Here is the latest.
EX-WANDERERS striker Dean Holdsworth and his Sports Shield group are on the verge of completing a takeover at Bolton.
The Bolton News has learned that a short-term exclusivity has been granted and that a deal will be completed in the next few days to buy the club from majority stakeholder Eddie Davies.
It means that Wanderers have given Sports Shield sole rights to examine financial data and complete contractual formalities within a given period of time.
Wanderers face a High Court hearing on Monday, with HMRC petitioning to have the club liquidated in order to repay a tax and VAT bill totalling nearly £3million.
After months of discussion, the club knew they must find a new owner by the end of this week or go into voluntary administration, which would carry with it an instant 12-point deduction from the Football League.
Holdsworth’s group has been close to completing a takeover on a few occasions only for the deal to break down at the last minute. But after restructuring their bid last week they are now on the verge of being named as new owners.
Last week, Davies entered into direct discussions with oil and property magnate Roger Tamraz but was not able to complete the deal.
The newly-formed Bolton Wanderers Supporters’ Trust has also tried to gain preferred bidder status but fallen short. They intend to continue working towards gaining a place on the club’s board and have announced their intention to work with new owners.
Isle of Man-based businessman Dennis Rodgers has also been in advanced talks to buy the club but with Sports Shield now given exclusivity by the club, they are in the driving seat to complete the takeover.
Davies has stated his intention to wipe out around £185million of debts to pave the way for new ownership.
The Farnworth-born, Isle of Man-based businessman has been at the helm for 13 years, having secured his majority shareholding in 2003.
It is believed that Holdsworth will assume a chairman’s role but has not yet confirmed what changes will be made to the existing board.
The 47-year-old former striker became Wanderers’ club record signing in 1997 when Colin Todd paid £3.5million to bring him to Bolton from Wimbledon.
Since finishing his playing career professionally in 2005 he has held a number of non-league managers jobs, sampled league football with Aldershot Town and worked as assistant manager to Phil Brown at Derby County.
Holdsworth is a former chairman of the PFA and also founded the non-league PFA alongside his Sports Shield investment group.
Looks like Deano has got first dibbs.
posted on 21/2/16
With Eddie now demanding a percentage of future profits and a cut of TV and sponsorship deals from any new owner, The best option would be Administration. With the court hearing on Monday, I am not sure if that option is still available.
If a winding up order is made, would we still be allowed to pay the tax owing, and then the order be rescinded?
I just hope these new demands are the things being discussed on the radio yesterday.
posted on 21/2/16
Its not been in eds interest to go into administration even though I think it has been in the best interests of the club to do so. It will all come out in the wash.
posted on 21/2/16
Ed has full control at the moment, he can sell, he can pay more money into the club, he could take it off the market. But once a winding up order is made then its out of his hands, unless HMRC is paid.
posted on 21/2/16
I wouldn't name a tuurd after him.
posted on 21/2/16
Ed is only the person nominated to represent the Moonshift investors and the Family Trust these are the major creditors.
The club could apply to go voluntarily at court but the costs of this would incur more debt for the club based on the present books the judge would choose the Kenwood Liquidator in most such cases.
Wait for the box of tricks to be wheeled out and the joker which will ensure an adjournment you know from It's A Knockout to save your joker and use it when you know it will result in a winning round for you (insert a Bruno laugh here)
posted on 21/2/16
It's no wonder Roger's bid couldn't go ahead. They weren't daft enough. Deano seems to be out at the moment and I can't see anyone else being interested under the terms that Davies wants.
If Deano does go for it. I can't see the club surviving. We aren't going into the Premiership, the odds are that we are going in the other direction. So TV rights would be minimal. Depending on what share Davies wants and what share of the profits, there would probably not be enough money to keep the club running never mind bringing in new players.
It rather looks as though he's led all the bidders down the path and then thrown these clauses into the melting pot at the last minute.
If that's the case, Shame on him. It was only last week he made a statement on the future of the club. This is what was reported in the Bolton News
Davies said in a rare public appearance last week that the club “will survive” to honor the legacy of former chairman Phil Gartside, who passed away last week.
He obviously forgot to mention how that goal was to be achieved and in what capacity..
posted on 21/2/16
goal is to be achieved in the usual way....brown envelopes
posted on 22/2/16
We will see if brown envelopes have any effect later today. I suspect it really could be Armageddon day.
Goodness knows what will happen if it is. Hopefully someone will be able to resurrect the club.
Step forward Mr. Nixon's mysterious bidder.
posted on 22/2/16
Good to see Marc making use of this forum as he makes reference to the FA letter from the On The Town thread up top.
posted on 22/2/16
BOLTON Wanderers are aiming to avoid a winding-up order at the High Court today by naming Dean Holdsworth’s Sports Shield as the group set to take control of the club.
Last night the finishing touches were being put to legal work that will pave the way for the former footballer to take the reins at the Macron Stadium from Eddie Davies, subject to approval from the Football League in a £20 million deal.
That will provide the basis of the argument for Wanderers as they look to fend off a request from HMRC to liquidate them over an unpaid £3 million tax and VAT bill.
Wanderers will request a short-term adjournment to enable them to complete the takeover, but there are no plans at present to pay the debt before the hearing, despite cash being raised recently with the sale of the training ground, car park land and offices at the Macron.
The club were preparing to go into voluntary administration before this morning’s hearing if they felt the agreement with Sports Shield had not advanced sufficiently.
But though sources at the Macron were ruling out that possibility last night as contracts were exchanged and a share purchase agreement mooted, they did not rule out the possibility a shorter adjournment could be called to enable the club to file for administration.
The Bolton News has learned this morning that steps have been taken by the club's existing board in preparation for administration.
But Sports Shield remain confident a deal will be done. Mr Holdsworth and his recommended board must still pass the relevant checks from the league, as must his business plan to fund the Whites for the next 12 months.
Mr Davies demanded further proof from Mr Holdsworth that he can foot the bills for up to five years with his current business plan before he would wipe out about £185 million of loans accrued in his 13 years as owner.
The fee up front is around £7.5 million, which clears director and shareholder loans secured against club assets, plus outstanding wages.
The majority of the money that has been locked in by Sports Shield comes in the form of future funds – with lifelong supporter Mr Davies keen to ensure the club’s short-term future was secured.
The Isle of Man businessman has nevertheless found his legacy tarnished somewhat in the past few months as staff and players at the club went without pay and the lack of funds available to manager Neil Lennon became painfully evident on the pitch.
As financial details continue to emerge, the sheer scale of the money haemorrhaged by the club continues to provide shocking reading, which illustrates the size of the challenge now facing Mr Holdsworth and his group.
Losing £1 million a month, Wanderers currently spend £10 million a year on player wages and the same amount again on non-playing staff, services and so-called corporate costs.
The Bolton News has learned that Mr Davies will continue to gain an income even after his departure via fixed payments from TV and central Football League funding for every season Wanderers spend in the Championship or Premier League for the next five years.
Another term of the deal will guarantee the Isle of Man-based owner his place in the directors’ box and use of a suite, which is to be renamed after him, in the future.
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I wonder if they will go for a short adjournment or a long one?
Well it was all true about Ed wanting some brass out of the deal. He also wants his place in the directors’ box and use of a suite, which is to be renamed after him, in the future.