If proof was needed that we are skint, here it is.
Bolton Wanderers secure funding from finance company in lieu of bank overdraft facility
WANDERERS have confirmed that a short-term funding agreement has been put in place with a London-based finance company in lieu of a bank overdraft.
As expected, the club have not been approved for an overdraft by Barclays Bank, as has been the case in recent times, and have sought outside help from Nucleus Commercial Finance.
A previous £5million working cash facility had been secured against parachute payments from the Premier League – but that arrangement is no longer possible, with the last of the four sums now paid up.
It is understood the loan – known as a debenture – with Nucleus has been secured against assets owned by the club, including the stadium and associated land, and is also linked with future television payments.
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The terms, life and interest payable have not been disclosed.
The debenture was registered under Wanderers’ parent company Burnden Leisure at Companies House at the end of last month.
Surely anyone who thinks Gartside has done done a good job for the club needs to look at the facts in the cold light of day.
For goodness sake, the whole kit and caboodle is up for grabs including the stadium.
Gartside has to go!!!!!!!!!!!
It's no surprise that the terms and conditions haven't been disclosed but one thing is for sure, they will not be favorable and this situation can only harm the club further.
How long before Nucleus Commercial Finance take control of the ground and associated land? Then what will be the future? Perhaps further retail units built on the land or possibly some smart new apartments.
What a bloody mess.
It's official we are skint!!!!!!!!!!!!
posted on 28/8/15
Well that's torn it. PG put all that money from Simon the loan Shark on the win. Back to playing Oliver again it is then.
Can you spare just £3 a month to help a starving football club director left with no fuel card not knowing where the next herbal tea will come from he's not eaten a biscuit for days his club starving the big goal drought of 2015 is taking a heavy toll unable to stand up and speak to the media long gone are the days of feeding at the trough of fame he is wasting waste away with your help we can provide him with the tools and seeds to grow his own vegetables helping him turn his garden into a source of food and income. Please call us now and give just £3 a month.
posted on 29/8/15
BWFCCLEGG, Benny has got it right. Nothing else to say.
posted on 29/8/15
We'll only know who's right or wrong in the process of time.
I gave up on worrying on finances ages ago I'm supporting a football club not an accounts department.
If the worse ultimatley came to the worst and we did go bang and there's a whole lot of doom to happen for this to occur I'd then ultimatley follow the breakaway club from the bottom.
posted on 30/8/15
comment by Trotters Missed Pass - Uncensored 7-11 hip hop! (U6427)
posted 14 hours, 56 minutes ago
We'll only know who's right or wrong in the process of time.
I gave up on worrying on finances ages ago I'm supporting a football club not an accounts department.
If the worse ultimatley came to the worst and we did go bang and there's a whole lot of doom to happen for this to occur I'd then ultimatley follow the breakaway club from the bottom.
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Frankly....incredibly well said
posted on 30/8/15
Don't you think it's a great pity that the club has gone from an up and coming club to where we are today?
We have an owner who despite being a fan has allowed the club to be taken to the edge of ruination. No money for players and it would seem no money to pay for day to day expenses. What is going to happen when the wage bill can't be met? Will Eddie conjure up some money? It hardly seems likely after recent events.
It's all very well talking about following a breakaway club. Which park pitch will we be allocated or are you going to lead in starting up a fund to buy a vacant plot of land where the nucleus of a new club can be formed?
It's not that easy. Man United had a much larger fan base to call on when they led a breakaway. At the moment we are talking of around 14,000 hard core fans attending games. A thousand pounds from each of those fans won't buy a plot for a row of garages. The only hope is that some fans have a large wad of cash to invest.
I hope like everyone else that the club can be turned round but it isn't looking good.
Of course I don't expect you to share the views of the majority.
posted on 30/8/15
Yet some people think that a chairman who ignored a bank in January is a good chairman. Unbelievable incompetence by PG he was told no more pay up find another bank what did he do? Sat back and ended up at payday loans mortgaging future income. With that and the years already spent looking for a buyer it will get only get worse until the slack is all gone and the rope tightens nicely around Phil's neck 6hrs before or after the big bang place your bets.
posted on 30/8/15
Pasty it is certainly a disgrace the way the club has been run and as things stand we are well and truly in the brown sticky stuff.
Eddie must share the blame for this. We are constantly reminded that most of the debt is his. It really matters nothing if he has run out of money or the desire to fund the club.
posted on 31/8/15
Eddie wants to sell for a reported £30,000,000 here is a snippet from the report in the Bolton News.
Some reports suggest £30million would be enough for the Little Lever born businessman to cut ties with the club he bankrolled to UEFA Cup campaigns and unparalleled Premier League success.
If that is true, I take it, rightly or wrongly, that Ed hasn't got the money to continue funding the club.
It goes on to state that it takes 10 million to run the club. I don't know how much the club receives from gate receipts, marketing and TV rights but I would think that it would lessen the losses but not by any where near enough to make the club viable.
Is there any rich philanthropist out there who fancies a punt? You would have to be pi$$ed to even consider it.
posted on 31/8/15
You are referring to the PG (Porkies Galore) political broadcast SWIE.
Ed the family and the BBC are just fine. The clubs been for sale for a very long time now old chubby cheeks hasn't been looking very hard he is now under pressure to actually do as he said he could, failing to listen at pep talks doesn't please the boss thinking he's a super chairman doesn't wash these days it displeases the family. Laugh they do at little piggy he thought they would never cut his allowance but they did and now he smarts and squeals.
The BBC yes the Bermuda Beach Bar Club open late every night the boys partying hard all night always telling the Mrs they are on the Moonshift when out all night I guess the ladies put up with it during day when the boys sleep the girls drive off in their convertible BM's and Merc's lots of shopping and gossip hours in a day they say it's hard work but ok being the wife of a Moonshift boy.
posted on 1/9/15
I don't know about Moonshift. I just hope someone will shift Gartside from his Chairman's seat in the boardroom.
Preferably with a big kick up his arris.