You are so right Admin 1.
Have quite a few friends that are Bolton fans and they've long despaired at having Gartside The Chump and Eddie Davies running the club.
One of my friends and his dad had shares in the club years ago, and was basically held to ransom when Davies took over. He ended up waving goodbye to around £10k. His dad lost the best part of £50k.
Eddie Davies isn't doing too badly though. For a guy that has a current fortune of around £60m, and has probably 'only' ever had just over £100m at his richest, he's done well to 'loan' Bolton about £170m...
Staff wages were supposed to be paid for round about now but were dependent on a sale of land which has only just been sorted. So either the Emerson group or BWFC or both were in some sort of weird appendage dance knowing that cash was required at a certain time but still didn't get it sorted in time.
Hmmm.
We've been in doom and gloom situations now 3 times. The second of which invited Eddie Davies on board. Financial mis-management is nothing new here.
Something doesn't seem to add up. Where has this £100m+ debt really come from? Why is Davies so happy to write it off if his fortune is "only" reportedly £60m? Seems overly generous even for a fan?
It's so sad in amongst all the worry about the players, staff on a tiny percentage of their wages are facing real financial difficulties. Would they get the same help in court if they got into proper debt and couldn't get out?
The Eddie millions thing is over the time he's been involved, when he was worth a lot more. Originally he wanted paying off in full but has been forced to relent due to nobody being interested in us at that big a price.
Our motto used to be "if in doubt ask Eddie for the cash".
Seems to me that we really haven't been in such a state prior to our present predicament.
I remember times under the Warburtons when there wasn't enough money coming into the club to pay the staff but the Warburtons stumped it up. That isn't happening at present. Eddie has given up on BWFC. Phil Gartside may be very sick or he may just have ducked out of the headlights. As we know there have been rumors of him being seen in a local hostelry. I don't know the truth but he hasn't come across as Mr. clean during his tenure with the club.
It does have the look of Davies dropping a bomb and walking away. Clearly got far too complacent in the Prem years.
Way too complacent. Just relied on the premier league handouts. As soon as they have dried up Davies ducked out. I was last minute last night but noticed the club shop was shut round about kick off. Someone on the beano said it was shut today. Maybe people have packed in. I know i wouldn't be going to work if i wasn't getting paid. Shame on Davies, gartside, Warburton getting the club into this state.
Bit sparse with the real picture in court that is a PG trick isn't it.
This will roll on just the same with no sign of a real buyer until the price drops below a pound with hardly any running costs left.
Yep, doesn't seem like the Holdsworth consortium can get anything over the line?
Deano always struggled to get it over the line http://m.youtube.com/watch?v=jc6NujP_NCI . Looks like bolton are giving leeds part of the west stand lower as well as the south stand for the cup tie. A first that.
think we all knew there was going to be wage shortage again this month
I'm waiting on the breaking news banner on the Beano to say the car park sale has been screwed Brett still has a claim on some bit of the car park somewhere from his personal loan last year they couldn't sell that bit without either settling up or he cancels the loan. Then again it could be a separate bit of car park it will be like driving around the unsold bits to find a space soon I wander how do you get into those unsold bits though !
Will it be like a toll road across the sold bits to get to a space now that would be just the clubs style for a mess.
It reminds me of when I was up in the Wyre area in the New Year. We were going to a restaurant and had to cross over a toll bridge. It cost me 50 pence toll. That wasn't so bad but when we arrived at the restaurant, there were no tables available. We ended up at Guys eating house just off the A6.
It just shows, it sometimes doesn't pay not to plan. Fail to plan, plan to fail.
It reminds me of a certain BWFC.
comment by Ye Olde Pasty (U2191)
posted 4 hours, 23 minutes ago
I'm waiting on the breaking news banner on the Beano to say the car park sale has been screwed Brett still has a claim on some bit of the car park somewhere from his personal loan last year they couldn't sell that bit without either settling up or he cancels the loan. Then again it could be a separate bit of car park it will be like driving around the unsold bits to find a space soon I wander how do you get into those unsold bits though !
Will it be like a toll road across the sold bits to get to a space now that would be just the clubs style for a mess.
----------------------------------------------------------------------
The car park sale fell through. Iles is claiming it will be done "late this week or sometime next week" but I'm pretty sure he's just speculating and the club have told him what they always tell him, nowt. Frankly I'm not surprised no one is getting paid now, the only reason the players were partially paid in december was to prevent them becoming free agents right before a transfer window imo. But it seems we can't sell them either, no one wants to buy someone who'll likely be available free in five more weeks.
What else is left to sell? The hotel?
Ah, so we need to ask the court before we receive money because assets are frozen by HMRC winding up thingie, and problem with wages therefore lies with this.
If only they'd have said this in the first place.
TMP, you are right. Here is the article.
WANDERERS will seek a validation order tomorrow which should enable them to complete the sale of car parking land at the Macron Stadium to the Emerson Group.
The Bolton News understands that the deal involves the purchase of a small chunk of land, which will then be sold on as part of the larger deal to the owners of Middlebrook Retail Park.
A validation order is effectively a blessing from the court providing comfort to a bank to allow the club to make a transation. The winding up petition served by HMRC on Monday meant accounts were frozen and that the process could not go ahead without the say so of a court.
It is hoped that when the sale of the land goes through that administration and managerial staff will be paid at some point next week – with the process taking around three working days.
A statement released by the club read: “Bolton Wanderers can confirm that a third validation order hearing has been set for Friday 22 January.
“The granting of the order would then allow the club to take further steps towards resolving the immediate and longer term funding issues.
Share article
“Every effort continues to be made by the board of directors and its advisers to pay staff their due salaries for the month of January and the Club again thanks all its staff for their continued support and commitment at a most challenging time.
“The club will continue to update further in due course.”
The article does state that the deal involves a small chunk of land which will be sold to the owners of the retail park.
That may or may not mean that Brett Warburtons chunk of the car park is not involved in the sale.
It seems to be very complicated.
We await a 48hr notice to return to court it's obvious the club did a Garty in court once they get wind of the goings it will be a finger wagging and HMRC will has its wish granted.
I wander if the club will wriggle around it by using a mystery donation of land bought hours before by another mystery person.
would I be correct in thinking we need the permission of the courts to sell any of the assets now? or is this just a one off due to the fact we don't actually own this piece of land(or the land is in dispute)
Yep hence this validation hearing tomorrow now that is not in front of the same judge but whoever reads it may well decide to say "hang on you should have said this in the first appearance I am going to refer this back to the judge who sat that day"
Even if they sneak it through it's then weekend add on 3 to 4 days to do the deal hey presto another week goes by for staff another week when those involved will be so busy slapping backs they will not be bothered about the real business or what happens on the pitch.
It's the permission to sell from the courts we need.
The magic number is £3million approx.
Someone either didn't know we had to go to court to unfreeze assets or were treading a fine line in hoping one would become available 3 days before staff wages were due. Either way it's shambolic management.
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No wages for staff on due date.
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posted on 20/1/16
What a mess.
posted on 20/1/16
You are so right Admin 1.
posted on 20/1/16
Have quite a few friends that are Bolton fans and they've long despaired at having Gartside The Chump and Eddie Davies running the club.
One of my friends and his dad had shares in the club years ago, and was basically held to ransom when Davies took over. He ended up waving goodbye to around £10k. His dad lost the best part of £50k.
Eddie Davies isn't doing too badly though. For a guy that has a current fortune of around £60m, and has probably 'only' ever had just over £100m at his richest, he's done well to 'loan' Bolton about £170m...
posted on 20/1/16
Staff wages were supposed to be paid for round about now but were dependent on a sale of land which has only just been sorted. So either the Emerson group or BWFC or both were in some sort of weird appendage dance knowing that cash was required at a certain time but still didn't get it sorted in time.
Hmmm.
We've been in doom and gloom situations now 3 times. The second of which invited Eddie Davies on board. Financial mis-management is nothing new here.
posted on 20/1/16
Something doesn't seem to add up. Where has this £100m+ debt really come from? Why is Davies so happy to write it off if his fortune is "only" reportedly £60m? Seems overly generous even for a fan?
posted on 20/1/16
It's so sad in amongst all the worry about the players, staff on a tiny percentage of their wages are facing real financial difficulties. Would they get the same help in court if they got into proper debt and couldn't get out?
posted on 20/1/16
The Eddie millions thing is over the time he's been involved, when he was worth a lot more. Originally he wanted paying off in full but has been forced to relent due to nobody being interested in us at that big a price.
Our motto used to be "if in doubt ask Eddie for the cash".
posted on 20/1/16
Seems to me that we really haven't been in such a state prior to our present predicament.
I remember times under the Warburtons when there wasn't enough money coming into the club to pay the staff but the Warburtons stumped it up. That isn't happening at present. Eddie has given up on BWFC. Phil Gartside may be very sick or he may just have ducked out of the headlights. As we know there have been rumors of him being seen in a local hostelry. I don't know the truth but he hasn't come across as Mr. clean during his tenure with the club.
posted on 20/1/16
It does have the look of Davies dropping a bomb and walking away. Clearly got far too complacent in the Prem years.
posted on 20/1/16
Way too complacent. Just relied on the premier league handouts. As soon as they have dried up Davies ducked out. I was last minute last night but noticed the club shop was shut round about kick off. Someone on the beano said it was shut today. Maybe people have packed in. I know i wouldn't be going to work if i wasn't getting paid. Shame on Davies, gartside, Warburton getting the club into this state.
posted on 20/1/16
Bit sparse with the real picture in court that is a PG trick isn't it.
This will roll on just the same with no sign of a real buyer until the price drops below a pound with hardly any running costs left.
posted on 20/1/16
Yep, doesn't seem like the Holdsworth consortium can get anything over the line?
posted on 20/1/16
Deano always struggled to get it over the line http://m.youtube.com/watch?v=jc6NujP_NCI . Looks like bolton are giving leeds part of the west stand lower as well as the south stand for the cup tie. A first that.
posted on 20/1/16
think we all knew there was going to be wage shortage again this month
posted on 21/1/16
I'm waiting on the breaking news banner on the Beano to say the car park sale has been screwed Brett still has a claim on some bit of the car park somewhere from his personal loan last year they couldn't sell that bit without either settling up or he cancels the loan. Then again it could be a separate bit of car park it will be like driving around the unsold bits to find a space soon I wander how do you get into those unsold bits though !
Will it be like a toll road across the sold bits to get to a space now that would be just the clubs style for a mess.
posted on 21/1/16
It reminds me of when I was up in the Wyre area in the New Year. We were going to a restaurant and had to cross over a toll bridge. It cost me 50 pence toll. That wasn't so bad but when we arrived at the restaurant, there were no tables available. We ended up at Guys eating house just off the A6.
It just shows, it sometimes doesn't pay not to plan. Fail to plan, plan to fail.
It reminds me of a certain BWFC.
posted on 21/1/16
comment by Ye Olde Pasty (U2191)
posted 4 hours, 23 minutes ago
I'm waiting on the breaking news banner on the Beano to say the car park sale has been screwed Brett still has a claim on some bit of the car park somewhere from his personal loan last year they couldn't sell that bit without either settling up or he cancels the loan. Then again it could be a separate bit of car park it will be like driving around the unsold bits to find a space soon I wander how do you get into those unsold bits though !
Will it be like a toll road across the sold bits to get to a space now that would be just the clubs style for a mess.
----------------------------------------------------------------------
The car park sale fell through. Iles is claiming it will be done "late this week or sometime next week" but I'm pretty sure he's just speculating and the club have told him what they always tell him, nowt. Frankly I'm not surprised no one is getting paid now, the only reason the players were partially paid in december was to prevent them becoming free agents right before a transfer window imo. But it seems we can't sell them either, no one wants to buy someone who'll likely be available free in five more weeks.
posted on 21/1/16
What else is left to sell? The hotel?
posted on 21/1/16
Ah, so we need to ask the court before we receive money because assets are frozen by HMRC winding up thingie, and problem with wages therefore lies with this.
If only they'd have said this in the first place.
posted on 21/1/16
TMP, you are right. Here is the article.
WANDERERS will seek a validation order tomorrow which should enable them to complete the sale of car parking land at the Macron Stadium to the Emerson Group.
The Bolton News understands that the deal involves the purchase of a small chunk of land, which will then be sold on as part of the larger deal to the owners of Middlebrook Retail Park.
A validation order is effectively a blessing from the court providing comfort to a bank to allow the club to make a transation. The winding up petition served by HMRC on Monday meant accounts were frozen and that the process could not go ahead without the say so of a court.
It is hoped that when the sale of the land goes through that administration and managerial staff will be paid at some point next week – with the process taking around three working days.
A statement released by the club read: “Bolton Wanderers can confirm that a third validation order hearing has been set for Friday 22 January.
“The granting of the order would then allow the club to take further steps towards resolving the immediate and longer term funding issues.
Share article
“Every effort continues to be made by the board of directors and its advisers to pay staff their due salaries for the month of January and the Club again thanks all its staff for their continued support and commitment at a most challenging time.
“The club will continue to update further in due course.”
posted on 21/1/16
The article does state that the deal involves a small chunk of land which will be sold to the owners of the retail park.
That may or may not mean that Brett Warburtons chunk of the car park is not involved in the sale.
It seems to be very complicated.
posted on 21/1/16
We await a 48hr notice to return to court it's obvious the club did a Garty in court once they get wind of the goings it will be a finger wagging and HMRC will has its wish granted.
I wander if the club will wriggle around it by using a mystery donation of land bought hours before by another mystery person.
posted on 21/1/16
would I be correct in thinking we need the permission of the courts to sell any of the assets now? or is this just a one off due to the fact we don't actually own this piece of land(or the land is in dispute)
posted on 21/1/16
Yep hence this validation hearing tomorrow now that is not in front of the same judge but whoever reads it may well decide to say "hang on you should have said this in the first appearance I am going to refer this back to the judge who sat that day"
Even if they sneak it through it's then weekend add on 3 to 4 days to do the deal hey presto another week goes by for staff another week when those involved will be so busy slapping backs they will not be bothered about the real business or what happens on the pitch.
posted on 21/1/16
It's the permission to sell from the courts we need.
The magic number is £3million approx.
Someone either didn't know we had to go to court to unfreeze assets or were treading a fine line in hoping one would become available 3 days before staff wages were due. Either way it's shambolic management.
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