'Sense of uncertainty' at the Macron Stadium following Dean Holdsworth's removal as shareholderDANIEL Izza, the chairman of the Bolton Wanderers Supporters’ Trust, believes Dean Holdsworth’s removal as shareholder has created a sense of uncertainty at the Macron Stadium.
Sports Shield BWFC — Holdsworth’s company set up to purchase Wanderers in March, 2016 — was wound-up on Monday, and his 37.5 per cent stake was placed into the hands of insolvency firm Quantuma.
Wanderers chairman, Ken Anderson remains majority shareholder at present with 57.5 per cent of the shares, but the race to buy Holdsworth’s slice has already begun.
Two un-named groups, one of which is led by a Bolton-based businessman, maintain an active interest in buying the shares, and a joint venture between the two interested parties has not been ruled out.
Mr Anderson is also keen to become sole owner and is said to be in advanced discussions.
Whoever takes up the shares will also have to satisfy finance company Blu Marble, which issued a winding-up petition to seek repayment from SSBWFC for a loan used to buy the club.
Mr Izza, a qualified solicitor and member of R3, the professional association of insolvency specialists, said: “The liquidator has got an obligation to sell them to the highest bidder. Blu Marble is owed somewhere in the region of £5million plus interest now.
“Those shares are on the open market now. Sports Shield is a shelf company and probably only has one creditor — that being Blu Marble.”
Two un-named groups, one of which is led by a Bolton-based businessman, maintain an active interest in buying the shares, and a joint venture between the two interested parties has not been ruled out.
Mr Anderson is also keen to become sole owner and is said to be in advanced discussions.
Whoever takes up the shares will also have to satisfy finance company Blu Marble, which issued a winding-up petition to seek repayment from SSBWFC for a loan used to buy the club.
Mr Izza, a qualified solicitor and member of R3, the professional association of insolvency specialists, said: “The liquidator has got an obligation to sell them to the highest bidder. Blu Marble is owed somewhere in the region of £5million plus interest now.
“Those shares are on the open market now. Sports Shield is a shelf company and probably only has one creditor — that being Blu Marble.”
Despite resigning as director of football in July last year and having little day-to-day contact with the club, Holdsworth remained co-owner and was a regular in the directors’ box.
Although he has often lived abroad, Mr Anderson has had a much more hands-on role at Wanderers over the past 17 months and reckons the club — currently in a transfer embargo — is on course to have a "sustainable business plan" by the end of the season.
Mr Anderson said: “The financial position of the club today is at its best since I became involved and the sustainable business plan will be completed by the end of this season, albeit that it is a long way from what l inherited and whilst some of my actions have not always been pleasant, they have been necessary to ensure the club has a sustainable future.”
Mr Izza believes the addition of another voice has the potential to shift power in the boardroom.
He said: “It does provide uncertainty for Ken in respect of his ownership because he is going to be faced with a liquidator potentially transferring shares to a third party he hasn’t necessarily dealt with in the past. They may like him, they may not like him, they may be able to work with him, or not.
“If he gets a shareholding with a bit of money behind it and wants to get involved in the club he is not going to be able to run it like he has done so far. It’s about control.”
The Football League will decide next month whether SSBWFC’s liquidation contravenes any of their rules on ownership, which in worst case scenario could mean a points deduction.
Many around the club, including Mr Izza, believe such action is unlikely.
He added: “I don’t think there is a 12-point deduction for Bolton Wanderers here, but there is always a risk if a group company within the ownership of the club goes under in insolvency. In a similar situation with Birmingham City, the EFL decided that an associated company insolvency did not cause there to be a points deduction.”
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