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Club Future - Administration or bust?

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finlaymcdanger
okocha
Leeds_Trotter
Sluffy
wanderlust
Buellix
Hipster_Nebula
Natasha Whittam
bryan458
rogercpc
gloswhite
BoltonTillIDie
Nigelbwfc
observer
maconman
rammywhite
Norpig
boltonbonce
DEANO82
Cajunboy
MartinBWFC
terenceanne
scottjames30
Boggersbelief
xmiles
karlypants
y2johnny
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Sluffy

Sluffy
Admin

Cajunboy wrote:Thanks for that summary Sluffy.

Some serious work and time spent on that.

We seem to be in a bit of a flux!!

Plenty more happening today.

Lot's of headline 'bad' news already but stuff going on apparently in private.

I'll try to do another summary again late this evening my time permitting.

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse

So the deal is off.

Somehow I just knew Anderson would snatch defeat from the jaws of victory.

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse

A bit like brexit this!

Let the club go bust and have done with it!!!

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse

karlypants wrote:A bit like brexit this!

Let the club go bust and have done with it!!!

Let the club go bust.. what

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse

Boggersbelief wrote:
karlypants wrote:A bit like brexit this!

Let the club go bust and have done with it!!!

Let the club go bust.. what
The accounts have been shown to people outside of Anderson's circle and Anderson is involved in the negotiations which have gone from "sold in principle" to "no deal" in a week. 
Can't believe Anderson would put his own money in the club so barring a miracle intervention from someone capable of persuading Anderson to get real, I think going bust would be his preferred option. Club was worth over £40 million when he took over.

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse

I had a feeling this would happen! Will Eddie Davies estate now not step in and take over? Would that before or after HMRC put us into administration?

Cajunboy

Cajunboy
Frank Worthington
Frank Worthington

SHIT, more FLUX!!!

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse

I’m just questioning what Karl said, a supposed Bolton fan wanting the club to go bust

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse

I don't think KP really wants us to go bust, he probably means lets just go into administration and start again.

Cajunboy

Cajunboy
Frank Worthington
Frank Worthington

Anything but ANDERSON.

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse

Boggersbelief wrote:I’m just questioning what Karl said, a supposed Bolton fan wanting the club to go bust

It’s called throwing your toys out of the pram. :biggrin:

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse

What now?

Liquidation more likely than administration as we can't afford it? Ron billionaire or another new buyer in the wings still waiting for Anderson to go? Burnden Leisure ceases to exist and we are reborn in the lower leagues a la Glasgow Rangers?

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse

Anderson can’t afford the wages let alone admin. The Davies family aren’t gonna let the club liquidate either. 

Basran stepping away is a ploy to force Anderson’s hand. KA doesn’t have many more cards left to play, it will be over soon.

Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse

Let's hope it's liquidation. I don't think the points deduction that comes with admin is going to do us favours.

maconman


Mario Jardel
Mario Jardel

I apologise if I am repeating myself but I never did understand why Ken borrowed £5m from Eddie for the benefit of the club. So the Club now owns Ken £5m and Ken owns Eddie £5m. I can only believe that there was something devious behind it.

wessy

wessy
El Hadji Diouf
El Hadji Diouf

Liquidation means the end of Bolton Wanderers? or am i missing something. Not interested in BWFC 2019 i want my club to survive this. And in so doing keep it's history.

Sluffy

Sluffy
Admin

What we've learned today.

Depends on what you believe on the internet but let us start with what we think we know -

Basran Consortium calls off deal
BBC Radio Manchester Sports reports that Forest Green owner Vince commences court action against us.
HMRC winder due on Wednesday - amount outstanding £1.2 million.
No change of ownership whilst Winder on going.
Only payment of Winder can be made by  owners of the club which still in the hands of KA (Inner Circle Investments) even though he has defaulted on Eddie Davies personal loan to him for which he put up as collateral the ownership shares.
Whatever happens KA owes Eddie Davies/Moonshine circa £8 million.
There appears to be something like £16m of secured creditors that are owed money from the club (James, Warburton, KA(?), the bank, others?) and something like £13 million of unsecured (HMRC, police, Business Rates, Heathcote, etc).
The EFL through its 'golden share' in all clubs in the league will not permit Administration taking place without the means ALL secured creditors being paid in full and all unsecured creditors paid a minimum of 25% - so whoever wants Administration needs to have something like £20 million, plus £1.5 million per month to finance the club during Admin.  KA hasn't got anything like that.  
Basran was trying to but the club by funding the money KA needs to clear off the lien on the shares (about £8 million) and come to deals with all the other creditors - seems they couldn't find enough to afford that (at least at this stage of the saga), even with James (and probably Warburton) not pushing for their secured debts.
If nothing changes at the £1.2m HMRC Winder isn't paid on Wednesday - it's liquidation.

However it needn't end that way - and almost certainly won't.

It is more likely that someone will buy the debt owed by KA to Eddie from Moonshift (probably for much less than the £8 million outstanding.  This will mean KA will still need to find £8 million to pay the new owner of his debt (as that amount won't change).  This will probably be done on the day before or even the morning of, the Winder.
A formal bid for the company will then be announced and thus delay the Winder.
Finally a formal notification to KA that in 14 days his shares will be redeemed due to default on the loan.
I do have one or two loose ends I can't quite tie up about this but no doubt things will be made clearer in due course.

I think that is how I've understood correctly most of what I've read.

Onwards and upwards still.

Sluffy

Sluffy
Admin

maconman wrote:I apologise if I am repeating myself but I never did understand why Ken borrowed £5m from Eddie for the benefit of the club. So the Club now owns Ken £5m and Ken owns Eddie £5m. I can only believe that there was something devious behind it.

In simple terms only one thing as changed - the clubs ownership is now held by Eddie's estate rather than Anderson - until KA can pay the debt back.

Eddie's estate can now sell the debt on to someone else, who can foreclose on the debt and force KA out of the club.

Guest


Guest

What a mess, but no surprise nobody wants to buy a club losing money that owes as much as we do. What possible ROI is there?

terenceanne

terenceanne
El Hadji Diouf
El Hadji Diouf

As I have said before.....any business person looking at the finances of football would run for the hills. As investments you would be better off buying a chain of chip shops. If it's true that the consortium has backed out then they probably finally realized that millions would need to be pumped in and no profit to be made anytime in the near future if ever.
The answer....we need a billionaire who wants a toy and is prepared to piss away the pocket change needed for us to move forward. In the absence of that person stepping forward.....looks like a pad lock is going on the front door to me.

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