Money troubles at the club?

Whitesince63 wrote:Couldn’t the reason Lockett hasn’t been given a pro contract be because of squad numbers and the salary cap and not because the club is broke?

Well he's already played for us this season so if that is an issue it can only be for next season and aren't we out of embargo by then?

Also aren't home grown youths exempt from being counted in the squad numbers up to a certain age (21?) and money wise he will only be on a few hundred pounds a week at that age.

I think the article is probably just newspaper talk more than anything else or maybe it is just his agent (dad even?) just angling for the club to give him a contract for next year.

Sluffy wrote:

Thanks for that Bob.

I didn't actually say Eddie/Moonshift didn't put in the millions, I know they did, I was however specifically mentioning the statement from Phil Gartside when the club was already in serious debt about the club being “in discussion with lenders regarding potential further borrowings in order to provide the company with adequate working capital facilities.” (statement from the club 2011 accounts) which we were told was this additional £100m line of credit from the Bank of Bermuda funded by Moonshift.

Maybe it was used in the end, I just assumed it was separate and additional to the funding Eddie was already underpinning the club with from Moonshift/Fildraw, so as to provide confidence to the market that there was money behind the club in order for them to continue to trade normally - and that Nick and Sharon had done similar with their £20m backing to the club.

I did a quick search to find Gartside's statement about this at the time but couldn't see it but I did find this which I'm sure will amuse you no doubt!

Bolton misery started with Eddie Davies, claims trust chairman

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I too wasn't absolutely clear about whether the £20m was a combined amount from Nick and Sharon or two individual amounts of that sum, I believed it to be the former at first and changed my mind after seeing the Companies House documentation.  I'm pleased to see you also have a similar uncertainty about it also.  

As for Conn and Maguire they really aren't worth bothering about.

I wouldn't give you tuppence for the opinions of Terrence Rigby, Marc Iles or any of the Beeno readers daft enough to fall for any of this guff. 

Its plain enough that Eddie Davies invested the money he got from the sale of his shares in Strix through a Bermuda Trust. Bermuda is essentially tax neutral which means if your investments are worldwide you can package them in Bermuda and have no additional tax liabilities there.

The companies you invest in will, of course, be liable for tax wherever they are based.

When the club needed money, and it constantly did, if Eddie was  going to provide it he'd either have to sell his investments or borrow on the security of the investments. He's sure to have borrowed at times when the shares were increasing in value at a rate higher than the rate of interest he'd have to pay on the money borrowed.

Its not that difficult to understand but it evidently was too much for Messrs. Conn, Maguire, Iles etc etc who were all responsible for spreading the nonsense that made BWFC's prospects worsen. It needs to be remembered.

P.S. Borrowed money has to be repaid unless it gets written off like Eddie's loans to BWFC or disappear into thin air like Ecotricity's loans to you know who. See Vince Watch.

Understand Norwich City have agreed a deal to sign Bolton Wanderers midfielder Regan Riley beating off interest from Brighton for the 17-year-old. [You must be registered and logged in to see this link.]

— Pete O'Rourke (@SportsPeteO) [You must be registered and logged in to see this link.]

Fee reported to be £250k.

Bolton's administrators said from their findings the Davies family were owed £11 million whereas the Davies family (or their lawyers) were claiming £17 million.
This pay off, whatever the final settlement was would have to come from Sharon wouldn't it? so its reasonable to think maybe £15 million of FV's £40 million has been/will be used to pay off creditors and the Davies family.

Growler wrote:Bolton's administrators said from their findings the Davies family were owed £11 million whereas the Davies family (or their lawyers) were claiming £17 million.
This pay off, whatever the final settlement was would have to come from Sharon wouldn't it? so its reasonable to think maybe £15 million of FV's £40 million has been/will be used to pay off creditors and the Davies family.

We don't actually know, presumably the accounts when published will provide the details but it could also be that the Davies family waived the debt.

Seems more likely to me that that has happened because I would have thought the more pressing debtor to settle would be the Administrators bill.

As I say we will find out in due course.

Good to hear from you again Growler, where have you been hiding all this time?

Sluffy wrote:

We don't actually know, presumably the accounts when published will provide the details but it could also be that the Davies family waived the debt.

Seems more likely to me that that has happened because I would have thought the more pressing debtor to settle would be the Administrators bill.

As I say we will find out in due course.

Good to hear from you again Growler, where have you been hiding all this time?

I'm Struggling to be interested in the 4th Div stuff to be honest.The sale of this youth player got me interested in what the chat about FV was.

I really hadn't thought the Davieses might write off most or all of that £11 million.It makes a huge difference to FV's role as saviours if they did.

Growler wrote:
I'm Struggling to be interested in the 4th Div stuff to be honest.The sale of this youth player got me interested in what the chat about FV was.

I really hadn't thought the Davieses might write off most or all of that £11 million.It makes a huge difference to FV's role as saviours if they did.

I think you'll find, Growler, that I've explained all this previously.

When Eddie handed the club over to Ken Anderson (to see if he could save it) he left £15.2m on the books out of the £185.5m he'd 'loaned' it. The rest was written off. A year later Eddie wrote off £5.2m leaving £10m outstanding.

Eddie provided a further £5m to pay off Blumarble just days before he died but he loaned that to Ken Anderson (not the club). Anderson took security on the club assets to safeguard his position.

Ken Anderson said  he was owed £7.5m which is almost certainly true. He would not have been able to keep the club going as long as he did  without more cash injection but it's highly improbable that the other £2.5m was Anderson's money. Most probably it would have come from Eddie meaning that Eddie's estate was owed £10m by the club plus £7.5m from Anderson.

In the end Eddie's family had to settle for the Blumarble money (c.£5m); everything else was written off. It seems that this may now have been settled but whether Eddie's widow got the full amount is not presently known.

The FV position has never been adequately reported in the media (what's new?) and what little there's been on social media has been speculative, at best.

If you're still struggling with all this, Growler, I expect Lusty can fill in all the gaps. Didn't you know he was an advisor to NGOs?

Now, now, Bob, Wanderlust told us he was "COO" of one*, no less, which usually means Chief Operating Officer but I think it is much more likely to mean the 'Coo' that Alvin Stardust wanted to be his 'ca choo'!





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BoltonTillIDie wrote:

Christ you could have picked a better song.

I have this playing in my mind and no doubt it will carry on when i'm in bed trying to get to sleep!

Let it go, let it goooo

Sort of related in a way -

The EFL's plans for salary caps in Leagues One and Two have been withdrawn following a decision by an independent arbitration panel.

More to follow: [You must be registered and logged in to see this link.]

— BBC Sport (@BBCSport) [You must be registered and logged in to see this link.]

"As a result of the panel's verdict, the Salary Cost Management Protocol (SCMP) regulations that were in place during the 2019-20 season and link "player-related expenditure to turnover", have been reinstated by the EFL".

So bigger club, bigger turnover means more money for players wages in theory.

However don't forget, there are a number of outstanding debts to settle soon as well.

The players really do have too much power now! When are the PFA going to realise that if clubs fold then their precious players will have less chance of actually being a professional?

Clubs are really struggling and the salary cap was a good idea in my eyes at least while fans aren't allowed in to grounds and income is tight but we can't have the players struggling for cash can we? 

Two appointments made -

We are delighted to confirm the appointment of Scott Lindsay as the club's Chief Financial Officer. [You must be registered and logged in to see this link.]

— Bolton Wanderers (@OfficialBWFC) [You must be registered and logged in to see this link.]

Wanderers confirm appointment of Chief Financial Officer

Bolton Wanderers is delighted to announce the appointment of Scott Lindsay as the club’s Chief Financial Officer.

Scott, who is a qualified accountant, business consultant and a member of the Institute of Chartered Accountants of Scotland (ICAS), has held a number of senior positions within Scottish football over the past 20 years including spells as Chief Executive at Hibernian FC and Director of Finance and IT at the Scottish FA.

During his time at Hibernian FC, Scott founded the Hibernian Community Foundation, a charity that harnesses the power and passion of football to improve health, promote learning and enhance opportunities for all.

Since 2012, Scott has supported businesses and projects on a consultancy basis, and in 2018 he acted as lead consultant for Project Bright, the process undertaken by the Scottish FA to determine the future of Hampden Park and the home of the Scottish National teams.

Commenting on his appointment, Scott said: “I’m delighted to have been invited to join Bolton Wanderers Football Club at such an important time.

“The potential at this club is clear for all to see and I hope to play a part in helping to deliver an exciting future.

“I’m grateful to Sharon and the Board for the opportunity to join them, along with everyone who cares about this great club, on the next stage of the journey.”

Bolton Wanderers Chairman Sharon Brittan added: “We are thrilled to welcome Scott on board. He brings to Bolton Wanderers a wealth of experience acquired from senior roles within Scottish football as well as an astute understanding of how a football club plays a crucial role within the community it serves.

“Scott’s vision aligns with our One Club, One Community, One Town ethos and I am excited that he will be part of our journey.”

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We are delighted to confirm the appointment of Chris Markham as the club's Technical Performance Director. [You must be registered and logged in to see this link.]

— Bolton Wanderers (@OfficialBWFC) [You must be registered and logged in to see this link.]

Chris Markham appointed as Bolton Wanderers’ Technical Performance Director

Bolton Wanderers is pleased to confirm the appointment of Chris Markham as the club’s Technical Performance Director.

Chris will support manager Ian Evatt in establishing an elite and innovative performance culture for the football department.

During his eight seasons at Huddersfield Town, where he was Head of Analysis, Chris was part of the Terriers’ staff who achieved an EFL record 43-game unbeaten run, as well as winning promotion from League One via the play offs in 2011/12.

He spent five seasons in the Championship with the West Yorkshire side and was a key member of David Wagner’s backroom staff as they won promotion to the Premier League for the first time in their history.

Chris joined the Football Association in 2017 where he was Head of the innovative Game Insights Department leading on key strategic projects across the Men’s and Women’s games. This included applying a modern approach to player monitoring for the England Men’s Senior Team to aid squad selection and the world-leading Penalty Shoot Outs project. Chris also played a key role in opposition intelligence for the major international tournaments, including the 2018 Russia World Cup.

Chris said: “It’s is a very exciting time to be involved with Bolton Wanderers and I’m extremely pleased to join the club at such an important stage.

“In the short term, I am looking forward to supporting the manager in any way necessary to allow him to continue to focus on evolving his team and embedding the identity on the field.

“In the long term, my aim is to provide stability and develop a platform for Bolton Wanderers to be successful for years to come, aligning to the ownership’s vision of forward thinking and doing things differently.”

Wanderers Manager Ian Evatt said: “We are delighted that Chris has joined us. He is highly experienced having worked at Huddersfield Town and the England teams for a number of years.

“We are both aligned with our views on the future and I am excited to work with him to provide a solid structure for the future of Bolton Wanderers Football Club.”

Sharon Brittan, the Chairman of Bolton Wanderers, said: “I’m really pleased by the appointment of Chris, whose talent and experience will make a real and immediate impact at the club.

“Chris is excited by our long-term vision and we are delighted to have attracted a person of his calibre.”

Chris will start his role at the University of Bolton Stadium on Monday 1 March.

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Interesting photo from Scott Lindsay's Twitter page last August.

Scott seems like a bit of a politico too.

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P.S.That was Bromwich Street 1966 in case no-one noticed.

I don't pretend to understand the accounts and their complexities but I would be very surprised if there's a team in L2 that isn't struggling financially right now. The lockdown has hurt so many revenue streams that the grants etc and any moneys from i-follow are little more than a drop in the ocean. I don't say we're going bankrupt or anything like that but I do believe it will be years if ever before some of the smaller less well off clubs recover from what's happened in the last year or so.

"A great addition to the board" - Wanderers comment on the new face in the boardroom. Exciting times?[You must be registered and logged in to see this link.]

— Marc Iles (@MarcIles) [You must be registered and logged in to see this link.]

WANDERERS have confirmed the appointment of Nick Luckock to the board of directors at the University of Bolton Stadium.

The 48-year-old Australian was heavily involved in Football Ventures’ takeover in September 2019, with both he and chairman Sharon Brittan providing the scope for up to £20million in future loans to the club.

The deals, secured against club assets, are due for repayment or to be rearranged by 2022 – but it will not become clear until the yearly accounts are published exactly how much has actually been borrowed.

Luckock, a partner at London-based private equity firm HgCapital since September 2016, is now listed as a director of both FVWL Football Limited and FVWL Hotel Limited at Companies House, which is likely to give him a greater say on the direction of the club.

A statement issued to The Bolton News from Wanderers confirmed: “Nick has been involved since the formation of Football Ventures and has recently increased his involvement to include sitting on the board.

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Sluffy wrote:

"A great addition to the board" - Wanderers comment on the new face in the boardroom. Exciting times?[You must be registered and logged in to see this link.]

— Marc Iles (@MarcIles) [You must be registered and logged in to see this link.]

WANDERERS have confirmed the appointment of Nick Luckock to the board of directors at the University of Bolton Stadium.

The 48-year-old Australian was heavily involved in Football Ventures’ takeover in September 2019, with both he and chairman Sharon Brittan providing the scope for up to £20million in future loans to the club.

The deals, secured against club assets, are due for repayment or to be rearranged by 2022 – but it will not become clear until the yearly accounts are published exactly how much has actually been borrowed.

Luckock, a partner at London-based private equity firm HgCapital since September 2016, is now listed as a director of both FVWL Football Limited and FVWL Hotel Limited at Companies House, which is likely to give him a greater say on the direction of the club.

A statement issued to The Bolton News from Wanderers confirmed: “Nick has been involved since the formation of Football Ventures and has recently increased his involvement to include sitting on the board.

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What does this actually mean, Sluffy? Whatever it means they ain't exactly confiding in the esteemed Marc Iles or the Supporters Trust, are they?

Can't blame them for that tbh but they aren't telling the supporters of the one club, one town, one community either. As ever there are cards being played close to the chest with the ill-informed speculation that inevitably follows.

P.S. Do you seriously think that Messrs Luckock, Brittan etc are going to lend BWFC £20million? If so could you explain why?