Bolton's financial position even WORSE than we thought?

The Sun newspaper is carrying a story today that apparently says the accounts (have they been published yet?) show that extra cash was needed before the end of the season and that we signed over the parachute payments to Barclays Bank to avoid being forced to go into administration.

I'm not sure about where this story comes from - are the new accounts out or was it something from the old accounts - in which case this is 'old' news that wasn't picked up at the time?

Anyway this is all I can post from the Sun website - if anybody sees a paper can they fill in the rest of the story please.

BOLTON owner Eddie Davies has dug deep again to keep the Championship club afloat.

The Trotters’ accounts revealed extra cash would be needed before the end of this season — despite the fact Davies has already coughed up more than £150million.

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

I wanted to read this and post it on the site after reading that.

I cant though as the Sun is blocked by our proxy... for 'bad taste' and 'incidental nudity' ...WTF?

Since when have you had to pay to read the Sun online! fuck me sideways!

Reebok_Rebel wrote:I wanted to read this and post it on the site after reading that.

I cant though as the Sun is blocked by our proxy... for 'bad taste' and 'incidental nudity' ...WTF?

Must be the page 3!

The Sun has been pay per view for around 6months to a year now.

If there's any truth in this story (and why wouldn't there be?), then it's an alarming confirmation of just how fucked we really are.

We've long suspected that we were on the brink financially and this proves just how real the danger of the club going bust actually is.

All this "Don't worry, it's all owed to Eddie and isn't 'real' debt" bollocks that the club have trotted out over the last few years is clearly bullshit.

If we're at the point where we have to sign an agreement with Barclays to hand over the parachute payments en masse to them to avoid being placed in Administration, the wolf is not only at the door....he's sat at the table with his knife and fork in his hands and his napkin tied round his neck.

And let's not forget that the parachute payments will stop soon.

Then what....?

We're not going to suddenly be out of the woods just because Dougie's "got the big earners off the wage bill"......

It's obviously a bit more serious than that. (As we've all probably suspected all along.)

If BWFC was a city bank instead of a football club, Gartside would be facing charges by now for criminal negligence.

Unless we get snapped up by a rich foreign owner who can clear the debt overnight (yeah, like that's ever going to happen!), this is only going to end one way:

Administration, points deduction and relegation.

We are properly fucked.

Given the fucking about with Burnley bound Juke this is no surprise. I try to keep off the subject of BWFC to avoid my Mrs putting me on suicide watch!!

Bolton owner Eddie Davies has dug deep again to keep the Championship club afloat.

The trotters accounts revealed extra cash would be needed before the end of the season - despite the fact Davies has already coughed up more than £150million.

And chairman Phil Gartside said "The funding requirement has been met".  The news came as it emerged Bolton had signed over parachute payments to Barclays.

Wanderers were due £10.1m from the Premier League for the coming season.  But just as before the 2012-13 season - which the club's first back in the Championship after relegation - they agreed to divert the cash to the bankers.

Accounts for that season showed how much the club depends n Barclays and Davies, whose Moonshift Investments is owed more than £151m by Bolton.  The club lost more than £150m that season as income fell £30m

I still don't quite understand the story.

The article talks about this 'coming' season and talks about 'just as before the 2012/13 season' - so is it talking about 2013/14 - the season just gone, or 2014/15 the 'coming' season - if so did we not have to sign over the parachute payment in 2013/14?

Where have they seen the accounts for last year - are they even out yet?

Until someone can confirm they are, then I think although the story which is in todays paper, it actually refers to last season as the 'coming' season - thus an 'old' story (if so why print it now?).

Which probably makes this one even financially worse!

Oh the joys of being a Bolton fan.

According to an article in the BN from April 2013 (ie before last season kicked off) we were due a parachute payment of £20m for the forthcoming season - 2013/14.

The Sun article refers to a payment of £10.1m for "this season" so that would fit with it being for the 2014/15 season, as it's about half of the payment described in the BN article for the 2013/14 season.

Like everything else related to the financial affairs of BWFC, it's a confusing mess which has left me scratching my head......

And here's an interesting (if heavy going) read from 2010, back in the good old days when our debt was a measly £93m.

Especially the bits about how much Gartside and Duckworth were paying themselves, despite how far up the creek we were.....


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

It's all the fans fault says Fat Phil. He had a payday loan in the bag and look what they made him do with that.
We should have folded when DF missed a play off place.

carrs wrote:We should have folded when DF missed a play off place.

If that happened, Eddie would never see any of his money again and that's why they are fighting to keep the club going and praying to get back into the Premier League as they will have a good chance to reduce the massive debt then.

Think it's about time gartside told us the truth...
If we only owed 10 million to the bank ... Why have we had to sign over our parachute payments over to them?

karlypants wrote:

carrs wrote:We should have folded when DF missed a play off place.

If that happened, Eddie would never see any of his money again and that's why they are fighting to keep the club going and praying to get back into the Premier League as they will have a good chance to reduce the massive debt then.

Sadly without any money to spend on decent players, we never will. It's the way football is designed these days.

Reebok_Rebel wrote:Think it's about time gartside told us the truth...
If we only owed 10 million to the bank ... Why have we had to sign over our parachute payments over to them?

To help out with cash flow would be one answer.

We spend money all the time but the parachute payments are made in stages, so by signing over the parachute the bank knows it will get its money back, so allows us a daily line of income in which we can pay the bills with when they are due.

Don't know if this is actually the reason why we did it though.

We don't know the details so its all speculation.  What I do know is not many companies in the real world can operate with financials like these blokes have produced.  If this were a public company 99% of management would have been canned long ago for piss poor money management skills.

I read somewhere that season ticket sales for this coming season are pretty much on a par with this time last season? If we don't get promotion this coming season I can see a lot of the ' diehards ' not renewing for 2015/2016.

What's the worst that can happen? Football clubs don't go bust anymore. Leeds and Portsmouth were on the brink for many years and look at them now.

karlypants wrote:

carrs wrote:We should have folded when DF missed a play off place.

If that happened, Eddie would never see any of his money again and that's why they are fighting to keep the club going and praying to get back into the Premier League as they will have a good chance to reduce the massive debt then.

I've said before. Until you know the full facts of what is secured against what and who owns what come the end. The one thing for sure is ED has not gone all in with the club he isn't that stupid. He can walk anytime and know what his personal losses will be.