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Sports Shield BWFC Ltd - LIQUIDATED

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31 Re: Sports Shield BWFC Ltd - LIQUIDATED on Mon Aug 21 2017, 19:27

Sluffy

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Admin
wanderlust wrote:
Sluffy wrote:
Leeds_Trotter wrote:What an absolute shambles! How did Eddie even let this happen? I thought he would only sell to someone who had sustainable plan in place? Dean had no fucking plan whatsoever. Arsehole!

Dean had a plan alright - he borrowed £5 million and put just£4 million into the club.

The other £1 million apparently being a set up fee for the loan.

Somebody did very well for just a few hours work!



But as it turns out it wasn't Deano. Still fair play to the man for somehow finding the funds minutes before BWFC was about to go into administration.

Are you for real?

Do you really think someone can just pitch up and arrange a £5 million loan in a few minutes???

This was planned and executed before Anderson knew anything about it.

Funny how Holdsworth original partner to buy the club is now in prison serving time for fraud.

Just a coincidence though I'm sure.

32 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 12:20

Ten Bobsworth


Mario Jardel
Mario Jardel
The usual suspects are out in force on the Bolton News site except oddly for Manning's mate, Whitesmurf.

Typical report from Iles as well implying that Uncle Eddie got millions for his shares rather than giving them away on condition that the new owners came up with some money to keep the club going.

They did but only as a result of Holdsworth signing over the deeds to the ranch (keeping a million quid back to cover his expenses) whilst KA held the fort as best he could.

Looks like Ken's judgement of the interested parties may have been spot on if the first thing they did was go running to the Bolton News with their version of events when they didn't get what they wanted.

33 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 12:29

Norpig

avatar
John McGinlay
John McGinlay
Who is this mysterious 3rd party who spoke to the BN? Anyone know?

34 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 13:02

Sluffy

avatar
Admin
Norpig wrote:Who is this mysterious 3rd party who spoke to the BN? Anyone know?

Well it would be someone who knows Holdsworth and Iles.

Who sides with Holdsworth - otherwise why tell tales about Anderson?

Who want's to make Anderson looks bad.

Someone who would seem to have a grudge against Anderson - he wouldn't let Holdsworth drag it out any longer even the Holdsworth had a deal on the table - (yeah course he did - neither of the two other parties had even looked at the books because they baulked at his charge of £500,000 for doing so [aimed incidentally to show prospective investors a) are serious and b) actually have monies to invest]).

Someone who knew that Iles would swallow the tale and print the story in the press (almost as though they've pulled his strings many times before!)



No prizes for guessing who I think the mysterious third party is!

35 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 13:12

BoltonTillIDie

avatar
John McGinlay
John McGinlay
..dunno..

36 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 13:28

Norpig

avatar
John McGinlay
John McGinlay
Sluffy wrote:
Norpig wrote:Who is this mysterious 3rd party who spoke to the BN? Anyone know?

Well it would be someone who knows Holdsworth and Iles.

Who sides with Holdsworth - otherwise why tell tales about Anderson?

Who want's to make Anderson looks bad.

Someone who would seem to have a grudge against Anderson - he wouldn't let Holdsworth drag it out any longer even the Holdsworth had a deal on the table - (yeah course he did - neither of the two other parties had even looked at the books because they baulked at his charge of £500,000 for doing so [aimed incidentally to show prospective investors a) are serious and b) actually have monies to invest]).

Someone who knew that Iles would swallow the tale and print the story in the press (almost as though they've pulled his strings many times before!)



No prizes for guessing who I think the mysterious third party is!
 let me guess  Very Happy

I just can't see it though Sluffy, the ST have started to build bridges with KA and he even praised them recently for sponsoring the academy players.

It's probably another of Deano's dodgy mates i reckon and KA didn't trust them obviously.

37 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 13:47

Sluffy

avatar
Admin
Norpig wrote:
Sluffy wrote:
Norpig wrote:Who is this mysterious 3rd party who spoke to the BN? Anyone know?

Well it would be someone who knows Holdsworth and Iles.

Who sides with Holdsworth - otherwise why tell tales about Anderson?

Who want's to make Anderson looks bad.

Someone who would seem to have a grudge against Anderson - he wouldn't let Holdsworth drag it out any longer even the Holdsworth had a deal on the table - (yeah course he did - neither of the two other parties had even looked at the books because they baulked at his charge of £500,000 for doing so [aimed incidentally to show prospective investors a) are serious and b) actually have monies to invest]).

Someone who knew that Iles would swallow the tale and print the story in the press (almost as though they've pulled his strings many times before!)



No prizes for guessing who I think the mysterious third party is!
 let me guess  Very Happy

I just can't see it though Sluffy, the ST have started to build bridges with KA and he even praised them recently for sponsoring the academy players.

It's probably another of Deano's dodgy mates i reckon and KA didn't trust them obviously.

I'm not so sure they have though really.

It seems to be a marriage of convenience between the two for now - the ST on the face of things seeing that their anti-Anderson stance is not popular with the majority of fans (including ST members) and Anderson wanting the ST onside to help lift the ACV on the stadium.

I don't think for a moment Izza and his mates have had a sudden change of mind over Anderson, nor do I think Anderson really believes the ST will put their backs into removing the ACV.

Even if you look (pedantically) at what Anderson says about the ST in his latest statement as Chairman

What he actually says is that he 'acknowledges' the support of the ST in regards to one aspect - the Academy Fund and that he will TRY ('endeavour') to work closely with them from NOW on ('hereon in').
 
Hardly glowing praise of them really is it?

Of course you are right and I have no idea who the third party is but as I've said in my post above it clearly is someone that ticks all the boxes I laid out - and can you or anyone else say with hand on heart that the ST hasn't (even if improbably it doesn't now) been a perfect match up?!

38 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 14:13

wanderlust

avatar
Nat Lofthouse
Nat Lofthouse
So Deano stops the club going into Administration by borrowing £5 million of which he invested £4 million into the club in return for shares. Interest on the 5 has taken the debt up to £7 million. 
Ken bought some of the shares so Deano was left with 37.5%.
So Deano has pocketed £1 million plus whatever KA paid for the other shares?
Now the liquidator has the 37.5% which they can sell on and use the money(less their fee) to go towards the BM settlement.
Highly unlikely that an investor will pay £7 million plus the liquidator's fee so there's likely to be a shortfall - for which BM is likely to come after the club's assets - some of which were paid for in the first place with the £4million that Deano put in.
What surprises me in all of this is that the consortium looking to buy in asked for 72 hours to get the money which KA refused to give them - in the full knowledge that SSBWFC would be liquidated.
Why did he do that? 
If my understanding is right, we are likely to see new shareholders who could possibly pay well under the going rate (as BWFC isn't the liquidator's concern) a raid on our assets (which may not be valued at full whack) and possible sanctions (e.g. points reduction) from the EFL.

I just don't get why KA apparently put his desire to get rid of Deano ahead of the club's overall interest.
Still at least we've survived so far.

39 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 14:22

Sluffy

avatar
Admin
wanderlust wrote:So Deano stops the club going into Administration by borrowing £5 million of which he invested £4 million into the club in return for shares. Interest on the 5 has taken the debt up to £7 million. 
Ken bought some of the shares so Deano was left with 37.5%.
So Deano has pocketed £1 million plus whatever KA paid for the other shares?
Now the liquidator has the 37.5% which they can sell on and use the money(less their fee) to go towards the BM settlement.
Highly unlikely that an investor will pay £7 million plus the liquidator's fee so there's likely to be a shortfall - for which BM is likely to come after the club's assets - some of which were paid for in the first place with the £4million that Deano put in.
What surprises me in all of this is that the consortium looking to buy in asked for 72 hours to get the money which KA refused to give them - in the full knowledge that SSBWFC would be liquidated.
Why did he do that? 
If my understanding is right, we are likely to see new shareholders who could possibly pay well under the going rate (as BWFC isn't the liquidator's concern) a raid on our assets (which may not be valued at full whack) and possible sanctions (e.g. points reduction) from the EFL.

I just don't get why KA apparently put his desire to get rid of Deano ahead of the club's overall interest.
Still at least we've survived so far.

It's simple - no one was really going to buy Holdsworth shares.

No one has even looked at the books yet, so do you honestly believe they would be buying shares in a business blind?

If they really do now want the shares their hands are forced now by the liquidator having control of them.

No more silly games from the Holdsworth camp anymore.

40 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 14:38

Ten Bobsworth


Mario Jardel
Mario Jardel
''How much have you spent on Bolton Wanderers, darling''

''Only £185million, dear''

''Oh that's alright, darling, a man's got to have a hobby.  And don't you go worrying about me, they are always looking for staff at the smokehouse and you know how I adore the smell of kippers''

''Oh, I'm sure it won't come to that, dear. That nice Mr Holdsworth is coming to see me next week with one of his friends and I'm sure they'll come up with something and you can spend it all at Poundland''

41 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 15:31

Kane57

avatar
Nicolas Anelka
Nicolas Anelka
You're insane, Ellis

42 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 15:50

Ten Bobsworth


Mario Jardel
Mario Jardel
Ignorance and malice combine to make the most putrid brew and Mr Manning is a master of the recipe. Tomorrow we will show you how he does it.

43 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 16:02

Sluffy

avatar
Admin
Now now chaps please leave your baggage at the door of Nuts when you step inside.

Clearly you aren't on each others Christmas card list but how about being as civil as you can be on here and deal with your displeasure with each other some place else.

Thank you both.

44 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 16:37

Natasha Whittam

avatar
Nat Lofthouse
Nat Lofthouse
Ignore sluffy, he wants a sanitised forum where everyone sings Kum ba yah as they post.

Like most people, I enjoy reading the posts of two intelligent posters who dislike one another.

45 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 16:41

Guest


Guest
Sluffy wrote:Now now chaps please leave your baggage at the door of Nuts when you step inside.

Clearly you aren't on each others Christmas card list but how about being as civil as you can be on here and deal with your displeasure with each other some place else.

Thank you both.

let them go at it sluffy, a bit of entertainment for the rest of us Smile

46 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 16:43

Guest


Guest
Natasha Whittam wrote:Ignore sluffy, he wants a sanitised forum where everyone sings Kum ba yah as they post.

Like most people, I enjoy two intelligent posters who dislike one another making love to me.
:sick:

47 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 17:35

observer


Andy Walker
Andy Walker
We could start a novel about the selling of the club... but truth is likely to be far more interesting. Hopefully one day the truth will come out... but there is more likely to be "two truths" that we hear. The only truth that I can ascertain so far is that you have to be desperate to take out a loan with such a usurious rate. Everything else is conjecture... but it will be interesting to hear what really happened. My guess is ED is involved in some way... as he tried to shape the deal to save the club. But that's an unsupported piece of conjecture. It's not easy to make fast money... and there appear to be many sharks in the pool. Game on!

48 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 17:44

Natasha Whittam

avatar
Nat Lofthouse
Nat Lofthouse
observer wrote:The only truth that I can ascertain so far is that you have to be desperate to take out a loan with such a usurious rate.

I guarantee that's the first time this word has been used on Nuts. Bravo.

49 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 17:48

wanderlust

avatar
Nat Lofthouse
Nat Lofthouse
Sluffy wrote:
wanderlust wrote:
Sluffy wrote:
Leeds_Trotter wrote:What an absolute shambles! How did Eddie even let this happen? I thought he would only sell to someone who had sustainable plan in place? Dean had no fucking plan whatsoever. Arsehole!

Dean had a plan alright - he borrowed £5 million and put just£4 million into the club.

The other £1 million apparently being a set up fee for the loan.

Somebody did very well for just a few hours work!



But as it turns out it wasn't Deano. Still fair play to the man for somehow finding the funds minutes before BWFC was about to go into administration.

Are you for real?

Do you really think someone can just pitch up and arrange a £5 million loan in a few minutes???
Yes I do, providing you have the right connections and you are willing to put up assets as collateral. It's only 5 mill for a chunk of footie club.

What interests me is that at the point Deano raised the money he had no assets to offer so he must have gone to the club and said that he could get the money IF they would offer up the assets. The club, and not Deano pawned the family jewels. That would have been Eddie at the time?
And I guess with minutes to spare before administration they were desperate enough to do it.

50 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 17:52

wanderlust

avatar
Nat Lofthouse
Nat Lofthouse
Sluffy wrote:
wanderlust wrote:So Deano stops the club going into Administration by borrowing £5 million of which he invested £4 million into the club in return for shares. Interest on the 5 has taken the debt up to £7 million. 
Ken bought some of the shares so Deano was left with 37.5%.
So Deano has pocketed £1 million plus whatever KA paid for the other shares?
Now the liquidator has the 37.5% which they can sell on and use the money(less their fee) to go towards the BM settlement.
Highly unlikely that an investor will pay £7 million plus the liquidator's fee so there's likely to be a shortfall - for which BM is likely to come after the club's assets - some of which were paid for in the first place with the £4million that Deano put in.
What surprises me in all of this is that the consortium looking to buy in asked for 72 hours to get the money which KA refused to give them - in the full knowledge that SSBWFC would be liquidated.
Why did he do that? 
If my understanding is right, we are likely to see new shareholders who could possibly pay well under the going rate (as BWFC isn't the liquidator's concern) a raid on our assets (which may not be valued at full whack) and possible sanctions (e.g. points reduction) from the EFL.

I just don't get why KA apparently put his desire to get rid of Deano ahead of the club's overall interest.
Still at least we've survived so far.

It's simple - no one was really going to buy Holdsworth shares.

No one has even looked at the books yet, so do you honestly believe they would be buying shares in a business blind?

If they really do now want the shares their hands are forced now by the liquidator having control of them.

No more silly games from the Holdsworth camp anymore.

Do you think that nobody has looked at the books because KA demanded half a million just to look? I do. 
And I agree that nobody would go in blind. 

So be honest - the silly games were all in the Anderson camp.

I reckon the liquidator will flog them off cheap for a quick sale leaving the club with a huge debt.

51 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 19:12

BoltonTillIDie

avatar
John McGinlay
John McGinlay
Jack Dearden has said over the last 60-90 minutes, he's been told a quick resolution is likely with the next 48-72 hours

52 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 20:39

Ten Bobsworth


Mario Jardel
Mario Jardel
’I’m back, darling.’’

‘’Oh hello, dear. Have you had a nice day?’’

‘’Yes thanks, darling. Sorry I’m late but Connie Loudmouth was in the hairdressers and she was plugging me for information.’’

‘’I hope you didn’t tell her anything.’’

‘’Of course not, darling, but you know how she goes on and on. She talks in this strange accent and I can’t always make out what she’s saying.’’

‘’Yes, dear. Her and her husband come from Birmingham and they both support Aston Villa.’’

‘’Anyway she mentioned that Dean Holdsworth and went on about him missing a sitter. She was smiling when she said it but I didn’t really understand what she was talking about. I thought a sitter was somebody who sat whilst they were being painted.’’

‘’Well it is, dear, but it’s also a football term and that’s what she probably meant. Did she ask you anything about Bolton Wanderers.’’

‘’Yes, she did. She seemed to know all about the money you’d spent. She said that she hoped you were getting interest on the money. Were you getting interest on the money, Eddie?’’

‘’Not exactly. They were supposed to pay interest but they couldn’t afford to pay it because the club kept losing money.’’

 ‘’How much interest were they supposed to pay, Eddie’’

‘’About £24million, dear.’’

‘’And was that part of the £185million we talked about this morning?’’

‘’No, dear.’’

‘’So what happened to it?’’

‘’Well it was just kind of left in the business, dear.’’

‘’Are we going to get any of it back, Eddie?’’

‘’I don’t think so, dear.’’

‘’When this is all over, will I still be able to afford to go to the hairdressers, Eddie?’’

‘’Yes, dear, of course you will.’’

‘’Oh Eddie!’’

53 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 21:45

Guest


Guest
Ten Bobsworth wrote:’I’m back, darling.’’

‘’Oh hello, dear. Have you had a nice day?’’

‘’Yes thanks, darling. Sorry I’m late but Connie Loudmouth was in the hairdressers and she was plugging me for information.’’

‘’I hope you didn’t tell her anything.’’

‘’Of course not, darling, but you know how she goes on and on. She talks in this strange accent and I can’t always make out what she’s saying.’’

‘’Yes, dear. Her and her husband come from Birmingham and they both support Aston Villa.’’

‘’Anyway she mentioned that Dean Holdsworth and went on about him missing a sitter. She was smiling when she said it but I didn’t really understand what she was talking about. I thought a sitter was somebody who sat whilst they were being painted.’’

‘’Well it is, dear, but it’s also a football term and that’s what she probably meant. Did she ask you anything about Bolton Wanderers.’’

‘’Yes, she did. She seemed to know all about the money you’d spent. She said that she hoped you were getting interest on the money. Were you getting interest on the money, Eddie?’’

‘’Not exactly. They were supposed to pay interest but they couldn’t afford to pay it because the club kept losing money.’’

 ‘’How much interest were they supposed to pay, Eddie’’

‘’About £24million, dear.’’

‘’And was that part of the £185million we talked about this morning?’’

‘’No, dear.’’

‘’So what happened to it?’’

‘’Well it was just kind of left in the business, dear.’’

‘’Are we going to get any of it back, Eddie?’’

‘’I don’t think so, dear.’’

‘’When this is all over, will I still be able to afford to go to the hairdressers, Eddie?’’

‘’Yes, dear, of course you will.’’

‘’Oh Eddie!’’
I vote to keep ten bob.

54 Re: Sports Shield BWFC Ltd - LIQUIDATED on Tue Aug 22 2017, 23:21

Sluffy

avatar
Admin
y2johnny wrote:
Ten Bobsworth wrote:’I’m back, darling.’’

‘’Oh hello, dear. Have you had a nice day?’’

‘’Yes thanks, darling. Sorry I’m late but Connie Loudmouth was in the hairdressers and she was plugging me for information.’’

‘’I hope you didn’t tell her anything.’’

‘’Of course not, darling, but you know how she goes on and on. She talks in this strange accent and I can’t always make out what she’s saying.’’

‘’Yes, dear. Her and her husband come from Birmingham and they both support Aston Villa.’’

‘’Anyway she mentioned that Dean Holdsworth and went on about him missing a sitter. She was smiling when she said it but I didn’t really understand what she was talking about. I thought a sitter was somebody who sat whilst they were being painted.’’

‘’Well it is, dear, but it’s also a football term and that’s what she probably meant. Did she ask you anything about Bolton Wanderers.’’

‘’Yes, she did. She seemed to know all about the money you’d spent. She said that she hoped you were getting interest on the money. Were you getting interest on the money, Eddie?’’

‘’Not exactly. They were supposed to pay interest but they couldn’t afford to pay it because the club kept losing money.’’

 ‘’How much interest were they supposed to pay, Eddie’’

‘’About £24million, dear.’’

‘’And was that part of the £185million we talked about this morning?’’

‘’No, dear.’’

‘’So what happened to it?’’

‘’Well it was just kind of left in the business, dear.’’

‘’Are we going to get any of it back, Eddie?’’

‘’I don’t think so, dear.’’

‘’When this is all over, will I still be able to afford to go to the hairdressers, Eddie?’’

‘’Yes, dear, of course you will.’’

‘’Oh Eddie!’’
I vote to keep ten bob.

Very Happy

Me too!

55 Re: Sports Shield BWFC Ltd - LIQUIDATED on Wed Aug 23 2017, 09:22

Ten Bobsworth


Mario Jardel
Mario Jardel
‘’How are you feeling this morning, Eddie?’’

‘’Oh I’m fine, dear. Don’t go worrying about me.’’

‘’I can’t help it, dear. It’s been such an annus horribilis for your club and I don’t know how its all going to end up.’’

‘’It will all work out, dear. I’ll make sure it does.’’

‘’I hope so, Eddie, but are you sure that this Holdsworth fellow isn’t just another one of those time- wasting chancers? How many have there been so far?’’

‘’I’ve lost count, dear, there’s been that many.’’

‘’I’ve lost count too but Connie doesn’t think he has any money. The Loudmouth’s have friends who live near Mr Holdsworth and that’s what they think. He won’t be coming to the house will he, Eddie?’’
‘’No. I might just let Trevor deal with him anyway.’’

‘’I think that would be a good idea, Eddie.’’

‘‘I’ve been thinking a bit more about the interest we talked about yesterday. I know the club was losing money and couldn’t afford to pay the interest but why did that newspaper fellow say the interest was handy for you?’’

‘’Newspapers write all kind of nonsense, dear. There’s nothing you can do about it. Keep well clear of them is my advice.’’

‘’But you did talk to that Financial Times chap and that fellow from the Examiner.’’

‘’Yes I took a bit of a risk but the FT man was recommended to me by my one of my London friends and I knew the Examiner would be alright.’’

‘’What was the name of that man that said the interest would be handy for you?’’

‘’Conn, dear, he writes for the Guardian.’’

‘’Con by name and by nature if you ask me. Wasn’t that the same man who accused you of being a tax exile?’’

‘’Sort of, but his name’s spelt with two n’s, dear.’’

‘’I don’t care who many n’s he’s got in his name, he’s got no right to go conning folk like that.’’

‘’I think we should have a nice cup of tea and one of your home-made scones, dear.’’

‘’Good idea, Eddie. I’ll be right back’’

‘’Just like Roy Hartle?’’

‘’No, not just like Roy Hartle, Eddie, but I do remember him. Such a nice man.’’

56 Re: Sports Shield BWFC Ltd - LIQUIDATED on Wed Aug 23 2017, 11:25

Kane57

avatar
Nicolas Anelka
Nicolas Anelka
Seek help

57 Re: Sports Shield BWFC Ltd - LIQUIDATED on Wed Aug 23 2017, 11:53

Guest


Guest
Kane57 wrote:Seek help
i vote to evict Kane

58 Re: Sports Shield BWFC Ltd - LIQUIDATED on Wed Aug 23 2017, 12:03

Sluffy

avatar
Admin
y2johnny wrote:
Kane57 wrote:Seek help
i vote to evict Kane

Very Happy

This isn't the Big Brother House, nobody is getting evicted for their views (as long as they are legal).

Ten Bob is free to prose how he wants and Chris is free to think he's a nutter if he likes.

And it's all good entertainment to the rest of us!

(Sort of what Nuts is all about!).

59 Re: Sports Shield BWFC Ltd - LIQUIDATED on Wed Aug 23 2017, 12:09

Guest


Guest
i've heard tenbob is really cecil, Nat's lover

60 Re: Sports Shield BWFC Ltd - LIQUIDATED on Wed Aug 23 2017, 13:09

Ten Bobsworth


Mario Jardel
Mario Jardel
So now lets take a closer look at the figures, Sluffy and the mendacity of that Manning character.

Between 2002 and 2014 Burnden Leisure incurred finance costs of £45million. £21million was paid to banks at an average interest rate of 8-9%.
 
The other £24million was due to Eddie Davies at an average rate of interest, up to the date the loans were written off, of about 3%.

The club was able to pay the bank interest because ED was subsidising the club but it could only pay the interest on the ED loans if he kept lending the club even more. £9.5million of interest was built up in an accruals account. The rest of the £24million is included in the loan balance of £185million most of which was written off in the handover to Holdsworth and Anderson.

In the minds of the warped, deluded and downright malicious all of this was for the benefit of Eddie Davies and his family. This is what that Manning character had to say:


[size=32]Glory, Debt & Self-Interest: Eddie Davies' Legacy at Bolton Wanderers[/size]
Chris has looked at Garty's legacy, and now turns his gaze on the owner
by ChrisManning Nov 21, 2015, 9:47pm GMT
 
So it appears that Bolton Wanders are soon to be out of Eddie Davies' hands for the first time in a generation.
It's hard to equate our current funk with the glory days of the mid-2000s, but here we are.
What is Davies' legacy?
I think it can be divided into three sections - Glory, Debt and Self-Interest:
Glory
We have a nice shiny stadium, we had a decade in the sun and we had a time when we genuinely could claim to be one of the top ten clubs in the whole country.
That isn't hyperbole. That's fact.
Educate yourselves! (copyright Richard Keys and the reputation owls).
When it was good, it was really good.
Debt
The massive dock-off elephant in the room.
Currently over £170m, this has been spent somewhat recklessly via a series of awful, awful decisions.
Granted we had the glory years mentioned above, but they didn't come for free.
Self-Interest
One positive of Davies' stewardship is that it's meant to be a good thing that we have a Bolton Wanderers supporter at the helm.
The reality is that in the past six years, Davies and his family almost £23 million in interest from the club on the loans made (source here).
The payments are broken down as follows:
2009 - £2.01m
2010 - £3.6m
2011 - £4.7m
2012 - £5.5m
2013 - £6.94m
2014 - £0.13m
Just think about that. It's eye-watering.
Do you think we'd be in a better position now if the £23m had been spent on the team instead of going into the Davies family pockets? I bloody well do.



Last edited by Ten Bobsworth on Wed Aug 23 2017, 13:54; edited 1 time in total (Reason for editing : word inadvertently omitted)

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