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Bolton / Bury On The Brink (Merged)


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51 minutes ago, Red Right Hand said:

He has them peeled for him at their London office.

it gives the staff something to do to occupy their time.

Has anyone been able to find out why that exists and what are they getting for the quarter of a million pounds a year they are supposedly spending on it?  Nothing to do with Jaffas I think.

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1 minute ago, wendyredredrobin said:

Has anyone been able to find out why that exists and what are they getting for the quarter of a million pounds a year they are supposedly spending on it?  Nothing to do with Jaffas I think.

Best I can come up with is it`s somewhere Wally can say he`s visiting when he goes to watch his first love at Stamford Bridge - probably means he can claim the petrol money there and back.

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20 hours ago, Ashtonboy said:

We were on our arses in 1982, yet youth and hope got us through, as has dozens of clubs since. 

Yea and 8 highly paid player tore up their contracts

BOLTON CANT PAY THEIR WAGES

professional players will not play for nothing

 

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5 hours ago, Monkeh said:

Yea and 8 highly paid player tore up their contracts

BOLTON CANT PAY THEIR WAGES

professional players will not play for nothing

 

Ok Monkeh, no need to shout!😁 my point is that this is not a unique situation. Football is unique in that far more tolerance is given to "companies"in this situation. A retailer would now be closed and history. A way out will be found even if Bolton have to take the pain of several steps backwards.

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7 minutes ago, Ska Junkie said:

Do clubs still have to secure their ‘golden ticket’ from the EFL? The one that shows they can comply with all financial requirements for the following season.

I assume Bolton cannot comply going forward so would be expelled?

Yes, they have to show they will be able to fulfil their fixtures.

Mind you, this is the EFL, a note from their Mum will probably do.

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I watched BBC North West news tonight.

Bury had entered a Voluntary Agreement where football creditors would be paid in full and non football creditors a %age of what they were owed. The club has not proved to the EFL the funds to do so actually exist, so risk expulsion from the League. Matters are compounded by a winding up order from HMRC due to be heard on July 31st. This has already been deferred a few times, so this may well be the last week of Bury's existence.

The EFL does not want them to start but be unable to complete their fixtures.

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2 minutes ago, 22A said:

I watched BBC North West news tonight.

Bury had entered a Voluntary Agreement where football creditors would be paid in full and non football creditors a %age of what they were owed. The club has not proved to the EFL the funds to do so actually exist, so risk expulsion from the League. Matters are compounded by a winding up order from HMRC due to be heard on July 31st. This has already been deferred a few times, so this may well be the last week of Bury's existence.

The EFL does not want them to start but be unable to complete their fixtures.

Indeed, I read this earlier:

https://www.theguardian.com/football/2019/jul/25/efl-warns-bury-league-one-fixtures-could-be-suspended

A real chance they could be expelled. Which will of course lead to the EFL getting its act in order and ensuring that its clubs are run in a financially sustainable way.

Or possibly not.

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32 minutes ago, chinapig said:

Indeed, I read this earlier:

https://www.theguardian.com/football/2019/jul/25/efl-warns-bury-league-one-fixtures-could-be-suspended

A real chance they could be expelled. Which will of course lead to the EFL getting its act in order and ensuring that its clubs are run in a financially sustainable way.

Or possibly not.

The EFL seem to find it so much easier to deal with the financial issues of Bury then those of Sheffield Wednesday, , Villa or Derby. Wonder why?

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2 minutes ago, Rudolf Hucker said:

The EFL seem to find it so much easier to deal with the financial issues of Bury then those of Sheffield Wednesday, , Villa or Derby. Wonder why?

If you are suggesting it is run for the benefit of a minority of big clubs then I'm shocked. Surely nobody could believe such a thing of an organization of which Shaun Harvey was the custodian?

It is like suggesting that Boris Johnson is a proven liar for heaven's sake.

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43 minutes ago, chinapig said:

Indeed, I read this earlier:

https://www.theguardian.com/football/2019/jul/25/efl-warns-bury-league-one-fixtures-could-be-suspended

A real chance they could be expelled. Which will of course lead to the EFL getting its act in order and ensuring that its clubs are run in a financially sustainable way.

phrase GIF

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10 minutes ago, Rudolf Hucker said:

The EFL seem to find it so much easier to deal with the financial issues of Bury then those of Sheffield Wednesday, , Villa or Derby. Wonder why?

Probably because the likes of Bury can't afford the level of professional financial and legal advice that can clubs like Vila, Derby etc. so they won't embroil the EFL in tricky and embarrassing legal action that would probably show up the flaws in the EFL rules and administration.

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I've always been fond of Bolton due to the fact we always seemed to beat them in the 80's. And of course that day at at Wembley in 1986. 

Perhaps we could help them out with some of our fringe players, it would definitely harden them up with a backs against the wall sort of attitude. It made men of Newman and llewellyn.

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Feel sad for their fans, but I actually think we need to see a historical “big club” go.  They have been mis-managed for a good few years now, mis-spent whilst in the Prem, and promotion in 17/18 in effect depriving another club a promotion.

It’s harsh, but football and the EFL (and PFA) need to get a serious grip. 

There’s more than a football club at stake here, lots of creditors, who might also go to the wall because of Bolton too.  Suspect they did business with Bolton in good faith.

 

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3 minutes ago, Davefevs said:

Feel sad for their fans, but I actually think we need to see a historical “big club” go.  They have been mis-managed for a good few years now, mis-spent whilst in the Prem, and promotion in 17/18 in effect depriving another club a promotion.

It’s harsh, but football and the EFL (and PFA) need to get a serious grip. 

There’s more than a football club at stake here, lots of creditors, who might also go to the wall because of Bolton too.  Suspect they did business with Bolton in good faith.

 

I'm inclined to agree, except football, and especially the football media, has lost any sense of its history. After all, the game began in 1992.

If Bury went there would be a few crocodile tears then it would be quickly back to talking what Paul Pogba has posted on Instagram.

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Just now, chinapig said:

I'm inclined to agree, except football, and especially the football media, has lost any sense of its history. After all, the game began in 1992.

If Bury went there would be a few crocodile tears then it would be quickly back to talking what Paul Pogba has posted on Instagram.

I know, it really needs a Prem club to go bust.

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THE cost of rescuing Bolton Wanderers as a going concern could hit the £1million mark, according to a report released by administrators at the club. 

It is currently estimated that the services of David Rubin and Partners, who were placed in charge of the club’s sale, and their associated consultants, will reach £976,113. 

Administrators claim to have written off £20,761 in costs incurred prior to their appointment on May 13 but up to July 5 had racked up a bill of £560,951, at an average charge of £357 per hour. 


It is claimed a total 1,570 man hours – or roughly 65-and-a-half days - have been expended by administrators in the report, with rates ranging between £150 per hour for cashiers and assistants to £550 for seniors or managing partners. 

Fees will only be paid to the administrators at the end of the process, although a number of professional consultants have been paid monthly. 

A monthly fee of £30,000 has been paid to Consulting Logistics, a company whose registered offices are in Billericay, Essex. 


Among their directors is Keith Cousins, the former Rushden and Diamonds owner who was brought aboard to help with transfers and contracts. His correspondence address at Companies House is in Geneva, Switzerland. 

According to the report, Consulting Logistics are due significant payments at the end of the sale process, which are currently estimated at £480,800. 

It goes on to say that total costs will be around £1.5 million

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2 hours ago, BobBobSuperBob said:

THE cost of rescuing Bolton Wanderers as a going concern could hit the £1million mark, according to a report released by administrators at the club. 

It is currently estimated that the services of David Rubin and Partners, who were placed in charge of the club’s sale, and their associated consultants, will reach £976,113. 

Administrators claim to have written off £20,761 in costs incurred prior to their appointment on May 13 but up to July 5 had racked up a bill of £560,951, at an average charge of £357 per hour. 


It is claimed a total 1,570 man hours – or roughly 65-and-a-half days - have been expended by administrators in the report, with rates ranging between £150 per hour for cashiers and assistants to £550 for seniors or managing partners. 

Fees will only be paid to the administrators at the end of the process, although a number of professional consultants have been paid monthly. 

A monthly fee of £30,000 has been paid to Consulting Logistics, a company whose registered offices are in Billericay, Essex. 


Among their directors is Keith Cousins, the former Rushden and Diamonds owner who was brought aboard to help with transfers and contracts. His correspondence address at Companies House is in Geneva, Switzerland. 

According to the report, Consulting Logistics are due significant payments at the end of the sale process, which are currently estimated at £480,800. 

It goes on to say that total costs will be around £1.5 million

Perverse 

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In light of the various issues raised in the ffp thread, this section is especially pertinent.

And what a background Anderson had. In the 1980s Anderson worked as a used car salesman, getting himself a criminal conviction for selling second hand Nissan cars as new. In the 1990s he was running pubs and restaurants, closing them down after evading tax and not paying suppliers. He got 18 failed companies under his belt before finally getting a directors ban for being an unfit person. Anderson also worked for a few years with Vantis, a firm of accountants later shut down for money laundering and aiding and abetting VAT fraud. As if that wasn’t enough, Anderson had less than favourable comments about his dealings in the football world, primarily involving attempted takeovers at both Southampton and Liverpool. Would the leopard change his spots at Bolton? Shaun Harvey and the EFL thought so, bygones were bygones and so Bolton had new last minute owners, confirmed ironically enough at a club winders court appearance for unpaid HMRC taxes.

What followed was a three year master class on how to exploit an environment of slack regulation and incompetence, applied in true brinkmanship style, with a couldn’t care less as to the consequences attitude of someone with little or no skin in the game.

Forget for a minute the questions it raises about the criteria on which an owner is judged fit and proper ( or whatever term is now used). The fact that Bolton's financial demise has occurred over a period of time during which the EFL  made the financial rules more stringent, must give cause for concern. In particular, and has many have commented on our own ffp thread, the highlighted section of the article is especially telling and damning.

The very rules that are meant to safeguard clubs against profligate and reckless owners, appear to be only loosely applied when it suits the EFL's need to be flexible when dealing with the big and powerful but useless when really needed.

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