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Administrators respond to Bolton Wanderers' strike statement

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Sluffy

Sluffy
Admin
WANDERERS’ administrators say they have “sympathy” for players after they went on strike to force the postponement of Friday’s friendly at Chester.
A statement has been made by Paul Appleton, on behalf of David Rubin and Partners, addressing a number of issues raised by the Bolton squad – who issued their own communication this afternoon. 

While Appleton understands the frustration within the squad, who have not been paid by the club since March, he reiterated that as football creditors they will eventually receive 100 per cent of the money owed to them.

That will not be the case for nearly 300 unsecured creditors, including HMRC and Bolton Council, who both stand to lose in excess of £1million each during the administration process.

“I have seen the statement released by the players today,” said Appleton. “While it is riddled with factual inaccuracies, their position is understandable and one with which I have a great deal of sympathy. The fact they have not been paid would appear to have had a major impact on their collective mindset.

“The ongoing situation has been continuously explained to them by Phil Parkinson. My team and I have been in dialogue with him since the first day of the Administration. We have also spoken to various agents, the PFA and the LMA to keep them apprised of the situation.

“As football creditors, Phil, his staff and the players will get paid in full once the deal has been completed. This is in contrast to other creditors, who will receive nothing approaching that level of compensation.

“Yes, the players have had to suffer hardship in terms of limited training facilities but decisions had to be taken in terms of finances and the need to prioritise payment of club staff was an overriding factor. 

And, with the greatest respect to the players, they do not have a full understanding or appreciation of the club’s ongoing financial position. 


I am working within a budget to keep this club alive until a sale is completed.

“However, the fact is I share many of the same frustrations as the players, the staff and all the fans who have shown incredible resilience and patience throughout this process.
“We have reached a stage in the deal to sell the club to Football Ventures and are working tirelessly to complete the transaction.
“It has been a complex process and one which has taken longer than I would have preferred considering the new season starts in just over two weeks. Now it is time for all parties to recognise the necessity for swift action and decisions to safeguard the future of the club.

“Hopefully, supporters will be reassured by the fact plans for player recruitment, season ticket and match day prices are all in place and will be activated immediately once a deal has been completed. 


“But one outstanding element of the deal, which is not under my control, is the sale of Whites Hotel.

“Football Ventures' ownership model, one supported by the EFL, is based on a deal for both the club and hotel, so I would encourage all parties involved to act swiftly to ensure the pressing timeframe for completion is met.
“I would implore everybody to drive through this deal and ensure this great football club is restored to its rightful position.”

https://www.theboltonnews.co.uk/sport/17777059.administrators-respond-bolton-wanderers-strike-statement/

Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse
This read like a Ken statement.

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Why are FV not making any comments on whats going on?

Sluffy

Sluffy
Admin
@Norpig wrote:Why are FV not making any comments on whats going on?

They will be under a Non Disclosure Agreement in the first instance with the clubs Administrators and I would imagine a second one also with the Hotel Administrator also.

Even if they weren't what could they say other than 'our plan involves us owning the club AND hotel'?

Benny on Wways who seems to have a grasp on what is probably going on -

"My hunch is that FV have lined up a sale of the football stadium at £12 - £15 million with an institutional investor and that capital sum will be released on completion. That cash will be critical to FV - it will represent 50- 60% of the £25 million they will have proven as available funding to the administrator.

They have probably lined up a tenant for the hotel already and agreed with the stadium buyers a long term rent the football club will pay - on the face of it everyone is happy . .

But then the hotel administrator puts a spanner in the works because he gets indications that higher offers for the hotel are out there - more than FV want to pay, which leaves everything up in the air because the institutional investor will rightly only do a deal on the entire stadium and not just part of it , so without the hotel FV wont be able to fund the club".


Seems to me to be as good as understanding of the situation as any - and probably the correct one as to what FV plan is/was.

Sluffy

Sluffy
Admin
@Hipster_Nebula wrote:This read like a Ken statement.

I quite enjoyed many of Ken's statements.

He pulled no punches at times!

Similar here where is basically telling the striking players how thick they are and telling them look, the company that owns the club (BWFAC Ltd) is all but dead, I've got a few pounds to pay for its life support for a short while and have my fingers and toes doubly crossed that the only lifeboat we have is that Football ventures can come to a rescue in the nick of time, we can hand the football club to them, then switch of the life support for BWFAC.

However you thick muppets want me to pay you the money I have to keep the club alive and before FV can complete a rescue. If I did that BWFAC would die - and take Bolton Wanderers Football Club with it.

Are you sure that's what you really want?


The players really haven't a clue and it's no surprise that this idea popped in their heads just a day or so after Wheater (who hasn't been paid remember) joined them in training.

Coincidence eh???

Growler


Tony Kelly
Tony Kelly
The problem though is that if we don't have any players we will be thrown out of the league for not fielding a team.
If the administrators don't like the current players they have 2 weeks to sign a team of clever ones.

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
Andrew Taylor will be on Jim White from 10am. Guy from PFA also on about 10.30. talkSPORT.

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