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Bolton Nuts » BWFC » Bolton Wanderers News » Bolton Wanderers will look to go into administration if not bought in next 48 hours

Bolton Wanderers will look to go into administration if not bought in next 48 hours

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Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
WANDERERS will take steps towards administration if a buyer is not found within the next 48 hours.

Staff at the Macron Stadium have been warned that the emergency measure will be taken by midweek unless one of four interested parties provide concrete evidence they have the £14million being asked to cover debts, plus provide proof they can continue to operate the club as a going concern.

The process of trading during administration will be expensive and would have to be funded by the immediate sale of assets – most notably players such as Zach Clough and Mark Davies.

Local rivals Wigan Athletic have also expressed an interest in buying the club’s training base at Euxton, which could raise around £2.5m.

The sale of offices at the Macron Stadium has raised £4m, which has been used to pay staff costs last month and also to help repay the loan from Nucleus Finance which was taken out last August.

Paying the loan, which was secured against the stadium, should make the process of selling simpler but would also give the club more control in the event of administration.

The majority of remaining debt that would be inherited by a buyer or an administrator comes in the form of director and shareholders’ loans.

Wanderers have stated publicly that Davies will waive the £180m-plus loans built up since he took control of the club in December 2003.

The Isle of Man businessman is asking for just £1 to assume control of the club – but The Bolton News understands that he still has around £3m of personal loans to the club that are not being written off.

Barclays Bank also have money tied into the deal which is secured against assets.

Trevor Birch continued to negotiate last night and it is believed he had a meeting with one of the financial backers behind the Sports Shield consortium, fronted by Dean Holdsworth.

The former Whites striker is still the front runner, although a number of other options have materialised in the last couple of weeks.

Isle of Man businessman Dennis Rodgers is believed to have introduced two consortia, one from India and another from the US, to the negotiation table.

The US-backed bid also has strong local connections in the form of ex-Bolton nightclub owner Jonathan Disley, dubbed by one national newspaper as the “King of Marbella.”

Mr Disley had a charge of fraud quashed by Preston Crown Court in April 2014 and was pictured sitting alongside Holdsworth at a recent game at the Macron Stadium but has not been involved in Sports Shield’s bid.

http://www.theboltonnews.co.uk/sport/wanderers/14194824.Bolton_Wanderers_will_look_to_go_into_administration_if_not_bought_in_next_48_hours/

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
feel free to tidy it up KP  Very Happy

Bwfc1958

Bwfc1958
Tinned Toms - You know it makes sense!
This can't be true. 

Gartside assured us that we wouldn't go into administration and there's  no way he would have been lying. The man is a beacon of honesty, so i don't believe a word of it.

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
the whole thing is just a mess. The communication from the club over the last few years has been shocking to say the least but hey we are only fans, who cares what we think anyway?

wanderlust


Nat Lofthouse
Nat Lofthouse
I find it difficult to believe that the Board would choose to go into administration before all other options are exhausted. There is another week before the HMRC hearing so they don't have to do it "within the next 48 hours".
If this is another bluff to panic one of the consortia into buying it's not a very good one.

Given that the bulk of the £14 million is owed to the Directors it does look like they want to get their money back before the administrators get involved, yet a move like this would encourage potential owners to do the opposite i.e. wait until the club goes into admin then see what can be picked up on the cheap. I really don't get this move.

Guest


Guest
@Bwfc1958 wrote:This can't be true. 

Gartside assured us that we wouldn't go into administration and there's  no way he would have been lying. The man is a beacon of honesty, so i don't believe a word of it.
you've been reading to many of breaders posts Very Happy

Guest


Guest
ED's in Barbados according to Iles.

Nice to know he's got his priorities sorted - we're obviously in safe hands.

Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse
scaremongering, the Korean bank have given the club a put up or shut up offer today.

Guest


Guest
@Hipster_Nebula wrote:scaremongering, the Korean bank have given the club a put up or shut up offer today.

Today being last Thursday presumably?

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
Hipster done another funny

Bollotom2014

Bollotom2014
Andy Walker
Andy Walker
Beeb Sport now reporting Bristol City acknowledging BWFC have accepted £2Million. Hope it's a misprint by the Beeb.

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
Reading the comments on that article one of them brings up a good point.. Why wasn't the tax bill paid with the money from the sale of the offices? That nucleus loan could have waited

Guest


Guest
The small print on the nucleus loan said Your stadium will be at risk if you don't keep up repayments.

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
i'm sure i read somewhere paying off the loan now made it easier to sell the club, don't ask me how though (Wheres Rammy he'll know)

Unless of course administration was always going to be the end result all along  :whistle:

wanderlust


Nat Lofthouse
Nat Lofthouse
I don't believe the club would voluntarily go into admin so it's going to be interesting to see what they say and do if there are no viable bids on the table by close of play tomorrow. My money would be on a spurious excuse for an extension of the "deadline".

Guest


Guest
Purely spit-balling now with this.......

What's the chances that we get an eleventh hour announcement from ED that he's happy to flog the club to the embryonic Supporters' Trust if they can come up with the money because none of the other interested parties had the club's best interests at heart or some bollocks like that?

And then, surprising everybody, the ST suddenly announces that they've sourced the funding from "local businesses" and they do indeed buy the club.

ED's a hero again and all the sheep start clapping and raving about how "we" own our club again.

No more gnashing of teeth and general wailing and the band starts playing Happy Days Are Here Again.

However, we still don't know who the other mystery members of the Anonymous 8 are, do we?

But nobody will be too concerned about that because "we" own the club again.

Despite the fact that 99.9% of us won't be directly involved or have any say in what goes on.

I've got a very nasty feeling about the indecent haste with which this ST's being rushed through and I don't like it.

So am I paranoid or could there be a grain of truth in the latest instalment of Breadman's Bumper Book of Conspiracy Theories?

Bollotom2014

Bollotom2014
Andy Walker
Andy Walker
^^ This

Cajunboy

Cajunboy
Andy Walker
Andy Walker
Just who do we know make up the Magnificent 8 ?

Peacock?

Mike Smith?

Who else?

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse
Hulk
Captain America

Guest


Guest
Steve hilton
Chris Manning

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse
Chris Mann
Sluffy

Bollotom2014

Bollotom2014
Andy Walker
Andy Walker
Nat

Cajunboy

Cajunboy
Andy Walker
Andy Walker
Who exactly are HILTON and MANN?

I'm assuming MANNING is the LOV guy.

Guest


Guest
@y2johnny wrote:Steve hilton
Chris Manning

Manning has completely denied being one of the Anonymous 8.

He was grilled at length by me someone on LoV and after ducking the issue and being evasive, he finally stopped being ambiguous about it and went on record as saying he wasn't one of the eight.

Even though he referred to the ST as "us" and "we" on here.

It took a while bit eventually I whoever was grilling him got him to go on record.

Guest


Guest
Breadman wrote:
@y2johnny wrote:Steve hilton
Chris Manning

Manning has completely denied being one of the Anonymous 8.

He was grilled at length by me someone on LoV and after ducking the issue and being evasive, he finally stopped being ambiguous about it and went on record as saying he wasn't one of the eight.

Even though he referred to the ST as "us" and "we" on here.

It took a while bit eventually I whoever was grilling him got him to go on record.

If you ever manage to make marc iles ever leaves. Im putting you forward.

Guest


Guest
Thanks but I wouldn't last two minutes doing that job.

You can't swear and I don't understand how Twitter works so I'd be useless.

Cajunboy

Cajunboy
Andy Walker
Andy Walker
Thanks.

Any details on Mann and Hilton?

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
Breadman wrote:Thanks but I wouldn't last two minutes doing that job.

You can't swear and I don't understand how Twitter works so I'd be useless.

Then how have you been crowned most intelligent poster?

scottjames30

scottjames30
Nat Lofthouse
Nat Lofthouse
Was Manning Batman on BAs?

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
@Boggersbelief wrote:
Breadman wrote:Thanks but I wouldn't last two minutes doing that job.

You can't swear and I don't understand how Twitter works so I'd be useless.

Then how have you been crowned most intelligent poster?
Bolton Wanderers will look to go into administration if not bought in next 48 hours Bribery-corruption

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