Is it Bolton or Holdsworth in trouble?

[Sidney1st]

http://www.bbc.co.uk/sport/football/397 ... name=sport" onclick="window.open(this.href);return false;

"Bolton Wanderers have been issued a winding-up petition over an unpaid £5m loan, BBC Radio Manchester reports.

Finance company BluMarble lent Dean Holdsworth's Sports Shield the money to complete a takeover with chairman Ken Anderson's Inner Circle Investments.

However, in March, Anderson bought former Bolton striker Holdsworth's shares to become the majority owner of the League One club."

I think it's Holdsworth and his company, but I'm not really sure.
Interesting to see he had to borrow the money to help buy Bolton.

[FCBurnley]

Surely if its `Bolton Wanderers have been issued a winding up petition` then it is the club and not an individual ?

[dsr]

At a guess, Houldsworth or his company owe the money, but Bolton wanderers are somehow liable as well eg. because they may have given the lenders a guarantee.

[Sidney1st]

That could just be an attention grabbing headline

[Paul Waine]

http://www.bbc.co.uk/sport/football/397 ... name=sport

"Bolton Wanderers have been issued a winding-up petition over an unpaid £5m loan, BBC Radio Manchester reports.

Finance company BluMarble lent Dean Holdsworth's Sports Shield the money to complete a takeover with chairman Ken Anderson's Inner Circle Investments.

However, in March, Anderson bought former Bolton striker Holdsworth's shares to become the majority owner of the League One club."

I think it's Holdsworth and his company, but I'm not really sure.
Interesting to see he had to borrow the money to help buy Bolton.

I guess we will find out more on 22 May, or whenever this gets to court.

We can imagine that BluMarble loan to Sports Shield said the £5m could only be used to buy Bolton Wanderers. It may also have said that BluMarble is secured against Bolton Wanderers.

It would appear to be a weak situation if BluMarble can lend Sports Shield £5m, SS then buys BW shares (which are BM's security) and later SS sells these shares to Ken Anderson. There's no mention of the value received for the shares, but this shouldn't effect BM's claim.

If it get's to court (there's always the possibility it settles beforehand) we will learn how strong the loan documentation is.

[ElectroClaret]

Looks like the way forward will be determined by whether they get promotion or
not, as that, of course would mean increased income.

Could do it this weekend, i think, but if they fail (which is quite possible if they're overhauled
at the top and flop in the playoffs) it'll all be up in the air again.

[aggi]

I remember reading this at the time but can't quite remember the details. Something like BluMarble loaned to SportsShield and then SportsShield loaned it to the club and also used the club as security (although there were arguments that this hadn't been agreed to). It was discussed on here a while ago.

This was it Again, for the record, Dean has never put any personal money into the club. He did arrange with Michael Collins, a Sports Shield consultant and an associate of his (now serving a four years and three months prison sentence for mortgage fraud) a £4m loan to the club through his own company Sports Shield repayable in March 2018, but unlike my loans, he secured the loan on behalf of Blu Marble against club assets for £5m plus interest at 24% per annum from the Charirman, Ken Anderson.

[Funkydrummer]

24% interest p.a. ! !

Was it a pay-day loan ? Blimey

[Sidney1st]

I remember that now, because the club released a statement about it all.

Its got potential carnage written all over it.

[dpinsussex]

So we have bolton that might go up and then folded or certainly points deduction.
Newcastle promoted and having a tax fraud investigation. Note swindon relegated 2 divisions a few years back for same thing.
West ham poss same punishment.


What division will we be in?? Premier league thankfully