Surprising share hitch delays Ken Anderson takeover

Ken Anderson’s attempts to become sole owner of Bolton Wanderers have taken an unexpected twist, The Bolton News can reveal.

After the Whites chairman had agreed a deal in principle to buy Dean Holdsworth’s 40 per cent stake in the club last week it has now emerged that a dated letter submitted to Anderson’s legal representatives last Thursday revealed a clause which threw a late spanner in the works.

BluMarble, the senior debt holder who supplied a £5million loan to Holdsworth’s Sports Shield company to help purchase the club in March, werer attemoting to register a debenture on the company itself, and consequently had stronger security over the shares.

It has been alleged a letter, dated from July but uncovered only at the last moment before contracts were due to be signed, revealed the information which prompted Anderson to step away from the deal.

Discussions, described by Anderson as “amenable and constructive” earlier this week have continued and a meeting between the chairman and BluMarble was held on Tuesday designed to resolve the issue. How quickly that will now be done, however, is very much up for debate.

A source close to the deal explained: “It is a bit like agreeing to buy a car and then finding out the previous owner still has Hire Purchase on it.

“Yes, you could go ahead with it, but it probably not sensible to do so.”

Wanderers are not thought to be at any serious short-term risk despite the hitch and have paid all major creditors, including HMRC, and salaries on time. That is expected to be the case once again later this month.

Information has emerged on Anderson’s plan for the club beyond his proposed takeover and we have learned that two offers are currently on the table from organisations who have pre-approved the club’s funding requirements for the rest of the season.

That funding will be crucial to allow the club to press ahead and submit overdue financial accounts for 2015.

The crucial part of those accounts will be the “forward looking assessment” from the auditors Deloitte. That statement will reflect the predicted state of the business over the next 12 months and will go a long way to deciding whether the Football League choose to remove the transfer embargo which has been in place since the end of last year.

With Wanderers riding high in League One it now looks almost certain Anderson will look to fund the club’s running costs with the help of one of the available loans before considering his options in the summer, potentially as a Championship side.

We have also learned that Wanderers are waiting on confirmation that a temporary extension has been granted by Companies House to submit the overdue accounts.

The threat of enforcement action against the two Wanderers directors – Anderson and Holdsworth – is a real one, but an application has now been made to give them more time to rectify the situation.

Manager Phil Parkinson called for a speedy resolution to the boardroom issues which have deflected slightly from his side’s fine performances on the pitch but it appears he and an increasingly-anxious Wanderers fan-base will have to show a little more patience.

A meeting between Anderson and the league was shelved at the end of November, but the chairman insists he has been in regular dialogue with the FL in-house solicitor Nick Craig, who has been advised of the reasons for the delay.

The league had also been willing to sanction Anderson’s takeover until the last-minute hitch.

Holdsworth has made it known he has stepped away from the club reluctantly but is refusing to comment on the details of the arrangement he entered into with BluMarble back in March.

It is understood that under the proposals on the table last week BluMarble are due a full repayment of the loan, plus interest.

It is known that if the share sale goes through Holdsworth will stay on in a salaried role as ambassador for Wanderers and in a statement released last week he insisted Anderson had assured him the funds would be in place to avoid any of the financial problems which arose at the start of this year.

Source

I don't understand this?

It's been known from the start that the Blumarble loan to Holdsworth was secured against the club assets not Sports Shield, I myself have talked about it on Nuts many times in the past.

I can't see how Blumarble could give Sports Shield a loan and secure it on the club instead unless it had in someway a 'hold' on the club - and the only way that could be possibly done was through control of Holdsworth shares in BWFC.

I thought the delay for the last week was the 'talks' between Anderson and Blumarble in regards to the 'signing' over of this 'control', thus allowing Anderson to obtain full control of the club, Holdsworth making an exit as a shareholder and Blumarble still having security on their loan.

Now Iles seems to be saying, if I understand him correctly, that Blumarble tried to get security against Sports Shield in July and because of this Anderson has stepped back from buying Holdsworth shares?

I can't find any charge against Sports Shield filed at Companies House.

Is the story perhaps that the charge was always intended to be against Holdsworth via Sports Shield (and not BWFC) but at the time of the loan taking place SS had not got the required assets and the only way the deal could be done was Holdsworth allowing the charge to be set against his 'new' assets the club, with the intent to move the charge to SS at a later date?

If so perhaps Anderson is saying it is really up to Holdsworth and SS to shoulder this £5 million plus debt themselves and not the club!

Maybe if he did get control of Holdsworth shares NOW before that point is sorted, that possible scenario goes out the window?

If he could wriggle out of paying back Holdsworth's £5 million Blumarble loan, then could you blame him?

It obviously would be better for both him AND the club!

If anybody can come up with a different interpretation of Iles article I think we would all be interested to read what you think it might be.

Iles is now twittering that there are two deals on the table, neither of which are Saudi.

When pressed on if they are to buy the club or merely invest funds, his response was chillingly brief:

"Bridging finance."

Now I know this is Iles we're talking about and Magoo probably knows more about what's happening behind the scenes at BWFC than he does, but that sounds worrying to me.

If we take the extortionate rates charged by Blu Marble as some sort of yardstick for the only kind of financial institutions prepared to touch us, I think we can safely assume that this means a shit load more (hard) debt.

And if you believe Evil Bob Hope when he says that the club's finances are already pretty precarious, saddling it with a load of new debt doesn't sound like a very good idea to me...

Bread2.0 wrote:Iles is now twittering that there are two deals on the table, neither of which are Saudi.

When pressed on if they are to buy the club or merely invest funds, his response was chillingly brief:

"Bridging finance."

Now I know this is Iles we're talking about and Magoo probably knows more about what's happening behind the scenes at BWFC than he does, but that sounds worrying to me.

If we take the extortionate rates charged by Blu Marble as some sort of yardstick for the only kind of financial institutions prepared to touch us, I think we can safely assume that this means a shit load more (hard) debt.

And if you believe Evil Bob Hope when he says that the club's finances are already pretty precarious, saddling it with a load of new debt doesn't sound like a very good idea to me...

What other alternative is there though?

If Holdsworth and Anderson say they will put in an agreed amount of money to keep the club going for the season and Holdsworth runs out of money half way through what other choices does Anderson have left?

He either sells the club urgently - looks as though no one but him wants to buy Holdsworth shares but him - so who would want to buy the club at this time?

Or, he let's it go into Administration and all that entails.

Or he puts double his money into the club - does he have it and if so does he want to expose himself to double his risk.

Or does he get a short term loan until he can sell the club on?

Seems to me he's taken the least worse option of them all.

Time will tell.

You've got to laugh!

Holdsworth has issued a statement via Sport Shield basically asking for the ongoing saga to be kept out of the news - shown below - but if you look at the very top of the page there is an a link to the Sport Shield Bridging Finance page!

Pity Dean didn't make use of his own facility!!!



Anyway -

Bolton Wanderers Football Club Joint Owner and Director, Dean Holdsworth, has issued a statement regarding recent public speculations. 
“Over recent weeks there have been many published articles highlighting certain issues within the club. It would preferable to all that the current situation be resolved and that is what I plan to achieve. However, until that time, I believe that the constant need for press attention and making ‘headlines’ for certain people is not benefiting the manager, the team, the fans or any of the people who work at the club. They have all been through so much and this will not help.”
“I have read reports and stories, some that are factually wrong in cases, that are of no help to anyone. There are of course confidentiality agreements in place as standard practice and they need to be adhered to. Washing the clubs business in newspapers is not the professional way.”
“We will continue to work to secure the football club’s future. In the meantime, it would be far better in my opinion, that the team make the ‘headlines’, the manager and his staff have done a great job so far with the players and long may it continue.” 
“As always, stronger together.”

http://www.sportsshield.co.uk/bwfc/statement-from-dean-holdsworth/

Immediately re-tweeted by Manning.

I posted a comment about his adoration of DH on LoV a couple of hours ago, pointing out that if he's happy to sling shit at KA, he should be fair and throw some DH's way too.

He denied even knowing who Michael Collins was earlier today on Twitter when I mentioned him.

Despite having heavily implied that he knew all about his criminal activities when I brought them up months ago with him.

So when I pointed out that he was either bullshitting back then and didn't in fact know about DH's business partner's criminal tendencies or he chose to ignore what he knew because it conflicted with his preferred narrative about DH being a top bloke, he didn't like it and promptly deleted my comment.

Fuck me....they only get about 3 comments every Preston Guild on his site so you'd have thought he'd just be happy that someone was contributing to it.....

If you're reading this, Christopher (and we both know you will be), you are a fucking shitbag.

You're so wrapped up in trying to feel clever and "involved" just because your dodgy mate's drip-feeding you "ITK" snippets from inside Macron Towers, you can't see the bigger picture.

And deleting comments you don't agree with is a slippery slope.

It means you're either intellectually incapable of forming a rebuttal or you know what's being said is true and it's just more convenient for you if it disappears.

Chris Manning, you sir, are a soft shite.

It was fairly obvious to me that Holdsworth was the one briefing both LoV and the ST about the inside story at the club (obviously only giving one side of it) and that Iles - having no inside sources trotted out the line and stance taken by them.

You can then understand the 'hatred' and 'mistrust' of Anderson whipped up by both the LoV and the ST.

Anderson may very well not be a saint but he seems to have let his actions speak for him rather than just words.

The Blumarble millstone is Holdsworth doing, the lack of funds on his behalf (from a company that he owns advertising (ironically) Bridging Financing, is from Holdsworth side and indeed it was Holdsworth himself that invited Anderson into bed with him - not the other way around!

Anderson for his part has brought in a great manager, decent players and has arranged funding to keep us going now that Holdsworth has failed to continue his.

It doesn't sit well with either the LoV (which remember is only a click bait site to attract traffic to it so they can earn money from companies advertising there because of the traffic it attracts) or the ST to apparently look as though they've back the wrong horse in what is only a two horse race!

At the end of the day Holdsworth does not appear to have put in any of his own money into the club but will be walking away with a huge wad if he does sell his shares to Anderson.

Yet he is the good guy in all this for the LoV and the ST and Anderson the bad guy!?

I don't see it that way myself, but then again I've never needed to brown nose Holdsworth for anything - unlike some.

I am surprised by people on here being surprised

Years of announcements which then don't play out should have taught you by now...don't ever believe a single word. Not just with this current financial mess but with players signed...then not signed etc.etc.
Our stars will not be sold in January is another ...... check back with me in February on that one.

Still it all makes for some good banter on here at least.

I agree about DH being Manning's source but I think the ST were always in ED's pocket and got their info and directional steer from him.

He was instrumental in setting the damn thing up, in my opinion. They've admitted that applying for preferred bidder status was Birch's idea, don't forget.

Anyway, whatever the truth is, they're united in their dislike of Anderson for their own, distinct reasons in my view:

KA's more or less fucked the ST off and sees them as an insignificance (much to their chagrin) and Holdsworth's got his own, very obvious reasons for not liking the guy.

So I think it's more likely a case of "My enemy's enemy is my friend."

Manning's just a dick.

Bread2.0 wrote:I agree about DH being Manning's source but I think the ST were always in ED's pocket and got their info and directional steer from him.

He was instrumental in setting the damn thing up, in my opinion. They've admitted that applying for preferred bidder status was Birch's idea, don't forget.

Anyway, whatever the truth is, they're united in their dislike of Anderson for their own, distinct reasons in my view:

KA's more or less fucked the ST off and sees them as an insignificance (much to their chagrin) and Holdsworth's got his own, very obvious reasons for not liking the guy.

So I think it's more likely a case of "My enemy's enemy is my friend."

Manning's just a dick.

Is Chris Manning the geezer who used the nom de plume of Batman? He used to post on here as Kane iirc.

Reebok Trotter wrote:

Bread2.0 wrote:I agree about DH being Manning's source but I think the ST were always in ED's pocket and got their info and directional steer from him.

He was instrumental in setting the damn thing up, in my opinion. They've admitted that applying for preferred bidder status was Birch's idea, don't forget.

Anyway, whatever the truth is, they're united in their dislike of Anderson for their own, distinct reasons in my view:

KA's more or less fucked the ST off and sees them as an insignificance (much to their chagrin) and Holdsworth's got his own, very obvious reasons for not liking the guy.

So I think it's more likely a case of "My enemy's enemy is my friend."

Manning's just a dick.

Is Chris Manning the geezer who used the nom de plume of Batman? He used to post on here as Kane iirc.

That's the one.

Bread you are forgetting that one of the actual members of the ST's Steering Group (and their PR and media 'guru' - his description of himself - not mine!) was non other than Mannings right hand man on the Lov at the time!!!

There was no doubt in my mind that Holdswoth, the LoV and the ST were all in cahoots with each other at that time - and probably have been ever since.

I certainly know for a fact that the ST have been 'guests' of Holdsworth in his private box for home matches before now.

Guess how many times the ST have even spoke face to face with Anderson!

Not many, not many at all.

The LoV are only bothered about far fethched stories to make people click on their site in order that they can earn money off the back of them from advert revenue, so in a sense they can be excused for alienating themselves from Anderson and the club - they are in it for the money - which considering they imply the same charge against Anderson for owning the club - makes them total and utter hypocrites themselves.  The ST on the other hand is purportedly in existence to represent the fans to the club.  How the feck they represent the fans view whilst totally going out of their way to alienate the club owner is incomprehensible to me and stinks to high heaven of them having a hidden agenda in my view.

The ST is completely meaningless to everyone whilst the current muppets are in charge of it and Anderson owns the club.

This lot will not be happy until they run Anderson out of town.

Yet Anderson has shown himself the only person able to actually move the club forward - more so the Saint Dean Holdsworth anyway!

The LoV is just a meaningless click bait site, the ST can't possibly represent its members or anyone else to the club whilst they continue on their mission to get Anderson expelled from BWFC in someway or other and Holdsworth is the one with no money who signed the ground over to Blumarble without a bean in his pocket to pay them back - yet Anderson is made out to be the dodgy one in all of this?

Seems to me these three empty vessels who are making all the noise are the ones who've fucked up - not the other way round as they claim it to be!

Comments from Anderson in tonight's match programme - tweeted by Iles -

Please note read from the bottom up - in time order.


KA: "I hope to see as many of you there as possible from 7pm until 8pm in the Platinum Suite.
6:07pm
KA: "I am fully aware that there is a great deal of other information that you would like to know now, including an update on the late filing of the accounts, the transfer embargo and my personal background, which I am to be able to share with you all at the Q&A meeting tomorrow evening.
6:05pm
KA: "What I actually asked Dean was if he would fund the business going forward pro rate to our shareholdings with me, but unfortunately he declined to do so.
6:03pm
KA: "At no time have I ever given Dean Holdsworth an ultimatum that unless he sells me his shares, that I would put the club and associated businesses into administration.
6:01pm
KA: "I find it very disappointing that people who should know better are making speculative and misinformed comments and allegations.
6:01pm
KA: "There seems to be a great deal of media speculation and radio interviews taking place at thoment where the comments being aired are very wide of the mark.
5:56pm
Some very interesting words from Ken Anderson in his matchday programme...