Bolton facing administration..

GodIsADeeJay81 · Post by **GodIsADeeJay81** » Mon Sep 10, 2018 9:51 pm

https://www.theboltonnews.co.uk/news/16 ... hin-hours/" onclick="window.open(this.href);return false;

Skip past the survey it might ask you for.

Bolton have defaulted on a loan and are facing legal action, potentially administration which comes with the fabled 12 point deduction.

Also according to that article they're still haemorrhaging money to the tune of £6 million a year.

Vegas Claret · Post by **Vegas Claret** » Mon Sep 10, 2018 9:55 pm

shame

Bordeauxclaret · Post by **Bordeauxclaret** » Mon Sep 10, 2018 9:56 pm

They should change name to avoid detection.

Buxtonclaret · Post by **Buxtonclaret** » Mon Sep 10, 2018 10:02 pm

One of their legends, Horseface might have a few spare bob to help them, given all these payoffs he keeps getting.

tiger76 · Post by **tiger76** » Mon Sep 10, 2018 10:05 pm

They'll get no sympathy on this board,unfortunately it's the staff who will lose their jobs i feel for,i'm sure the players will be fine,this could lead to a fire sale in January might be some bargains available.

Just as in the Birmingham case,we'll see if the Football League have the balls to follow these possible punishments to the letter of the laws.

It's a good job for them they put points on the board early,Phil Parkinson has worked wonders with their squad,can see him being poached by another Championship club soon.

bfcjg · Post by **bfcjg** » Mon Sep 10, 2018 10:13 pm

Bstards should get on their knees and grovel to their Indian masters as they are the only thing stopping them going under.

Royboyclaret · Post by **Royboyclaret** » Mon Sep 10, 2018 10:41 pm

Incredibly we now know the extent of the debt written off by Eddie Davies stands at a whopping £198million.

Without his generosity Bolton would have been liquidated many months ago.

Even now they are staring down the barrel of a gun and are simply delaying the inevitable outcome of receivership.

Royboyclaret · Post by **Royboyclaret** » Mon Sep 10, 2018 11:14 pm

Just to add, the word within financial circles is that Anderson's offer is to repay the £4.3million loan to BluMarble WITHOUT any of the accumulated interest added.

As if that arrangement was ever going to be acceptable.

tiger76 · Post by **tiger76** » Mon Sep 10, 2018 11:14 pm

Surprisingly Maidstone United are the last Football League club to fold in 1992,there has been some surviving by the skin of their teeth though,hopefully this new clamp down on extravagant spending,and casually writing off debts will make some owners less carefree in their approach.

jdrobbo · Post by **jdrobbo** » Mon Sep 10, 2018 11:40 pm

My dad’s from Bolton and a good mate of mine supports them. My only issue is with Coyle, not BWFC. I sincerely hope they get their finances in check and are able to resume running as a business. They’re a huge piece of important British footballing history and are a decent club.

aggi · Post by **aggi** » Mon Sep 10, 2018 11:56 pm

This has been an interesting story for a while.

Dean Holdsworth and his company (SportsShield BWFC) took the loan out with this company BluMarble, loaned it to Bolton and told them it was secured on Bolton's assets. However, Dean Holdsworth has never been a director at Bolton so it's unclear on what authority the loan was being secured on Bolton's assets.

Previous thoughts were that if Holdwsorth misrepresented the authority he had then he could end up being personally liable rather than the club (although I'd assume that the IPs will seek to recover the £5m from Bolton depending on the terms) but it looks like that's been cleared up to an extent. You can see why it's slightly more complex than just paying off the debt.

NL Claret · Post by **NL Claret** » Tue Sep 11, 2018 6:15 am

tiger76 wrote:Surprisingly Maidstone United are the last Football League club to fold in 1992,there has been some surviving by the skin of their teeth though,hopefully this new clamp down on extravagant spending,and casually writing off debts will make some owners less carefree in their approach.

The authorities need to do more due diligence and make fit and proper owners are put in charge of clubs.

Orient
Coventry
Blackpool
Chalton

The Bolton takeover a few years back always had a bad stench around it. Complex is the word. Already this season a players strike, another creditor refusing to supply them and the hotel taking cash only payments and ex player Henry wanting what was owed to him.

gawthorpe_view · Post by **gawthorpe_view** » Tue Sep 11, 2018 8:02 am

I did five years at Bolton College, '74-'79 and through college friends developed an affinity to them so they became my 'second team', that was until they poached our manager, now they can't sink low enough or fast enough for me.

CrosspoolClarets · Post by **CrosspoolClarets** » Tue Sep 11, 2018 8:44 am

Before we get too carried away, Bolton are only 9 places below us in the league structure.

Things can change very quickly.

Lancasterclaret · Post by **Lancasterclaret** » Tue Sep 11, 2018 9:13 am

Course they can, but if you massively overspend to try to maintain your position in the top division this can happen.

karatekid · Post by **karatekid** » Tue Sep 11, 2018 9:19 am

I don't know how any one could hope that a famous club which was one of the 12 founder members of the league will go bust. They are a North West team with fans just like us who have followed their team through thick and thin , home and away for many years.
I have no affinity to Bolton Wanderers but I for one hope they find a way out of this mess and get back to the Premier League where we can meet them in a game that has the feel of a local derby. Forget judas, he has nothing to do with them now.

NottsClaret · Post by **NottsClaret** » Tue Sep 11, 2018 9:31 am

My grandad's team and a proper old Lancashire club like us. The Coyle thing came and went - along with most involved - I hope they get this sorted.

Top Claret · Post by **Top Claret** » Tue Sep 11, 2018 9:47 am

Blue Marble more than likely only lent the money knowing that the company was not capable of paying the loan and honouring the contract, the assets are more than likely worth treble if not more than the loan

ClaretTony · Post by **ClaretTony** » Tue Sep 11, 2018 9:51 am

The club was running such that they couldn't afford to lose their place in the Premier League. When they did the debts started rising and when Davies decided enough was enough they were in serious trouble. As royboy posted, without him wiping out the debt they would have been long gone.

I've no sympathy for clubs who run themselves like that, as Bolton did for many years. They are another Portsmouth.

claptrappers_union · Post by **claptrappers_union** » Tue Sep 11, 2018 9:57 am

Don’t want to see any club go bust. You have to feel for the fans, they don’t decide how their club is run. Hope the club gets itself sorted.

Chobulous · Post by **Chobulous** » Tue Sep 11, 2018 10:10 am

Live blog from Marc Iles on procedings

https://www.theboltonnews.co.uk/sport/1 ... istration/" onclick="window.open(this.href);return false;

Lord Beamish · Post by **Lord Beamish** » Tue Sep 11, 2018 10:12 am

I still remember with visceral displeasure the glib arrogance of their fans back in the winter of ‘09/‘10.
F *ck ‘em! I hope they go under.

Chobulous · Post by **Chobulous** » Tue Sep 11, 2018 10:12 am

Tenterhooks stuff for the Bolton fans this.

Chobulous · Post by **Chobulous** » Tue Sep 11, 2018 10:17 am

Lord Beamish wrote:I still remember with visceral displeasure the glib arrogance of their fans back in the winter of ‘09/‘10.
F *ck ‘em! I hope they go under.

That's football fans for you. We would have behaved in the same way. That's what happens. It's just like the keyboard warriors, or the likes of Rashford squaring up to Bardsley on a football pitch. You do it because you know there will be no actual face to face consequences. I mean to sya, visceral displeasure? Something that affects your very bowels and vital organ? Get over it.

Lord Beamish · Post by **Lord Beamish** » Tue Sep 11, 2018 10:18 am

Chobulous wrote:That's football fans for you. We would have behaved in the same way. That's what happens. It's just like the keyboard warriors, or the likes of Rashford squaring up to Bardsley on a football pitch. You do it because you know there will be no actual face to face consequences. Get over it.

No thank you. I’ll carry on quite happily, warm in the knowledge that they might well go bust.

Lancasterclaret · Post by **Lancasterclaret** » Tue Sep 11, 2018 10:19 am

I don't think administration means they disappear from the face of the earth though.

To do that, we'd have to take off and nuke the whole site from orbit , its the only way to be sure.

Chobulous · Post by **Chobulous** » Tue Sep 11, 2018 10:20 am

Get ready for a shock to the organs then, last second offer made apparently.

Lord Beamish · Post by **Lord Beamish** » Tue Sep 11, 2018 10:24 am

The holiday in Tuscany that I am currently on will not be ruined for me if they somehow manage to scrape a deal.
They’ll still be miles and miles behind us for a decade at least.

Devils_Advocate · Post by **Devils_Advocate** » Tue Sep 11, 2018 10:26 am

Must be a cracking holiday coming on here to post about Bolton fans. Live it up and enjoy

Lord Beamish · Post by **Lord Beamish** » Tue Sep 11, 2018 10:31 am

Devils_Advocate wrote:Must be a cracking holiday coming on here to post about Bolton fans. Live it up and enjoy

Wonderful, Mr Advocaat. Sat in the sunshine, watching the kids swim in the pool in the morning whilst tip tapping on my iPad. I might have a glass off red with my lunch. Then we’re off to Siena this afternoon.
Bliss.

Chobulous · Post by **Chobulous** » Tue Sep 11, 2018 10:40 am

Deadline extended until noon. Last minute offer provisionally accepted apparently.

evensteadiereddie · Post by **evensteadiereddie** » Tue Sep 11, 2018 10:42 am

"Then we’re off to Siena this afternoon.
Bliss."
Give her my love. Oh.

CaptJohn · Post by **CaptJohn** » Tue Sep 11, 2018 10:58 am

I always remember Coyle saying that they were ten years ahead of us. I can't help thinking that if he was right........... we have these problems to look forward to in ten years time. A sobering thought for those that advocated wild spending in the recent transfer window.

ClaretPope · Post by **ClaretPope** » Tue Sep 11, 2018 11:08 am

Bolton (Evening) News now saying BWFC won't be put into admin by BluMarble if the last-min rescue deal goes through by noon.

Silkyskills1 · Post by **Silkyskills1** » Tue Sep 11, 2018 11:19 am

'a sobering thought for those that advocated wild spending in the recent transfer window'

What wild spending was that?

claptrappers_union · Post by **claptrappers_union** » Tue Sep 11, 2018 11:45 am

Lord Beamish wrote:I still remember with visceral displeasure the glib arrogance of their fans back in the winter of ‘09/‘10.
F *ck ‘em! I hope they go under.

But as fans, we had the same feelings with Preston took Nogan, Parky and Eyres and then a few years later when Paul Jewell wanted to take Robbie Blake to Wigan and when Cotterill left Stoke for us and brought Ade, GNW, James O'Connor. Stoke fans despised Burnley at that time.

I wouldn't wish anyone to lose their local team. Football in the UK especially brings a lot to communities, even when they fall on hard times.

summitclaret · Post by **summitclaret** » Tue Sep 11, 2018 11:54 am

CaptJohn wrote:I always remember Coyle saying that they were ten years ahead of us. I can't help thinking that if he was right........... we have these problems to look forward to in ten years time. A sobering thought for those that advocated wild spending in the recent transfer window.

Can you name a single poster that asked for that? Or maybe you think spending a significant proportion of your annual income (with 3 years' of parachutes available) is wild spending.

GodIsADeeJay81 · Post by **GodIsADeeJay81** » Tue Sep 11, 2018 12:04 pm

We've gone past noon, does anyone know how it's worked out?

GodIsADeeJay81 · Post by **GodIsADeeJay81** » Tue Sep 11, 2018 12:07 pm

. There is the outstanding matters of Heathcote & Co's winding up petition, due on September 17, and the PFA's involvement in the player pay dispute. By no means easy street for the Bolton chairman.

So if they survive this one, there's another due next week
..

Clarets4me · Post by **Clarets4me** » Tue Sep 11, 2018 12:11 pm

CrosspoolClarets wrote:Before we get too carried away, Bolton are only 9 places below us in the league structure.
Things can change very quickly.

Whilst " Crosspool " is correct, I don't think we're about to sell out training ground just to pay 6 weeks wages just yet ....

clansman · Post by **clansman** » Tue Sep 11, 2018 12:56 pm

The funds had to be transferred by 12 noon. No confirmation yet that this has been done!

bfcjg · Post by **bfcjg** » Tue Sep 11, 2018 1:06 pm

clansman wrote:The funds had to be transferred by 12 noon. No confirmation yet that this has been done!

They have allowed them another hour for the buskers in Horwich town centre to raise another tenner.

GodIsADeeJay81 · Post by **GodIsADeeJay81** » Tue Sep 11, 2018 1:19 pm

.Oddly, the filing of the Notice Of Intention to Appoint IS an insolvency event as defined by the EFL. We know this happened and the points deduction should have triggered immediately but it didn't #bwfc

Interesting.

Steve1956 · Post by **Steve1956** » Tue Sep 11, 2018 1:35 pm

Wish they would hurry up and go bust....ten years ahead

ecc · Post by **ecc** » Tue Sep 11, 2018 1:35 pm

Leicester went from administration to winning the PL so it's not as bad as it sounds.

clansman · Post by **clansman** » Tue Sep 11, 2018 1:36 pm

Still no confirmation.As stated above the rules clearly state that the filing of a Notice to Appoint an Administrator is an insolvency event. Perhaps its the best thing for Bolton .The Administrator takes over the running of the club and searches for a new buyer.They take a 12 point hit and may well go down but in the long run it may well be for the best!

GodIsADeeJay81 · Post by **GodIsADeeJay81** » Tue Sep 11, 2018 1:42 pm

They didn't learn from going down to league 1 last time though.
They're losing money still, £6 million a year.

Players have been on strike over wages etc.

GodIsADeeJay81 · Post by **GodIsADeeJay81** » Tue Sep 11, 2018 1:52 pm

. Settlement figure has been agreed between BluMarble and Ken Anderson.
It is understood a third party has also injected funds to help the deal happen.
A deadline for noon was set (and since passed) but funds have not yet reached the relevant accounts, so the deal is not yet done.
Administration is NOT expected by either side, as things stand, and the delay should not affect this.

quoonbeatz · Post by **quoonbeatz** » Tue Sep 11, 2018 3:04 pm

Should be renamed Bolton Wongarers.

GodIsADeeJay81 · Post by **GodIsADeeJay81** » Tue Sep 11, 2018 3:06 pm

At present they've reached a deal and waiting for League clarification and confirmation money has been paid.

As mentioned earlier they've another one next week, so tune back in for the next installment of Bolton and how not to run a club..