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Administrators get down to business!

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1Administrators get down to business! Empty Administrators get down to business! on Wed May 15 2019, 18:41

Sluffy

Sluffy
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ADMINISTRATORS went to work yesterday to find a new buyer for Bolton Wanderers.

First team manager Phil Parkinson joined employees at the stadium to hear from joint administrator Paul Appleton, who mapped out his plan for the coming weeks.
A team of 10 accountants have now set about assessing the financial position of parent company Burnden Leisure Limited and Bolton Wanderers Football and Athletic Club, starting virtually from scratch.

The fact-finding mission is likely to go on for the rest of this week before a ‘statement of affairs’ is produced detailing the assets and liabilities for both companies. That will be the starting point for any sales process.

Contact has been made with banks to unfreeze Wanderers’ accounts. After assessing what money is available and what it can be used for, the administrator will then look to address the wage situation as quickly as possible but cannot yet give any guarantees.

Bolton’s players and first team coaches have not been paid since February and all staff have gone without their April pay. The Football Creditor Rule means they must be paid in full – although that does not extend to employees at the Bolton Whites Hotel, who are unsecured creditors.

The process of selling the club will begin once all assets have been totted up and valued by an agent.
A ‘data room’ will then be created to allow another agent to market the club and facilitate a sale – although with time ticking down to the start of the League One season, it is considered likely a potential buyer will approach the administrators directly.

It is understood Appleton has already been contacted directly by a handful of interested parties and also met with the chairman of the Bolton Wanderers Supporters’ Trust, Terrence Rigby, yesterday morning.

Finding the ‘right owner’ is of paramount importance after such a period of instability, and the trust have indicated they will not obstruct talks with investors deemed credible by Appleton and his team.

https://www.theboltonnews.co.uk/sport/17639876.administrators-get-down-to-business-at-bolton-wanderers/?ref=mr&lp=5

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