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OFFICIAL - BWFC are placed in administration

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MartinBWFC

MartinBWFC
Frank Worthington
Frank Worthington

Statement of behalf of the administrators for Bolton Wanderers Football Club

Paul Appleton and Asher Miller of David Rubin & Partners have today been appointed as Joint Administrators of Bolton Wanderers Football & Athletic Club (BWFC) and Burnden Leisure Limited (BLL) in the High Court of Justice.

Both appointments were made following the Notices of Intention to appoint administrators filed by Fildraw Limited last week, which followed a long period of uncertainty since the presentation of a petition by HMRC.

Fildraw Limited is a company through which the Trust representing the family of the late Eddie Davies lent substantial sums to the club.
The decision was finally made for the appointments which it is hoped will ensure the continued existence of the club, one of the founding members of the Football League.

Paul Appleton said: "This has obviously been a long-running situation and it is vitally important that we quickly establish the position of both the football club and the holding company.

"It has got to the stage where the Trust could not sit back and allow the club to go into liquidation. Decisive action had to be taken and the Trust believes the decision is in the best interests of Bolton Wanderers."

"Everybody at the club as well as the supporters need a sense of clarity and that is what I will be seeking to provide as quickly as possible."

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Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse
Bassini waiting in the wings.

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse
A Chorley/Bolton ground swap would certainly help both clubs.

MartinBWFC

MartinBWFC
Frank Worthington
Frank Worthington
I think Anderson may just be shitting himself right now.

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Nat maybe you could do some fund raising for us? 

You could stand outside the Reebok in a bikini. I’m sure fans would go wild for your figure!

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:Nat maybe you could do some fund raising for us? 

You could stand outside the Reebok in a bikini. I’m sure fans would go wild for your figure!
They'd certainly collect enough to buy her a burkha.

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:Nat maybe you could do some fund raising for us? 

You could stand outside the Reebok in a bikini. I’m sure fans would go wild for your figure!
They'd certainly collect enough to buy her a burkha.
Shocked Very Happy

Sluffy

Sluffy
Admin
Seems we have been given a 12 point penalty -

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The EFL can confirm that it has been formally notified that administrators have been appointed in respect of Bolton Wanderers Football Club.
As a result, the Club is now subject to a 12 point deduction and, in accordance with EFL Regulations, the sporting sanction will take effect next season in League One.
The EFL will now commence discussions with the Administrators with the aim of achieving a long-term future for the Club.

Further information
As per EFL Regulation 12.3.1, any Club subject to an Insolvency Event shall be deducted 12 points.
The terms of the points deduction and when it will apply are detailed in Regulations 12.3.3b and 12.3.4 below.
12.3.3
Subject to the provisions of Regulation 12.3.4 below, where the Club becomes subject to or suffers an Insolvency Event, or the Board impose a deduction in accordance with Regulation 12.3.2:
a) during the Normal Playing Season but prior to 5.00pm on the fourth Thursday in March, the points deduction shall apply immediately;
b) during the Normal Playing Season but after 5.00pm on the fourth Thursday in March, Regulation 12.3.4 shall apply; and
c) outside the Normal Playing Season, the points deduction shall apply in respect of the following Season such that the Club starts that Season on minus 12 points (including in the National League if appropriate).

12.3.4
Where the circumstances set out in Regulation 12.3.3(b) apply and at the end of that Season, having regard to the number of championship points awarded (ignoring any potential deduction):
a) the Club would be relegated in accordance with Regulation 10.1.2(b) or 7.7, the points deduction will apply in the next following Season (including in the National League if appropriate); or
b) the Club would not be relegated as aforesaid, the points deduction will apply in that Season and Regulation 10.1.2(b) or 7.7 will then apply (if appropriate) following imposition of the points deduction.

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karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
So nothing on the issue where one game was abandoned then?

Cajunboy

Cajunboy
Andy Walker
Andy Walker
What is the financial significance of Fildraw Ltd  putting this into motion rather than KAnderson?


HELP Rammy!!!!!

BoltonTillIDie

BoltonTillIDie
Nat Lofthouse
Nat Lofthouse
Ken’s notes last week claimed he had put the notice in to serve admin, surely he wasn’t telling porkies. It’ll be great that he can no longer use Bolton to spout his bull.



Last edited by BoltonTillIDie on Mon May 13 2019, 17:24; edited 1 time in total

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:Ken’s notes last week claimed he had put the notice in to serve admin, surely he wasn’t like porkies. It’ll
be great that he can no longer use Bolton to spout his bull.
He's looking at Chorley.

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:What is the financial significance of Fildraw Ltd  putting this into motion rather than KAnderson?


HELP Rammy!!!!!

Until Rammy shows up this is what I think the difference is.

Firstly I believe that those who put a company into Administration is responsible for taking on all the creditors of the club and covering the costs of the Administration for as long as the company is in it.

I understand secured creditors could appoint Administrators to take possession of the asset that they are secured against.  It is my guess that KA had basically taken the place of BlueMarble when their charge against the hotel was paid up and Ken put his charge against it.  So I reckon Ken plan was to simply appoint an Administrator to get his hands on the hotel and sell it off to get his £5m back.

Michael James is also a secured creditor against the hotel - and he gave intent to also appoint an Administrator - probably to simply prevent KA taking control of the hotel.  As I say I'm just guessing really.

Fildraw apparently appointed an Administrator for everything (the club, the hotel, Burnden Leisure) Ken apparently sought an Administrator just for the hotel and club - so I guess everyone knew that really Fildraw was the proper way to go and obviously that was the outcome between all the relevant players.

The other big thing about who puts the club into Admin is that they also get to choose the Administrator.

At least Fildraw know their Administrator is the one they are the most happiest to work with.


The Administrator also has draconian powers that wouldn't apply under normal circumstances - one of which he can terminate with immediate effect contracts of employment - so don't be surprised to see some redundancies very soon - maybe even that of the manager and some/all of the players!

Cajunboy

Cajunboy
Andy Walker
Andy Walker
Thanks Sluffy, that's great.

I wasn't doubting  your knowledge.

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:Thanks Sluffy, that's great.

I wasn't doubting  your knowledge.

That's ok.

Rammy KNOWS his stuff, I don't, I just try to understand it and explain what I think I've understood to others.

I like to think I get more right than wrong but Rammy is certainly the correct person to be asking.

I'm more than happy to be set right by him at anytime.

I'm never too old to learn.

MartinBWFC

MartinBWFC
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote:
The Administrator also has draconian powers that wouldn't apply under normal circumstances - one of which he can terminate with immediate effect contracts of employment - so don't be surprised to see some redundancies very soon - maybe even that of the manager and some/all of the players!
This has just made my day even better, at last another ray of sunshine.

Growler


Tony Kelly
Tony Kelly
First English club to go into administration for 6 years, shows how poor our owners have been at running a football club.

MartinBWFC

MartinBWFC
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote:First English club to go into administration for 6 years, shows how poor our owners have been at running a football club.
There will be more of that I'm pretty certain.

Growler


Tony Kelly
Tony Kelly
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:First English club to go into administration for 6 years, shows how poor our owners have been at running a football club.
There will be more of that I'm pretty certain.
 Which other clubs do you reckon have been as badly run as Bolton?

MartinBWFC

MartinBWFC
Frank Worthington
Frank Worthington
Featured in the South China morning post.

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Hipster_Nebula

Hipster_Nebula
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:First English club to go into administration for 6 years, shows how poor our owners have been at running a football club.
There will be more of that I'm pretty certain.
 Which other clubs do you reckon have been as badly run as Bolton?

Cov

rammywhite

rammywhite
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote:What is the financial significance of Fildraw Ltd  putting this into motion rather than KAnderson?


HELP Rammy!!!!!

I don't think it makes much difference who appointed the administrator . Fildraw will have gone for their own man but it will have to have been agreed by any one serving a Notice of Intent to the court. No matter who appoints them it doesn't allow any favours to be done for them.
So no creditors will be adversely affected by the appointment of Appleton.

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:Thanks Sluffy, that's great.

I wasn't doubting  your knowledge.

That's ok.

Rammy KNOWS his stuff, I don't, I just try to understand it and explain what I think I've understood to others.

I like to think I get more right than wrong but Rammy is certainly the correct person to be asking.

I'm more than happy to be set right by him at anytime.

I'm never too old to learn.

The main question here is who pays the Administrators. Their fees will come from the business now that they are administrators. They are effectively in charge of everything now. They'll have to have a creditors meeting at which they'll make a statement about their fees and where the money will come from. The creditors will be asked to agree whether they're reasonable or not- and if the creditors think they're exorbitant they( the creditors) can go back to Court to get them reduced.
Essentially they'll get there fees from any money coming into the business ( such as concerts, any season ticket receipts they might get( if we decide to renew) and if that's not enough by selling assets. Thus when they sell Luca Connell that money can be used to pay themselves.
They'll get their money one way or another.

rammywhite

rammywhite
Frank Worthington
Frank Worthington
I think KA getting the hotel is interesting and more needs to come out about this from official sources. I think you have to separate out the hotel premises from thm hotel business. The hotel buildings are an integral part of the stadium and I think it might be difficult to separate the two out. The hotel business ( which won't own the property) is a separate entity probably renting/leasing the buildings from Burnden Leisure.
Therefore the charge( which KA might own) could well be about the business and not the property.
That would make it a poor asset to take control over as he can't run it without having a lease on the premises. In other words he won't be able to sell it ,or run it as a business without Burnden Leisure give him access to their property.
The plot thickens- or the thick plottens, whichever you prefer.

MartinBWFC

MartinBWFC
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote: Which other clubs do you reckon have been as badly run as Bolton?
This is what I meant.

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MartinBWFC

MartinBWFC
Frank Worthington
Frank Worthington
Oh dear

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Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse
Bassini the front runner? Who'd have thunk it.

gloswhite

gloswhite
Jay Jay Okocha
Jay Jay Okocha
From what I've read on here, I'm assuming that the Administrator will consider any offers in accordance with not only their own rules, but also those of the EFL ?  i.e. they would accept a final bid from the bidder offering not only the most money, but also the better football plan for both the short and long term.

y2johnny


Tony Kelly
Tony Kelly
Take the hint bassini and don't bother you blue suede shoe wearing egg headed orange prick

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:Take the hint bassini and don't bother you blue suede shoe wearing egg headed orange prick

See chapter 3 of Johnny's best seller 'The Art Of Diplomacy'. Razz

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