Bolton's Finances / Accounts for year ending 30th June 2021 and everything else since.

Ten Bobsworth wrote:Thanks Sluffy. You are right, Eddie’s another ‘living the dream’.

I’ve reached no conclusions on what FV’s motives were or are except that I do believe Sharon fancied owning a footie club and that Michael James didn’t like the idea of BWFC going to the wall. There is, of course, the small matter of the c. £12 million of Tom Morris’s money PBP committed to keep BWFC afloat in 2016.

They haven’t taken any remuneration yet but they would be about as popular as Owen Oyston in Blackpool if they were to walk away awash with moolah having wangled a few million from the taxpayer on questionable pretexts.

Ten Bobsworth wrote:The weather had got a bit gusty
And summat had smelled a tad musty
The Bullshit Brigade 
Were out on parade
And head of the troupe was ar’ Lusty

wanderlust wrote:
So you won't deny it then Bob? Fair enough - you and the other guy who speculates and then cites his own guesswork as "fact" make a lovely couple. I can see it now....

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Sluffy wrote:

Thanks Bob but I'm unsure what you refer to about me, Eddie and the dream?

I don't believe I've mentioned such recently but he does seemed to have put a considerable amount of his personal money into his passion of BWFC without much if any of a concern of ever getting it back.

I never understood his plans for the development around the club at the time as I thought the land could not be used for residential development, indeed iirc Eddie's plans never included such?

Clearly he had something in mind as again iirc, the Directors of Burnden Leisure at the time and apart from Gartside were all appointed to bring about this idea of a development.

Presumably he had the notion that the development in someway would be financially beneficial to BWFC.

I find it hard to believe Sharon wanted to be the owner of BWFC just because she fancied owning any old club, in that she could have done so elsewhere for considerably cheaper, far far easier and nearer to home for her and one not embroiled in constant debt management, inheriting points penalty, transfer embargo's and having no experience in football as to bring in Kenyon and Phoenix!

It simply doesn't stack up for me - so the only reasonable explanation I can find is that there was an ulterior financial motive why she fought so hard and paid vastly too much for BWFC.

I'm not saying she didn't fancy being a footy club owner, she's shown herself to be very capable in that respect, merely she could have proved herself far more easily and financially cheaper to her purse elsewhere.

As I've said already I believe the key to understand all of this is why Luckock is here?  The recent dusting off of the development plans and the inclusion of significant residential properties to the proposal is the clincher as to why that is, for me.

Going back to Wanderlust for just a moment, he's several times posted about things 'smelling fishy', 'making negative insinuations about FV' and numerous other references to you and I putting forward that something very dodgy is going on - but the fact is we simply aren't and never have been.

I don't know where he gets those ideas from - then again I don't believe him to be rational in general.

I've no idea of PBP's position in all this.  I guess if they were really unhappy they could call in the loan and/or put the car parks up for sale.  The fact that they haven't suggest to me that either they have plenty of money and £12m sitting idle is nothing of a concern to them or they see a benefit from holding the cards that are already in their hand.

I also don't see FV walking away anytime soon as if they had that intention why are they putting the time and effort in with the proposed land developments?

As always time will tell us how things eventually unfolded.

An as for the innovation loan - how innovative would it be for the owners of a football club to change themselves into a property developer providing major employment and delivering significant new housing to the region?

That sounds very innovative to me!

Ten Bobsworth wrote:Eddie’s the clueless geezer on WW you mentioned, Sluffy

FV have gone in for a bit of innovative/ creative accounting but that’s another story that would take longer than its worth to explain. The general idea was to make the losses look less than they would be using more conventional accounting methodology.

BarrygoestoBolton wrote:Good morning, Bob. It seems to me that the fourth paragraph under note 18, page 33 of the 20/21 accounts is pretty much definitive.

Ten Bobsworth wrote:Sorry Sluffy. I edited my previous post this morning without seeing your response. 

Unless there’s something we’ve overlooked, I think the word wangled might best sum it up. There seems to have been a lot of wangling going on.

I see that Iles has picked up on Barry’s argument that it was only £2.5million. 

I respect Barry’s argument but remain unconvinced that it wasn’t £5million of government moolah.

BarrygoestoBolton wrote:Bob, while those are undoubtedly excellent words, I don’t feel they apply here. It’s quite clear:

“The balance outstanding at the reporting date amounted to £5,302,466, which includes accumulated interest £2,651,234 of the total outstanding balance was due to UKFF Nominees Limited with £2,651,233 being due to the shareholders.”

Note 24, paragraph 3 says comments that the £5m loan plus accumulated interest was converted to equity on 28th October 2021.

wanderlust wrote:

Ten Bobsworth wrote:Sorry Sluffy. I edited my previous post this morning without seeing your response. 

Unless there’s something we’ve overlooked, I think the word wangled might best sum it up. There seems to have been a lot of wangling going on.

I see that Iles has picked up on Barry’s argument that it was only £2.5million. 

I respect Barry’s argument but remain unconvinced that it wasn’t £5million of government moolah.

I reckon the "match" part of match funding sort of says what it does on the tin.

Ten Bobsworth wrote:You’ll all be pleased to know that I have mastered the workbench instructions and it’s now fully functional. Mastering what’s been going on with FV is going to be a much sterner test I think. 

Who owns the shares, how much have they each paid, how have they valued the company, who wangled £millions of taxpayers money on the pretext that this was an innovative company which was under threat because of COVID. How much had COVID actually impacted on the trading and how had other clubs managed without the extra dosh are just some of the questions that come to mind?

boltonbonce wrote:
What do you do on your workbench?

boltonbonce wrote:Bob's turning into Frank Randle! Nurse!