Came across this today so I thought I'd post it here. Apologies if it's already been done in the past as it's a good few months old.
Bolton – Mystery loans Bolton Wanderers comes in second place in our offshore league. Bolton is mid-table when compared against some of the Premier League giants in the amount of finance coming from offshore in pure volume terms. It has a total of £151,305,000 in finance coming from offshore, putting it in 6th place in terms of volume. However, that finance is hard to trace. The owner of Bolton Wanderers Football and Athletic Company Limited as stated in the accounts is Burnden Leisure PLC. The Fildraw Private Trust, owns 95% of Burnden which is based in Bermuda. The Bolton website states that the majority shareholder of Bolton Wanderers Football and Athletic Club Limited is Eddie Davies OBE & CBE. Technically speaking, this is incorrect, Mr Davies may be the beneficiary of the trust that owns Bolton’s parent. But the majority shareholder is Burnden Leisure Limited. To complicate things further most of the finance doesn’t come from Fildraw, but from Moonshift Investments Limited. Online forums state that Moonshift is registered in the British Virgin Islands, but the Offshore game team could not find any official record confirming this. It is also frequently stated in online forums that Moonshift is “owned” by Eddie Davies. In reality, the annual accounts of Burnden Leisure simply state that Eddie Davies has “a beneficial interest” in Moonshift. In other words, he does have some rights to profit from the company, but nowhere does it state that he is the owner of the company.6 From what is written in the accounts, it is perfectly possible that another person altogether controls Moonshift. In total Bolton has £151,305,000 in loans from Moonshift Investments Limited. This is the entire amount of finance that comes from offshore as the shareholder funds of Burnden Leisure Limited are negative. The liabilities of the club in terms of loans and other payments they need to make are greater than the assets of the club. Bermuda and the British Virgin Islands are two of the most notorious of the Caribbean Secrecy Jurisdictions. Bermuda has one of the highest secrecy scores in the FSI at 80, and the BVI 66. Bolton provides the perfect example about how ownership can be, complicated and obscured by offshore. The shares of Burnden Leisure PLC are majority owned not by a person but by a trust. That trust is controlled by a company, the Fildraw Private Trust company, again not by a person. Bermuda does not have a public register of directors or shareholders. Instead these records are held by the company themselves. So we do not know who directors of the Fildraw Private Trust Company are. In reality it is incredibly difficult if not impossible to know who are the real human beings controlling the company and the club.