Home
AN end appears to be in sight to the long-running takeover battle at Bolton Wanderers, with Eddie Davies set to give the green light to new ownership by the end of this week.
The club wants to have an agreement in place by Friday, which will put them in a strong position to defend a winding up petition at the High Court in London on Monday.
Wanderers must pay a £3million tax and VAT bill owed to HMRC or risk being placed into liquidation, which would mean the immediate sale of assets such as the academy base in Lostock, the hotel, or potentially the Macron Stadium itself.
Given the club’s lowly league position, voluntary administration – which brings with it an instant 12-point deduction from the Football League and almost certain relegation - had been strongly considered in order to safeguard its immediate future. But progress made in the last few days with prospective buyers has made that option much less likely.
Davies has spoken with two, possibly three, candidates in the last 72 hours with a view to forcing a deal. The timescale remains tight, and new ownership would still need to pass Football League criteria once they were given preferred bidder status, including how they intend to fund the club’s operation for the next 12 months.
Exactly who will be given the go-ahead is still a matter of conjecture.
The Bolton Wanderers Supporters’ Trust has spoken with Davies’s legal representatives and issued a public statement confirming their intent to buy. Recent developments have been kept behind closed doors but it is understood they have submitted a working business plan and consider themselves a viable option.
Backed by a consortium of local businessmen and organisations, the trust hope that their ‘community-led bid’ could sway Davies’s favour. More than 6,000 supporters signed up originally but red tape has slowed their efforts to set up an elected hierarchy or raise funds via membership.
The Sports Shield consortium, led by ex-Whites striker Dean Holdsworth, has also stuck resiliently to their plan to buy outright and remain in position to act fastest, having done the requisite homework.
After changing their financial structure in recent weeks, it is believed they have also lodged a bid and are waiting for an answer from Davies.
The wildcard element is a consortium attached to billionaire banker and oil magnate Roger Tamraz, who claimed at the end of January that he was ready to put forward a bid.
Mr Tamraz has been on the periphery of talks for several months and it is believed his representatives has also investigated joint ventures with some of the other consortia who have looked to buy Wanderers.
But rumours have been circulating for the last 24 hours that his consortium has now lodged a firm bid and that they too were being strongly considered.
Two other groups, one anchored by a Korean investment group and another led by Isle of Man based businessman Dennis Rogers, have also been in the mix.
Davies said in a rare public appearance last week that the club “will survive” to honour the legacy of former chairman Phil Gartside, who passed away last week.
There has nevertheless been some frustration among bidders that an agreement has not been reached sooner, and the matter allowed to drag so close to the court date.
Manager Neil Lennon is hoping for a swift resolution to the takeover and some calmer financial waters which could aid the club in their Championship survival bid.
“The sooner the better this is resolved from my point of view,” he told The Bolton News. “From a coaching perspective we have been putting square pegs in round holes for a long time. I look at it and think ‘would things be better with another winger, or another striker?’ “Financially that has been impossible.”
[You must be registered and logged in to see this link.]
The club wants to have an agreement in place by Friday, which will put them in a strong position to defend a winding up petition at the High Court in London on Monday.
Wanderers must pay a £3million tax and VAT bill owed to HMRC or risk being placed into liquidation, which would mean the immediate sale of assets such as the academy base in Lostock, the hotel, or potentially the Macron Stadium itself.
Given the club’s lowly league position, voluntary administration – which brings with it an instant 12-point deduction from the Football League and almost certain relegation - had been strongly considered in order to safeguard its immediate future. But progress made in the last few days with prospective buyers has made that option much less likely.
Davies has spoken with two, possibly three, candidates in the last 72 hours with a view to forcing a deal. The timescale remains tight, and new ownership would still need to pass Football League criteria once they were given preferred bidder status, including how they intend to fund the club’s operation for the next 12 months.
Exactly who will be given the go-ahead is still a matter of conjecture.
The Bolton Wanderers Supporters’ Trust has spoken with Davies’s legal representatives and issued a public statement confirming their intent to buy. Recent developments have been kept behind closed doors but it is understood they have submitted a working business plan and consider themselves a viable option.
Backed by a consortium of local businessmen and organisations, the trust hope that their ‘community-led bid’ could sway Davies’s favour. More than 6,000 supporters signed up originally but red tape has slowed their efforts to set up an elected hierarchy or raise funds via membership.
The Sports Shield consortium, led by ex-Whites striker Dean Holdsworth, has also stuck resiliently to their plan to buy outright and remain in position to act fastest, having done the requisite homework.
After changing their financial structure in recent weeks, it is believed they have also lodged a bid and are waiting for an answer from Davies.
The wildcard element is a consortium attached to billionaire banker and oil magnate Roger Tamraz, who claimed at the end of January that he was ready to put forward a bid.
Mr Tamraz has been on the periphery of talks for several months and it is believed his representatives has also investigated joint ventures with some of the other consortia who have looked to buy Wanderers.
But rumours have been circulating for the last 24 hours that his consortium has now lodged a firm bid and that they too were being strongly considered.
Two other groups, one anchored by a Korean investment group and another led by Isle of Man based businessman Dennis Rogers, have also been in the mix.
Davies said in a rare public appearance last week that the club “will survive” to honour the legacy of former chairman Phil Gartside, who passed away last week.
There has nevertheless been some frustration among bidders that an agreement has not been reached sooner, and the matter allowed to drag so close to the court date.
Manager Neil Lennon is hoping for a swift resolution to the takeover and some calmer financial waters which could aid the club in their Championship survival bid.
“The sooner the better this is resolved from my point of view,” he told The Bolton News. “From a coaching perspective we have been putting square pegs in round holes for a long time. I look at it and think ‘would things be better with another winger, or another striker?’ “Financially that has been impossible.”
[You must be registered and logged in to see this link.]
Last edited by Sluffy on Tue Feb 16 2016, 23:21; edited 1 time in total
