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Bolton "unlikely" to have £15m Davies debt called-in, claims Ken Anderson

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Norpig
Boggersbelief
Bread2.0
rammywhite
karlypants
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karlypants

karlypants
Nat Lofthouse
Nat Lofthouse

Ken Anderson claims it is “unlikely” Wanderers will have to pay back the £15million loan left in by previous Wanderers owner Eddie Davies after the takeover in March.

Answering questions about the club’s financial state in a Q&A session on Tuesday night, the chairman spoke frankly about his plans for the future as he vies to become sole owner.

Addressing the levels of debt at the club, reported to be £30m, Anderson insists the true amount to be only half after coming to an arrangement with the Isle of Man based life-long fan.

“It has been widely said to be £30m but that is not the case,” he said. “That includes Eddie Davies’s loan, which is not repayable at this moment. He has extended it and the circumstances are that it is unlikely we will have to repay it.

“Originally it was £186m of which he wrote off £171m, the other £15m was left because it was the most tax-efficient way for Ed to do that transaction.”

Davies bankrolled Wanderers for more than a decade after becoming majority shareholder in 2003, enabling the club to reach unimaginable Premier League heights under Sam Allardyce and bring in some world class players.

His legacy was affected, however, by the turmoil which occurred in the last six months of his spell as owner, when some of the financial decisions made by late chairman Phil Gartside and his board were brought into significant question.

Anderson has kept a close dialogue with Davies – who is still a devoted follower of the Whites – and is now hoping to restore the club to a more even keel.

“In the past Ed put in a lot of money and probably hasn’t been given the gratitude for what he did do, even though I know towards the end that things were bad,” he said.

“We have got to the stage where come the summer we have worked out how this club can be sustainable.

“The biggest problem, and it is no secret, is high cost players.

“Twenty players went last summer and by the end of this season we can really get this club back to some degree of sustainability.

“After that we cut our cloth accordingly and take on expenses that we can afford to make sure this club continues to be here.

“In the past we had Ed, and from what I can see at past accounts was putting in an average of between £15-18million a year into the club.

“The downside of that, like Chelsea or Manchester City, is that if that benefactor withdraws you end up where we were last March.

“I don’t think we will go back to that.”

Anderson remains in talks with Dean Holdsworth and BluMarble Capital about increasing his stake in the club by 40 per cent but says if his attempt is successful, future funding will be a “mixture of debt and equity.”

Disagreements still continue between between the two men who stopped Wanderers from slipping into administration earlier this year – with Anderson highlighting that Holdsworth had rejected his offer to fund the club going forward on a “pro-rata basis.”

Holdsworth’s counter argument centres on the fact his Sports Shield company took out the £5m finance from BluMarble, and that Anderson offer of pro-rata funding did not take into consideration the loaned funds already agreed under the contract signed in March.

Anderson has refrained from commenting in detail on the negotiations but outlined his own position on Tuesday night to supporters.

“I did not put money into Sports Shield and that transaction (with BluMarble) was in place before I got involved,” he explained.

“On myself, there has been no borrowed money. It has been my own personal money.

“When the club has required money I have put it in, I have gone on record with that before and will continue to do so.

“Future funding will be more equity and hopefully some debt which will replace the BluMarble. It will need to be replaced because it was never a good deal in the first place.

“That will take us through to the end of the season.”

Wanderers are losing £800,000 a month and yearly losses of £18m forecast when Anderson walked through the doors of the Macron have been improved marginally.

The chairman claims to have saved around £500,000 in renegotiating existing contracts with agents and legal representatives since his arrival.

Player wages continue to make up the vast majority of the Whites’ outgoings and even if the club is promoted this season, Anderson believes a more sensible financial approach will be needed in the second tier.

“The losses of £800,000 a month are correct,” he said. “We are looking to cut back on that figure each day but, realistically, it isn’t going to change drastically until this summer.

“We have looked at where we could be next summer. If we get promoted it brings another £6-7m into our budget in income and I think we’ll then be in a situation where without selling players we’d be in a position to make a loss of circa £3m.

“If the club went into administration the biggest cost is salaries. We’ve got one of the highest budgets in this league and it wouldn’t be my choice but it’s something I have inherited.

“Salaries are not sustainable and we don’t need to pay them, whether we are in League One or the Championship next year.”

Anderson has instructed auditors Deloitte to file the overdue accounts for 2015, which is the first step towards ridding the club of the transfer embargo.

“The embargo is still in place and it will be until we have filed the accounts and had a further meeting with the Football League,” he said.

“I have regular contact with the people there but not necessarily about club business. There hasn’t been the pressure on me that everyone seems to think there is.”

The chairman addressed concerns from a minority shareholder – who like many had their investment diluted considerably back in 2003 when Davies bought in – about the lack of an Annual General Meeting in the last couple of years.

Former chairman Gartside pledged that the club would still honour that commitment despite switching to a private limited company a few years ago.

“It is something that has been on my mind and giving it consideration,” Anderson said. “When the current situation is resolved, I think we will call a meeting.”

The make-up of the board has also been discussed, with the chairman pledging ‘experienced football people’ will get involved once the dust settles on his takeover.

“We expect to bring in other directors but at the moment – let’s be honest – would you want to, knowing the repercussions of the role?” he added.

Source

rammywhite

rammywhite
Frank Worthington
Frank Worthington

Reading KA's statement about the extent of Eddie Davies's loans to the club of over £186 million the vast part of which has been written off and only £15 million left in, is interesting.
I presume that the conspiracy theorists who insist that Eddie was a lying, thieving ,cheating bastard,  must now think that KA is in  in on the conspiracy to fool us all now.

Eddie bankrolled this club for a decade and gave us the best of times- and I for one will be ever grateful to him for that.
But now its onwards and hopefully upwards without his money

Bread2.0

Bread2.0
Andy Walker
Andy Walker

Yeah, he's really likely to start rocking the boat knowing that ED's got his balls in a vice and can say "You are Lobby Lud and I claim my fifteen million quid! (Which I know you've not got.)"

Of course KA's going to blow smoke up Davies' arse and play along...

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse

Bread2.0 wrote:Yeah, he's really likely to start rocking the boat knowing that ED's got his balls in a vice and can say "You are Lobby Lud and I claim my fifteen million quid! (Which I know you've not got.)"

Of course KA's going to blow smoke up Davies' arse and play along...

Do you really have to have such an attitude?

Bread2.0

Bread2.0
Andy Walker
Andy Walker

Suck my chunks.

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse

Davies does deserve credit for all the money he put in but he did blow his reputation when he left us high and dry and wouldn't put a penny in to avoid the threat of administration.

He should have fulfilled his commitment to the club not throw his toys put the pram and cut off all money before the club was sold and that is why he will not longer be seen as good old Uncle Eddie, maybe not by all but a good majority i bet

King Bill

King Bill
David Lee
David Lee

Norpig wrote:Davies does deserve credit for all the money he put in but he did blow his reputation when he left us high and dry and wouldn't put a penny in to avoid the threat of administration.

He should have fulfilled his commitment to the club not throw his toys put the pram and cut off all money before the club was sold and that is why he will not longer be seen as good old Uncle Eddie, maybe not by all but a good majority i bet


Why should ED have carried on pouring money into a failing project? Would anybody else carrying on throwing good money after bad? Inflated salaries paid to a losing, uninspired team and poor successive managers (excluding Big Sam). Coupled with this, attendances were dropping and fans, some on here, wouldn't put their money where their mouth was, and simply stopped coming. 

ED, PG, and Big Sam presided over the best times this club had ever seen in living memory, and all three should be given credit for that. 

I'm glad that KA is finally sorting the mess out so the club continues on an even footing, but the bloke is right when he says ED didn't get the credit he deserved.

The bloke continually dug deep, when he didn't have to, to keep this club going (until tipping point).

To me Eddie Davies is a true Bolton supporter.

whatsgoingon

whatsgoingon
Frank Worthington
Frank Worthington

King Bill wrote:Coupled with this, attendances were dropping and fans, some on here, wouldn't put their money where their mouth was, and simply stopped coming.
That is actually a great point, people throwing criticism at Davies for giving up on Bolton, when they can't even be bothered getting off their arses to go and support them.
Trotting out shite excuses about never going back till x,y or z goes and x,y or z goes and they trot out another shite excuse.
If you're going to throw stones at people don't do so from a glass house.

Bread2.0

Bread2.0
Andy Walker
Andy Walker

Nobody made Eddie Davies muscle his way in and buy Bolton.

It was his choice.

So stick your sanctimonious lecturing up your shitbox.

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse

Bread2.0 wrote:Nobody made Eddie Davies muscle his way in and buy Bolton.

It was his choice.

So stick your sanctimonious lecturing up your shitbox.
Very Happy :clap:

whatsgoingon

whatsgoingon
Frank Worthington
Frank Worthington

Bread2.0 wrote:Nobody made Eddie Davies muscle his way in and buy Bolton.

It was his choice.

So stick your sanctimonious lecturing up your shitbox.
How did I know you'd take exception to that and reply with abuse  Very Happy , I never mentioned your name or even implied it so it must be a bit close to the truth for you.
As for Eddie nobody asked him to get involved as you say but the fans enjoyed a tremendous period of success under him, or at least the real fans did, the miserable moaning armchair tossers (again no names mentioned Razz) were probably gutted they'd nothing to vent their bitter unpleasant spleens at.

Bread2.0

Bread2.0
Andy Walker
Andy Walker

whatsgoingon wrote:
Bread2.0 wrote:Nobody made Eddie Davies muscle his way in and buy Bolton.

It was his choice.

So stick your sanctimonious lecturing up your shitbox.
How did I know you'd take exception to that and reply with abuse 

Possibly because that was what you were aiming for when you posted your shitty little dig?

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse

whatsgoingon wrote:
How did I know you'd take exception to that and reply with abuse  Very Happy , I never mentioned your name or even implied it so it must be a bit close to the truth for you.

Ironic that your original post having a sly dig at the stay away fans was made at 3.14pm, 14 minutes into a game you clearly weren't at.

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse

Gets my vote tonight,but it's all to play for. Miss Knotty Pine will be a danger.
anderson - Bolton "unlikely" to have £15m Davies debt called-in, claims Ken Anderson Another-sexy-tree_fb_1242111

whatsgoingon

whatsgoingon
Frank Worthington
Frank Worthington

Natasha Whittam wrote:
whatsgoingon wrote:
How did I know you'd take exception to that and reply with abuse  Very Happy , I never mentioned your name or even implied it so it must be a bit close to the truth for you.

Ironic that your original post having a sly dig at the stay away fans was made at 3.14pm, 14 minutes into a game you clearly weren't at.
No I wasn't at Chesterfield but I go at least to home games and some away, so financially support the club and bought both my sons season tickets.
Then you've got tossers who mouth off louder than anyone else and point the finger all over and contribute fuck all.

whatsgoingon

whatsgoingon
Frank Worthington
Frank Worthington

Bread2.0 wrote:
whatsgoingon wrote:
Bread2.0 wrote:Nobody made Eddie Davies muscle his way in and buy Bolton.

It was his choice.

So stick your sanctimonious lecturing up your shitbox.
How did I know you'd take exception to that and reply with abuse 

Possibly because that was what you were aiming for when you posted your shitty little dig?
No I  was aiming at stay away fans generally of whom there are many with excuse after excuse why they don't go and contribute to it, but still feel they can take a pop at those who do contribute.
You just aren't that important to be singled out,

whatsgoingon

whatsgoingon
Frank Worthington
Frank Worthington

Read that on Twitter the other day, there's and awful lot of words to say so little.
As a parent you feel for him with regards to his little girl but the bottom line is we'll never know what would have happened for sure if he hadn't got involved but what we do know is he didn't have the money for it and basically hocked us to get involved without any funds to continue it.
I'm still not sure what it was all about for him.

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