Club Future - Administration or bust?

It's looking like the man with the bottle is a mirage.

Rumoured that Anderson has flown to the States from Dubai so I can only hope he's crawling back to Ron Burkle or Zigi wotsit with a better attitude and an honest prospectus.

I'd put my money on Ken going hiding in America rather than selling than club.

Growler wrote:I'd put my money on Ken going hiding in America rather than selling than club.

We'd better extradite Assange then if we want Anderson back.

wanderlust wrote:

Growler wrote:I'd put my money on Ken going hiding in America rather than selling than club.

We'd better extradite Assange then if we want Anderson back.

Better yet, keep both of them locked up in the UK.  We don't want either of them.  Trump might make one or both the head of the Federal Bureau of Prisons or the Director of the FBI.  He has a habit of picking those who have conned the system and made large fortunes as head of the watchdog agencies!  Come to think of it, KA could be become casino czar of Las Vegas!

observer wrote:

wanderlust wrote:

Growler wrote:I'd put my money on Ken going hiding in America rather than selling than club.

We'd better extradite Assange then if we want Anderson back.

Better yet, keep both of them locked up in the UK.  We don't want either of them.  Trump might make one or both the head of the Federal Bureau of Prisons or the Director of the FBI.  He has a habit of picking those who have conned the system and made large fortunes as head of the watchdog agencies!  Come to think of it, KA could be become casino czar of Las Vegas!

Trade for Meghan Markle?

You can have her back Obs!

I'm not a monarchist, but she seems a charming young lady. Could teach some of that horse faced crowd a thing or two.

Sluffy wrote:

Shaun Harvey CEO of EFL has been speaking to the BBC about Bolton “ A sale has been agreed we need to be sure that incoming owners are able to pass our owners and directors test, and they have the sufficiency of funds to keep the club going “

— Jack Dearden (@TheJackDearden) [You must be registered and logged in to see this link.]

More from Shaun Harvey he was asked if a sale had been agreed with Laurence Bassini “ I think there are a number of purchasers who have agreed terms at one stage or another, however we have been dealing with Mr Bassini in recent weeks amongst others”

— Jack Dearden (@TheJackDearden) [You must be registered and logged in to see this link.]

More from Shaun Harvey...When asked if Laurence Bassini has taken a fit and proper persons test. “ He’s not subscribed to the test as yet, but if a sale with him is to proceed we’d expect him to be doing that within relatively short order”

— Jack Dearden (@TheJackDearden) [You must be registered and logged in to see this link.]

Shaun Harvey” Anybody who is going to take over any football club has to subscribe to the test, regardless of any history they’ve got, everybody who’s at any of our clubs at this moment in time has taken the test, and anybody who’s going to come in will have to take the test”

— Jack Dearden (@TheJackDearden) [You must be registered and logged in to see this link.]

More from Shaun Harvey on money which was recently forwarded to Bolton from the EFL “ The way the EFL distributes the money to clubs is we distribute it on a monthly basis, what we did last week for Bolton was effectively advanced part of their payment”

— Jack Dearden (@TheJackDearden) [You must be registered and logged in to see this link.]

Shaun Harvey on the EFL advancing money to Bolton “ They would have received the money yesterday in any event, all we did was work with the club to ensure that the 2 games that were in doubt as a result of the SAG could take place “

— Jack Dearden (@TheJackDearden) [You must be registered and logged in to see this link.]

Need Bletchley Park to help with this

As hard as it is to admit, I think we'll go pop in May.

MartinBWFC wrote:As hard as it is to admit, I think we'll go pop in May.

It seems that Ken's gone AWOL and won't be paying people on time ever again but I think serious people like the Warburtons or James will step in and prevent the club folding.
My prediction is that we'll go into admin during the summer which will be funded by wealthy local business types who unlike the current owner actually give a fuck about the club, its staff and history

Growler wrote:

MartinBWFC wrote:As hard as it is to admit, I think we'll go pop in May.

It seems that Ken's gone AWOL and won't be paying people on time ever again but I think serious people like the Warburtons or James will step in and prevent the club folding.
My prediction is that we'll go into admin during the summer which will be funded by wealthy local business types who unlike the current owner actually give a fuck about the club, its staff and history

If this is the case, where were these wealthy businesses types when Eddie wanted out?

Leeds_Trotter wrote:

Growler wrote:

MartinBWFC wrote:As hard as it is to admit, I think we'll go pop in May.

It seems that Ken's gone AWOL and won't be paying people on time ever again but I think serious people like the Warburtons or James will step in and prevent the club folding.
My prediction is that we'll go into admin during the summer which will be funded by wealthy local business types who unlike the current owner actually give a fuck about the club, its staff and history

If this is the case, where were these wealthy businesses types when Eddie wanted out?

Eddie was worth tens of millions, there was no need for them to bail him out!

Growler wrote:

Leeds_Trotter wrote:

Growler wrote:

MartinBWFC wrote:As hard as it is to admit, I think we'll go pop in May.

It seems that Ken's gone AWOL and won't be paying people on time ever again but I think serious people like the Warburtons or James will step in and prevent the club folding.
My prediction is that we'll go into admin during the summer which will be funded by wealthy local business types who unlike the current owner actually give a fuck about the club, its staff and history

If this is the case, where were these wealthy businesses types when Eddie wanted out?

Eddie was worth tens of millions, there was no need for them to bail him out!

The club was moments from folding, That's when Dean and Ken showed up. Where were they then?

You don't think Eddie Davies would have allowed BWFC to be liquidated, do you?

I could be wrong but I am not aware of anybody with the required Cash who is actually a BWFC fan. Therefore this is a business decision and on that basis I am not sure Bassini has the financials for this. He says he made good money in Real Estate. How much can that be really....hundreds of millions??? Can't see it...he has gone from Bankrupt to loaded in three years????
Meanwhile Ken is on holiday in Benidorm…….nowt going on here that would concern him I suppose

How much has Amir Khan got?

From the ST forum - Iles live blog.

Terrence Rigby - chairman of the trust - now speaking about a "long, hard road" ahead.
TR: "This hasn't just happened now, or in the last two-and-a-half years. The roots of where we are now go back well over three years when the late Eddie Davies decided he no longer wanted to fund the club."
TR: "I know there were a number of interested parties, some of which had substantial funds and business plans to take Bolton back to the Premier League. All were sent away, for one reason or another, and for reasons wholly inexplicable he sold it for a pound to Dean Holdsworth."
TR: "Trevor Birch and Kier Gordon (ED solicitor) mortgaged or sold whatever there was to mortgage or sell.
"PBP bought the offices and the car parks. Michael James lent the club in excess of £5m, charged on the hotel.
"Brett W lent £2.5m charged on a piece of land at Lostock.
"Euxton was sold to Wigan Athletic."
TR: "When DH, who had no experience of running a club, he did indeed pay a pound but all he had was a loan from BluMarble for £5m, by way of a bridging loan. It was meant to be short-term.
"He was going to properly refinance the club to achieve the necessary degree of stability."
TR: "He paid the best part of £1m in fees. That was when KA came on the scene, agreed with Dean to invest something in excess of £2m to help fund the club. I don't know if he ever invested or not."
TR: "There was never any sign that the club was properly funded for a club in League One, certainly not in the Championship."
TR: "Once DH left Ken has carried on much in the way he ran the club with Dean, if indeed he had any great influence. He has consistently put off repaying debts, toyed with admin - HMRC have on several occasions taken the club to all of our disgrace to the winding-up court."
TR: "Liquidation would mean the end and we would be in the situation of FC United, MK Dons or Coventry."
TR: "He managed to keep them at bay and we're in the position where HMRC are adjourned until May 8th. At that point they will have to provide a very good reason for the judge not to wind-up BWFC."
TR: "On Wednesday Bolton Whites Hotel are in the court too."
TR: "The hotel is a very, very important cash stream and winding it up would diminish the value of the club in the eyes of the court or an administrator."
TR: "Among all of this mismanagement of the club's finances he did face a crisis last Sept when BluMarble had finally had enough and looked to put the club into admin.
"It may turn out to be a good or bad thing they were not able to do it at the start of the season.
"The late ED lent KA £5m to pay off the loan. Curiously, he borrowed it then lent it to the club. As part of that agreement Moonshift had a charge certificate and debenture on all of the assets of the club.
"As far as I can see if Ken were in default, or in breach of any of the agreements, they were in a position to take over the club or put the club into admin.
"That they have not done so may well be regretable. Their thinking must be if they were to take over the club they would become responsible for the ongoing losses if they couldn't sell it."
TR: "The story has gone on -staff, players not paid. Of course the way forward would be for a white knight to come with a great deal of money to buy the club, carry on and have a good season."
TR: "But I don't see a white knight about. I don't know everything but I know some things, I receive confidential info from various parties, and I don't see anyone willing or able to buy the club as a going concern. I hope I am wrong."
TR: "The club's owner has been impossible to deal with and to come to a deal with... draw your own conclusions on what that is about."
TR: "Sooner rather than later this club will be put into admin. It isn't the end of the road. And for that I look to the experience of other clubs and particularly Portsmouth. We have a close connection with Pompey who went into admin and were bought out of it by a community-led trust."
TR goes through Pompey's recent story.
"They are now solvent and top of the table."
TR: "It is not the end of the world if we can find someone/many people to buy it out of admin and run it in the long-term."
TR: "I don't read social media and barely know what it is.
"But there are those who think the board are in this as some sort of ego trip, or owners of the club. It's not a bad ambition but it has never been a sensible ambition.
"All we can do is raise funds, contribute what we can and try to bring people together in the sort of consortium who saved Pompey.
"For example, Football Ventures, who tried to buy the club, they were genuine people and tried to do deals with the secured creditors - BW, MJ and Moonshift.
"During all of the interest which has been show - some of whom were wrongly called tyre-kickers - at least did some due diligence.
"They found there was significantly more debt and not enough movement among the creditors and especially KA to make it possible.
"I hope they - or someone like them - are around to pick up the pieces if we go into admin."
TR: "I hope someone hears this and says 'that's my club' and want to do something for it.
"With admin I suspect there will be people - FV or someone else - we would like to do everything we can to facilitate that.
"We will be looking to raise money, not so much to buy the club but to help buy the club.
"We have a sort of advantage in admin in so far as the administrator has to consult over a three-week period before he can sell the club to someone else.
"We are not a preferred bidder or enabled to buy even if we had the funds. But it gives us a window to see what we could do, what high net worths come forward, or whether a large share issue could help."
TR: "Local institutions, organisations, MPs need to stir interest in the people to get it done."
TR: "The EFL knew three years ago about our owners' background, they knew if they cared to add up a few figures that the business plan, relying as it did on a high interest loan, was laughable.
TR: "Unless they had a substantial investor or refinance it was difficult to see how chipping away at salaries or selling players that the club could go on for long.
TR: "The EFL said 'go ahead' and then what did they do? They started to think about monitoring us, gave us embargos, what was that going to do?
"We were threatened with a 12pt deduction for admin. What was that going to do?
"It was only a few weeks ago that the EFL said they were satisfied the club had enough money to get to the end of the season.
"If and when this club goes into admin we will have a lot to say to them when in a great part they have made a contribution to the mess we're in.
TR: "We will do whatever we can to keep the club afloat, to keep it on nil point, to avoid embargos, and to co-operate with any decent funder to take it over."
Big speech. Big round of applause.

Trust board member Roger Allanson explaining a meeting with Shaun Harvey of the EFL this lunchtime.
RA: "The EFL regard themselves as a competition organiser. It's a private members club.
RA: "Apparently the FA are the governing body. If you qualify to get in, you are in. There are only two ways out - get promoted to the Premier League or drop out the other end.
"Shaun Harvey takes the view that all 72 members are needed and they want a strong competition and BWFC."

The following statement has been provided by the EFL...
The EFL had a positive and productive meeting with representatives of the Bolton Wanderers Supporters’ Trust earlier today to discuss a number of key matters pertaining to Bolton Wanderers Football Club. Upon request from Ian Bridge and Roger Allanson representing the Trust, the following short statement has been provided.

The EFL understands the current frustrations of Bolton Wanderers supporters as a result of ongoing events at the Club and whilst we were unable to attend tonight’s meeting in person, we felt it was important to meet representatives of the Trust in order to respond to any questions and queries in advance of the open meeting. We would like to thank Ian and Roger for their time, and for conveying the strength of feeling that exists amongst Bolton fans.

Over the course of today’s meeting, attended by the EFL’s Chief Executive Shaun Harvey, Communications Director Mark Rowan and Supporter Services Manager Andrew Pomfret, a significant number of topics were raised by the representatives of the Trust. We hope that the meeting has provided some additional clarification into what is a challenging situation for fans of the Club.

Our overriding objective is to ensure the long-term sustainability of all EFL Clubs, including a strong Bolton Wanderers. The Regulations we have in place are to assist in that regard while ensuring we have appropriate Governance measures to protect the integrity of our competitions.

Reputational damage remains a key concern for the League, its Clubs and football in general and we are committed to working with all relevant stakeholders to ensure appropriate solutions can be found to deliver against our stated objective.

We continue to offer the Club whatever practical assistance we can in regard to the sale but that ultimately is a matter for the current owner. As soon as we receive confirmation that a deal is to be done, we will act to ensure the process is completed as quickly as possible. There is currently no delay on the EFL’s part.

The EFL clarified the point made in its February 2019 response to the Trust where it stated that the EFL ‘remain satisfied the Club has the source and sufficiency of funds to meets its obligation as a member of the League until the end of the season.’ The EFL remain of that view.

During the meeting the EFL also provided further clarity on a number of matters in specific regard to the Owners and Directors’ test, the application of its Regulation

During the meeting the EFL also provided further clarity on a number of matters in specific regard to the Owners and Directors’ test, the application of its Regulations and what sanctions were available in the event of a breach of those rules.

RA: "It leads us to the conclusion that if the EFL say there's money here that KA is choosing not to pay and people's livelihoods are being affected. it's tragic."

RA: "People are doing their bit and should be treated in a better way.
"We have set up a CIC, it's a vehicle to be adopted if someone with knowledge and funding want to use it. [Basically this is the ST's company to take ownership of the club if someone will fund them - Sluffy]
"It is there to be used. It's a thought we have had. If admin comes along it is there to be used further.
"We have stepped back several times because of other interested parties.
"There doesn't seem to be a way forward unless Mr Anderson decides there is a way forward."

Fans question time...

Alan: "You said 'when' we go into admin. There are three secured creditors and it costs circa £1m a month.
"What makes you seem so sure it would happen?"

Terrence Rigby: "As far as I know, I have read a lot of documentation, Mike James nor Brett W can put the club into admin. Moonshift can.
"I am not thinking about anyone but the winding up court. HMRC can do that via the court and that's what will happen on May 8 unless someone does something about it."

TR: "The present situation, from what I know, is that KA is not in a position to pay off HMRC. He may have zillions of money but there's no sign because he isn't paying staff, players, electricity...
"Unless something happens before May 8 the club and KA run out of rope.
"The issue will then be whether the judge puts the club into admin or liquidation.
"The cost of admin, there are varying ideas."

TR: "A judge may be persuadable to put it into admin. It could be done over a period of six-nine weeks for very much less than £3m, which is what I have read.
"I think we could be looking at something like £750,000 to keep the club going until something is sold or someone can take it out of admin.
"There are restricted covenants on the stadium. I don't think it can be used for anything other than a football stadium."

Fan, Russell: Who actually pays for admin?

TR: "Whoever puts the club into admin and appoints an administrator. Of course, they get the money back when the club is sold. The first debt is that administrator pays back himself and the costs and then the creditors.
"In some cases a third party could pay."

Ian Russell: "What is the strategy of the trust? Why not try and get pledges on a fund?
"If a company goes bust, customers go elsewhere. Could we, as a trust, try to force some of the parties to the table by refusing to pay season tickets and put it into an escrow.
"Can we be more aggressive?"

Terrence Rigby: "If the mood was that we should start raising funds, we'll start raising funds. We have the company set up, we have a specialist, we can have shares, bonds, can put money into a safe place.
"But you still have to do the maths. There are 10k season ticket holders, maybe 20k for one we might win, but if everyone put £100 in it's still not going to buy the club.

Ian: "This club is rotten to the core. We have to cut away the crap and start again. We have to force ourselves to the table to have a say."

A fan asked if any legal action could be taken against ownership.
Roger Allanson says a prison sentence is just about the only thing that would get someone chucked out of the EFL.

Dax, a fan, asks how many people are paid up members of the trust.

Answer is about 3,500.


The fan points out that the trust didn't back the supporters' protest. Criticises the lack of communication, says people don't see them as Bolton fans.

"As a supporters' trust you need to step up. Include the social media bloggers and the kids - it needs to be done."

Getting a bit fractious.
Maggie Tetlow: "We put a lot out on social media. We put articles in the paper."

Fan feels the trust needed to back the protest.

Mike Smith: "We couldn't back a protest.
Fan is getting a bit heated.
Maggie Tetlow: "We couldn't as an official body back something that we had on control over."

Maggie Tetlow: "Historically we put out messages for people to attend meetings. Historically there has been apathy. Not now, obviously. We have a lot of nay sayers on social media but I don't think they have been to a meeting yet. Join the trust and you will get the communication."