COMMENT: Is it right to be worried about Wanderers' finances?

To any casual onlooker it was business as usual at Lostock yesterday as Phil Parkinson and his staff prepared for a weekend visit to league leaders Norwich City.

Beneath the surface, however, a genuine concern is brewing that this is the start of a winter of discontent at Wanderers.

Tomorrow, club owner Ken Anderson has assured players they will be paid their delayed November salary. His promise, made on Friday afternoon, was enough to ensure the players fought out a 1-1 draw with Wigan Athletic and carried on as normal at the training ground over the last few days. But what would happen next should a problem arise?

Such a situation is barely worth thinking about for Phil Parkinson, who has already had to negotiate more than his fair share of mediation between the club owner and his squad this season.

There is no suggestion from the players that a repeat of the strike which forced the cancellation of a summer friendly against St Mirren would be considered and nor would the Professional Footballer’s Association allow it to happen on their watch.

But one must question what effect persistent issues with payment have on a group of players who must bank on team spirit to overcome the fact the squad has been assembled for next to nothing in Championship terms.

Parkinson has worked hard to create a strong bond within his players since walking through the doors in the summer of 2016 and inheriting a group whose confidence had been wrecked by the financial issues which had gone on before. In many ways, he must feel like he is edging back towards square one.

The manager and his staff have also been hit in the pocket – not only with the delayed November pay but also with bonuses still owed from last season for keeping the club in the division against all odds.

There is no obvious end in sight to the financial issues as Ken Anderson looks to strike a deal with someone to sell the club who has greater financial wherewithal.

Asked his thoughts about a sale after the weekend draw against Wigan, Parkinson said: “If that happens before January it would be great for us. If it doesn’t then we’ll have to do what we have for the last two years and that’s dig deep and work hard for each other.”

Realistically, chances of the club changing hands so quickly are slim to none. Parkinson can only hope that the cash-flow problems which have emerged in the last few weeks do not get worse and have the same devastating impact they did on Neil Lennon’s squad in late 2015.

Wanderers have reduced their losses since those troubled times but still need an injection of around £6million a year to break even. Last season that came in the shape of Gary Madine’s sale to Cardiff City but this year there is no obvious asset in the squad who could attract such a fee.

How exactly Anderson plans to tackle the short-term financial obligations is a matter of concern among Wanderers fans.

The £5m bridging loan his Inner Circle Investment company took out to cover the repayment of BluMarble in September is reportedly due in early February. That money was loaned on to Wanderers – Anderson claims at the same interest rate – and could end up being a major incentive for him to find a buyer a quickly as possible.

Last October Wanderers produced a glossy document to send to prospective investors, quoting a £25million, bottom line, to buy the club, debt free. Last month, Anderson verified claims that a £30m bid had been made by two foreign parties – but later claimed that neither had been able to show clear proof of funding.

To put the level of profit Mr Anderson could have claimed in such a deal, the initial takeover of Eddie Davies’s majority stake cost just one pound.

A Companies House document also lists a £150,000 fee his company paid to liquidators Quantuma for Holdsworth’s 37.5 per cent stake to become sole owner.

“The value of any club is what people are willing to pay,” said the Bolton owner, last month.

Anderson’s business methods have not met with universal approval but he claims they have been a necessary evil to get the club on a more stable footing. He even claimed at the start of this season that few teams in the division were in such rude financial health.

Recent events have not painted that picture, and have caused considerable concern among the supporters.

The Bolton News calls on Mr Anderson to address the supporters and explain why players have not been paid on time, coaching staff have not been paid their bonuses for keeping Wanderers in the division last season.

The time has come to put an end to this poker game. Cards on the table.

Source

karlypants wrote:To any casual onlooker it was business as usual at Lostock yesterday as Phil Parkinson and his staff prepared for a weekend visit to league leaders Norwich City.

Beneath the surface, however, a genuine concern is brewing that this is the start of a winter of discontent at Wanderers.

Tomorrow, club owner Ken Anderson has assured players they will be paid their delayed November salary. His promise, made on Friday afternoon, was enough to ensure the players fought out a 1-1 draw with Wigan Athletic and carried on as normal at the training ground over the last few days. But what would happen next should a problem arise?

Such a situation is barely worth thinking about for Phil Parkinson, who has already had to negotiate more than his fair share of mediation between the club owner and his squad this season.

There is no suggestion from the players that a repeat of the strike which forced the cancellation of a summer friendly against St Mirren would be considered and nor would the Professional Footballer’s Association allow it to happen on their watch.

But one must question what effect persistent issues with payment have on a group of players who must bank on team spirit to overcome the fact the squad has been assembled for next to nothing in Championship terms.

Parkinson has worked hard to create a strong bond within his players since walking through the doors in the summer of 2016 and inheriting a group whose confidence had been wrecked by the financial issues which had gone on before. In many ways, he must feel like he is edging back towards square one.

The manager and his staff have also been hit in the pocket – not only with the delayed November pay but also with bonuses still owed from last season for keeping the club in the division against all odds.

There is no obvious end in sight to the financial issues as Ken Anderson looks to strike a deal with someone to sell the club who has greater financial wherewithal.

Asked his thoughts about a sale after the weekend draw against Wigan, Parkinson said: “If that happens before January it would be great for us. If it doesn’t then we’ll have to do what we have for the last two years and that’s dig deep and work hard for each other.”

Realistically, chances of the club changing hands so quickly are slim to none. Parkinson can only hope that the cash-flow problems which have emerged in the last few weeks do not get worse and have the same devastating impact they did on Neil Lennon’s squad in late 2015.

Wanderers have reduced their losses since those troubled times but still need an injection of around £6million a year to break even. Last season that came in the shape of Gary Madine’s sale to Cardiff City but this year there is no obvious asset in the squad who could attract such a fee.

How exactly Anderson plans to tackle the short-term financial obligations is a matter of concern among Wanderers fans.

The £5m bridging loan his Inner Circle Investment company took out to cover the repayment of BluMarble in September is reportedly due in early February. That money was loaned on to Wanderers – Anderson claims at the same interest rate – and could end up being a major incentive for him to find a buyer a quickly as possible.

Last October Wanderers produced a glossy document to send to prospective investors, quoting a £25million, bottom line, to buy the club, debt free. Last month, Anderson verified claims that a £30m bid had been made by two foreign parties – but later claimed that neither had been able to show clear proof of funding.

To put the level of profit Mr Anderson could have claimed in such a deal, the initial takeover of Eddie Davies’s majority stake cost just one pound.

A Companies House document also lists a £150,000 fee his company paid to liquidators Quantuma for Holdsworth’s 37.5 per cent stake to become sole owner.

“The value of any club is what people are willing to pay,” said the Bolton owner, last month.

Anderson’s business methods have not met with universal approval but he claims they have been a necessary evil to get the club on a more stable footing. He even claimed at the start of this season that few teams in the division were in such rude financial health.

Recent events have not painted that picture, and have caused considerable concern among the supporters.

The Bolton News calls on Mr Anderson to address the supporters and explain why players have not been paid on time, coaching staff have not been paid their bonuses for keeping Wanderers in the division last season.

The time has come to put an end to this poker game. Cards on the table.

Source

It seems that Marc Iles just loves to stir the pot and play to his 'lynch mob' gallery. Of course the club is in financial distress and can't meet its obligations from its income but that has been the case for the last twenty years.

The BN didn't like to report the fact that the club relied on Eddie Davies bailing it out year after year until he could afford to do it no longer. Only a few months ago, Marc Iles was telling his dim-witted readers that Gordon Hargreaves funded the building of the Reebok when the truth was that the Reebok was built on borrowed money that the club couldn't afford to repay until Eddie Davies stepped in and paid off the lot. The BN also told its numbskill readers that the money received from the sale of Nicholas Anelka wasn't re-invested when the truth was that the club spent £35million on player registrations in the year Anelka was sold.

I do believe that I was the first person to find and comment upon the £150K payment to Quantuma and I also, at the same time, reported on the £472K that Inner Circle spent on Holdsworth's shares. Iles AGAIN selectively ignores the £472K and the fact that those funds almost certainly came out of the £525K Inner Circle consultancy fee. He also AGAIN selectively ignores all the other amounts paid to Dean Holdsworth and his advisors to allow the club to stay in business whilst new owners were sought.

Iles also draws a veil over the amounts that would have to be paid out of any sales proceeds if the club was to be handed over 'debt free'. I do believe that the situation is critical and that it would be in the best interests of Ken Anderson and the club to conclude any negotiations that may presently be in progress but the idea that Ken Anderson should be exposed to every vulnerability whilst trying to pull off a deal is naive, at best.

I'm glad Iles has finally found his balls and is questioning KA, that's his job. I'm thankful to KA for trying to sort this whole mess out but he wasn't really the right man to be buying the club as he himself admits he can't fund properly.
He probably was hoping for a quick sale but issues keep coming up, i can't believe all the interested parties can't prove they have the funds available so yes, KA does have some explaining to do.

I would love to know where the money to pay for Doidge is coming from when we can't even pay staff or players on time for one.

Just heard Simon Jordan on TalkSport, saying that KA often tried to sell him some 'hair brained' schemes to help him out at Palace, and that he was surprised he'd become an owner.

boltonbonce wrote:Just heard Simon Jordan on TalkSport, saying that KA often tried to sell him some 'hair brained' schemes to help him out at Palace, and that he was surprised he'd become an owner.

'Simon Jordan is an English businessman who made his fortune in the mobile phone industry. In 2000, he purchased Crystal Palace Football Club and remained chairman of the club until administration in early 2010'.

Ten Bobsworth wrote:

boltonbonce wrote:Just heard Simon Jordan on TalkSport, saying that KA often tried to sell him some 'hair brained' schemes to help him out at Palace, and that he was surprised he'd become an owner.

'Simon Jordan is an English businessman who made his fortune in the mobile phone industry. In 2000, he purchased Crystal Palace Football Club and remained chairman of the club until administration in early 2010'.

I know.

boltonbonce wrote:

Ten Bobsworth wrote:

boltonbonce wrote:Just heard Simon Jordan on TalkSport, saying that KA often tried to sell him some 'hair brained' schemes to help him out at Palace, and that he was surprised he'd become an owner.

'Simon Jordan is an English businessman who made his fortune in the mobile phone industry. In 2000, he purchased Crystal Palace Football Club and remained chairman of the club until administration in early 2010'.

I know.

Jordan seems to be a bit on the mouthy side and I was just wondering whether that was the pot I could hear boiling or the kettle.

Anyway KA's 'hair brained' schemes allowed him to buy BWFC for a personal outlay of 50P and, against all  odds, keep it out of admin for two and a half years so far. Even if he can't avoid it much longer, KA can't be faulted for effort.

Jordan is certainly mouthy, although he's found an adoring audience at TalkSport, where listeners have been fawning over him, and suggesting he should be running the FA!
However, I see Anderson and KA as cut from the same wood, and the fact that even Jordan found some of KA's ideas as 'hair brained' is pretty telling.

boltonbonce wrote:Jordan is certainly mouthy, although he's found an adoring audience at TalkSport, where listeners have been fawning over him, and suggesting he should be running the FA!
However, I see Anderson and KA as cut from the same wood, and the fact that even Jordan found some of KA's ideas as 'hair brained' is pretty telling.

I'm not sure that I'd rely on Jordan on this one. KA seems to be very experienced in handling insolvency situations and I suspect that he would be quite capable of thinking of ways of getting round problems that others wouldn't have thought of or contemplated.

These are frequently imperfect situations with no immediately obvious solutions but, despite never being an insolvency specialist, I have in the past helped quite a few business owners recover from insolvent positions with a bit of ingenuity.

Ten Bobsworth wrote:

karlypants wrote:To any casual onlooker it was business as usual at Lostock yesterday as Phil Parkinson and his staff prepared for a weekend visit to league leaders Norwich City.

Beneath the surface, however, a genuine concern is brewing that this is the start of a winter of discontent at Wanderers.

Tomorrow, club owner Ken Anderson has assured players they will be paid their delayed November salary. His promise, made on Friday afternoon, was enough to ensure the players fought out a 1-1 draw with Wigan Athletic and carried on as normal at the training ground over the last few days. But what would happen next should a problem arise?

Such a situation is barely worth thinking about for Phil Parkinson, who has already had to negotiate more than his fair share of mediation between the club owner and his squad this season.

There is no suggestion from the players that a repeat of the strike which forced the cancellation of a summer friendly against St Mirren would be considered and nor would the Professional Footballer’s Association allow it to happen on their watch.

But one must question what effect persistent issues with payment have on a group of players who must bank on team spirit to overcome the fact the squad has been assembled for next to nothing in Championship terms.

Parkinson has worked hard to create a strong bond within his players since walking through the doors in the summer of 2016 and inheriting a group whose confidence had been wrecked by the financial issues which had gone on before. In many ways, he must feel like he is edging back towards square one.

The manager and his staff have also been hit in the pocket – not only with the delayed November pay but also with bonuses still owed from last season for keeping the club in the division against all odds.

There is no obvious end in sight to the financial issues as Ken Anderson looks to strike a deal with someone to sell the club who has greater financial wherewithal.

Asked his thoughts about a sale after the weekend draw against Wigan, Parkinson said: “If that happens before January it would be great for us. If it doesn’t then we’ll have to do what we have for the last two years and that’s dig deep and work hard for each other.”

Realistically, chances of the club changing hands so quickly are slim to none. Parkinson can only hope that the cash-flow problems which have emerged in the last few weeks do not get worse and have the same devastating impact they did on Neil Lennon’s squad in late 2015.

Wanderers have reduced their losses since those troubled times but still need an injection of around £6million a year to break even. Last season that came in the shape of Gary Madine’s sale to Cardiff City but this year there is no obvious asset in the squad who could attract such a fee.

How exactly Anderson plans to tackle the short-term financial obligations is a matter of concern among Wanderers fans.

The £5m bridging loan his Inner Circle Investment company took out to cover the repayment of BluMarble in September is reportedly due in early February. That money was loaned on to Wanderers – Anderson claims at the same interest rate – and could end up being a major incentive for him to find a buyer a quickly as possible.

Last October Wanderers produced a glossy document to send to prospective investors, quoting a £25million, bottom line, to buy the club, debt free. Last month, Anderson verified claims that a £30m bid had been made by two foreign parties – but later claimed that neither had been able to show clear proof of funding.

To put the level of profit Mr Anderson could have claimed in such a deal, the initial takeover of Eddie Davies’s majority stake cost just one pound.

A Companies House document also lists a £150,000 fee his company paid to liquidators Quantuma for Holdsworth’s 37.5 per cent stake to become sole owner.

“The value of any club is what people are willing to pay,” said the Bolton owner, last month.

Anderson’s business methods have not met with universal approval but he claims they have been a necessary evil to get the club on a more stable footing. He even claimed at the start of this season that few teams in the division were in such rude financial health.

Recent events have not painted that picture, and have caused considerable concern among the supporters.

The Bolton News calls on Mr Anderson to address the supporters and explain why players have not been paid on time, coaching staff have not been paid their bonuses for keeping Wanderers in the division last season.

The time has come to put an end to this poker game. Cards on the table.

Source

It seems that Marc Iles just loves to stir the pot and play to his 'lynch mob' gallery. Of course the club is in financial distress and can't meet its obligations from its income but that has been the case for the last twenty years.

The BN didn't like to report the fact that the club relied on Eddie Davies bailing it out year after year until he could afford to do it no longer. Only a few months ago, Marc Iles was telling his dim-witted readers that Gordon Hargreaves funded the building of the Reebok when the truth was that the Reebok was built on borrowed money that the club couldn't afford to repay until Eddie Davies stepped in and paid off the lot. The BN also told its numbskill readers that the money received from the sale of Nicholas Anelka wasn't re-invested when the truth was that the club spent £35million on player registrations in the year Anelka was sold.

I do believe that I was the first person to find and comment upon the £150K payment to Quantuma and I also, at the same time, reported on the £472K that Inner Circle spent on Holdsworth's shares. Iles AGAIN selectively ignores the £472K and the fact that those funds almost certainly came out of the £525K Inner Circle consultancy fee. He also AGAIN selectively ignores all the other amounts paid to Dean Holdsworth and his advisors to allow the club to stay in business whilst new owners were sought.

Iles also draws a veil over the amounts that would have to be paid out of any sales proceeds if the club was to be handed over 'debt free'. I do believe that the situation is critical and that it would be in the best interests of Ken Anderson and the club to conclude any negotiations that may presently be in progress but the idea that Ken Anderson should be exposed to every vulnerability whilst trying to pull off a deal is naive, at best.

You are right about the purchase of the stadium of course. Rightly or wrongly though they were trying to finance most of the cost of the UBOL with the sale of Burnden Park. 

Let's not forget, when the scheme started land values were extremely high and the local Authority turned down a shopping / cinema and transport scheme that was set to give the club £25 - £30 million. It didn't happen and they didn't sell the land for a number of years after that. 

Land prices dropped and the club sold the land for £5 million. Consequently Eddie Davies bailed them out and thus began the debt to the Davies family.

Nigelbwfc wrote:

Ten Bobsworth wrote:

karlypants wrote:To any casual onlooker it was business as usual at Lostock yesterday as Phil Parkinson and his staff prepared for a weekend visit to league leaders Norwich City.

Beneath the surface, however, a genuine concern is brewing that this is the start of a winter of discontent at Wanderers.

Tomorrow, club owner Ken Anderson has assured players they will be paid their delayed November salary. His promise, made on Friday afternoon, was enough to ensure the players fought out a 1-1 draw with Wigan Athletic and carried on as normal at the training ground over the last few days. But what would happen next should a problem arise?

Such a situation is barely worth thinking about for Phil Parkinson, who has already had to negotiate more than his fair share of mediation between the club owner and his squad this season.

There is no suggestion from the players that a repeat of the strike which forced the cancellation of a summer friendly against St Mirren would be considered and nor would the Professional Footballer’s Association allow it to happen on their watch.

But one must question what effect persistent issues with payment have on a group of players who must bank on team spirit to overcome the fact the squad has been assembled for next to nothing in Championship terms.

Parkinson has worked hard to create a strong bond within his players since walking through the doors in the summer of 2016 and inheriting a group whose confidence had been wrecked by the financial issues which had gone on before. In many ways, he must feel like he is edging back towards square one.

The manager and his staff have also been hit in the pocket – not only with the delayed November pay but also with bonuses still owed from last season for keeping the club in the division against all odds.

There is no obvious end in sight to the financial issues as Ken Anderson looks to strike a deal with someone to sell the club who has greater financial wherewithal.

Asked his thoughts about a sale after the weekend draw against Wigan, Parkinson said: “If that happens before January it would be great for us. If it doesn’t then we’ll have to do what we have for the last two years and that’s dig deep and work hard for each other.”

Realistically, chances of the club changing hands so quickly are slim to none. Parkinson can only hope that the cash-flow problems which have emerged in the last few weeks do not get worse and have the same devastating impact they did on Neil Lennon’s squad in late 2015.

Wanderers have reduced their losses since those troubled times but still need an injection of around £6million a year to break even. Last season that came in the shape of Gary Madine’s sale to Cardiff City but this year there is no obvious asset in the squad who could attract such a fee.

How exactly Anderson plans to tackle the short-term financial obligations is a matter of concern among Wanderers fans.

The £5m bridging loan his Inner Circle Investment company took out to cover the repayment of BluMarble in September is reportedly due in early February. That money was loaned on to Wanderers – Anderson claims at the same interest rate – and could end up being a major incentive for him to find a buyer a quickly as possible.

Last October Wanderers produced a glossy document to send to prospective investors, quoting a £25million, bottom line, to buy the club, debt free. Last month, Anderson verified claims that a £30m bid had been made by two foreign parties – but later claimed that neither had been able to show clear proof of funding.

To put the level of profit Mr Anderson could have claimed in such a deal, the initial takeover of Eddie Davies’s majority stake cost just one pound.

A Companies House document also lists a £150,000 fee his company paid to liquidators Quantuma for Holdsworth’s 37.5 per cent stake to become sole owner.

“The value of any club is what people are willing to pay,” said the Bolton owner, last month.

Anderson’s business methods have not met with universal approval but he claims they have been a necessary evil to get the club on a more stable footing. He even claimed at the start of this season that few teams in the division were in such rude financial health.

Recent events have not painted that picture, and have caused considerable concern among the supporters.

The Bolton News calls on Mr Anderson to address the supporters and explain why players have not been paid on time, coaching staff have not been paid their bonuses for keeping Wanderers in the division last season.

The time has come to put an end to this poker game. Cards on the table.

Source

It seems that Marc Iles just loves to stir the pot and play to his 'lynch mob' gallery. Of course the club is in financial distress and can't meet its obligations from its income but that has been the case for the last twenty years.

The BN didn't like to report the fact that the club relied on Eddie Davies bailing it out year after year until he could afford to do it no longer. Only a few months ago, Marc Iles was telling his dim-witted readers that Gordon Hargreaves funded the building of the Reebok when the truth was that the Reebok was built on borrowed money that the club couldn't afford to repay until Eddie Davies stepped in and paid off the lot. The BN also told its numbskill readers that the money received from the sale of Nicholas Anelka wasn't re-invested when the truth was that the club spent £35million on player registrations in the year Anelka was sold.

I do believe that I was the first person to find and comment upon the £150K payment to Quantuma and I also, at the same time, reported on the £472K that Inner Circle spent on Holdsworth's shares. Iles AGAIN selectively ignores the £472K and the fact that those funds almost certainly came out of the £525K Inner Circle consultancy fee. He also AGAIN selectively ignores all the other amounts paid to Dean Holdsworth and his advisors to allow the club to stay in business whilst new owners were sought.

Iles also draws a veil over the amounts that would have to be paid out of any sales proceeds if the club was to be handed over 'debt free'. I do believe that the situation is critical and that it would be in the best interests of Ken Anderson and the club to conclude any negotiations that may presently be in progress but the idea that Ken Anderson should be exposed to every vulnerability whilst trying to pull off a deal is naive, at best.

You are right about the purchase of the stadium of course. Rightly or wrongly though they were trying to finance most of the cost of the UBOL with the sale of Burnden Park. 

Let's not forget, when the scheme started land values were extremely high and the local Authority turned down a shopping / cinema and transport scheme that was set to give the club £25 - £30 million. It didn't happen and they didn't sell the land for a number of years after that. 

Land prices dropped and the club sold the land for £5 million. Consequently Eddie Davies bailed them out and thus began the debt to the Davies family.

I agree that land values dropped, Nigel, but was it by quite so much? Weren't there also changed planning issues following the change of government in 1997?

But there was something else and that, it seemed to me, was prejudiced reporting over a great many years. My suspicions were first aroused in 2007 when Sam Allardyce left but thinking about it later I thought it may well have started in 1999 when Phil Gartside replaced Gordon Hargreaves as chairman and Eddie Davies joined the board. Gordon Shorrock and PG did not get on at all.

It got worse in 2003 when ED took full control and later there was some absolute garbage from David Conn in the Guardian newspaper inferring that ED was profiting by paying off all BWFC's bank debt. How dumb and prejudiced can a reporter get and how dim-witted would you have to be to fall for Conn's claptrap or BN bunkum?