about Clough/Vela.
KA: I have given my assurance to PP that unless someone comes in with £10m. There is a third, Beevers, but at the moment we don't intend to change the squad.

7:12pm
Q from fan - picks up on the 'unless' someone pays big bucks for Vela/Clough.
KA - We received an offer of more than that last Jan (for Vela). Neither of the players want to go. If Chelsea came in they might consider it. I'm not saying they'll still be here in two years but not in this window.

7:14pm
Q - SportsShield: Did they put any equity. Did you put personal equity? Future funding - is it borrowed?
KA - Can't speak about SS.
On myself, I didn't put any money into SS and transaction was in place.
When club has required money I have put it in.
Future funding (to replace BM) will be some equity, some debt and will take us through to the end of the season.

7:16pm
Q - Asks why we hadn't heard of him before. Though DH was taking over.
KA - We went in from March.  Possibly was the way it developed, where the talent and the skills were. DH more about football.
One of the things we've said before - ED probably hadn't been given the gratitude he should have done.
By the summer we came to an idea of how to make this sustainable.

7:17pm
KA - by end of this season we're down to 11 contracted players. There will only be 1/2 big hitters.
What we do from there - we'll only take on players we can afford.
ED spent between £15-18m. The downside of that is if the benefactor withdraws, you end up where we did.
We won't get back to that.

7:19pm
Q - Lot of BWFC supporters enjoy BBC radio Manchester coverage - impasse in negotiations. Any possibilty that could change?
KA - Ask Paul Aldridge.
PA - It was a commercial point. I have done this negotiation a number of times. BBC Mcr were not paying the going rate. My advice was that it was not a commercially viable decision. I accept some listeners will be disappointed.

7:20pm
PA - We felt the Tower FM offer was at a better level.
We still speak to the powers that be.

7:21pm
Q from fan - Are you here longer term?
KA - Like you, I read what is going on. Allegedly Saudis are coming in. I have had no contact with them, or any layers about selling club to Saudis.

7:22pm
KA explaining to a fan difference between equity and debt.

7:23pm
KA: There have been various reports that club is in debt to £30m - it is not the case. ED loan - unlikely we'll have to pay that.

7:23pm
KA: The £15m was left in because it was the most tax efficient way of doing that transaction.

7:24pm
Q from fan about loans...
KA: We are in discussions (about Ameobi). All four players we hope will stay.

7:25pm
Q from fan - It might sound trivial but could you understand how we owe £150,000 to our main sponsor?
KA: There were a number of contracts signed that I didn't understand.

7:26pm
Q from fan - £800,000 a month losses. Confirm or deny.
KA: That is correct. We have cut it back considerably. In all honesty it won't change drastically until the summer.
Being honest, if we get promoted it brings £6-7m into the budget. Without selling players the club will be losing about £3m.

7:27pm
KA: Players salaries are major factor in that loss.
I did mention about admin. There is no benefit in terms of numbers going into admin. The big cost is players salaries. It wouldn't have been my choice. Many of you have spoken about the wages players earn and I don't think we need to pay them.

7:28pm
KA: As far as I'm aware all the players want to stay. I spoke to one of the loan players today and he said that.

7:30pm
Q from fan: Team/manager brilliant. Last night brilliant. I'm talking to chairman/owner - that has never happened. ARE YOU IN IT FOR THE LONG TERM?
KA: Yes.

7:31pm
Q from a fan: When we get promotion do we have to pay for Spearing?
KA: He's out of contract. Hopefully we renegotiate.

7:33pm
Q from a fan: Am I a shareholder?
KA: Private shareholders owe five per cent.
Fan: Shareholding got decimated but one of benefits was being invited to AGM. Phil Gartside did answer Qs. Since then the shareholders have heard nothing. Are you being disrespectful?
KA: It's a good question. It has been on my mind. When these things are resolved we will call a meeting.

7:34pm
KA: To carry on, before the meeting the Supporters Trust asked me if I'd give them a prior meeting or ask questions.
I will have dialogue with them but I thought it was important everyone can come along.

7:34pm
Q from fan: Who are the board members?
KA: It's Dean and myself We expect to bring in more but who would want to come in before?

7:36pm
Fan: Thanks for bringing in PP and his staff.
KA: Good that we talk to him. Phil was always my first choice, spoke to a few people about him. It's widely reported who the other candidates were and who we spoke to.

7:36pm
KA: I did speak to Chris Wilder. The two managers on our list are two of the most successful managers in League One.

7:37pm
KA: The players need a big round of applause. Last night's team had five or six from last season. One of the things here is that there is more to it than the football. It gets the headlines.
Without Paul Aldridge and John Pelling, Suzanne in the hotel, we'd be nothing.

7:38pm
KA: From what I inherited and saw when I came in it's chalk and cheese. I am not here every day but I speak to people every day. All of those people will sustain it.

7:40pm
Q from fan: Long term ambition for club. Championship or Prem?
KA: My current aim is be in the top two this season. Ideal world we'd like to be back in the Premier League.
What we have brought to this club is putting a squad together this season for next season that gives us a chance.

7:41pm
KA: Should we bring in a recognised goalscorer? If he gets injured you are in the s**t. We have four or five all combining at the moment.

7:44pm
Q from fan: You don't seem that concerned about £800k a month as sustainable. I am worried.
KA: If I wasn't concerned I wouldn't be a prudent businessman. We have a plan. We have now gone nine months when the losses were higher.
Q: Compared with other clubs?
KA: From a playing budget - Walsall/Rochdale five or six times higher. One player earns more than Walsall squad.

7:45pm
Q from fan: Rob Holding money.
KA: It has helped us. PA did a great job.
Arsenal came in with £650k
We could end up with £5million.

7:46pm
Q from fan: On Holding - can you break down bonuses?
KA - I can't for contractual reasons. Champions League was a big benefit to us. If they sell him that's a big benefit too.

7:50pm
Q from fan: Long term development. Sold Euxton. Moved to Lostock. Development?
KA: Go back 4/5 months there was a lot of talk about category two. Speak to Paul.
PA: The dome got planning permission. Got contractor/project manager coming this week. Audit towards the end of the season where we have to show facilities are in place. Cat Two capital expense has to be found.
Opposition and players you can bring through is far greater and there's no reason why we can't continue that.
KA: We've looked at someone as a scout who has a proven track record with younger players. We'd like to bring him in. He's at another club. We need to bring through more Josh Velas and Zach Cloughs - it's our lifeblood.
One of the websites asked what Lee did. He was instrumental in bringing Ameobi in and that's one of the best things this season.

7:51pm
KA: We haven't bought car park back yet. Michael James is a true supporter and said we could buy it back in the future.
Q from fan: What was sold?
KA: Trevor Birch sold north stand offices and car parks. Plus the training ground.

7:52pm
Q from fan - Your decision to bring in Phil.
KA - It was my advice to Dean. All players were brought in by Phil, Tim Breacker and Lee (Anderson).

7:53pm
Q from fan: Are you here from the long run??
KA: Still yes.

7:54pm
Q from fan: Do you see the future as more shares and so yours will be dilluted? Will management of the club be passed to a new team?
KA: Cross that bridge. I will be dilluted eventually because investment will bring us closer to the Premier League dream.

7:55pm
Q from fan: I would rather be at the top of this league than the bottom of the other.
KA: My schoolteacher said I was over ambitious and that hasn't changed.
Q: Have you got investment lined up?
KA: Yes, when we need it.

7:58pm
Q from fan: Asking about the 'Grand Arch' Middlebrook Masterplan...
KA: The land situation is complex. There are four different people - ourselves, Peter Jones, Michael James and the council. There have been discussions with all four parties. We'll only do what's best for the club. There is a substantial value to the land.
Q from fan: What is the value?
KA: We can say, through PA, introduced us to someone who is involved in property. Discussions are continuing. The due dilligence didn't pick that up.

7:58pm
Last Q from fan: How much are you asking for the club?
KA: Come back when we're in the Premier League and give me £200million...

7:59pm
That brings us to the end of the meeting.


Well done Marc Iles and thank you.

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What a pointless excercise, made it clear before the Q&A even began that he wouldn't be talking about certain subjects (the ones we wanted to know more about). I learnt nothing new from it

I agree with Boggers, complete waste of time.

Shame really as he talks so well when the topic is purely football and squad matters.

I learnt something from it.

He's confirmed that ED only ever put about "£15m to £18m" into the club, as I've suspected all along.

And how much was it that ED demanded as a future personal payment when he sold the club....?

Oh yeah, fifteen mill........

(That's if you believe a word that comes out of his mouth, obviously. And as it fits with what I want to believe, I'm buying it.)

I'm not exactly sure what the fans wanted Anderson to say? He couldn't discuss the Blumarble situation for confidentiality reasons.

Bread2.0 wrote:I learnt something from it.

He's confirmed that ED only ever put about "£15m to £18m" into the club, as I've suspected all along.

And how much was it that ED demanded as a future personal payment when he sold the club....?

Oh yeah, fifteen mill........

(That's if you believe a word that comes out of his mouth, obviously. And as it fits with what I want to believe, I'm buying it.)

Well if that is true - and it makes far more sense to me than believing he had a spare £140 million or so of personal wealth to piss away on Bolton - then fair play to the bloke.

He's given us a wonderful decade of football with players like Anelka, Djorkaeff and Okocha, got us into Europe and finishing in front of teams like Spurs and Man City in the Premier League.

If all he wants at the end of the day is to break even if he can - could anybody really blame him - wouldn't most people want to do the same anyway?

There was more than £15 million of asset's in the business when he sold the club, so he could have got his money and left the club in the shit if had a mind to but he left it in such away that one day if things really did go well for us he may get some of that back but if it doesn't then he wont.

Good on Eddie Davies in that case then I say - he's £15 million out of pocket and at the same time we've had the best decade in living memory of successful football at the club.

Not many would do (and achieve) that!

Sluffy wrote:

Bread2.0 wrote:I learnt something from it.

He's confirmed that ED only ever put about "£15m to £18m" into the club, as I've suspected all along.

And how much was it that ED demanded as a future personal payment when he sold the club....?

Oh yeah, fifteen mill........

(That's if you believe a word that comes out of his mouth, obviously. And as it fits with what I want to believe, I'm buying it.)

Well if that is true - and it makes far more sense to me than believing he had a spare £140 million or so of personal wealth to piss away on Bolton - then fair play to the bloke.

He's given us a wonderful decade of football with players like Anelka, Djorkaeff and Okocha, got us into Europe and finishing in front of teams like Spurs and Man City in the Premier League.

If all he wants at the end of the day is to break even if he can - could anybody really blame him - wouldn't most people want to do the same anyway?

There was more than £15 million of asset's in the business when he sold the club, so he could have got his money and left the club in the shit if had a mind to but he left it in such away that one day if things really did go well for us he may get some of that back but if it doesn't then he wont.

Fair play to Eddie Davies in that case then - he's £15 million out of pocket and at the same time we've had the best decade in living memory of successful football at the club.

I totally agree. 

...or it could be that while Sky and the Premier League were handing over the three quarters of a billion quid we received in TV money during that time, he was able to siphon a fair chunk offshore via Moonshift and squirrel it away somewhere safe.

And then when that money dried up, he had to (finally) put his hand in his pocket and put some back in but he didn't like that, so he stuck the club up for sale pretty much the day after the last parachute payment arrived and then flogged it to Holdsworth with the caveat that he would be entitled to recoup the only money he ever actually put in (£15m) at some point in the near future.

All depends on your interpretation I suppose...

Bread2.0 wrote:...or it could be that whilst Sky and the Premier League were handing over the three quarters of a billion quid we received in TV money during that time, he was able to siphon a fair chunk offshore via Moonshift and squirrel it away somewhere safe.

And then when that money dried up, he had to (finally) put his hand in his pocket and put some back in but he didn't like that, so he stuck the club up for sale pretty much the day after the last parachute payment arrived and then flogged it to Holdsworth with the caveat that he would be entitled to recoup the only money he ever actually put in (£15m) at some point in the near future.

All depends on your interpretation I suppose...

Well if he did do anything like that then he had to fool the independent auditors who signed off the accounts each and every year.

Also until the last couple of years the business was a public company and as such its annual accounts were in the public domain (at a cost of just £2.00, I believe, from Companies House).  These accounts were also sent to the number of minor shareholders the club still had (6% of the shareholding was not owned by Davies) and not once did anybody in all those years spot 'a fair chunk' of 'three quarters of a billion quid' being siphoned off anywhere.

That's because he's a sneeky bastard.

He's hardly going to include a section in the debit column labelled "Secret Money - Shhh!", is he?

And if you really believe that accounts always tell the full story, independently audited or not, you're a bit naive.

Bread2.0 wrote:That's because he's a sneeky bastard.

He's hardly going to include a section in the debit column labelled "Secret Money - Shhh!", is he?

And if you really believe that accounts always tell the full story, independently audited or not, you're a bit naive.

I may well be naive but I'm certainly not a fantasist.

I doubt the world renown auditors Deloitte's, when putting their name to the accounts of a business showing a nearly £200 million aggregated loss over the recent years, employ either naive or fantasist auditing staff.

The accounts show the true auditing financial position of the club and not some made up scribbled numbers attempting to hide the fact that Davies has squirrelled away 'three quarters of a billion quid' or so under his mattress.

Or are Deloitte's in on the scam as well?

Sluffy wrote:

Bread2.0 wrote:That's because he's a sneeky bastard.

He's hardly going to include a section in the debit column labelled "Secret Money - Shhh!", is he?

And if you really believe that accounts always tell the full story, independently audited or not, you're a bit naive.

I may well be naive but I'm certainly not a fantasist.

Re: The Supporters Trust - Kettle, pot, etc.

Breadman is right, ED has shown his true colours and is a cunt.

Bread2.0 wrote:

Sluffy wrote:

Bread2.0 wrote:That's because he's a sneeky bastard.

He's hardly going to include a section in the debit column labelled "Secret Money - Shhh!", is he?

And if you really believe that accounts always tell the full story, independently audited or not, you're a bit naive.

I may well be naive but I'm certainly not a fantasist.

Re: The Supporters Trust - Kettle, pot, etc.

Yawn.

Predictable reply being the one you always try to hit me over the head with when the wheels fly off whatever hyperbole you happen to be spouting at the time.

Fwiw I would say the fantasists in respect of the ST are the ones who believe them to be the panacea for turning the club about even though they don't own any of it nor have even the remotest say in its running.

I believe my thoughts about them to be grounded more in reality than pie in the sky type, wishful thinking.

Anyway back to your considered view of how Davies has squirrelled away 'three quarters of a billion quid' or so under his mattress and in doing so continually fooled the world's leading audit company over the last 15 years...

Sluffy wrote:

Bread2.0 wrote:That's because he's a sneeky bastard.

He's hardly going to include a section in the debit column labelled "Secret Money - Shhh!", is he?

And if you really believe that accounts always tell the full story, independently audited or not, you're a bit naive.

I may well be naive but I'm certainly not a fantasist.

I doubt the world renown auditors Deloitte's, when putting their name to the accounts of a business showing a nearly £200 million aggregated loss over the recent years, employ either naive or fantasist auditing staff.

The accounts show the true auditing financial position of the club and not some made up scribbled numbers attempting to hide the fact that Davies has squirrelled away 'three quarters of a billion quid' or so under his mattress.

Or are Deloitte's in on the scam as well?

Will not and cannot address the Eddie situation... but there have been a number of huge accounting scandals in the U.S. that have shook the foundations of the then big 5 accounting firms (now big 4).  Arthur Anderson was the culprit in the Enron scandal and in a previous oil company misstatement.  Other accounting failures involved such companies as Bausch and Lomb, Rite Aid, Cendant, Sunbeam, Waste Management, Superior Bank, and Dollar General.  KPMG, another of the big four, fired a partner in charge of audit practice and had to resign big accounts because of insider trading.  PriceWaterhouseCoopers also had their share of scandal with MicroStrategy and Tyco International.  DeLoitte also maintains a consultancy company... which would make me wonder about their integrity (they were fined 10 million U.S. dollars for consulting on illegal transactions by an Iranian bank with a British bank, Standard Charters.)  Hence, we cannot rule out fraudulent accounting practices... rather say they have existed and may or may not apply to the issue of Eddie Davies.  We simply do not know.  I think what we can say is that Anderson wants the team to run in a non-deficit manner once the big salaries are gone this summer.  He is not a benefactor, rather a businessman who one day hopes to make a profit on his investment.  Going up helps him achieve the first step, and stopping the hemorrhaging seems like a very wise goal next summer as a second step. What Eddie put in or didn't put in will make for good reading sometime in the future, but for today, let's get automatic promotion to the Championship as our priority.

I read something different into the £15m-£18m figures, at the time they were mentioned he was talking about monthly and yearly losses and the impression I got was that KA was talking about £15 - £18m per year not total losses over his tenure.
He went on to speak about him writing off £171m and keeping the £15m as a loan because it was tax effecient.

Just from an on the field perspective he said 99% no new players in January.....then at end of season we unload the high earners.
So if we get promotion where does that leave us? Try to survive in the Champs again without any investment in players. One day at a time but the plan for next season doesn't sound too grand at the moment...unless I missed somat.

terenceanne wrote:Just from an on the field perspective he said 99% no new players in January.....then at end of season we unload the high earners.
So if we get promotion where does that leave us? Try to survive in the Champs again without any investment in players. One day at a time but the plan for next season doesn't sound too grand at the moment...unless I missed somat.

He will have investment should we gain promotion

Boggersbelief wrote:

terenceanne wrote:Just from an on the field perspective he said 99% no new players in January.....then at end of season we unload the high earners.
So if we get promotion where does that leave us? Try to survive in the Champs again without any investment in players. One day at a time but the plan for next season doesn't sound too grand at the moment...unless I missed somat.

He will have investment should we gain promotion

He has previously said he has investment lined up if we go up

I know but you need to repeat it over and over for the doomsday preppers