Bolton players and coaching staff told wages will be late

Players and coaching staff at Bolton Wanderers have been informed their February salaries will not be in accounts this morning (Thursday, February 28).

As Ken Anderson continues his attempts to sell the club to a consortium, believed to be the Football Ventures (Whites) group, concern has steadily mounted this week that it would impinge on this month’s pay run.

It is not yet known whether all admin and part-time staff will be affected, but a number have already reported that money has not been paid into their account.

No prior warning was given to general staff but it is undersood that Phil Parkinson, his backroom staff and the playing squad were told last night that the money would not be paid as normal. Further information is expected later this morning.

Last month the transaction was rushed through during mid-afternoon for the playing staff as Parkinson was still looking to make signings on deadline day.

Some part-time staff reported that they did not get paid until the next day.

The Football Ventures group will continue the process of due diligence today but a takeover is not now expected to be completed by the weekend.

The situation mirrors that of 2016 as Eddie Davies looked to sell his majority stake. Wanderers faced problems when their accounts were frozen following a winding-up petition from HMRC, which required them to apply for a validation order to allow free movement of funds.

The club was contacted yesterday to ask if a similar application has been made, or would be required, but have thus far declined to comment.

Source

No way!

I am shocked.

Seems like Kenocchio want's to wait for the new owners to pay this months wages, he is a slippery one isn't he? 

Norpig wrote:Seems like Kenocchio want's to wait for the new owners to pay this months wages, he is a slippery one isn't he? 

It shouldn't be down to Ken to pay it out of his own pocket.

DEANO82 wrote:

Norpig wrote:Seems like Kenocchio want's to wait for the new owners to pay this months wages, he is a slippery one isn't he? 

It shouldn't be down to Ken to pay it out of his own pocket.

He has pockets?
You're right though. He should be paying it out of the profits from the business he is allegedly so good at running.

DEANO82 wrote:

Norpig wrote:Seems like Kenocchio want's to wait for the new owners to pay this months wages, he is a slippery one isn't he? 

It shouldn't be down to Ken to pay it out of his own pocket.

If he is the club owner and it isn't available from club funds then yes it is his responsibility surely?

Norpig wrote:

DEANO82 wrote:

Norpig wrote:Seems like Kenocchio want's to wait for the new owners to pay this months wages, he is a slippery one isn't he? 

It shouldn't be down to Ken to pay it out of his own pocket.

If he is the club owner and it isn't available from club funds then yes it is his responsibility surely?

No mate, it is not.

That's what 'limited' companies are all about - the 'liability' is that of the business and not of the owner - they are two entirely separate entities in law.

It is for the 'business' - BWFC to pay it's staff from it's ability to trade - and not from the owners pocket.

It should be all a storm in a tea cup anyway because the deal seems to be at an agreed price with all creditors paid off.  The players and staff if they are not paid by the time the deal done, simply become additional creditors to be settled.

So for arguments sake if the sale is agreed at say £27 million and existing creditors were say £24 million - Anderson walks out with £3 million.

However because of non payment of wages of say £600k - the deal will still be at £27 million, with creditors now at £24.6 million and Anderson walking out with £2.4 million.

If payment of wages can be delayed for a week, then the tax and NI due to HMRC will not be due on the wages for a further five weeks.

It seems on the face of it that the club simply doesn't have enough for the wages and tax and the only way around it is for them to be paid via the takeover - with the money ultimately out of the profit Anderson would have made.

Maybe there is more to it than that - and obviously it isn't good for those waiting for their money - but on the face of it, it does make financial sense to the club - as it is either that or cease trading as the club would be in a position of being insolvent.

Sluffy wrote:
No mate, it is not.

That's what 'limited' companies are all about - the 'liability' is that of the business and not of the owner - they are two entirely separate entities in law.

It is for the 'business' - BWFC to pay it's staff from it's ability to trade - and not from the owners pocket.

It should be all a storm in a tea cup anyway because the deal seems to be at an agreed price with all creditors paid off.  The players and staff if they are not paid by the time the deal done, simply become additional creditors to be settled.

So for arguments sake if the sale is agreed at say £27 million and existing creditors were say £24 million - Anderson walks out with £3 million.

However because of non payment of wages of say £600k - the deal will still be at £27 million, with creditors now at £24.6 million and Anderson walking out with £2.4 million.

If payment of wages can be delayed for a week, then the tax and NI due to HMRC will not be due on the wages for a further five weeks.

It seems on the face of it that the club simply doesn't have enough for the wages and tax and the only way around it is for them to be paid via the takeover - with the money ultimately out of the profit Anderson would have made.

Maybe there is more to it than that - and obviously it isn't good for those waiting for their money - but on the face of it, it does make financial sense to the club - as it is either that or cease trading as the club would be in a position of being insolvent.

All well and good, BUT what happens if the sale falls through?

MartinBWFC wrote:

Sluffy wrote:
No mate, it is not.

That's what 'limited' companies are all about - the 'liability' is that of the business and not of the owner - they are two entirely separate entities in law.

It is for the 'business' - BWFC to pay it's staff from it's ability to trade - and not from the owners pocket.

It should be all a storm in a tea cup anyway because the deal seems to be at an agreed price with all creditors paid off.  The players and staff if they are not paid by the time the deal done, simply become additional creditors to be settled.

So for arguments sake if the sale is agreed at say £27 million and existing creditors were say £24 million - Anderson walks out with £3 million.

However because of non payment of wages of say £600k - the deal will still be at £27 million, with creditors now at £24.6 million and Anderson walking out with £2.4 million.

If payment of wages can be delayed for a week, then the tax and NI due to HMRC will not be due on the wages for a further five weeks.

It seems on the face of it that the club simply doesn't have enough for the wages and tax and the only way around it is for them to be paid via the takeover - with the money ultimately out of the profit Anderson would have made.

Maybe there is more to it than that - and obviously it isn't good for those waiting for their money - but on the face of it, it does make financial sense to the club - as it is either that or cease trading as the club would be in a position of being insolvent.

All well and good, BUT what happens if the sale falls through?

Then the club should cease trading immediately because it appears to be insolvent and facing receivership.

More likely an Administrator is called in and their fee's are paid from the remaining assets of the club.

Points deduction being automatic - probably immediate loss of jobs for many of the admin staff (without redundancy payment - that is paid by a Government scheme instead at statutory minimum rate).

Possibly even Parkinson going - so there might be some good news in it for you Martin!

My direct debit for season ticket hasn't come out, very strange.

@MarcIles12 minutes ago
Hearing Ken Anderson HAS now emailed staff to give some reassurance on pay. Overdue, but good to hear. #bwfc

MartinBWFC wrote:@MarcIles12 minutes ago
Hearing Ken Anderson HAS now emailed staff to give some reassurance on pay. Overdue, but good to hear. #bwfc

Taken from Twitter - don't know how genuine it is though?

Latest reports coming in! Players have had to pay for their own coach. Staff are being offered hampers as they’ve not been paid and also the police haven’t been paid! Which could result in matches being played behind closed doors if it’s not solved!(we ain’t sure that will happen) Ladies and Gentleman, Ken Anderson has brought our club to its knees!

This is from someone who works at the club who has messaged the page but wants to remain anonymous

MartinBWFC wrote:Which could result in matches being played behind closed doors

At last, some bloody good news.

Natasha Whittam wrote:

MartinBWFC wrote:Which could result in matches being played behind closed doors

At last, some bloody good news.

The bad news is they will play at Whittam Towers!

observer wrote:

Natasha Whittam wrote:

MartinBWFC wrote:Which could result in matches being played behind closed doors

At last, some bloody good news.

The bad news is they will play at Whittam Towers!

Nat would love 22 men kicking a ball in her box!

MartinBWFC wrote:Latest reports coming in! Players have had to pay for their own coach. Staff are being offered hampers as they’ve not been paid and also the police haven’t been paid! Which could result in matches being played behind closed doors if it’s not solved!(we ain’t sure that will happen) Ladies and Gentleman, Ken Anderson has brought our club to its knees!

This is from someone who works at the club who has messaged the page but wants to remain anonymous

All these are expenditure items for the club.

Seems strange if income - ST direct debits aren't being taken either - which is income to the club.

Sounds to me that the clubs bank account is frozen more than anything else (ie - no in comings and no out goings).

The question then is. is it frozen because a deal is happening or is it because of something more legal such as a court order or insolvency?

No doubt we will find out soon enough.

TBH I thought this Anderson nonsense would have come to a head long before now, but I'd forgotten about the EFL money which provided a short stay of execution and I was duly put in my place for suggesting it. That said the inevitability of it was there for all to see providing they were willing to do so and now we seem to be in a situation where everything is dependent on the sale going through, regardless of who we are selling to. It seems desperate.
Worryingly, we know nothing about the new potential owners capacity to run and adequately finance a football club other than the fact that the two main names associated with the bid have more liabilities than assets. It is also worrying that having been given the accounts to assess they may wish to reconsider their initial offer and that with Anderson seemingly over a barrel, they may push for a reduction anyway - or just walk.
It's hardly surprising that the process of assessing the accounts is "taking longer than anticipated" but the worrying thing is that Anderson, in saying that this delay is "allowing him to talk to two other parties as well" suggests that there's a problem now that they have seen the accounts. Perhaps the statement is just more Anderson brinkmanship as he seeks the payoff he wants, but it would be no surprise if this deal falls through and Anderson takes us all the way to administration. But given his history, I would reiterate what I said before - he will sell to the people who will give the best deal for him personally, rather than to the people who will offer the best opportunity for the club.
Let's hope that when he says he is talking to "two other people" he is actually going back to ask if the offers made by Ron Billionaire etc are still on the table as they must be far more appealing now that he has run out of rope rather than begging Carr's pasties to bail him out.

Shameless, no other word for it.

The Ken Loyalists, and there are a few of them out there, reckon Ken is entitled to take as much money as he wants out of the club because without him the club would have folded when Eddie Davies was in charge.