Sports Shield BWFC Ltd - LIQUIDATED

good explanation on the video but BluMarble are not going to get back £7million surely, whoever they sell to are they? If they don't get enough, do they, as an example say we'll take the Hotel then?

Norpig wrote:good explanation on the video but BluMarble are not going to get back £7million surely, whoever they sell to are they? If they don't get enough, do they, as an example say we'll take the Hotel then?

In simple terms - yes!

I guess however that it all boils down to whether or not it was legal to do what Holdsworth did by taking out the security of the loan to SSBWFC against the clubs assets - by himself (technically a minority club shareholder) - without board or any other club owner approval.

As the clubs secretary witnessed Holdsworth signature to the deal on the club assets - I guess he must have thought the deal was legal at the time - and since nothing has been done about it by Anderson (on the face of it anyway) to get it thrown out by legal action - I guess he must also believe it was legal also.

(Maybe the club secretary had power to act for all the little shareholdings - and thus with Holdsworth shares, made it possible to sign against the clubs assets in a position representing the majority view of the club owners at that time?).

I would think if Andersons accepts that there is a legal contract over the clubs assets then he better start making plans to pay them off!

A company which owns more than a third of shares in Championship club Bolton Wanderers has been liquidated.

Sports Shield BWFC Limited, owned by ex-Bolton striker Dean Holdsworth and part of a takeover in March 2016, was wound up on Monday.

The winding-up petition was lodged by BluMarble Ltd in relation to non-repayment of a £5m loan.

The loan, which because of accumulated interest is understood to be closer to £7m, was secured against club assets.

Previously, Bolton chairman Ken Anderson said Holdsworth "failed to tell" the club of the arrangement.

Bolton sold a car park close to the Macron Stadium and their training ground at Euxton to raise funds as they fought to avoid administration before the takeover.

Bolton 'welcome' court's decision

Sports Shield was not represented at the brief court hearing at London's Bankruptcy and Companies Court.

A statement from Bolton Wanderers said: "We welcome the verdict and are currently speaking with our professional advisors."

The English Football League added: "The EFL notes today's decision of the Court in relation to Sports Shield BWFC.

"The Executive will review the decision in the context of our rules and provide a report to the board at its next scheduled meeting in September."

Sports Shield and Anderson's Inner Circle Investments saved Bolton from financial collapse when they completed their takeover by taking control of previous owner Eddie Davies' 94.5% share.

In May, Anderson said Inner Circle Investments had acquired approximately 30% of Sports Shield to assist with resolving the matter with BluMarble, leaving Sports Shield with a 37.5% share and Inner Circle with 57.5%.

Monday's hearing had been adjourned by 14 days at the EFL's request, as they considered a proposal from BluMarble's lawyers to resolve the issue, and Anderson said he hoped it would be resolved quickly.

However, counsel for BluMarble, Tom Leary, told Ms Registrar Barber at the hearing: "The settlement has not been forthcoming."

Sports Shield's 37.5% shareholding in Bolton now rests with the liquidator, who can take offers for it - either from BluMarble, Anderson or a third party.

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It's not looking good, especially the £7 million accrued loan  secured against  club assets.

What an absolute shambles! How did Eddie even let this happen? I thought he would only sell to someone who had sustainable plan in place? Dean had no fucking plan whatsoever. Arsehole!

Leeds_Trotter wrote:What an absolute shambles! How did Eddie even let this happen? I thought he would only sell to someone who had sustainable plan in place? Dean had no fucking plan whatsoever. Arsehole!

Dean had a plan alright - he borrowed £5 million and put just£4 million into the club.

The other £1 million apparently being a set up fee for the loan.

Somebody did very well for just a few hours work!

Updated Iles report including statement from Holdsworth

SPORTS Shield BWFC, which owned more than a third of the shares in Bolton Wanderers, was liquidated today.

The company, owned by former player Dean Holdsworth, was wound up at the Bankruptcies and Companies Court in London. Its 37.5 per cent stake in the club is now in the hands of insolvency specialists, Quantuma.

The winding-up order was brought by Blu Marble, a lender who loaned £5m to Sports Shield BWFC in March last year to purchase the club from former owner Eddie Davies. The loan – which with interest has now swollen to a reported £7m – has been in default for a number of months.


Andrew Hosking has now been appointed as the liquidator. His job is to recoup the debt on behalf of Blu Marble. The funds may be raised via the sale of shares to a third party, or to Bolton Wanderers chairman Ken Anderson, whose 57.5 per cent stake remains unaffected.

In a statement, Mr Anderson said he accepted “that there could be detrimental knock-on effects for the club”, and added that he was doing his “utmost to ensure this does not happen”.

One of the potential ramifications could be a points deduction.

A spokesman for the Football League confirmed that would be discussed at a meeting next month. He said: “The EFL notes today’s decision of the court in relation to Sports Shield BWFC. The executive will review the decision in the context of our rules and provide a report to the board at its next scheduled meeting in September.”

Holdsworth expressed his disappointment that a deal intended to prevent liquidation of the company could not struck after discussions with two interested purchasers, one of which is based in the town, fell short over the weekend.

“I am so disappointed in this action,” he said. “For the good of the club SSBWFC had reached an agreement with a third party and they had also reached an agreement in principle with Blu Marble. They had shown they had the financial ability to take the club forward and lift the embargo to help the team and give the club stability.

Unfortunately, because of the demands of others, an agreement could not be reached therefore this enable Blu Marble to take action to protect their interests. The Blu Marble agreement secured the club’s future for Burnden Leisure Ltd (Wanderers’ parent company) when we were minutes away from administration. The matter is still legal. I shall be making further statements on this in the future when the time is right.”

Anderson confirmed in a statement on the club’s website he had dealt with a number of approaches from UK and international prospective buyers and used board advisor Paul Aldridge to manage discussions.

“As I have said in the past, if someone with the wherefore and financial resources to take the club forward comes along, then l am always happy to meet with them,” he said.

“So far, however, the various people who have said they are in a position to do so have been unable to provide financial proof of funds and to be honest, have wasted a great deal of our time.

Furthermore, the vultures and pariahs need not apply as this club has achieved a great deal over the last 18 months and is not in the financial position it was when l first became involved.”

Referring specifically to Mr Holdsworth’s statement, he added: “I have seen Dean’s statement today and after taking legal advice, I won’t be commenting at this stage other than to say that the ‘third party’ were given every opportunity to complete a deal.

"Unfortunately they were never able to provide an acceptable proof of funds that would have been acceptable to the EFL or myself. As it now stands, Dean/SSBWFC are no longer a shareholder and all future discussions will be with the liquidator and the EFL.”

The ‘third party’ has also been in contact with The Bolton News to give their version of events. Speaking via a spokesperson, it is claimed Mr Anderson asked for a non-refundable £500,000 to allow access to the club’s books and a total £5m by Monday morning.

"That offer was put to him on Friday and firmed up on Saturday,” the spokesperson continued.

“He then wanted £1m for staying in the Championship during the 2017/18 season and a further £4m if the club reached the Premier League in the next three seasons. This is for a business in which he owned 57.5 per cent of the shares, the whole 95 per cent having only been purchased for £1 in March last year.”

A second party also expressed a wish to buy the club and was introduced to Anderson via the same channels. They were unable to proceed with payment immediately but agreed to explore the possibility of a joint venture with the other potential purchaser.

The consortium claim a 72-hour delay was requested at the weekend to enable solicitors to move funds, which would have in turn prompted BluMarble to remove their winding-up petition, but that the offer was rejected by Mr Anderson.

“Both potential buyers believe jointly, or independently, they had a credible bid which could have avoided the mess that ensued in its entirety,” the spokesperson added.

“We are concerned about the effect this may have on the club and what sanctions the EFL may now wish to impose.”

The group have added they are looking aims to resume talks in the next 48 hours with the liquidator and Anderson to try to complete the purchase “as quickly as possible”.

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Fucking hell, seems Ken isn't one we can trust either. Got no chance of somebody buying us now.

Leeds_Trotter wrote:Fucking hell, seems Ken isn't one we can trust either. Got no chance of somebody buying us now.

'The group have added they are looking aims to resume talks in the next 48 hours with the liquidator and Anderson to try to complete the purchase “as quickly as possible”'

Sluffy wrote:

Leeds_Trotter wrote:What an absolute shambles! How did Eddie even let this happen? I thought he would only sell to someone who had sustainable plan in place? Dean had no fucking plan whatsoever. Arsehole!

Dean had a plan alright - he borrowed £5 million and put just£4 million into the club.

The other £1 million apparently being a set up fee for the loan.

Somebody did very well for just a few hours work!

But as it turns out it wasn't Deano. Still fair play to the man for somehow finding the funds minutes before BWFC was about to go into administration.

wanderlust wrote:

Sluffy wrote:

Leeds_Trotter wrote:What an absolute shambles! How did Eddie even let this happen? I thought he would only sell to someone who had sustainable plan in place? Dean had no fucking plan whatsoever. Arsehole!

Dean had a plan alright - he borrowed £5 million and put just£4 million into the club.

The other £1 million apparently being a set up fee for the loan.

Somebody did very well for just a few hours work!

But as it turns out it wasn't Deano. Still fair play to the man for somehow finding the funds minutes before BWFC was about to go into administration.

Are you for real?

Do you really think someone can just pitch up and arrange a £5 million loan in a few minutes???

This was planned and executed before Anderson knew anything about it.

Funny how Holdsworth original partner to buy the club is now in prison serving time for fraud.

Just a coincidence though I'm sure.

The usual suspects are out in force on the Bolton News site except oddly for Manning's mate, Whitesmurf.

Typical report from Iles as well implying that Uncle Eddie got millions for his shares rather than giving them away on condition that the new owners came up with some money to keep the club going.

They did but only as a result of Holdsworth signing over the deeds to the ranch (keeping a million quid back to cover his expenses) whilst KA held the fort as best he could.

Looks like Ken's judgement of the interested parties may have been spot on if the first thing they did was go running to the Bolton News with their version of events when they didn't get what they wanted.

Who is this mysterious 3rd party who spoke to the BN? Anyone know?

Norpig wrote:Who is this mysterious 3rd party who spoke to the BN? Anyone know?

Well it would be someone who knows Holdsworth and Iles.

Who sides with Holdsworth - otherwise why tell tales about Anderson?

Who want's to make Anderson looks bad.

Someone who would seem to have a grudge against Anderson - he wouldn't let Holdsworth drag it out any longer even the Holdsworth had a deal on the table - (yeah course he did - neither of the two other parties had even looked at the books because they baulked at his charge of £500,000 for doing so [aimed incidentally to show prospective investors a) are serious and b) actually have monies to invest]).

Someone who knew that Iles would swallow the tale and print the story in the press (almost as though they've pulled his strings many times before!)



No prizes for guessing who I think the mysterious third party is!

Sluffy wrote:

Norpig wrote:Who is this mysterious 3rd party who spoke to the BN? Anyone know?

Well it would be someone who knows Holdsworth and Iles.

Who sides with Holdsworth - otherwise why tell tales about Anderson?

Who want's to make Anderson looks bad.

Someone who would seem to have a grudge against Anderson - he wouldn't let Holdsworth drag it out any longer even the Holdsworth had a deal on the table - (yeah course he did - neither of the two other parties had even looked at the books because they baulked at his charge of £500,000 for doing so [aimed incidentally to show prospective investors a) are serious and b) actually have monies to invest]).

Someone who knew that Iles would swallow the tale and print the story in the press (almost as though they've pulled his strings many times before!)



No prizes for guessing who I think the mysterious third party is!

 let me guess 

I just can't see it though Sluffy, the ST have started to build bridges with KA and he even praised them recently for sponsoring the academy players.

It's probably another of Deano's dodgy mates i reckon and KA didn't trust them obviously.

Norpig wrote:

Sluffy wrote:

Norpig wrote:Who is this mysterious 3rd party who spoke to the BN? Anyone know?

Well it would be someone who knows Holdsworth and Iles.

Who sides with Holdsworth - otherwise why tell tales about Anderson?

Who want's to make Anderson looks bad.

Someone who would seem to have a grudge against Anderson - he wouldn't let Holdsworth drag it out any longer even the Holdsworth had a deal on the table - (yeah course he did - neither of the two other parties had even looked at the books because they baulked at his charge of £500,000 for doing so [aimed incidentally to show prospective investors a) are serious and b) actually have monies to invest]).

Someone who knew that Iles would swallow the tale and print the story in the press (almost as though they've pulled his strings many times before!)



No prizes for guessing who I think the mysterious third party is!

 let me guess 

I just can't see it though Sluffy, the ST have started to build bridges with KA and he even praised them recently for sponsoring the academy players.

It's probably another of Deano's dodgy mates i reckon and KA didn't trust them obviously.

I'm not so sure they have though really.

It seems to be a marriage of convenience between the two for now - the ST on the face of things seeing that their anti-Anderson stance is not popular with the majority of fans (including ST members) and Anderson wanting the ST onside to help lift the ACV on the stadium.

I don't think for a moment Izza and his mates have had a sudden change of mind over Anderson, nor do I think Anderson really believes the ST will put their backs into removing the ACV.

Even if you look (pedantically) at what Anderson says about the ST in his latest statement as Chairman

What he actually says is that he 'acknowledges' the support of the ST in regards to one aspect - the Academy Fund and that he will TRY ('endeavour') to work closely with them from NOW on ('hereon in').
 
Hardly glowing praise of them really is it?

Of course you are right and I have no idea who the third party is but as I've said in my post above it clearly is someone that ticks all the boxes I laid out - and can you or anyone else say with hand on heart that the ST hasn't (even if improbably it doesn't now) been a perfect match up?!

So Deano stops the club going into Administration by borrowing £5 million of which he invested £4 million into the club in return for shares. Interest on the 5 has taken the debt up to £7 million. 
Ken bought some of the shares so Deano was left with 37.5%.
So Deano has pocketed £1 million plus whatever KA paid for the other shares?
Now the liquidator has the 37.5% which they can sell on and use the money(less their fee) to go towards the BM settlement.
Highly unlikely that an investor will pay £7 million plus the liquidator's fee so there's likely to be a shortfall - for which BM is likely to come after the club's assets - some of which were paid for in the first place with the £4million that Deano put in.
What surprises me in all of this is that the consortium looking to buy in asked for 72 hours to get the money which KA refused to give them - in the full knowledge that SSBWFC would be liquidated.
Why did he do that? 
If my understanding is right, we are likely to see new shareholders who could possibly pay well under the going rate (as BWFC isn't the liquidator's concern) a raid on our assets (which may not be valued at full whack) and possible sanctions (e.g. points reduction) from the EFL.

I just don't get why KA apparently put his desire to get rid of Deano ahead of the club's overall interest.
Still at least we've survived so far.

wanderlust wrote:So Deano stops the club going into Administration by borrowing £5 million of which he invested £4 million into the club in return for shares. Interest on the 5 has taken the debt up to £7 million. 
Ken bought some of the shares so Deano was left with 37.5%.
So Deano has pocketed £1 million plus whatever KA paid for the other shares?
Now the liquidator has the 37.5% which they can sell on and use the money(less their fee) to go towards the BM settlement.
Highly unlikely that an investor will pay £7 million plus the liquidator's fee so there's likely to be a shortfall - for which BM is likely to come after the club's assets - some of which were paid for in the first place with the £4million that Deano put in.
What surprises me in all of this is that the consortium looking to buy in asked for 72 hours to get the money which KA refused to give them - in the full knowledge that SSBWFC would be liquidated.
Why did he do that? 
If my understanding is right, we are likely to see new shareholders who could possibly pay well under the going rate (as BWFC isn't the liquidator's concern) a raid on our assets (which may not be valued at full whack) and possible sanctions (e.g. points reduction) from the EFL.

I just don't get why KA apparently put his desire to get rid of Deano ahead of the club's overall interest.
Still at least we've survived so far.

It's simple - no one was really going to buy Holdsworth shares.

No one has even looked at the books yet, so do you honestly believe they would be buying shares in a business blind?

If they really do now want the shares their hands are forced now by the liquidator having control of them.

No more silly games from the Holdsworth camp anymore.

''How much have you spent on Bolton Wanderers, darling''

''Only £185million, dear''

''Oh that's alright, darling, a man's got to have a hobby.  And don't you go worrying about me, they are always looking for staff at the smokehouse and you know how I adore the smell of kippers''

''Oh, I'm sure it won't come to that, dear. That nice Mr Holdsworth is coming to see me next week with one of his friends and I'm sure they'll come up with something and you can spend it all at Poundland''