Wigan in Administration

No, he went to Folds Road, long before me mind.

Banks of the Croal wrote:No, he went to Folds Road, long before me mind.

I'm sure I've heard that before.

Anyway this is an interesting article about Tommy from which you may notice that today would have been his 101st birthday if he was still alive.

https://spartacus-educational.com/ARSENALlawton.htm

boltonbonce wrote:While we're being nostalgic, do you remember the Hanbury's stores?  They were our go to store for the big shop.

There was a Hanburys on Chorley Old Road for years i think?

My speculation is that the plan genuinely was to attract £5m of NEW investment (and not from BWFC), that Gordon was underwriting it all and when he dropped out Eddie pressed ahead by propping up the deal - and a further £2.5m to cover trading losses per year.

Anyway Sluffy, if we can just leave Walter to think about grocery stores, can we take a quick look at those onions?

Where'd you get the idea that £2.5m would cover annual trading losses.

Operating loss in 2014/15 was £17m, 2015/16 £8m and 2016/17 £13m.

That's shallot more than £2.5m, innit?

Seems something is going on with Wigan again although I'm not sure what yet?

Someone has put up this link to company House to a new company called AFC Wigan Athletic, who seems to be owned by a Spanish bloke called Papadopaulo - don't know if this is a genuine 'host' company for the transfer of the club or not?

https://find-and-update.company-information.service.gov.uk/company/12926841

Someone else posted this that ties in fwiw

The Spanish businessman on the verge of taking over League One club Wigan Athletic is José Miguel Garrido Cristo, TheBusinessDesk.com can exclusively reveal.

Garrido Cristo has previously led two Spanish clubs, Albacete and Castellón, and has spent the last 18 months with small stakes, indirect involvement and takeover speculation linking him to several more. But Wigan Athletic will be the first involvement in English football for the London-based businessman.

Approval is expected to be granted by the EFL in the coming weeks.

Garrido Cristo is the nephew of the renowned Spanish lion tamer and circus performer Ángel Cristo.

Earlier in his career, Garrido Cristo was the international director of Spanish multinational food group Campofrío before he became a founding partner of private equity firm Thesan Capital, which specialised in investing in companies in financial distress.

Thesan took over tyre company Aurgi, with Garrido Cristo as chief executive, and also bought the Hispania Racing Formula One team in 2011 before it crashed out of the sport 18 months later.

He then took over at Spanish third division club Albacete when it was on the brink of collapse in 2013, having been kept alive by bailouts from its former youth team player and Barcelona star Andrés Iniesta.

Garrido Cristo was president for four years, bringing some on-the-field success and off-the-field stability before he sold his stake to the Skyline International Group for 5m euros.

Less than a year later he invested in third division club Castellón, but only lasted 14 months before exiting in a 2.3m euro deal in June 2019.

The 55-year-old businessman has since been linked with Elche, Córdoba, Recreativo de Huelva, and Tenerife but has not taken ownership.

Garrido Cristo’s UK company, Eolus Capital, shares a London address with the corporate vehicle that has been created to buy Wigan Athletic.

That UK company has been set up with Antonio Garrido Papadopaulo – a family relation of the soon-to-be owner – currently its sole director.

Papadopaulo and Garrido Cristo are also linked through Barcelona-based Sunrun Investments, a business which operated restaurant chain Pizza Emporio in Madrid, Barcelona, Zaragoza and Tarragona.

But their focus will now turn to football in Wigan, to see if he can bring success back to a club that won the FA Cup just seven years ago.

Garrido Cristo’s arrival at the DW Stadium, when it is officially confirmed, will be warmly welcomed by its fans. They have supported the club through its difficulties, raising £700,000 and campaigning to keep the club alive.

https://www.thebusinessdesk.com/northwest/news/2067372-new-owner-of-wigan-athletic-revealed

Someone else posted this which is from a Spanish paper from four days ago - which again ties in-

(This is the translated version) -

A Spanish businessman has made an offer to buy an English football club. This is Wigan, a team that last season lost the category and is now in the third division, League One,after relegating from the Championship.

The Wigan is currently experiencing serious economic problems and that is why the entrepreneur José Miguel Garrido Cristo has made an offer to stay with him. This Madrid businessman, based in England, has already refloated at the time the Albacete, which he acquired for a symbolic amount when he was on the verge of disappearance, and managed to heal him from an economic point of view and promote him to the Second Division. He then sold it to skyline.

https://www.superdeporte.es/futbol/2020/10/02/empresario-espanol-quiere-comprar-equipo/473062.html

Someone else posted this - again which ties in - (after translation version)

Who is José Miguel Garrido?
The Madrid businessman, involved in the Panama Papers and accused of tax fraud, aspires to have an important weight in the governing body of CD Tenerife

José Miguel Garrido Cristo is a 54-year-old Madrid entrepreneur and nephew of animal tamer Angel Cristo. It is dedicated to buying companies whose financial situation is not the most suitable and if it fails to refloot them, it liquidates them.

He was a founding partner of Thesan Capital, a commercial specialist in investing in economically distressed companies, such as the Aurgi tire chain, of which Garrido was CEO, a well-known company dedicated to the purchase and sale of spare parts and accessories for vehicles. He was also general manager of the International division of the meat company Campofrío and, through Thesan Capital, had a relationship with the now defunct Formula 1 Hispania Racing Team team. He held other senior management positions at García Carrión, Yoplait or Pernord-Ricard/Larios.

His greatest sporting achievement was to save Albacete Balompié from the disappearance. There was no one interested in putting money in the Manchego club. He bought the very cheap shares and other majority shareholders, such as former FC Barcelona players Andrés Iniesta, gave him his own.
He then devoted himself to capital expansions, invested money through different foreign companies, negotiated payments with Social Security and managed to save Alba on the economic side and take him to The Second Division. In July 2017 he sold the club to the investment group Sky Line and resigned from his position as president. This turn became related to some inconveniences with the Provincial Council of Albacete.

In April 2018 he emerged as the visible head of an investment group that wanted to refloat CD Castellón, where he spent only 14 months. He entered the orellut entity through the Orbit Access Limited Society and did not last long in office. He achieved another upgrade (since Tercera) and left castellón in Segunda B, after selling his shares for 2.3 million euros to Vicente Montesinos.

THE PANAMA PAPERS AND THE VULTURE FUND
His record is not entirely successful since Garrido is involved in the so-called Panama Papers and investigated for tax evasion and money laundering through some of his companies.

As president of the Albacete, the bomb went off. Thesan Capital was one of 46 complained about by the Anti-Corruption Prosecutor's Office in the investigation into the law firm Nummaria. Between the corporate tax hole of the investment fund itself and the amounts that several of its partners stopped entering, the amount squandered on the tax is 5.5 million euros in just three years, between 2012 and 2014. This was recorded in the complaint of the Anti-Corruption Prosecutor's Office before the Court of Instruction Number 2 of the National Hearing. Thesan Capital is listed as it allegedly defrauded EUR 1,182,445.45 of corporation tax in 2012 and EUR 386,420.98 in the 2013 financial year.

https://diariodeavisos.elespanol.com/2019/10/quien-es-jose-miguel-garrido/


Make of all that what you will!!!

No comment, Sluffy.  Just a bit of music

Ten Bobsworth wrote:

My speculation is that the plan genuinely was to attract £5m of NEW investment (and not from BWFC), that Gordon was underwriting it all and when he dropped out Eddie pressed ahead by propping up the deal - and a further £2.5m to cover trading losses per year.

Anyway Sluffy, if we can just leave Walter to think about grocery stores, can we take a quick look at those onions?

Where'd you get the idea that £2.5m would cover annual trading losses.

Operating loss in 2014/15 was £17m, 2015/16 £8m and 2016/17 £13m.

That's shallot more than £2.5m, innit?

It was reported in court Bob.

Apparently it was acceptable to both the court and the EFL to approve the sale - I'm only reporting what was said at the time and do so on the basis of that was the mindset when spoken to the proper legal and governing authorities - otherwise it would have been lies, deceit and presumably perjury being made.

Maybe there was but don't shoot me down for simply restating correctly the reporting of the facts made at the time (although it does amuse me now as to what Holdsworth said towards the bottom of this article!).

Bolton Wanderers agree £7.5m takeover deal with Sport Shield Group

Championship club Bolton Wanderers have agreed a £7.5m takeover by the Sport Shield consortium, headed by former striker Dean Holdsworth.

It follows the High Court's decision to grant Wanderers until 7 March to settle an unpaid tax and VAT bill.

Paperwork was signed on the takeover agreement, which is subject to Football League ratification, minutes before Monday's winding-up hearing in London.

The court heard in January that Bolton owed £2.2m to HM Revenue & Customs.

"It's the end of an ongoing saga, it's great news for the club because it's been a struggle on and off the field in recent months," Bolton boss Neil Lennon told BBC Radio 5 live Sport's Mark Chapman.

"We're hoping with this news today that there will be some stability within the club and we're looking forward to a brighter future."

Trevor Birch, advisor to the Bolton board, said in a statement: "While this continues to be a challenging time for everyone associated with the club, we are confident that this adjournment will give us the necessary time to conclude a transfer of ownership of the club, subject to approval from the Football League."

Although the initial takeover fee is £7.5m, the consortium is expected to pay a further £12.5m over the next five years, with Holdsworth becoming chairman.

The one-time club record signing at £3.5m when he joined from Wimbledon in 1997, confirmed current owner Eddie Davies will remain as club president once the takeover has been ratified and completed, but will not be involved financially in the new operation.

"Eddie, as part of the agreement, will remain. He's a fan and will be president of the club, there's a legacy there for Eddie and he's put a lot of money in," Holdsworth told BBC Radio 5 live.

"After the takeover we won't be asking Eddie to invest into the club."

Holdsworth was reluctant to discuss the level of investment beyond next season, after the consortium provided evidence of funds up until the end of the 2016-17 campaign.

"We haven't made false promises, if you make false promises then you let the fans down," he added.

"How do you put a price on getting promotion to the Premier League? Or sustaining Championship status? What we've done is shown funds to show that the club won't go in to administration.

"The club is alive, breathing and has a heartbeat."

https://www.bbc.co.uk/sport/football/35630605#:~:text=Championship%20club%20Bolton%20Wanderers%20have,unpaid%20tax%20and%20VAT%20bill.

For what it is worth this seems to be the bloke who is buying Wigan's company as mentioned in one of the articles I posted earlier above -

https://find-and-update.company-information.service.gov.uk/company/10278350

The only other mention of him I can find on CH is a bit odd?

It seems some Spanish bloke set up a company for £40k, did nothing apparently, the 'Wigan' bloke then took it over seemingly and then put it into liquidation!

Maybe there's more to it but it seems an odd thing to be doing for two Spaniards to be opening and closing companies in another country with no apparent attempt to trade much?

https://find-and-update.company-information.service.gov.uk/company/08128746

Those reports are garbage aren't they, Sluffy? The fee was a quid, that's all.

I don't know what Hilary Stonefrost told the court, I wasn't there, but I expect she'll have chosen her words carefully. I don't know what the EFL were told either but none of what was reported ever stacked up.

Wasn't it the case that Holdsworth had no money but had spent weeks/months scouring around for somebody who had and would get him a stake for no outlay?

We don't know what Blumarble were told, by whom or when but its quite possible that what they were told wasn't the whole actualite but they did go along with it. Eddie wasn't putting the £5m in but Eddie had to sanction it and he wasn't going to do that without including anti-asset stripping provisions.

Blumarble must still have expected it to be short-term when they advanced the money but surely they would be sceptical about why short-term money was needed if the supposed 'investor' was loaded. 

Eddie knew that survival was not just about garnering funds, it was about getting someone in there who could handle a  ship holed beneath the water line  and getting it into dock for repairs. That man was Ken Anderson.

Ten Bobsworth wrote:Those reports are garbage aren't they, Sluffy? The fee was a quid, that's all.

I don't know what Hilary Stonefrost told the court, I wasn't there, but I expect she'll have chosen her words carefully. I don't know what the EFL were told either but none of what was reported ever stacked up.

Wasn't it the case that Holdsworth had no money but had spent weeks/months scouring around for somebody who had and would get him a stake for no outlay?

We don't know what Blumarble were told, by whom or when but its quite possible that what they were told wasn't the whole actualite but they did go along with it. Eddie wasn't putting the £5m in but Eddie had to sanction it and he wasn't going to do that without including anti-asset stripping provisions.

Blumarble must still have expected it to be short-term when they advanced the money but surely they would be sceptical about why short-term money was needed if the supposed 'investor' was loaded. 

Eddie knew that survival was not just about garnering funds, it was about getting someone in there who could handle a  ship holed beneath the water line  and getting it into dock for repairs. That man was Ken Anderson.

Yes all that's true Bob but I still come back to why play such an elaborate charade to the court, EFL, BM, etc when all Eddie needed to do was to engage Anderson in some mutually agreed capacity to turn the club around and sell it on for him?

That would negate all of Holdsworth involvement, ensure whoever it was he allowed security against the assets to for a loan delivered the loan directly to the club and at an interest rate agreed and stopped anything 'naughty' that Anderson may have been tempted to do.

It simply doesn't make any sense to me to go through all that, give away the club he clearly loves and keep paying for everything for what?  To stay popular with the fans - many of who (thanks to Iles ineptitude) already believed he was taking more out of the club than he was putting in and was fiddling the books or some such thing?

I just can see what Eddie's motive was in doing all this 'sham' that he supposedly did?

Was it to keep a promise to his wife he would sell the club?  He might have changed names on the ownership document but paying behind the scenes to keep it going isn't selling the club in anything other than name only is it?

Also it looks to me with how he  made his last loan to Ken directly secured on the ownership shares that he probably believed he'd made a massive mistake allowing Holdsworth and Anderson into the hen house in the first place and was on course to take ownership back until his untimely death.

All that charade for what - nothing - and probably hastening his end as well with all the added stress and worry too!

I simply can't find a motive for him doing everything he did unless he really thought it was some sort of genuine sale and I can't even see that as being the case either because he knew about the need for BWFC assets to act as security for penniless Dean's BM loan.

Maybe he was scammed after all?  Maybe Holdsworth through his actions fucked up everything? I don't know but nothing makes any sense does it - at least not to me?

The simplest and easiest thing to do was employ Anderson or someone like him directly - pay him a kings ransom (based on results of finding acceptable new owners) if need be but retain control and not give it away for free and needlessly, like history shows he did.

Sluffy wrote:

Yes all that's true Bob but I still come back to why play such an elaborate charade to the court, EFL, BM, etc when all Eddie needed to do was to engage Anderson in some mutually agreed capacity to turn the club around and sell it on for him?

That would negate all of Holdsworth involvement, ensure whoever it was he allowed security against the assets to for a loan delivered the loan directly to the club and at an interest rate agreed and stopped anything 'naughty' that Anderson may have been tempted to do.

It simply doesn't make any sense to me to go through all that, give away the club he clearly loves and keep paying for everything for what?  To stay popular with the fans - many of who (thanks to Iles ineptitude) already believed he was taking more out of the club than he was putting in and was fiddling the books or some such thing?

I just can see what Eddie's motive was in doing all this 'sham' that he supposedly did?

Was it to keep a promise to his wife he would sell the club?  He might have changed names on the ownership document but paying behind the scenes to keep it going isn't selling the club in anything other than name only is it?

Also it looks to me with how he  made his last loan to Ken directly secured on the ownership shares that he probably believed he'd made a massive mistake allowing Holdsworth and Anderson into the hen house in the first place and was on course to take ownership back until his untimely death.

All that charade for what - nothing - and probably hastening his end as well with all the added stress and worry too!

I simply can't find a motive for him doing everything he did unless he really thought it was some sort of genuine sale and I can't even see that as being the case either because he knew about the need for BWFC assets to act as security for penniless Dean's BM loan.

Maybe he was scammed after all?  Maybe Holdsworth through his actions fucked up everything? I don't know but nothing makes any sense does it - at least not to me?

The simplest and easiest thing to do was employ Anderson or someone like him directly - pay him a kings ransom (based on results of finding acceptable new owners) if need be but retain control and not give it away for free and needlessly, like history shows he did.

If you can't figure it out, Sluffy, you haven't tried hard enough. Eddie had had enough. He'd taken enough punishment and so had his wife and family. It was time (actually well past it) to let somebody else take the strain, suffer the stress and take the responsibility. He'd done everything he could and more. End of story. If you haven't understood it now, I don't think you ever will.

Ten Bobsworth wrote:If you can't figure it out, Sluffy, you haven't tried hard enough. Eddie had had enough. He'd taken enough punishment and so had his wife and family. It was time (actually well past it) to let somebody else take the strain, suffer the stress and take the responsibility. He'd done everything he could and more. End of story. If you haven't understood it now, I don't think you ever will.

I can understand that but the simple fact is that he didn't step away.

It might have been his intention, it might have been his desire, he might have thought he actually would - but he didn't.

Might as well have sold to Anderson directly for £1 and cut out all the charade over Holdsworth.

What was all that about anyway?

Why was even consider at all?

I can only assume there was no one else Eddie thought better suited to take it on available - which is a frightening thought if true!

Did Eddie really contrive to to provide Dean with the wherewithal of the security to provide proof of funding to the EFL and judge to pass the the financial test - and how on Earth did he (or Holdsworth himself!) ever expect him to pay it back when it became due - as you kindly pointed out earlier as to the losses the club were incurring annually at the time? It tied Eddie TOO the club still did it not, not release him from it?

Clearly Holdsworth never had the nous to turn the club around so why on earth did he get a place on this 'gig'?  He was always going to be a liability wasn't he - as you yourself have pointed out above!!!

Might have been better just selling it to Michael James for £1 I'm sure Prescot Business Park could have put in the people to turn the club around and sell it on just as well as Anderson or anyone else could?

Maybe you are exactly right in what you say but however way you analyse it, it simply makes no sense does it?

Eddie couldn't step away because he was required to keep paying for the damn thing still by brining penniless Deano in.

The only way he could step away is to turn his back and let it all go - come what may, or give it to someone who he could trust to turn it around even if he had to keep writing the cheques until it happened.

Holdsworth hadn't the brains or skills to turn it around and I honestly don't believe he headhunted Anderson specifically to be the one he put all the eggs in his basket on doing so.

Do you really believe that was the plan all along?

Sorry but I don't.

There might have been a plan - but it clearly wasn't supposed to turn out like it did if that was really the case.

It's not a question of me overthinking it or haven't tried 'hard enough' to work it out, it's more to do that the outcome makes no sense to the object of Eddie walking away and becoming stress free - if anything it tied him in more and must have sent his blood pressure through the roof!

Now you're a clever man Bob, do you think Eddie achieved his objective of...

"Eddie had had enough. He'd taken enough punishment and so had his wife and family. It was time (actually well past it) to let somebody else take the strain, suffer the stress and take the responsibility. He'd done everything he could and more. End of story".

...because I certainly don't.

It probably ended up killing the poor bloke.

He certainly didn't deserve that.

Did he?

Flipping eck, Sluffy, if you can’t grasp it, what chance has Walter?

Ten Bobsworth wrote:Flipping eck, Sluffy, if you can’t grasp it, what chance has Walter?

You are not doing yourself any favours with the patrionising and this arrogant bollocks that you have brought here.

Pack it in.

Ten Bobsworth wrote:Flipping eck, Sluffy, if you can’t grasp it, what chance has Walter?

It's not a case of me not grasping it really, it's a case that if that was the plan (and if you say it was then who am I do say otherwise?) then it clearly didn't work.

Nor can I see how it was ever envisaged to work with penniless Holdsworth being an integral part of it?

We aren't all smart about everything and it is unfair for you to demean Norpig for not understanding corporate business dealings if he's no background knowledge in them but you have both been uncivil to each other recently, so please leave me out of the 'digs' you aim at him.

Maybe with the recent settlement between EDT and the club, now is a good time to draw a line under the past and leave it behind us.  Eddie is part of the clubs history now with his last tie (that of his estate) now severed.

I thank Eddie for the ride he gave us during his time and lament at his passing but as the saying goes 'The moving finger writes and having writ moves on'.

Time we left it behind us and move on to.

Least I think so!

I'm glad others are finally seeing what a nasty and arrogant person nine bob is.

Don't worry about me Sluffy i'm a big boy and can take it.

Nine bob - i refer you back to the last post on the football ventures share ownership thread. Sums up my feelings towards you perfectly.

It's almost time for the 'Most Annoying Poster Of The Year' poll.

Bob should clear a space on his mantelpiece.

It was always an uphill battle for both of us to get Nuts regular posters to even think about the facts or the truth wasn't it, Sluffy, living, as they were and are in a state of ingrained indignance at the very idea of anyone challenging entrenched notions based on nothing other than ignorance and prejudice?

Maybe one or two might have learned something they didn't know but no more than a little learning, I expect.

Ten Bobsworth wrote:It was always an uphill battle for both of us to get Nuts regular posters to even think about the facts or the truth wasn't it, Sluffy, living, as they were and are in a state of ingrained indignance at the very idea of anyone challenging entrenched notions based on nothing other than ignorance and prejudice?

Maybe one or two might have learned something they didn't know but no more than a little learning, I expect.

Arrogant git!!!!