I will be very surprised if our club is looked on in a sympathetic light by the judge today. The last time the club appeared in court they were warned by the judge that if matters weren't sorted out before today they would be wound up.
Sometime within the next few hours we will know the worst or the best of it. I think if Eddie decides to chance his luck with no real prospects of a decision by the FL or no money being provided for the tax man, we will be wound up.
There are three opportunities to escape that scenario. 1. The FL ratify SS bid. 2. Eddie pays the tax bill. 3. Eddie decides to go into administration. If he decides to play his luck, it will be curtains for the club.
So what are the chances of the club being saved? I don't believe the FL will ratify the bid if Eddie hasn't satisfied them on removing or reducing his demands on future payments. From his actions so far. I don't think for one minute that he will scrap all his demands. So in my opinion that route is unlikely. Will Eddie pay the tax bill? again very unlikely. He has had plenty of opportunity to do that and it seems obvious that won't happen. The only route left open, is administration and we already know that the club has prepared plans to go into administration. so I feel that is the way it will go.
As we are already ten point adrift from safety, another 12 points will make little difference to the end result as I can't see us suddenly picking up enough points to save us from relegation. What happens after administration is anyone's guess. Perhaps Roger the Billionaire will reappear. It was reported in the Bolton News that there are three bidders waiting for administration to happen before taking matters further.
Let's hope that one of the bidders can take control and actually be able to invest in the club.
Today must be D day
posted on 7/3/16
didn't know mr lies was off. he blocked me anyway, no love lost there
posted on 8/3/16
GOLDENWYNDAVIES (U2712)
posted 13 hours, 37 minutes ago
Swie what have you been saying 🤔
You can read what I have been saying above and beyond.
Unless of course you are referring to something else. If you are please elaborate and I will do my best to explain.
posted on 8/3/16
think ha may be referring to you deleted comment above.
Bruce Gordon with Thames Valley Capital was the investor who pulled out of the deal
posted on 8/3/16
10/10 Isaac that's exactly what I was referring to 😉
posted on 8/3/16
OK, the deleted comment contained nothing to worry about. I wasn't slagging Eddie off or anyone else.
I had read an article on the Bolton News site yesterday afternoon and at the bottom of the said article was another article which at first I thought was a new article. I posted it and then discovered it was old news so i deleted it.
I hope this put's your mind at rest. I was just fortunate that I am the other of the thread, otherwise I couldn't have done that. But now I have been forced to reveal my mistake. Thank you for that.
posted on 8/3/16
The latest update from Marc.
THE Football League has confirmed it will take special measures to oversee spending at Wanderers after granting conditional approval to the Sports Shield bid.
Dean Holdsworth’s consortium are expecting to complete a deal to buy the club by the end of this week but have been instructed by the league that a close eye will be kept on financial matters at the Macron Stadium.
Concerns have been voiced about the funding behind Sports Shield’s bid, most notably by the Supporters’ Trust, and the league insist that they have been taken into account.
Wanderers will be forced to report on a monthly basis to the league with financial information and will remain under a complete embargo on player trading for the time being.
“During this process, The Football League has sought to ensure that the potential purchasers of Bolton Wanderers are fully aware of all the relevant financial regulations and potential restrictions that could be applied as a result,” said a statement released by the Football League to The Bolton News.
“They include a number of provisions that seek to deliver the ongoing financial sustainability of the club. Once agreed between the League and the club these may apply up until 31st August 2018. “We will discuss the matter further with the club’s new owners once the sale has been completed.”
Sports Shield hope they will be able to convince the league to drop the transfer embargo quickly after they complete the takeover but the chances of making signings before the close of the loan window look increasingly remote.
Wanderers avoided a winding up order on Monday after being given a third adjournment at the High Court to enable the long-running takeover to be completed.
The club were warned by the judge that they had “stretched judicial discretion” and would not be given another stay of execution.
Eddie Davies had given a notice of administration, with insolvency firm BDO-UK appointed to instigate the process if it appeared the court would not give extra time to allow the sale to go through.
It also emerged in court that one of Sports Shield’s backers, believed to be former Deloitte accountant Bruce Gordon, dropped out in the period between the High Court hearings.
A guarantee of funding from a new, as yet un-named funder, was provided to the court although it is understood their money was not used to make a payment to HMRC via the club’s current account.
The Bolton Wanderers Supporters’ Trust are also looking for clarity on the exact nature of the takeover bid and have made representation to all the parties involved.
“The BWFCST are in the process of contacting the Football League, Sports Shield and the club in an attempt to obtain some clarification on the implications of the events and information put forward in yesterday’s court hearing,” they said In a statement to The Bolton News.
posted on 8/3/16
Looks like the League aren't messing around with this takeover.
I think they are very worried but probably see this takeover of the lesser of the evils. I think we know the takeover is underfunded. It could have been worse if the FL hadn't asked for Davies's clauses to be reviewed.
posted on 8/3/16
I would like to know more regarding this embargo. If the paperwork involved is signed and in order, why should the FL keep the embargo in place.
What would happen if we failed to keep financial sustainability{other than administration} would the FL kick us out of the league?
There must be some legality issues in FL's conditions
posted on 8/3/16
I suppose it's the FL's Due diligence rules that teams have to abide by. If they have the power to reject a team if they don't consider a takeover to be viable they obviously have further options which they are now exercising in the case of BWFC. That spells out to me that they are not entirely confident that SS can keep the club afloat.
If you go to the FL website there may be something there.
posted on 9/3/16
I see the ST is struggling to convert promises into cash. Her is the latest from them on twitter.
BW Supporters' Trust @BWFCST Feb 29
Over 500 supporters have converted their pledges into paid membership. Have you become a member yet?
Join the Trust: http://www.bwfcst.co.uk/join-the-trust/
And they seriously thought they could buy the club? 500 out of 15,000 supporters isn't going to cut it. As it stands if Deano's plan fails to materialize, We are looking at finding Rodger.