Latest on administration - Updated See Post #109

Bolton wanderers could be forced into administration next month, if a last-ditch attempt to boost cashflow does not succeed.

Chairman Ken Anderson has confirmed to The Bolton News that the club does not have adequate resources to pay salaries or creditors next month under the current arrangement between himself and fellow majority shareholder Dean Holdsworth.

The Football League want to speak with both men on Thursday, when it is hoped a business plan for the next 12 months can be submitted.

Last night a compromise which saw Anderson buy out Holdsworth’s 40 per cent holding in the club but agree to retain the former striker as a club ambassador looked to have failed.

An offer has also been made to fund the club’s ongoing costs of around £800,000 a month equally with Holdsworth without success, so far.

Discussions have now resumed but speaking this morning, the chairman admitted for the first time that the worst-case scenario is being contemplated.

“It would be a last resort,” he told us. “But if we do not reach an agreement there would be no alternative but to appoint an administrator.

“If I don’t put the money in, or Dean, then the club won’t get to the end of next month. Creditors and salaries are due.

“If there is an agreement, we carry on trading as normal.

“It is such a shame to be talking like this when everything else is going so well.”

Wanderers were minutes away from putting themselves into administration earlier this year after making four visits to the High Court over an unpaid bill to HMRC.

That was avoided after Holdsworth’s Sports Shield joined forces with Anderson to buy the club from Eddie Davies – a bid which was eventually ratified by the Football League on special conditions.

Wanderers have remained in a transfer embargo but sit second in League One after a fine start to the season under new manager Phil Parkinson.

Source

Scare tactic from KA. Holdsworth will now have no choice but to sell his shares to ken

back to square one it is then 

Where do we go from here?

Boggersbelief wrote:Scare tactic from KA. Holdsworth will now have no choice but to sell his shares to ken

But does KA have the money to buy them and keep the club afloat? I didn't think he was that rich to be honest

Norpig wrote:

Boggersbelief wrote:Scare tactic from KA. Holdsworth will now have no choice but to sell his shares to ken

But does KA have the money to buy them and keep the club afloat? I didn't think he was that rich to be honest

Yes, it says in the article he has the money.. he's clearly just forcing the issue by releasing this news as he wants 100% control of the club

Well it looks like the circus is still carrying on then.

If this is true...we are fooked for the embargo, players coming in etc etc...... or worse.

C'mon down you Arabs with the fat wallets.

Does anyone have that nice chap Rogers number?

Boggersbelief wrote:

Norpig wrote:

Boggersbelief wrote:Scare tactic from KA. Holdsworth will now have no choice but to sell his shares to ken

But does KA have the money to buy them and keep the club afloat? I didn't think he was that rich to be honest

Yes, it says in the article he has the money.. 

No it doesn't.

Can you actually fucking read?

Bread2.0 wrote:

Boggersbelief wrote:

Norpig wrote:

Boggersbelief wrote:Scare tactic from KA. Holdsworth will now have no choice but to sell his shares to ken

But does KA have the money to buy them and keep the club afloat? I didn't think he was that rich to be honest

Yes, it says in the article he has the money.. 

No it doesn't.

Can you actually fucking read?

"If a deal is struck we carry on trading" kinda suggests that ken Anderson does have the money doesn't it you moron. 

Anyway a deal has been struck and twats like yourself can't say I told you so.

As far as I can read the situation, Holdsworth can not uphold his financial part of the partnership and if Anderson has to fund everything he wants Holdsworth shares.

I guess the sticking point is what value they are both putting on them.

Holdsworth probably wants his money back plus a small return if he can and Anderson probably thinks that he will be running at a loss until he can sell the club and can't see why he should be left holding the can until then.

I've no doubt that Holdsworth is being advised by the likes of the ST which he is undoubtable close to and who of course have their own agenda.

The ST comes into its own of course when the club hovers around going into Administration.

The right course of action I would think is for some sort of agreement to be reached between Holdsworth and Anderson to split appropriately whatever profit is ultimately made when the club is eventually sold but I should think Holdsworth probably needs the money now and the trust between them is probably getting more strained each passing day.

Mark Iles is saying they are closer to an agreement now but I can't see detail. Even if this is staved off now, unless KA is much richer than we thought, if he buys out Dean, how many months can he keep funding 100% of the costs whilst touting the club round for an investor/purchaser?

He's already said publically he's looking for investment.

I've obviously no idea of Anderson's wealth but he lives in Switzerland and has been a football agent of some clout for at least a decade or more, so I doubt he's short of two pennies to rub together.

Also the football League must have done their homework on him - they let him bring players in for instance - so they must be sure he isn't skint.

As I say, my guess is that at the moment you have a partnership with one person having money and the other not.

I think it was agreed for Holdsworth to 'sell' his shares to Anderson, so that Anderson could guarantee the future of the club, the auditors could sign the accounts off and Anderson hold his Q and A night - but something made Holdsworth change his mind!

I think the ST probably had a hand in this as they would gain if the club faced Administration and have been close to Holdsworth in the past.

And there is clearly no love lost between them and Anderson.

If the BN is correct, and £800k per month has to be found to meet liabilities, my question still is how long can that be funded? Desperation never makes for good negotiation, say it takes 12 months for investor/buyer to be secured, does KA have £10m in cash, and would he think it a good investment with potential return to use it as cash flow funding for the club? I don't have the answers to this, Sluffy, and like you hope these are the questions footballing authorities received satisfactory answers to.

Sluffy wrote:He's already said publically he's looking for investment.

I've obviously no idea of Anderson's wealth but he lives in Switzerland and has been a football agent of some clout for at least a decade or more, so I doubt he's short of two pennies to rub together.

Also the football League must have done their homework on him - they let him bring players in for instance - so they must be sure he isn't skint.

As I say, my guess is that at the moment you have a partnership with one person having money and the other not.

I think it was agreed for Holdsworth to 'sell' his shares to Anderson, so that Anderson could guarantee the future of the club, the auditors could sign the accounts off and Anderson hold his Q and A night - but something made Holdsworth change his mind!

I think the ST probably had a hand in this as they would gain if the club faced Administration and have been close to Holdsworth in the past.

And there is clearly no love lost between them and Anderson.

Are you saying the ST don't have the interests of the club at heart?

Chairmanda wrote:If the BN is correct, and £800k per month has to be found to meet liabilities, my question still is how long can that be funded? Desperation never makes for good negotiation, say it takes 12 months for investor/buyer to be secured, does KA have £10m in cash, and would he think it a good investment with potential return to use it as cash flow funding for the club? I don't have the answers to this, Sluffy, and like you hope these are the questions footballing authorities received satisfactory answers to.

KA already has new owners lined up. Hence taking full control so he can sell on for maximum gain

Sluffy I have supported you in your views on the ST up to a point but even for you that is one almighty leap, I think the main problem is going to be the Blue Marble loan that DH used to buy the club, he is going to have to sell his shares for a decent profit just to be able to satisfy that loan and the interest/admin fees.
While KA and DH are the named directors my understanding is that the ownership of the club is joint between Sports Shield and Inner Circle Investments Ltd which while KA is sole director would seem to manage investments for people so maybe this is where the cash comes from.
Also the urgency for this may be because someone is waiting in the wings to buy the club and KA would prefer to have all the shares to simplify the transaction.
Either way I think the administration threat is a matter of KA brinksmanship because as Boggers stated the language used implies that the money is there should the sale of DH's shares go through.

Boggersbelief wrote:

Bread2.0 wrote:

Boggersbelief wrote:


Yes, it says in the article he has the money.. 

No it doesn't.

Can you actually fucking read?

"If a deal is struck we carry on trading" kinda suggests that ken Anderson does have the money doesn't it you moron. 

Anyway a deal has been struck and twats like yourself can't say I told you so.

Thanks for proving me right with your ridiculous reply.

You said that the article says that KA has the money.

And to verify this, you quote him as saying "If a deal is struck, we carry on trading" as though that's some kind of proof.

"I've got a huge wily."

There you go - I've said it and it's in print on the web.

Is that proof that I'm hung like Ron Jeremy?

No, is it fuck.

And anyway, whilst we may be in a position to carry on trading after KA divests DH of his shares, what proof have we got that we won't be in the same mess again in a month's time?

You really do make Scott look like the brains of your outfit sometimes.....

Sluffy do you really think the ST has that much clout?

Bread2.0 wrote:"I've got a huge wily."

There you go - I've said it and it's in print on the web.

Then it's true as far as I am concerned. From now on, whenever I read your posts, I will imagine you with a huge knob.