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Bolton Nuts » BWFC » Bolton Wanderers Banter » Now the truth's out I actually feel worse....

Now the truth's out I actually feel worse....

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Guest


Guest
Iles has just published a piece in the BN which sheds a little light on how and why Sports Shield got involved with trying to buy the club.

Turns out Gartside approached them with the view to buying the club himself.

Fuck me.....

That fell apart (for reasons unknown) but Holdsworth's appetite was well and truly whetted and he ended up launching his own bid (backed by Bruce Gordon's millions).

But then Gordon realised what a fucking monumental mistake it would be to throw money at Bolton Wanderers and backed out.

It appears that DH was already too far in to call it off and that's where Ken Anderson comes in.

What a fucking half-baked mess.

No wonder we're up shit creak.

There obviously is no long term plan, or even a short to middle term one beyond trying to flog the likes of Holding, and I honestly think we're fucked here.

Hope I'm wrong.

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Here is the article...

2015-16 REVIEW: The saga of how Bolton Wanderers almost went out of business and were finally sold

Wanderers fans had never had to understand terms like validation orders and share purchase agreements, but they were dealt a crash course in business finance as the club sailed close to administration this season. Marc Iles guides us through the ups and downs.

IT was no secret Wanderers were up for sale, in fact Eddie Davies recently claimed he had been trying to sell the club for four years.

By the start of this season, however, things were getting desperate, and after talks with investors from Ireland, South Korea, the Middle East and a Stelios-led consortium from Greece/Canada, there had been no progress at all.

Phil Gartside had been doing the leg work, sussing out the “tyre kickers”, as he referred to the many time wasters who got to the table. It was a thankless task but when Davies – or rather his trust – cut off the funds completely, it became a much more urgent one.

At this point the former chairman approached Sports Shield, the investment group co-owned by Dean Holdsworth. He had not approached the former striker to invite a bid, he had done so to make one himself.

Gartside was looking to go it alone and become more than just chairman.

Despite several weeks of negotiating terms, none were agreed, and by the start of the season the club was back to square one in its search for a credible new owner. Holdsworth’s interest had been pricked, however, as we later found out.

Money gained from Tim Ream’s sale at the end of the summer window had been promised to Neil Lennon for signings. The alarm bells started to sound when that money was swallowed up to pay the bills.

Losing £1million a month, Wanderers were sinking fast without investment. Rumours of impending administration were batted away by the chairman at the start of November, shortly before illness forced him to retire from the public spotlight.

Trevor Birch, football’s Red Adair, was recruited by Davies to come in and make some sense of things. He wasted no time in declaring a state of emergency.

Wanderers were insolvent. An unpaid tax and VAT bill booked them the first of three High Court dates with HMRC and accounts were frozen as a total transfer embargo was put in place.

The PFA were forced to mediate after players were not paid their monthly salary and administration staff also had to suffer at Christmas with a late payment.

Offices were sold to Prescot Business Park Ltd, co-owned by lifelong Wanderers fan Michael James and Tom Morris, the man behind Home Bargains. The same company would later gazump Middlebrook and buy the North Stand car park land in a joint venture with the club but not without another trip to the High Court to unfreeze accounts.

The first team training ground at Euxton was sold to raise short-term funds. It did not help the mood around Bolton that the buyers were local rivals Wigan Athletic.

Investors came and went from the negotiating table at an alarming rate, each throwing a certain amount of mud at the other behind the scenes. Holdsworth – one of the only bidders to avoid such unpleasantness – stuck out to the last.

At one point the Supporters’ Trust looked to be the saviours of the club, their opening meeting attracting more than 1,000 fans and no shortage of financial backing. Alas, the bureaucracy required to get the trust legally binding did not work in their favour and unless the club dipped into administration, their chances were slim.

Holdsworth’s persistence finally paid off in February. He had been dealt a huge blow when joint funder Bruce Gordon pulled out of the deal – frustrated at the lack of flexibility being shown by seller, Davies – but was then aided by a long-time associate, and former football agent Ken Anderson.

Anderson had previously been banned for eight years as a company director but that issue had expired and as the club hovered their finger over the administration button on a crucial day in court, a signed share purchase agreement from Davies arrived at the last possible moment to signal the sale of the club.

Relief turned to anxiety as the club was forced to wait for the bid to be ratified by the Football League. It was no formality, it turned out, and that too turned out to be a last-minute affair.

Solicitors worked around the clock to provide the Football League with the paperwork and assurances they required, alongside the massive amount of due diligence still to be done.

Whether the deal, rushed through in an effort to save Wanderers, conceded too much to former owner Davies is unclear. He retains £15million of debt in the company and is guaranteed payments at Championship level or above for five years.

Whether the Football League were right to wave the business plan and proof of funds through and save one of their founder members the embarrassment of administration is another matter which is often debated by fans.

What is beyond doubt, however, is that the takeover saved Wanderers from the heartbreak of administration – something which Holdsworth had been particularly keen to do.

It is now for the new ownership to show that their marriage of convenience can last and that the squabbles which have blighted their early weeks in charge are only a trivial and temporary issue.

[You must be registered and logged in to see this link.]

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
Breadman wrote:Iles has just published a piece in the BN which sheds a little light on how and why Sports Shield got involved with trying to buy the club.

Turns out Gartside approached them with the view to buying the club himself.

Fuck me.....

That fell apart (for reasons unknown) but Holdsworth's appetite was well and truly whetted and he ended up launching his own bid (backed by Bruce Gordon's millions).

But then Gordon realised what a fucking monumental mistake it would be to throw money at Bolton Wanderers and backed out.

It appears that DH was already too far in to call it off and that's where Ken Anderson comes in.

What a fucking half-baked mess.

No wonder we're up shit creak.

There obviously is no long term plan, or even a short to middle term one beyond trying to flog the likes of Holding, and I honestly think we're fucked here.

Hope I'm wrong.

I thought Iles had less of a clue about what is happening at BWFC than the fans?

Now you're hanging on his every word

Guest


Guest
Turns out it was Neil Bonnar, not Iles.

So I believe every word.

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
"Marc Iles guides us through the ups and downs"

Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse
They appear to be clueless, lets just hope thats the appearance and they're actually extremely shrewd and guide us to stability over the next 10 years.

no I couldn't keep a straight face typing that but hey ho.

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
imagine Gartside owning the club  affraid

whatsgoingon

whatsgoingon
Frank Worthington
Frank Worthington
I think Holdsworth is genuinely in it for the football but I think Anderson is in it for a buck. I wouldn't be surprised if he is already trying to sell it on because that's what he does, hopefully he can to someone who wants a club, but from reading about his involvement in Southampton I fear that he is dodgy and likes to deal with people equally dodgy.
Until the embargo get's lifted I'm worried that neither of these 2 can take us forward and our biggest hope is that they can sell us on.

wanderlust


Nat Lofthouse
Nat Lofthouse
As I've said many times, there's plenty wrong with our situation, but at least we exist. Hopefully after this article, more fans will start to be grateful for that small mercy.

gloswhite

gloswhite
Jay Jay Okocha
Jay Jay Okocha
Fair comment Wander, but for how long?

wanderlust


Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:Fair comment Wander, but for how long?
Dunno mate, but recently it feels like everyone has taken our survival for granted.

Guest


Guest
@Boggersbelief wrote:"Marc Iles guides us through the ups and downs"

What the fuck are you on about?

There's no mention of Iles anywhere on or in that article.

It's ascribed to Neil Bonnar and labelled as such at the top.

Pack it in!

gloswhite

gloswhite
Jay Jay Okocha
Jay Jay Okocha
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Fair comment Wander, but for how long?
Dunno mate, but recently it feels like everyone has taken our survival for granted.


True. Being positive is one thing, but I personally feel that we are a long way from safety, but time will tell.

Guest


Guest
Here is the article...

2015-16 REVIEW: The saga of how Bolton Wanderers almost went out of business and were finally sold

Wanderers fans had never had to understand terms like validation orders and share purchase agreements, but they were dealt a crash course in business finance as the club sailed close to administration this season. Marc Iles guides us through the ups and downs.


it does say marc iles breaders

gloswhite

gloswhite
Jay Jay Okocha
Jay Jay Okocha
But did he write the article, or was he a contributor to it

Guest


Guest
Fucking cockwombling bollocks!

That means I've got to apologise to Boggers.

Ah well.....

Boggers, I apologise - you were right and I take it back.

Guest


Guest
i don't know, but it does say he GUIDES us through the ups and downs.  either way it all sounds shite at the moment

Guest


Guest
Breadman wrote:Fucking cockwombling bollocks!

That means I've got to apologise to Boggers.

Ah well.....

Boggers, I apologise - you were right and I take it back.
sorry breaders Very Happy

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
Breadman wrote:
[You must be registered and logged in to see this link.] wrote:"Marc Iles guides us through the ups and downs"

What the fuck are you on about?

There's no mention of Iles anywhere on or in that article.

It's ascribed to Neil Bonnar and labelled as such at the top.

Pack it in!

[You must be registered and logged in to see this link.]

terenceanne

terenceanne
El Hadji Diouf
El Hadji Diouf
What difference does it make who wrote it ....... pretty much just jives with what most of us have thought all along. 
I am maintaining my theory until further notice .....that is, they will balance the books for a year then dump us for a quick profit for Ken & Deano........ that actually might not be a bad thing depending on who the next owners might be.

scottjames30

scottjames30
Nat Lofthouse
Nat Lofthouse
How embarrassing.

luckyPeterpiper

luckyPeterpiper
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote:What difference does it make who wrote it ....... pretty much just jives with what most of us have thought all along. 
I am maintaining my theory until further notice .....that is, they will balance the books for a year then dump us for a quick profit for Ken & Deano........ that actually might not be a bad thing depending on who the next owners might be.
I can't help wondering if Tamraz is watching all this from the sidelines and waiting to see if he can nip in and pick us up cheap himself. Given Dean's interview on another thread where he admits he and Anderson aren't seeing eye to eye on a lot of issues might suggest to Tamraz that they would be willing to take a small profit each to get out of the "partnership" if nothing else. I understand Breadman and a few others here think Tamraz is "dodgy" and he might well be but we need an owner or a board at least that are all pulling in the same direction.

Guest


Guest
Point of order:

I'd have Roger the Dodger in a heartbeat.

It's Bonce who's dead set against him.

The way I see it, if you're going to be owned by a random dodgy bastard, it might as well be one with a few quid behind him.

Unlike the current set-up....

Sluffy

Sluffy
Admin
It's madness wanting any unscrupulous person wishing to gain control of the club, do you think they are suddenly going to be passionate owners overnight and become philanthropic about chucking millions into the club with little obvious chance of seeing it back again?

They would be here to use (and abuse) the club for their own aims.

Look where Portsmouth are now since they had a brush with one or two shady characters.

I can't say the thought of having a previously debarred company director as part owner exactly fills me with confidence but at least he is involved in the football world.  Why would anyone want some random allegedly super rich and 'suspect' character suddenly turn up out of the blue and turn a nothing club (in the shadow of Premier teams United, City, Liverpool and Everton) with a less than 30,000 capacity, running at a considerable monthly loss, and turn it into some sort of Chelsea like Abramovitch did? You know that Chelsea which is situated in the posh part of London and not stuck in the out of the way Horwich retail Park!

I guess these sort of flies are buzzing around us for a reason though and I can't see the stench going away anytime soon, so we might as well let Anderson get on with whatever he is here to do and keep our fingers crossed it turns out good for the club too!

Guest


Guest
So a dodgy twat with no cash is better than a dodgy twat with loads of cash?

Ok......

Sluffy

Sluffy
Admin
Breadman wrote:So a dodgy twat with no cash is better than a dodgy twat with loads of cash?

Ok......

The more successful the unscrupulous businessman is - the harder someone has been screwed to make him super rich in the first place.

The seventy odd year old foreign billionaire with no previous interest in football, if he ever really was interested in the club, would have been here for his financial benefit - not ours.

If he really was after a club there are plenty better situated out there for him to pump his money into rather than our basket case of a business.

You don't have to be Einstein to work that one out.

Guest


Guest
Do you really think I believe that someone like Tamraz would give a shit about BWFC?

I'm actually insulted.

Of course he wouldn't give a shit about us but his motivation for snooping around was reported by his man in London to be to use us as a foothold into the UK / Northern European energy market.

The money he would spend on shoring us up and trying to make us successful (circa £30 million, let's say) would be covered in his advertising budget, so he probably saw us as a cheap way in.

And if we benefited as a result, happy days.

Do you really think he was interested because he saw us as an opportunity to do a bit of asset stripping?

The guy's a billionaire, not some tin-pot football agent with fuck all cash of his own to invest.

He's probably got more spare cash lodged down the back of his settee than Holdsworth and the other bent twat have ever seen in their lives, so I hardly think he'd be interested in buying us to make money out of the deal.

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
Why is Holdsworth a "bent twat". Or Anderson for that matter. From where I'm standing, those two guys saved us from going bust and are trying their hardest to clean up the mess that Davies has left

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:Why is Holdsworth a "bent twat". Or Anderson for that matter. From where I'm standing, those two guys saved us from going bust and are trying their hardest to clean up the mess that Davies has left

Wasting your time, some "fans" want us to fail so they can say "I told you so".

Sluffy

Sluffy
Admin
If that was true then where has Tamraz invested his money trying to get a foothold in the energy market since his knock back with Bolton then?

Also I would have though acquiring an ENERGY COMPANY rather than a football club would be a much better strategy if he wanted to enter the energy market.

Seems more of a sensible way to go to my way of thinking.

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