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Club Future - Administration or bust?

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541Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Fri Mar 29 2019, 19:39

Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse
Sounds promising to me. Two sides to every story.

542Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Sat Mar 30 2019, 15:26

Sluffy

Sluffy
Admin
Ok, what we've learned in the last few days -

Part I

- Nixon proclaims Bassini (previous with Watford) is the newest mystery bidder locked in talks with Anderson, and implies he's already passed/about to pass, the leagues FFP (fit and proper person test).  Bassini (note not Basran that I think some people might have got confused with initially?) was made bankrupt (for the second time) for less than £40k, just over 4 years ago  and was banned from anything to do with football for three years (now served).
- Ken CAN still sell the club BUT only before his share ownership debt is called in (or he pays it off) before by the 2nd April (this coming Tuesday).
- However this can only be achieved if that purchaser can pay off (or show funds available to do so) the Moonshift share debt, the winder and everybody who can add their names to it (substitution) -  whilst they have money outstanding to them - ie all the creditors estimated to be around £37m , and finally take the club financially forward for the next few seasons estimated to be around another £35m.
- Note though that up front Bassini (or anyone else) would need £10m to pay off the (personal to Ken) share loan and his £2m he wanted, plus deal with HMRC, Macron and anybody else wanting to substitute themselves on to the winder, by paying them off in full or agreeing terms with them to discount and/or delay settlement.
- An important point though is that if it came down to a stark choice of liquidation or a perceived bad owner, the EFL cannot plump for liquidation.
- Howards 'Dark Horse' are sticking with their bid price and will not raise it.
- Bassini gives interview to the Telegraph saying eminents of the football world Sir David Richards and John Williams are associated with his takeover.
- Shock disclosure that the ST (plus high net worth associates) are all but £30m short of the original asking price of £30m.
- Iles disappears yet again at the time the club faces a potential liquidation.
- Bonnar disappears for good perhaps for one too many late night liquid imbibition? 

Part II

Howard v Custard (The Straightener)

- Opening rounds, H imperious whilst Custard takes stock of his opponent.
- H throws a couple of wild swings (though most of us miss them at the time - but Custard doesn't!).
- Custard begins to throw a few annoying jabs, H becomes irritable and retires to his corner whilst most of the crowd boo Custarrd and want the ref to stop the contest and eject him.
- H begins to open up more and now people begin to see why H had been swerving Custards irritating jabs and why Custard had been technically correct to be throwing them.
- Result BOTH WINNERS! - Hooray!

- H discloses that factoring of income as taken place with money due to the club (transfer fees, EFL payments) being paid to Inner Circle Investment (Ken's company that owns the club shares) (oh btw it's former name was Indiewolf Productions Ltd) and they in turn paying it into the club - which makes them a outstanding creditor to the club.  That this information was put to city investors for the sale of BL (Burnden Leisure) but apparently not disclosed to Team Basran until the last moment, who in turn has made it known to others.  This 'inter company obligation' is to be paid back over a period of time and is partially based on performance if Dark Horse buys the club although the city was told it would have been written off.

I think we can see now why H tried to avoid the issues that he probably was not at liberty to say at the time and similarly Custard's insistence that what was being said at the time was clearly not the full story.

Both did the right thing by themselves but by doing so led to the clash of the titans.

Both winners in my book.

Finally,

- Hoppy510 is an "absolute turd" - made me laugh that one!

  :rofl:

543Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 02:28

Sluffy

Sluffy
Admin
What we've learned today.

- Bad start with news that Ken is said to be challenging the 14 day notice to call in the debt on the shares.  Claims it was sent to the wrong address (the club), instead of going to his Inner Circle Investment Ltd address - and as such he only became aware of it last week, so wants longer time to deal with it.
- Then news comes that Bassini has not shown EFL proof of where his money is coming from (does it require a wash perhaps) so fails the EFL's Fit and Proper Person Test.
- Next news that Ken intends to go for liquidation for the club (and Burnden Leisure(?)), the thinking being that it will hide a lot of possible skeletons he may have, but also it would wipe out the links between the club and ICI and if there just happens to be EFL and Transfer money just resting there (Father Ted) as well as ICI being an unsecured creditor for all the 'inter company obligations' and the assets realise more than the debt secured against them (land value as shoot up apparently) - then so much the better!  I must add all this is all simply opinion and wild speculation - we don't want any legal letters sent here, thank you very much.
- Then unconfirmed news that Bassini has bought the club - from one of the FIBS and publicised wider by the Lion of Vienna - so it must be true.

So how will tomorrow go?

- Well on the assumption that Ken's challenge fails, Dark Horse (who may or may not be headed up by the Royal Family of Bahrain (with a tenuous link to non other than the Bolton legend Mario Jardel) will announce at 4.30pm tomorrow (when the bank transfers shut) that they have taken ownership of the club - fingers crossed.
- If no announcement then Anderson wins his legal challenge and that takes him to the winder still as the owner.
- He could not contest and fall into liquidation, with still a weeks grace to wrangle a better deal for himself.
- He could seek an adjournment IF Bassini is still in play and given the EFL green light to proceed (remember given a choice between a dodgy owner and liquidation the EFL will go with any owner better than a club going out of business during the season).
- Or he could even pay the winder plus substitutes (Macron, house builder, etc) and carry on until the next winder hits or the 14 day notice is served - providing Dark Horse don't simply walk away.
- If he did (or Bassini intends to take over) then they will have to square the EFL by paying wages and staff and guarantee they can put on the next home game/s in order to get the safety certificate.

- Oh and to cap it all off the players have gone on a 48 hour strike.

Never a dull moment eh!?


Oh and to be fair to absent friend Mr Iles, he did report some days back that there was a Bahrainian interest (with a Bolton connection) interested in buying the club. Well done him.


544Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 10:04

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
Open Letter to All BWFCST Members

Dear Trust Member,

An Update in Troubled Times

As we find our beloved BWFC within 36 hours of yet another High Court winding-up hearing, we would like to update members on the actions that have been taken by the Trust to help in the battle for the club’s very existence.

The Supporters’ Trust has been working very hard behind the scenes to try and assist in attempting to find a way forwards and achieve some co-operation and progress in this worrying and distressing situation. We have contacted/been in dialogue/had meetings with all the parties involved in this ongoing crisis and with their representatives. We are also in regular dialogue with the Council and the University.

We have attempted, with varying levels of success, to engage with all major stakeholders who can influence the future of BWFC. We will continue to do so as situations unfold, but the lack of clarity displayed over recent weeks is not assisting dialogue. Whilst there are high levels of confidentiality involved in such discussions, the Trust will always attempt to influence matters whenever possible with the sole intention of maintaining the very existence of a football club for the greater good of the Bolton community.

We have also written to and met with our local MPs on a number of occasions, which ultimately prompted their recent cross-party statement and interventions with the EFL. We have also written on a regular basis and had meetings with the EFL and to other governing bodies in football to express our concerns and to ascertain what actions they were taking to resolve matters. Unfortunately, contact with the EFL has resulted in nothing of any substance to date. Indeed, we received a response from Mr Harvey on 14 February ’19 in which he stated that “the Club continues to manage its own financial affairs to ensure they have a long-term future and, following recent discussions, the EFL remain satisfied the Club has the source and sufficiency of funds to meet its obligations as a member of the League to at least the end of the season.” Quite what responsibility the EFL wish to accept for the current position our Club finds itself in should, perhaps, be a question to be addressed to Mr Harvey and his colleagues. We would, additionally, request the EFL to fully address the requirements of their very own Owners’ and Directors’ Test when assessing the credentials of any new owner.

In addition, we have made representations to Damian Collins, Chair of the Digital, Culture, Media and Sport Select Committee, who is a particular champion of football governance issues. With regards to governance issues, the Trust board is in regular contact with Supporters Direct and the Football Supporters Federation.

One of the major safeguards, secured in 2017, was the registration of the Stadium as an Asset of Community Value (ACV). If this status hadn’t been secured, the Stadium could well have been sold under the radar by Mr Anderson without such a transaction being brought to the public attention. Indeed, as most will be aware, the awarding of ACV status was opposed by the club, contrary to many other such football stadia applications which are generally encouraged by club owners. We are currently assessing the status of the ACV should an insolvency event take place.

Indeed, without the protection of an ACV on the Stadium, BWFC could have ended up in a similar situation to Coventry City and having to rent their stadium from a less than benevolent landlord.

Bearing in mind the current ongoing saga of the ownership of the club, the implications when considering the status of remaining club assets are surely critical to its very existence.

Finally, in an attempt to prepare for any possible insolvency events, the Trust has set up a CIC (Community Interest Company) which is a legal entity to be utilised as a vehicle for future fundraising. It is hoped that this will not be required to be used in an emergency scenario, but in an attempt to achieve a degree of financial involvement with any new and more accommodating future owners.

We hope that the above assists members in gaining a better perspective on the actions taken by the BWFCST in our attempts to make sure we all continue to have a team to support. We will continue with our attempts to keep members as informed as possible whilst having to respect the confidentiality of all parties. This is a very complex legal and financial situation and we continue to take professional advice in both these areas whilst working to try and move towards the best outcome for the future of BWFC.

Yours sincerely

The BWFCST Board

545Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 10:17

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
Well well well. Turns out it may be the infamous ‘Ron Billionaire’ after all

546Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 12:19

Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse
Don't worry the trust will sort things out.

Competent blokes.

547Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 13:04

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
The Ocado delivery man laughed in my face this morning. It was all I could do to restrain myself.

548Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 15:29

Sluffy

Sluffy
Admin
EFL Statement: Bolton Wanderers

The EFL has today been informed that the Safety Advisory Group (SAG), responsible for issuing the general safety certificate at Bolton Wanderers, has placed a prohibition notice on the Club under the Safety of Sports Grounds Act 1975.
As a result, all supporters will be prevented from entering the University of Bolton Stadium until the Club can demonstrate that the stadium can deliver the matchday operation to the standard required.
Prior to the meeting, called by the SAG, the Club confirmed it would be unable to commit to meet the obligations of its safety certificate until after a scheduled appearance at the High Court tomorrow (3 April).
SAG members concluded this would be a challenging timeframe to put an adequate plan in place to protect the safety of fans during upcoming home fixtures against Ipswich Town on Saturday 6 April and Middlesbrough on Tuesday 9 April.
The EFL is currently engaged with the Club in regard to how they intend to meet their fixture obligations.
SAG is a multi-agency panel which includes Bolton Council, Greater Manchester Police, Greater Manchester Fire and Rescue Service, North West Ambulance Service and St John Ambulance.
An EFL Spokesman said: “Whilst disappointed, the EFL understands the rationale for the position taken by the SAG at this time. However, we still hope the fixtures will take place as planned. We will work with the Club and offer them any practical assistance that is available to us in an attempt to find a successful and timely resolution to the issue.”

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549Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:22

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Jesus, can we sink any lower?

550Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:31

Sluffy

Sluffy
Admin
'Mystery buyer' says deal to take over Wanderers is on the verge

SPECULATION continues to rage on just who Ken Anderson is in talks with regarding the sale of Wanderers, and just as the owner released his latest statement insisting he has been dealing with numerous timewasters, a spokesman for a Bolton company says they are on the verge of taking control of the club.
Wanderers are due back in the High Court tomorrow to face the hearing for the winding-up order issued by HMRC, adjourned two weeks ago.
And Gaspard Holdings Ltd have gone public to say they are on the verge of completing a deal to buy Anderson’s majority holding.

A spokesman for Gaspard Holdings Ltd, a company set up earlier this year for the purposes of buying Wanderers, says they are indeed close to completing, with the intention of making the club sustainable and secure.
The company records show a registered office in Westhoughton, with Naeema Khilji the sole named director.
And a Gaspard spokesman insists they are virtually over the line with their bid which will mean Wanderers fans can look to the future with some positivity.

“Constructive talks have taken place between Gaspard Holdings Ltd and Ken Anderson,” he told The Bolton News.
“The company was set up specifically for the acquisition of Bolton Wanderers, it is a local business with strong connections to the Middle East and we are looking to complete the deal immediately.
“Our due diligence has been carried out and we are in a position to complete the deal within the next 48 hours.
“The owner of the company is Bolton through and through, loves Bolton, has the interests of the club at heart and wants to prevent it going into administration.
“We will be talking to all creditors as a priority and look to make the club sustainable with our business model.
“We are the only buyer in the picture, we have the funds to be able to complete the sale once a few final details have been ironed out.
“This is about doing the best for the club. Ken Anderson has sustained the club for the last three years and is doing what he can. As Boltonians we do not want the club to be liquidated, or put into administration, which costs more money and would see the club ripped apart".

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551Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:36

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Naeema Khilji is a 38 year old woman from South Africa.

552Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:41

rammywhite

rammywhite
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote:Naeema Khilji is a 38 year old woman from South Africa.

Looks like a nominee then. From personal experience I know that there are strong connections between  some South Africans and businesses in the Middle East.
Something in my guts though, tells me that this is another hoax.

553Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:42

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:Naeema Khilji is a 38 year old woman from South Africa.

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Also look at this - seems Leeds Trotter scooped everybody 18 months ago!!!

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Very Happy

554Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:43

Sluffy

Sluffy
Admin
Fwiw Horward is strongly hinting that Bassini's money is coming from Thai backers and the EFL seemed to be worried it was in need of a wash!

555Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:44

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
I'm losing the will to live.

556Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:53

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Naeema Khilji is a 38 year old woman from South Africa.

[You must be registered and logged in to see this link.]

Also look at this - seems Leeds Trotter scooped everybody 18 months ago!!!

[You must be registered and logged in to see this link.]

Very Happy


I thought the last name rang a bell somewhere.

I’ve just had a quick skim through the thread and the husband didn’t have a pot to piss in then.

557Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:54

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
I sssume Gaspard holdings are the local bidders/timewasters that KEN ruled out a matter of hours ago

558Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:55

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:I'm losing the will to live.

Your not the only one.

Just had a look on google street view of the farm the family bought a while back.

It has a 20 year old 2 door Toyota rav 4 on the drive.

Says it all!

559Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:57

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
All this has turned into a fiasco like brexit.

560Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 16:58

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:It has a 20 year old 2 door Toyota rav 4 on the drive.


You judge people by the car they drive?

561Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:03

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:I sssume Gaspard holdings are the local bidders/timewasters that KEN ruled out a matter of hours ago

Yes, certainly seems to be - and fwiw, is what Nixon is saying too.

It's quite funny I think that apparently we have one bidder who is the Royal House of Bahrain, another is a Thai with millions to launder and the Bolton News focuses it's lead story on some fantasist who lives across the road from the stadium who has set up a company with just £100 in it, whose hubby has such a dodgy past record as we found out about (quite easily too it must be said) and has been around for the best part of TWO YEARS, without having been able to show any proof of any money!

Where do they find such esteemed reporters from!

You've got to laugh!

:rofl:

562Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:06

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Very Happy

563Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:06

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:It has a 20 year old 2 door Toyota rav 4 on the drive.


You judge people by the car they drive?


I bet Ken doesn’t have a 20 year old car!

564Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:08

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:I bet Ken doesn’t have a 20 year old car!

Some people don't care about material things.

565Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:10

Boggersbelief

Boggersbelief
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:I bet Ken doesn’t have a 20 year old car!

Some people don't care about material things.


I don’t think KP was judging the people from their car. It’s a fact that if all you can afford to drive is a Toyota Rav, you probably can’t afford to pump millions into the purchase of a huge football club

566Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:13

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
I don’t think KP was judging the people from their car. It’s a fact that if all you can afford to drive is a Toyota Rav, you probably can’t afford to pump millions into the purchase of a huge football club

Utter rubbish. Some people don't give a toss about the car they drive.

I drive a 12 year old Ford Fiesta for example, but always insist on 4-ply bog roll.

I spend my money where it counts.

567Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:14

rammywhite

rammywhite
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:
I don’t think KP was judging the people from their car. It’s a fact that if all you can afford to drive is a Toyota Rav, you probably can’t afford to pump millions into the purchase of a huge football club

Utter rubbish. Some people don't give a toss about the car they drive.

I drive a 12 year old Ford Fiesta for example, but always insist on 4-ply bog roll.

I spend my money where it counts.

You haven't got a chauffeur? You tight bastard!

568Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:19

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse
Sadly, the credit crunch hit me more than most.

569Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:23

rammywhite

rammywhite
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote:Sadly, the credit crunch hit me more than most.

That was 11 years ago!!

570Club Future - Administration or bust? - Page 19 Empty Re: Club Future - Administration or bust? on Tue Apr 02 2019, 17:25

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:I bet Ken doesn’t have a 20 year old car!

Some people don't care about material things.


I don’t think KP was judging the people from their car. It’s a fact that if all you can afford to drive is a Toyota Rav, you probably can’t afford to pump millions into the purchase of a huge football club

Correct. Very Happy

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