Bolton Wanderers set to agree pay deal with PFA over players' salary

Wanderers are seeking short-term cash after striking a deal with the PFA yesterday to pay part of the November salary for coaching staff and players.

Fund raised via the sale or lease of assets, most likely to be the Macron Stadium’s adjoining hotel or offices, will be added to those provided by the players’ union, who confirmed their bail-out package to The Bolton News.

“We are in the process of helping the players and former players on the management staff with their wages,” said PFA chief Gordon Taylor in a brief statement yesterday evening.

Players and coaching staff were called into a meeting with the board’s financial advisor Trevor Birch yesterday to ask that they deferred part of the salary owed to them for November, along with their December pay.

The agreement should ensure players cannot walk away for nothing next month, although offers will be invited for some of Neil Lennon’s top talent if the financial problems show no signs of improvement.

Weekend reports linked Mark Davies with a cut price move to Middlesbrough and Everton with talismanic striker Zach Clough although sources at the Macron insist no bid has yet been received for either player.

Wanderers face a hearing at the High Court on January 18 and must pay a tax bill by that date if they are to avoid a winding up order.

Enquiries have been made for land at the club’s Euxton training ground – but it is understood the Whites are looking to avoid that scenario if at all possible.

Training was held as usual yesterday despite the huge uncertainty over Neil Lennon’s position at the club.

The Whites boss is attempting to clear his name amidst an internal investigation into weekend tabloid reports concerning his private life.

It is understood he has disputed several aspects of the story carried by the Sunday Mirror to members of the Wanderers board, who must now assess over the course of the next couple of days whether his actions could ultimately be interpreted as a breach of contract.

Lennon has been instructed to keep his own counsel until the investigation is completed but brought his players in yesterday to begin preparations for the Boxing Day clash with Rotherham United.

Josh Vela is expected to return to the side at the New York Stadium on Saturday after a minor knee injury, while Emile Heskey – who has been suffering from flu – should also make a full recovery.

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Another interim stop gap arrangement which is worrying.

wanderlust wrote:Another interim stop gap arrangement which is worrying.

Extremely worrying

Asset stripping before administration? That's a novelty. They may get funds against offices and/or hotel But how are these loans to be repaid? It seems there's no progress on purchase by those allegedly in the bidding process. Curiouser and curiouser.

I am moving out of my area of expertise, and a little knowledge is a dangerous thing, but I am sure there are rules about preferential creditors and disposal of assets during a potential winding up process. The rules are in place to ensure all the assets aren't stripped, some debts/creditors paid off, and when the winding up happens, the rest are left with half a sausage roll? Accountants, where are you?

I suggest that all this is about is to raise some money simply to keep the players in contract just so they can raise some money by selling some of them off in January.

In the short term this is to prevent players from walking on a free, but everything hinges on the takeover deal including the future of those players at this club.
I would be amazed if they find a buyer for the hotel and/or offices in the timescale suggested though.

Even if the takeover goes through, the likelihood is that assets will be sold to balance the books anyway and the playing staff considerably reduced.