Ska Junkie Posted September 10, 2018 Report Share Posted September 10, 2018 After the Villa debacle this summer and Brum dropping into financial trouble, it appears to be Bolton's turn, again. https://www.theboltonnews.co.uk/sport/16833145.bolton-wanderers-could-be-in-administration-within-hours/ They really do have major issues at that club, don't they? Link to comment Share on other sites More sharing options...
Mr Popodopolous Posted September 10, 2018 Report Share Posted September 10, 2018 Given they seem to have run- or at least tried to run- a fairly tight ship in the last 2 seasons the this, that surprises me slightly but I don't doubt it! Asset stripping or huge historic debts catching up with them? Link to comment Share on other sites More sharing options...
Ska Junkie Posted September 10, 2018 Author Report Share Posted September 10, 2018 1 hour ago, Mr Popodopolous said: Given they seem to have run- or at least tried to run- a fairly tight ship in the last 2 seasons the this, that surprises me slightly but I don't doubt it! Asset stripping or huge historic debts catching up with them? Didn't they sell their training ground to Wigan last year? It seems to be a case of a bit of both Mr P. The owner wants to sell and invest as little as possible to cover debts / existing contracts and seems happy to sell whatever he can to avoid putting any £££ in. Their historical debt was enormous IIRC. Personally, when their owner at the time wanted to 'pull up the bridge between the EPL and the EFL' a few years ago, I lost any respect for Bolton. A case of 'we're alright, stuff you'. Link to comment Share on other sites More sharing options...
Taz Posted September 10, 2018 Report Share Posted September 10, 2018 Memory may be playing tricks on me, but didn't they leave it very late the last time they were close to being in serious trouble? Seems that unless you can get a big invester to bail you out, you're just delaying the inevitable, unless of course you strike lucky and get to the Prem shortly afterwards. I don't think this will be the last club we hear about with regards to administration.... Link to comment Share on other sites More sharing options...
Davefevs Posted September 10, 2018 Report Share Posted September 10, 2018 10 minutes ago, Ska Junkie said: Didn't they sell their training ground to Wigan last year? It seems to be a case of a bit of both Mr P. The owner wants to sell and invest as little as possible to cover debts / existing contracts and seems happy to sell whatever he can to avoid putting any £££ in. Their historical debt was enormous IIRC. Personally, when their owner at the time wanted to 'pull up the bride between the EPL and the EFL' a few years ago, I lost any respect for Bolton. A case of 'we're alright, stuff you'. £170-180m covered by Eddie Davies iirc. Link to comment Share on other sites More sharing options...
bristolmoose Posted September 10, 2018 Report Share Posted September 10, 2018 10 minutes ago, Ska Junkie said: Didn't they sell their training ground to Wigan last year? It seems to be a case of a bit of both Mr P. The owner wants to sell and invest as little as possible to cover debts / existing contracts and seems happy to sell whatever he can to avoid putting any £££ in. Their historical debt was enormous IIRC. Personally, when their owner at the time wanted to 'pull up the bride between the EPL and the EFL' a few years ago, I lost any respect for Bolton. A case of 'we're alright, stuff you'. Then he realised Rudolf had got there first. Link to comment Share on other sites More sharing options...
Ska Junkie Posted September 10, 2018 Author Report Share Posted September 10, 2018 Just now, bristolmoose said: Then he realised Rudolf had got there first. Whoops! Link to comment Share on other sites More sharing options...
Ska Junkie Posted September 10, 2018 Author Report Share Posted September 10, 2018 2 minutes ago, Davefevs said: £170-180m covered by Eddie Davies iirc. Blimey, that's a serious amount! Link to comment Share on other sites More sharing options...
Davefevs Posted September 10, 2018 Report Share Posted September 10, 2018 2 minutes ago, Ska Junkie said: Blimey, that's a serious amount! https://www.theboltonnews.co.uk/sport/wanderers/14097992.Eddie_Davies_will_wipe_off_debt_at_Wanderers_when_club_is_sold___Trevor_Birch/ Link to comment Share on other sites More sharing options...
Ska Junkie Posted September 10, 2018 Author Report Share Posted September 10, 2018 Inevitable I suppose. http://www.skysports.com/football/news/11672/11494937/bolton-wanderers-placed-in-administration-after-owner-fails-to-agree-deal-with-blumarble Link to comment Share on other sites More sharing options...
BobBobSuperBob Posted September 10, 2018 Report Share Posted September 10, 2018 Bolton’s Chairman has announced Club have gone into administration points reduction I assume ? Link to comment Share on other sites More sharing options...
Ska Junkie Posted September 10, 2018 Author Report Share Posted September 10, 2018 -12 mate and a 2 year embargo, already a thread fella. Link to comment Share on other sites More sharing options...
BobBobSuperBob Posted September 10, 2018 Report Share Posted September 10, 2018 3 minutes ago, Ska Junkie said: -12 mate and a 2 year embargo, already a thread fella. Ahhh ta And Apologies looked but couldn’t see one - spotted now Mods Could you delete please Link to comment Share on other sites More sharing options...
Ska Junkie Posted September 10, 2018 Author Report Share Posted September 10, 2018 Just now, BobBobSuperBob said: Ahhh ta And Apologies looked but couldn’t see one - spotted now Mods Could you delete please No worries Bob, the title was a tad 'cryptic'. Mods, it may be worth editing the 'finances' thread to add 'Bolton into admin'. Link to comment Share on other sites More sharing options...
Steve Watts Posted September 10, 2018 Report Share Posted September 10, 2018 From their official site. A note from the chairman, Ken Anderson: I have of course seen this evening's Bolton News article and I am very disappointed that Stuart Wilson and Michael Henson of Blu Marble Capital Ltd have decided to reject my offer to repay the loan they originally made to the club through Sportshield Ltd and place the club in administration. The amount received by the club was £4m and l offered to repay this plus substantial interest. Unfortunately, this offer was rejected. As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons as their actions do not make commercial sense. As l understand it they are currently taking legal action against their own lawyers in respect of a negligence claim on the original transaction with Sportshield Ltd and are expecting to receive substantial compensation from the lawyers' PI insurance and this may explain their actions. They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points. In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer. I would like to take this opportunity to thank the three debenture holders who all agreed to make concessions in order to try and reach a settlement with Blu Marble, but unfortunately these were not accepted and they will all now play a major part in the administration discussions going forward. I will continue to do everything possible to help the club and have let the administrators know that l will do my best to assist them. Kind regards Ken Link to comment Share on other sites More sharing options...
Ska Junkie Posted September 10, 2018 Author Report Share Posted September 10, 2018 3 minutes ago, Steve Watts said: From their official site. A note from the chairman, Ken Anderson: I have of course seen this evening's Bolton News article and I am very disappointed that Stuart Wilson and Michael Henson of Blu Marble Capital Ltd have decided to reject my offer to repay the loan they originally made to the club through Sportshield Ltd and place the club in administration. The amount received by the club was £4m and l offered to repay this plus substantial interest. Unfortunately, this offer was rejected. As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons as their actions do not make commercial sense. As l understand it they are currently taking legal action against their own lawyers in respect of a negligence claim on the original transaction with Sportshield Ltd and are expecting to receive substantial compensation from the lawyers' PI insurance and this may explain their actions. They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points. In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer. I would like to take this opportunity to thank the three debenture holders who all agreed to make concessions in order to try and reach a settlement with Blu Marble, but unfortunately these were not accepted and they will all now play a major part in the administration discussions going forward. I will continue to do everything possible to help the club and have let the administrators know that l will do my best to assist them. Kind regards Ken That's extremely odd on Blu Marbles part as they'll get next to nothing now won't they? Very odd. Link to comment Share on other sites More sharing options...
TheCulturalBomb Posted September 10, 2018 Report Share Posted September 10, 2018 This is the picture that accompanies the statement that the club is going into administration. WTF. Link to comment Share on other sites More sharing options...
pillred Posted September 10, 2018 Report Share Posted September 10, 2018 looking at the table that 12 point deduction will only put them a few points from safety thanks to their good start. Link to comment Share on other sites More sharing options...
downendcity Posted September 11, 2018 Report Share Posted September 11, 2018 I read that of their 11 years in the prem in oy one did they make a profit. if so, then it's hardly surprising they have problems now. Link to comment Share on other sites More sharing options...
Bristol Rob Posted September 11, 2018 Report Share Posted September 11, 2018 6 hours ago, Ska Junkie said: That's extremely odd on Blu Marbles part as they'll get next to nothing now won't they? Very odd. Sounds like they have lost their marbles. Link to comment Share on other sites More sharing options...
Leveller Posted September 11, 2018 Report Share Posted September 11, 2018 7 hours ago, Ska Junkie said: That's extremely odd on Blu Marbles part as they'll get next to nothing now won't they? Very odd. Maybe para 4 explains it. Link to comment Share on other sites More sharing options...
Port Said Red Posted September 11, 2018 Report Share Posted September 11, 2018 8 minutes ago, Leveller said: Maybe para 4 explains it. Yes, it sounds like they will make more out of suing their own lawyers for the way the loan agreement was written, than from getting the loan plus interest back. Bizarre. Link to comment Share on other sites More sharing options...
The Gasbuster Posted September 11, 2018 Report Share Posted September 11, 2018 7 hours ago, pillred said: looking at the table that 12 point deduction will only put them a few points from safety thanks to their good start. Seeing that they went into administration just a few years ago (and have clearly not learnt from it), maybe a bigger points deduction is justified ? Link to comment Share on other sites More sharing options...
Major Isewater Posted September 11, 2018 Report Share Posted September 11, 2018 24 minutes ago, The Gasbuster said: Seeing that they went into administration just a few years ago (and have clearly not learnt from it), maybe a bigger points deduction is justified ? How about crucifiction ? Nail some sense into them . Link to comment Share on other sites More sharing options...
Ashtonwurzel Posted September 11, 2018 Report Share Posted September 11, 2018 Watch out for Derby and Sheff Weds. Link to comment Share on other sites More sharing options...
Eastside Moonwalker Posted September 11, 2018 Report Share Posted September 11, 2018 A friend who is a Bolton fan has told me that they basically cut too many corners with the repayment and have ended up in Administration because of it. Good thing is that they actually have points this year, so a -12 point deduction could probably still keep them up. Can't really say the same to Birmingham (which is a shame as they're my favourite team in the WM) Link to comment Share on other sites More sharing options...
B block Posted September 11, 2018 Report Share Posted September 11, 2018 Until there’s proper consequences this merry go round will keep going are any of these clubs audited? How are they allowed to rack up millions on a gamble to get and compete in the premier league its akin to going to the bank for a 10 million loan to buy lottery tickets. Should be 30 points deducted and a lifetime ban for anyone who gambled and lost Link to comment Share on other sites More sharing options...
Ska Junkie Posted September 11, 2018 Author Report Share Posted September 11, 2018 question, if they did go bust and reformed as a 'pheonix' club, would they have to start waaaay down the leagues as Hereford and Wimbledon did? IMHO it seems ridiculous that they've been allowed to carry such huge debts for such a long time without forfeit, absolutely scandalous. Surely, the fact that they're back in trouble already, after their ex owner cleared their huge debt, shows something inherently wrong with the running of BWFC? Link to comment Share on other sites More sharing options...
Mr Popodopolous Posted September 11, 2018 Report Share Posted September 11, 2018 10 hours ago, Ska Junkie said: Didn't they sell their training ground to Wigan last year? It seems to be a case of a bit of both Mr P. The owner wants to sell and invest as little as possible to cover debts / existing contracts and seems happy to sell whatever he can to avoid putting any £££ in. Their historical debt was enormous IIRC. Personally, when their owner at the time wanted to 'pull up the bridge between the EPL and the EFL' a few years ago, I lost any respect for Bolton. A case of 'we're alright, stuff you'. Oh yeah Ska, a huge historic debt- well remembered too about the PL2 thing- you pointing that out put them down in my estimation now. Still no transfer fee spent for 2 years, moderate losses (said in the article they lost £6m in 16/17 and may have made a small profit last season owing to Madine sale)- guess it shows FFP and financing are definitively different. As I say though, from the outside since their virtual bankruptcy in 2015, it appeared they were acting in a fairly restrained manner. @Ashtonwurzel Sheffield Wednesday may well be. Derby? Not sure- Mel Morris is happy to foot the bill, he's a Derby fan after all and he's quite rich- plus they have sold players including the high earning Vydra this summer- should be alright IMO but probably have to be restrained in transfers moving forward, or sell big for FFP purposes. Link to comment Share on other sites More sharing options...
Ska Junkie Posted September 11, 2018 Author Report Share Posted September 11, 2018 4 minutes ago, Mr Popodopolous said: Oh yeah Ska, a huge historic debt- well remembered too about the PL2 thing- you pointing that out put them down in my estimation now. Still no transfer fee spent for 2 years, moderate losses (said in the article they lost £6m in 16/17 and may have made a small profit last season owing to Madine sale)- guess it shows FFP and financing are definitively different. As I say though, from the outside since their virtual bankruptcy in 2015, it appeared they were acting in a fairly restrained manner. @Ashtonwurzel Sheffield Wednesday may well be. Derby? Not sure- Mel Morris is happy to foot the bill, he's a Derby fan after all and he's quite rich- plus they have sold players including the high earning Vydra this summer- should be alright IMO but probably have to be restrained in transfers moving forward, or sell big for FFP purposes. Spot on Mr P but they've agreed a £2M fee for Christian Doige in January as part of a loan deal. What on earth happens with that now? Link to comment Share on other sites More sharing options...
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