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Wanderers Ways - passion not fashion

Chris Custodiet

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Everything posted by Chris Custodiet

  1. I thnk you'll find, Sluffy, that those who lack any sense of realism or objectivity now have probably been exactly the same throughout their adult lives and are destined to remain no different for the rest of it. Twenty years ago I wondered how the club expected to repay, or at least reduce, the debt taken on to build the Reebok whilst Allardici and the Daydreamers could only think about doubling it in the vain hope of competing with moneybags Liverpool for a Champions League spot. After Allardyce flounced out announcing he was taking a break from football, only to turn up at Newcastle in next to no time on a £3m p.a. salary, ED was obliged to more than double the debt to just hang on to Premiership status. He paid it all off a few years later but that, as they say, was only the beginning of the fortune ED spent trying to keep BWFC afloat until the day he died.
  2. My 'hero' as you put it just happens to be one of two people I described at a public meeting as chancers. In that respect I never changed my views about either of them but I did recognise that one was a chancer with something to offer whilst the other cost the club a small fortune for doing precisely nothing except for landing it with a loan the club could not repay at interest rates it could never afford . Nightingale certainly wasn't speaking for this member but there wasn't the slightest indication that he was expressing views contrary to those with whom he was sharing a platform and I don't believe for one moment that he would have come out with that tripe if it had not been the subject of prior discussion and 'nodding of heads' amongst them. Did you mean the club now has a decent chairman? Sharon is not the owner but she is one of only two directors, the other being the subject of outrageous ST vitriol. I'm sure she's too polite to react in the same way as her predecessor but I have no doubt that she will have taken appropriate note. As for your 'million miles' your knowledge of football finance (BWFC or anyone else) seems to be on a par with the ST board (i.e. negligible) but for the benefit of anyone who might be interested, the total revenues of League 1 clubs in 2017/18 was £146m (average £6m per club) with 94% of that (average £5.7m per club) spent on wages. Championship clubs (excepting BWFC) had an average annual loss of £15m in 2017/18 which makes BWFC's loss of £4m over two years look good by comparison. (Source: Deloitte Annual Review of Football Finance 2019).
  3. Isn't there? How in League 1 are you going to increase income beyond 8.3M? We had an average matchday attendance of 15,194 last time we were in League 1. How much are you going to save on running costs whilst still providing similar facilities and services? And all that's before you've paid a penny on wages. Wages costs are bound to be much less, but do you have any idea what the current monthly costs are? On another point, did you notice how Sharon heaped praise on Michael James, the Supporters Trust's public enemy number two? Are you btw still a fan of the ST?
  4. Just a gentle reminder that the last time we were in League1 our total income was 8.3m and our expenditure (excluding 12.6m wages) was 8.9m. So, unless Sharon is able to massively reduce costs, I think that we can safely conclude that much of the current wages (including permanent staff) will be paid out of borrowed money. There's no obvious alternative but haven't we been there before? Sharon seems enthusiastic and sincere but what's the plan she's put to the investors/lenders? How do they get their money back?
  5. I think yours is one of the more interesting comments on the FV Ownership Model but if you are a BWFC shareholder, season ticket holder, or Lifeline member its none of your business according to the WW consensus. Anyway the truth is that Michael and Sharon both own less than 25% of the 1.75m paid up share capital which might just about cover the administrators' fees and Ken's 240K for God knows what. The rest is borrowed money that with good luck and a following wind might just about keep the wolf from the door for the next couple of years. I'm sure there'll be a plan beyond that. Let's hope its a good un.
  6. Why do goalies guess at pens? I don't remember Hoppy doing that and he saved a lot. Easy save for Matthews if he'd just stayed put.
  7. Me too behind the goals on th'Embankment just 21 years since migrating from t'Lever End. Bigger steps and better view on th'Embankment in pre-Normid days.
  8. Sorry pal but I can't say that I recall seeing much of interest on your tabletop either. But I have noted contributions of interest from others on this topic.
  9. I don't share George Bower's views on many things but it is true that I once described WW as being like a car boot sale. Most of what you see is worthless tat but occasionally you come across something interesting. (In case you don't remember, GB used a four-letter word instead of my three.) It is possible that I may have missed some hidden gem but I honestly cannot say that I recall ever seeing anything on your's or Biggish Dave's tabletop that have been worth a second glance. But never say die, you or he could try explaining the 'FV ownership model' to us all (in words and figures, of course).
  10. Really sorry to hear that, Sluffy. Get well soon. I'll be thinking of you. Hasta luego, amigo
  11. Two small voices speaking out against the gormless propaganda of Eyewash Iles and the ST dunderheads and you just can't handle it.
  12. You won't because you can't. The world is very simple to those who can't think beyond the first thing that comes into their heads.
  13. Yours is the typical response of the terminally evasive and isn't everything simple for the simple-minded?Just answer the first point first will you?
  14. I have noted your comments and would be grateful if you would respond to the following: Eddie Davies retired from the board of Burnden Leisure in 2009 and the board of BWFC in 2011. Why do you believe he did that? At the time of his retirement from BWFC, Eddie had spent about £100m on Bolton Wanderers and went on to spend another £80m before transferring ownership to Holdsworth and Anderson in March 2016. When do you say that he advised BWFC's board that he didn't have a magic money tree and couldn't financially support BWFC forever and on what basis do you claim that he acted abruptly. After the transfer of ownership Eddie continued to provide financial support to BWFC to an amount believed to be £7.5m. Do you agree? BWFC's stadium and hotel were recently re-mortgaged to provide the money needed to fund the club for the next two years. Who paid off the debt that provided the funds to build the stadium and hotel? (If you tell me it was Gordon Hargreaves, I'll have you sectioned along with Eyewash Iles). How many years notice do you expect the owner of a football club to give and how much more money do you expect them to provide before they are allowed to say that enough is enough?
  15. Those are the words of a man with his head firmly rooted in lala land.
  16. Which relegation are you talking about? He'd already spent about £140m when we were relegated in 2012. Why don't you try going through the accounts and see how much money ED pumped in after that? Sue Davies must have had the patience of a saint. How many years funding are you expecting FV to provide for next year in case we get relegated and then get relegated again?
  17. You're right. Boneheads the lot of them. Some of them were spouting their nonsense at the AGM last year whilst heaping praise on Ken Anderson for leading us out of the wilderness.
  18. Seems like the SupportersTrust has forgotten and so has Iles. Not suprised in the least by either of them but for those who missed my earlier posting, here's a memoriam published in IOM Today. EDDIE DAVIES 11th September 2018 One year has sadly passed. With treasured memories of a dearly loved husband. You are in my thoughts every day and I miss the love and laughter we shared for 32 years. With all my love, Sue.
  19. We know because it was leaked is hearsay but it is possible to get down to c£25m if you exclude deferred income and the remaining £10m of Eddie's old loans. That much would be obvious to any interested party. Whether Eddie had or had not intended to write off the £10m is a moot point but I'd always thought he would and that he had left it on the books for tactical reasons but never expected to get it back. The rest about 'good offers' is also hearsay. There's no shortage of chancers around but when push comes to shove 'proof of funds' frequently turns out to be a bit of a stumbling block.
  20. I'm not party to what exactly Anderson told FV but I do wonder why they would sign HOT's without at least looking at the last audited balance sheet, available FOC to anyone with the vaguest interest. These btw showed liabilities of £43.7m (including deferred income) and there was every reason to expect the debt to be increasing with every month that passed.
  21. Not exactly. Its quite possible for debts to be reduced, for example, by sale of assets, new equity investment or debt write off as Sluffy has pointed out. The sale of Madine would have reflected positively on the profit and loss account too but as most of it was needed to meet operating costs there wouldn't have been much of it left for debt reduction. But all that's getting away from the point I was making that FIBS, Maguire, JME and Uncle Tom Cobley and all failed to notice the true facts about how much BWFC's ongoing losses had been substantially reduced under its rogue chairman and that FV didn't pull out first time round because they'd discovered a pile of unexpected debt. Anyway today is the first anniversary of the death of Eddie Davies and there's an 'in memoriam' in IOM Today. You'll find it here: https://www.legacy.com/obituaries/iomtoday-uk/obituary.aspx?n=eddie-davies&pid=193861199 Can anyone tell me where I can find any mention of it in the Beeno?
  22. Not exactly. I believe that £7m was actually £7.5m but it was the same £7.5m. It was owed to KA who owed it to EDT but the administrators left most of it out, including only £1.6m for KA. KA was never going to stand for that and so you had the two administrator scenario which only complicated matters further. Not to mention ratcheting up the admin costs. The deferred income figures included in the £43m are also part of the explanation but lets not get too deep into the accountancy woods or we might easily lose the light of day.
  23. The auditors were Cowgill Hollloway who confirmed that at 30 June 2017 the Burnden Leisure Group (BL) owed £43.7m, £38.4m due in one year and £5.3m due in more than one year. (i.e the same £43m mentioned a few months ago on Talksport by Simon Jordan) In July 2019 the administrators of BL and BWFC reported total debts of £26.5m whilst the administrators of Bolton Whites Hotel reported total debts of £7.7m (£5.5m to PBP, £1.2m inter-company debt and £1m other creditors.) These bald figures on their own should have been enough to set alarm bells ringing. How come the debts had gone down, if a rogue chairman supported by the EFL had been running the club into the ground? It was a hypothesis broadcast far and wide with barely any questioning as to whether the allegations were true or false. Explanation of all the figures is somewhat involved but it essentially boils down to the fact that Ken Anderson had not succeeded in achieving the virtually impossible task of making BWFC profitable but he had succeeded in substantially reducing the losses in the hope that the club would be more saleable. In the end that proved impossible and FV subsquently took over with both secured and unsecured creditors taking a scalping. They now have assets at a massive discount and could conceivably flip it at a substantial profit should someone else turn up with deep pockets and an overwhelming desire to own a football club with a nice ground, hotel and maybe some development prospects.
  24. I would. I first met him 26 years ago at Burnden Park and he looks much the same now apart from his hair being grey. MJ has had to wear two hats through all this whilst having to put up with the snipes of the ST peabrains and the snidey observations of Iles of the Beeno. I take my hat off to him. He's handled it all exceptionally well so far as I can see
  25. If you can't see how naive it is to compare a man who spent his formative years on the terraces at Burnden Park watching Nat Lofthouse, Tommy Banks and Eddie Hopkinson and later went on to spend the neck end of £200m on the club he loved to bits with the new owners of BWFC you are to be pitied. Open mind until you saw the accounts? Yes, of course, and my other leg has bells on. Now I have to admit that my eyesight is not what it once was and in the feint typescript of the number count I misread a 3 as a 9. Please accept my apologies.
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