From this mornings BeaNo's intrepid sports desk reporter just a recap on what we already know.
DEAN Holdsworth’s Sports Shield consortium was still awaiting clearance last night after giving more evidence of their business plan to the Football League.
It is still hoped the takeover, worth £7.5million up front and a further £12.5m in guaranteed future funding can be given the go-ahead well before next Monday’s High Court hearing.
But Sports Shield were still going through the finer details of their bid with the league’s accountants yesterday as they look for a green light to assemble a new board of directors.
One of the major sticking points is understood to be a clause in the sale of the club that entitles Eddie Davies to a percentage of future television and sponsorship money for the next five years.
Davies said in a public interview with Sky Sports that he had sold the club for £1 but it emerged in the High Court that £15million of his loans were being kept on the club’s books.
It has yet to be confirmed by the club how they will pay the £3million of outstanding tax and VAT owed to HMRC – although it appears likely that a chunk of the money put forward by Sports Shield will be used, and not funds raised by the sale of Euxton or that raised by a joint business venture with Prescot Business Park Ltd.
That, the league fear, could leave the club with a shortfall in funds for the remainder of this season.
Furthermore, relegation could put a £5m dent in Wanderers’ funding and require even more severe cuts to the wage bill. The Football League want assurances from Sports Shield that their funding plan can accommodate both Championship and League One football before they pass the bid.
Sports Shield are confident their business plan is watertight and hope to have clearance by the end of the this week, after which they can begin work on lifting the transfer embargo.
You know where to read it http://www.theboltonnews.co.uk/sport/wanderers/14313946.Eddie_Davies_clause_understood_to_be_sticking_point_in_Football_League_giving_approval_on_Wanderers_takeover/
Nothing new but here you go
posted on 4/3/16
I think Ed wanted to line his pockets and that's the reason the conditions were put in place. That seems to be the reason the FL didn't pass the takeover in the form that was presented to them.
If the takeover had been completed with those conditions in place, it's quite likely the club would have failed further down the line. With the financial commitments the club has to the players and other employees, not to mention the outstanding debt that goes with the sale, I doubt there wouldn't be enough revenue to continue beyond this season, unless there was further investors willing to sink money into a bottomless pit.
It's going to take years before the club get's on an even keel with Deano in charge. It's become obvious that at the moment there is a shortfall in what's required to meet the FL criteria. That doesn't auger well for the future. The rules are there for a reason.
posted on 4/3/16
wonder how soon Deano will tread on Lennon's toes
posted on 4/3/16
Whatever happens going have to write off next season and start 2017/18 afresh after all the big earners contracts expire bar pratley and amos.
posted on 4/3/16
guessing both of those may not want to play league one football, hoping anyway.
posted on 4/3/16
https://beta.companieshouse.gov.uk/company/00043026/charges
another 2 outstanding charges against BWFC settled, assume both relate to Euxton. Just leaves 7 now
posted on 4/3/16
Assuming we are relegated, it will probably be at the end of the season. We know it's going to be less expensive then.
That's assuming we are still in business.
I wonder if Ed's filed for administration yet.
posted on 4/3/16
there may not be enough time on monday
posted on 4/3/16
I just cant believe we are still the same position as we were months ago. Almost on the eve of going out of existence.
Edwin needs to step back now, and leave something for the next owners of the club, or at least what may be left of a football club.
I have no fact nor figures but I am sure he has had a lot more out of the club than what he has put in.
Not really bothered now what happens, losing interest quickly to be honest.
posted on 4/3/16
If it was going to happen it would have happened by now. Looks like administration can't be avoided now unless ed has another conjuring trick up his sleeve. Makes the trip to leeds and the rest of the season meaningless now. Thanks for nothing ed.
posted on 5/3/16
Isaac Hunt (Just like Them) (U2586)
posted 14 hours, 35 minutes ago
I just cant believe we are still the same position as we were months ago. Almost on the eve of going out of existence.
Edwin needs to step back now, and leave something for the next owners of the club, or at least what may be left of a football club.
I have no fact nor figures but I am sure he has had a lot more out of the club than what he has put in.
Not really bothered now what happens, losing interest quickly to be honest.
Leaving the club as it now is with the loss of Euxton and a mortgage on the Hotel, would be fine and the sign of a decent benefactor of the club but the longer this goes on, it becomes obvious that Ed is more concerned with his own benefits than those of the club.
Everything he has done since knackering the club alongside his partner in crime, the illustrious Phil Gartside, has been to salvage as much as he can for himself. That wouldn't be so bad if he had been truthful with the fans but he hasn't. He has been quted many times that his main aim in selling the club is to make sure that the buyer is the right buyer to maintain and sustain the future of the club.
Had this been the case, he wouldn't have imposed so many clauses into what he wanted and expected once the sale was completed. As we all now know, it almost put an end to the sale as the FL couldn't ratify the deal because of those conditions and as far as we know, may still halt the sale before the club appear in court on Monday morning.
I will look back on the time of Eddie Davies's tenure as owner of the club as being mixed. Yes we enjoyed the years when we were in the Premiership and competing in Europe but that golden time has been tarnished to the point where only the particles of rust are holding the memories of those times together. What has happened since has show Davies in his true light and I can't for the life of me applaud his tenure as anything but a disaster.
Eddie, please leave our club and severe all ties. We really do not need you.