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A NEW financial cloud is hovering over Bolton Wanderers.
It is understood that £2.5million of funding promised as part of the club's takeover has not yet been provided.
The Bolton News has learned that without the injection of cash, players’ wages, worth nearly £1m and due at the end of this week, are under threat of not being paid this month.
But co-owner Ken Anderson, whose Inner Circle Investment Group guaranteed the investment to the Football League in March has denied there are imminent problems.
Proof of funding, worth £2.5m for the current season and another £6m for next season, was given by chairman Anderson when he agreed to buy the club from Eddie Davies alongside Dean Holdsworth.
Anderson has confirmed the money has not been moved into the club’s accounts but played down the seriousness of the situation, insisting players will be paid on time and that the money is available when necessary.
He told The Bolton News: “There has been no need to provide the funds so far, which are there if required. The players’ wages are being paid and there is no concern about the security of the money.”
Holdsworth – who declined to comment – provided the up-front funding for the takeover via a loan from Blumarble Capital Ltd which has been secured against club assets. That fee was reported at the time to be £5million.
The Football League may be forced to step in and investigate at Holdsworth’s behest, just 74 days after giving Sports Shield BWFC – the new company set up between Holdsworth and Anderson – permission to buy Wanderers.
But that likelihood has also been played down by Anderson, who added: “I can’t see any reason why either of the owners would ask the Football League to investigate or take action.”
The league only ratified the takeover at the last minute and warned they would be keeping a close eye on financial ins and outs, effectively putting the Whites in special measures until the summer of 2018.
Holdsworth and Anderson have both answered questions about their business plan by pointing to the fact the Football League gave it their approval.
“The Football League have an undertaking from me for a certain amount of money and that remains between the football club, the Football League and myself but there is an undertaking to put that money in,” Anderson said of his own financial commitment in March. “They checked I had that money, were happy and I got passed.”
But 11 weeks on there is no sign of the transfer embargo being lifted, statutory accounts are overdue since March 31 at Companies House and no a manager has still to be appointed, along with a board of directors.
Separately, the Bolton Wanderers Supporters’ Trust sent an official letter to the Football League asking for clarification on a number of issues regarding the takeover and the embargoes which have been put in place over the last six months.
Ian Bridge, interim chairman of the steering group, told The Bolton News: “We have sent a letter to the Football League following up previous contact regarding a list of questions and issues prior to the takeover being sanctioned."
The trust has also confirmed senior officials on the steering group have requested a meeting with Football League chief executive Sean Harvey and incoming chairman Ian Lenagan to address their concerns.
We contacted the Football League for their comment on the situation yesterday but are yet receive a reply.
Staff were paid as normal last week, a wage bill of nearly £500,000, but it is understood that without an injection of funds they may not be able to pay the wage bill for the football department which amounts to twice the amount.
Costs continue to mount and wages alone will total £4m until the end of June.
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It is understood that £2.5million of funding promised as part of the club's takeover has not yet been provided.
The Bolton News has learned that without the injection of cash, players’ wages, worth nearly £1m and due at the end of this week, are under threat of not being paid this month.
But co-owner Ken Anderson, whose Inner Circle Investment Group guaranteed the investment to the Football League in March has denied there are imminent problems.
Proof of funding, worth £2.5m for the current season and another £6m for next season, was given by chairman Anderson when he agreed to buy the club from Eddie Davies alongside Dean Holdsworth.
Anderson has confirmed the money has not been moved into the club’s accounts but played down the seriousness of the situation, insisting players will be paid on time and that the money is available when necessary.
He told The Bolton News: “There has been no need to provide the funds so far, which are there if required. The players’ wages are being paid and there is no concern about the security of the money.”
Holdsworth – who declined to comment – provided the up-front funding for the takeover via a loan from Blumarble Capital Ltd which has been secured against club assets. That fee was reported at the time to be £5million.
The Football League may be forced to step in and investigate at Holdsworth’s behest, just 74 days after giving Sports Shield BWFC – the new company set up between Holdsworth and Anderson – permission to buy Wanderers.
But that likelihood has also been played down by Anderson, who added: “I can’t see any reason why either of the owners would ask the Football League to investigate or take action.”
The league only ratified the takeover at the last minute and warned they would be keeping a close eye on financial ins and outs, effectively putting the Whites in special measures until the summer of 2018.
Holdsworth and Anderson have both answered questions about their business plan by pointing to the fact the Football League gave it their approval.
“The Football League have an undertaking from me for a certain amount of money and that remains between the football club, the Football League and myself but there is an undertaking to put that money in,” Anderson said of his own financial commitment in March. “They checked I had that money, were happy and I got passed.”
But 11 weeks on there is no sign of the transfer embargo being lifted, statutory accounts are overdue since March 31 at Companies House and no a manager has still to be appointed, along with a board of directors.
Separately, the Bolton Wanderers Supporters’ Trust sent an official letter to the Football League asking for clarification on a number of issues regarding the takeover and the embargoes which have been put in place over the last six months.
Ian Bridge, interim chairman of the steering group, told The Bolton News: “We have sent a letter to the Football League following up previous contact regarding a list of questions and issues prior to the takeover being sanctioned."
The trust has also confirmed senior officials on the steering group have requested a meeting with Football League chief executive Sean Harvey and incoming chairman Ian Lenagan to address their concerns.
We contacted the Football League for their comment on the situation yesterday but are yet receive a reply.
Staff were paid as normal last week, a wage bill of nearly £500,000, but it is understood that without an injection of funds they may not be able to pay the wage bill for the football department which amounts to twice the amount.
Costs continue to mount and wages alone will total £4m until the end of June.
[You must be registered and logged in to see this link.]
