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Bolton Nuts » BWFC » Bolton Wanderers Banter » Bolton Wanderers could be in administration 'within hours'

Bolton Wanderers could be in administration 'within hours'

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BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
The Bolton News understands an administrator has been appointed by finance company BluMarble, who had set a deadline of 5pm today for club owner Ken Anderson to settle the dispute. No agreement was reached, and paperwork has now been filed by legal representatives at court.

There is yet scope for the administration notice to be voluntarily revoked by BluMarble – but that would hinge on their demands being met overnight and funds cleared before they are filed at court in London by 10am.

As a result of an insolvency event, EFL rules state Wanderers can be deducted 12 points in the Championship, which if triggered would leave them bottom of the table on minus one point.

Debenture holders – former owner Eddie Davies, local businessman Michael James, Brett Warburton and Barclays Bank – were instructed of BluMarble’s intention to appoint an administrator on Friday and have negotiated unsuccessfully over the weekend and throughout today to try and avoid the worst case scenario.

Wanderers’ current operating losses are around £6m a year but the club is expected to show a small profit in their next set of financial accounts, due largely to the sale of Gary Madine to Cardiff City.

The funding gap for the next 12 months, taking into consideration only those debts which are due and outstanding bills, is thought to be close to £13m.

It is understood BluMarble are prepared to fund administration for several months to allow a search for a credible buyer to take over the club.

One of the bids being readied is believed to be from an American billionaire with an extensive interest in sports, media and entertainment.

As of June 2015, it is also a legal requirement for an administrator to speak with the supporters’ trust and give them an opportunity to mount an offer.

A formal statement from official receivers Quantuma, represented by Andrew Hosking, is expected to confirm their position on Tuesday morning.

The BluMarble loan was taken out in December 2015 as Sports Shield were preparing their bid to takeover at Wanderers – although this was done before Anderson came aboard with Dean Holdsworth. The terms of the loan were renegotiated last year, with the due date moved to September 1, 2018.

Speaking last month, Anderson has claimed in an interview with BBC Radio Manchester: “We are due to pay BluMarble at the beginning of next month and I don't see any reason why we won't be paying that.”

Negotiations did not run as smoothly as anticipated however, and the chairman told The Bolton News this evening: “I offered to repay the actual monies they loaned to Sports Shield BWFC but my offer was declined, unfortunately. A full statement will be made when appropriate.”

Anderson – and indeed the club – have the option of legal recourse and can appeal the penalties imposed but as things stand the club will be placed into administration within hours.

The last professional club in England to fall into administration was Aldershot Town in 2013 after their relegation from League Two. After a rule change in 2015, no club has ever fallen foul on the EFL’s s automatic 12-point deduction.

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karlypants

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Nat Lofthouse
Nat Lofthouse
Fuck a duck! Shocked

BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
BEN wrote:One of the bids being readied is believed to be from an American billionaire with an extensive interest in sports, media and entertainment.
Interesting

karlypants

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
BEN wrote:One of the bids being readied is believed to be from an American billionaire with an extensive interest in sports, media and entertainment.
Interesting

I must have missed this bit in haste.

Leeds_Trotter

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Andy Walker
Andy Walker
All this just so we don't have to pay Karl Henry his outstanding wages.

Boggersbelief

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Nat Lofthouse
Nat Lofthouse
What the fucking hell.

Makes zero sense this, ken would not splash cash on players he would prioritise debts first. I reckon this Yankee Millionaire has invested big time

Leeds_Trotter

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Andy Walker
Andy Walker
Are you not ITK?

Boggersbelief

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:Are you not ITK?

This has been kept very secret

Growler


Nicolas Anelka
Nicolas Anelka
With the 12 point deduction we'll have broken our worst ever start record again Rolling Eyes

karlypants

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:What the fucking hell.

Makes zero sense this, ken would not splash cash on players he would prioritise debts first. I reckon this Yankee Millionaire has invested big time

You could be right there...

wanderlust

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:What the fucking hell.

Makes zero sense this, ken would not splash cash on players he would prioritise debts first. I reckon this Yankee Millionaire has invested big time

You could be right there...
The highlighted bit makes no sense given Anderson's track record on paying staff and suppliers. Were you being sarcastic?
The second bit is dubious because if there is an investor then the bills would be paid rather than risk administration wouldn't they?
Noted that Edwin and the Warbies didn't insist on their payments.

Leeds_Trotter

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Andy Walker
Andy Walker
Feeling absolutely sick. Not going to be able to sleep tonight.

Leeds_Trotter

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Andy Walker
Andy Walker
Time to see who the real hero is.

Will Ken do the right thing?

Does Eddie love the club as much as he says he does?

Travelodge


Mario Jardel
Mario Jardel
If he did, he'd stand back and let the cards fall.

BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
Marc Isles wrote:My understanding is that a third party (two, in fact) are currently trying to mediate

Norpig

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Nat Lofthouse
Nat Lofthouse
I've only just seen all this as i was out playing footy last night so i'm in deep shock. How have we gone from signing 16/17 players and some for cash to this?

Lets hope and pray someone steps in before administration, our good start would be wiped out with a 12 point deduction.

wanderlust

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Nat Lofthouse
Nat Lofthouse
Court proceedings due to start at 10 am unless Anderson can come up with an offer BM can't refuse.

BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
Marc Isles wrote:There has been no confirmation from either side - but to be honest, I'm taking it as a positive.

BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
Marc Isles wrote:Want to be absolutely sure before I say which way this has gone - but still waiting for some confirmation.

wanderlust

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Nat Lofthouse
Nat Lofthouse
My money's on a delay whilst proposals are prepared.

BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
My money is on Lee Anderson kicking the court doors open in a full Bolton Kit, shouting we've got the money, we've got the money!

BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
Marc Isles wrote:News has reached me that a last-second rescue deal was offered. Waiting to see if it was accepted.

rammywhite

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Frank Worthington
Frank Worthington
Doesn't follow that the Court will automatically agree to appoint an administrator. Andersen's legal team might ask for a deferment until a future date

karlypants

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:My money is on Lee Anderson kicking the court doors open in a full Bolton Kit, shouting we've got the money, we've got the money!

Very Happy

BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
Marc Isles wrote:Offer is to repay the BluMarble loan.

wanderlust

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Nat Lofthouse
Nat Lofthouse
I doubt Anderson would agree to any deal that would loosen his grip on the club and I suspect that loosening his grip on the club is the primary objective of the unpaid creditors rather than just getting paid.

BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
Marc Isles wrote:If this does have a positive outcome, the offer will have been accepted between 9.45am and 10am.

The court will officially register administration at 10.45am unless BluMarble took it off the table.

BoltonTillIDie

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Nat Lofthouse
Nat Lofthouse
Marc Isles wrote:I'm led to believe there has been extended deadline to noon for the legal paperwork to get done.

A last-minute offer was made and provisionally accepted on proviso the funds are moved into the right areas.

At lunchtime we should know for certain whether Wanderers are in administration.

Leeds_Trotter

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Andy Walker
Andy Walker
I can't take anymore.

wanderlust

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
Marc Isles wrote:I'm led to believe there has been extended deadline to noon for the legal paperwork to get done.

A last-minute offer was made and provisionally accepted on proviso the funds are moved into the right areas.

At lunchtime we should know for certain whether Wanderers are in administration.
Sounds like Anderson will retain control unfortunately. If he gets away with this we'll just have to wait until the next time he gets called out before the full story emerges.

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