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Wanderers Ways - passion not fashion

Chris Custodiet

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Everything posted by Chris Custodiet

  1. Comparisons with Eddie Davies, Abramovich and Glazers etc are naive at best but I have a simple question for you. Since BWFC had allegedly been run into the ground by a rogue chairman, did it not ring any alarm bells with you when the debts reported by the administrators were £millions less than those reported by the auditors two years previously? You are, I understand, a qualified accountant with getting on for nearly three thousand contributions to WW, so why did you say nothing?
  2. Its still not entirely clear that Bassini's claims have 'mysteriously vanished' but what's mysteriously appeared is ownership/control of BWFC at a massive discount by folks nobody had previously heard of with no apparent prior interest in BWFC or footie at all. Not arguing for Bassini, heaven forbid, or against FV; just drawing attention to circumstances that seem to have largely escaped comment.
  3. Get your hands out of your pockets, Rigby!
  4. I doubt it too but here's a quote from today's Beeno; '' The trust often found itself at loggerheads with Anderson – but Rigby believes there is scope for better communication with the Football Ventures consortium. '' More spin than Lock and Laker has young Mr Iles. The ST was ALWAYS at loggerheads with Anderson not least because the ST was in cahoots with Holdsworth. Thankfully it doesn't look like FV's funding will be repayable in full in a fortnight like Holdsworth's was. It'll take Sharon five minutes to figure out for herself what a useless waste of space the ST is but I expect she might be a bit more restrained in spelling it out.
  5. It needed a piece of paper no bigger than a fag packet to conclude that there was no evidence whatsoever of any concealed increase in the club's debt that allegedly caused FV to withdraw their bid in February or whenever it was. And it doesn't take forensic accounting either to figure out that BWFC has new owners who have raised virtually all of their money on the security of assets bought, paid for and bequeathed by the late Eddie Davies. Can anyone tell me which newspaper has ever explained any of this? And is there someone somewhere capable of explaining the basics of business finance to Terence Rigby and his gang?
  6. You've more patience than me Sluffy. My God there are some dopes support BWFC. Not lived in Bolton for more than half my life and only missed a handful of home games in the last 25 years but I get increasingly depressed at the tripe I hear and read. And I can't see that there's the slightest indication of it getting better. Eddie Davies was no better than he ought to be and Ken Anderson was the messiah was the general view expressed at what was probably the last ever AGM of Burnden Leisure. KA had made a lot of correct and essential decisions and got us through two critical years but ... Smart people generally keep their thoughts to themselves which, I'm afraid, makes you and I a bit daft even bothering to try to explain anything rationally.
  7. I know your an accountant but accountants are occasionally allowed time off to engage in a bit of parody, caricature or lampooning. You know it makes sense, leastways I hope you do.
  8. I expect there'll be more than a few hoping KA gets his comeuppance. Bassini's an odd geezer for sure but he did come out with some interesting titbits in his garbled presentation at the Unibol the other week. Paul Appleton seems to have taken it all a bit too personally imo. Couldn't help thinking that he might have had a cunning plan that didn't go acccording to plan.
  9. Do you mean to say that you are not one of those who think that Ken Anderson should be hung drawn and quartered for his contemptible selfishness in failing to pay off BWFC's £35m debt and his utter incompetence in his failure to get someone else to do it? P.S. Sorry, I meant Rod Liddle.
  10. Called a journalist an ostrich? I'm sure they've been called worse. I can't say I'm keen on journalists who write fake news, especially those intent on stirring up trouble. I sometimes read Rod Liddle in the Sunday Times; he can be quite entertaining. Last week he was telling his readers that BWFC was about to bought by Parminder Basran. Nowt prejudiced about it, he just wasn't up to speed and isn't employed full-time to write about BWFC. Anyroad, isn't Bassini due back in court tomorrow? Be interesting to see what the legal eagles and the judge make of the latest developments
  11. Not sure I entirely understand your question. It seems to me that there's a certain amount of luck in appointing football managers. How long is the list of managers who've had success at one club only, in next to no time, been driven out of another? Equally as important as team and player management is the ability to recognise talent especially when you are shopping in the bargain basement. I hope our new owners get lucky because I think they deserve it but I can't see that they have a lot of personal experience to draw on. Isn't Bassini due back in court tomorrow? Be interesting to see what the judge makes of it all now.
  12. Kind of you to say so but its not for me. I still know what tripe looks like but I'm past my best before date. Tact? Not enough really. Sometimes I lose patience with the excessively slow-witted and head-in-the-sand types.
  13. I have to admit that I sometimes find myself thinking that George Bower wasn't entirely wrong about one thing but it is incredibly frustrating. Why not for once address the issue and tell me if you think there should be an independent investigation or should it just be forgotten that Bury have gone out of the league and Bolton come close to it?
  14. In the days before computers accountants spent most of their time trying to get the manual records to balance. Some were better at it than others but I recall one of the slower members of staff being described thus, ''he couldn't balance a pound of tea and a pound of sugar''. It reminded me a bit of a description of Gary Megson who allegedly ''couldn't trap a bag of cement''. P.S. Can you read?
  15. Please accept my apologies, Sluffy, but just after I had posted my last comment and gone to put the kettle on, I realised there was one bit that was incorrect so I shortly afterwards took that bit out. You have responded to the unamended posting. Ken claims he was owed £7.5m inferring that there were no net repayments of his loan account being monies that he had borrowed from Eddie and owed to Eddie's estate. Rubins on the other hand included only £1.6m. Although I expect the accusation may be made, it is simply not consistent with any known facts or logic that Ken took out the difference. On the other hand it is more than possible that he took out c.£900K around the time of the Madine sale in lieu of fees for achieving the sale, persuading Blumarble to reduce their demands by c.£1m and turning in an overall profit for the first time in years whilst also maintaining Championship status. I expect that any amounts withdrawn by Ken would initially be recorded in the books as directors loan repayments rather than fees until such time as the exact fee was formalised. Its fairly normal for this kind of transaction to be dealt with following discussions with the external accountants/auditors. I don't believe the £525K is part of this at all. That was in the previous year and although I believe that it essentially funded the acquisition of Holdsworth's shares whilst avoiding unwelcome tax charges, he was also setting down a precedent. He actually went one step further by calling an AGM, at a cost of c.£10K, giving minority shareholders an opportunity to question it. It was an obvious question but no-one asked it. Did Ken know that Rubins were going to mark down his loan account by £5.9m? Who knows, but I expect Ken will have known that if he didn't bring in Quantuma as administrators to the hotel he was in the brown stuff up to his neck. It seems to me to have been a tactic forced upon him with all the consequences that flowed from it. Members of the House of Commons and House of Lords have all expressed their various concerns and had their say about Bolton and Bury but now the whole thing needs independent investigation sponsored by key stakeholders like the EFL and PFA. Questions must be asked, lessons must be learned.
  16. Sorry Sluffy but I suspect you may be going round in circles a bit. Its perfectly clear that Eddie lent KA c.£5m in September 2018 mainly to repay Blumarble just days before he died. That £5m was therefore owed by BWFC/BL to Ken who in turn owed it to Eddie and following his death to the EDT. That £5m seems to have been excluded from Rubin's statement thereby misstating the debts of BL by £5m or more and leaving KA wholly exposed to claims from EDT without reliance on the security he obtained when making himself (and possibly his wife) personally responsible for repayment. There's then a further £2.5m. I've explained what I believe happened on a number of occasions but I'll have another go.The 2017 balance sheet showed that the club, despite promotion, would be starting its next financial year with unsustainable debt and significant expected losses and any amount of financial plate-spinning was unlikely imo to see the club through to Christmas without some new funds. I didn't know what had happened or where funds might have come from until Howard provided a strong clue early this year, that they must have come from Eddie via a loan to Ken. At the end of January 2018, Gary Madine was sold to Cardiff for a surprisingly large fee of c.£6m. It was enough to repay some pressing debt, but nowhere near all of it, and an opportunity for Ken to take back some of the £2.5m loan in lieu of fees. Remember that he had claimed that the £525K fees for the previous year were justified by achieving promotion. I think it was a red herring. They weren't and there simply wasn't the money to pay them, so I suspect that all that really happened was a bookkeeping entry was made in the sum of £525K and that was sufficient to avoid unaffordable tax charges relating to payments out of club funds for Holdsworth's shares. This is supposition, but I think it very possible that the £1.6m reported by Rubins was the £2.5m from Eddie's loan less any amounts taken out by KA but without making any allowance for any KA fees for 2017/18. Although these accounts have not been signed off by the auditors they have probably been supplied some time ago to the EFL and KA's claim that they will show a small profit fits in perfectly with all other known factors. Thanks for copyying the Sun article. This provides some interesting detail which, if correct, puts a rather different colour on the stridency of Paul Appleton but does not explain what has happened to the £1.6m. Now the club has been saved from the present threat, I expect most will have no appetite for any inquest but I do think an inquiry is needed and should be done independently at the behest of the EFL, a key stakeholder. If KA or anyone else has been guilty of any serious wrongdoing they should be held to account and important lessons need to be learned from both the Bury and BWFC difficulties. Anyway good luck to the new regime.They've got off to an excellent start. I hope they can keep it up.
  17. Someone had to. None of the other accountants who contribute to WW seem to have noticed that the debts according to the administrators were £3m less than the debts according to the auditors two years ago and that the club had lost three or four million in the meantime.
  18. In which case why did Phil ban him and why has Iles got a framed copy of the email banning him in his house? Or is that untrue? It came from Iles himself. I suspect that later, after Phil had re-instated him, he was man enough to hold no grudge for whatever it was Iles had done to warrant the ban in the first place. And don't you remember, when Phil was dying of cancer and Eddie brought in Trevor Birch to handle the financial crisis, how both Iles and Bonnar piled in as if they were some sort of football finance experts when neither of them had a clue and probably never run anything bigger than a cakestall. P.S. I never found Phil fractious but I expect he could have been when riled. Always gave me the impression he loved the club to bits, just as Eddie did.
  19. Not suggesting he's a ladies man, but hears hoping he gets on a bit better with smiley Sharron than he did with fractious Phil or crotchety Ken.
  20. Aren't you rather missing the point that the administrators misstated the amounts of the loans owed to Ken Anderson resulting in a lengthy, bitter and costly confrontation that risked the collapse of the FV bid and resulted in BWFC starting the season under threat of expulsion from the league and playing matches with a team of teenagers. The rest was simply clarification of the amounts paid to Phil Gartside. P.S. Owners are only entitled to a share of profits if there are profits to share out
  21. If it was £2m for three years it would be outrageous. But is this true or is it just more fake news? One thing that has not been cleared up, is what has happened to the £1.6m Rubins said was owed to Anderson when the true figure was £7.5m. Has the £1.6m also been written off? Whether it has or hasn't, the EFL, as a stakeholder, should demand an independent regulatory investigation as to why this gross misstatement occurred with all the costs, anxieties, confrontations and delays that inevitably flowed from the misstatement and the reasons for it. P.S. After relegation from the Premiership in 2012, CEO Alan Duckworth left with a large pay off whilst Phil Gartside took on the combined roles of chairman and CEO on a total salary of c.£400K. His average for the previous ten years was £366K, the averages in later years being boosted by bonuses, presumably related to retention of Premiership status. Combining the roles of chairman and CEO rarely turns out for the better.
  22. He paid his son for doing a job that needed to be done. It may or may not have been higher if he'd paid some other agent but the amounts are relatively insignificant. I don't think you understand business or finance MK, but KA claims to have put in £7.5m that he borrowed from Eddie. All the evidence I have seen suggests that that is true and that the losses over the last two years were a fraction of what they had been previously, despite significantly less revenue. I know you don't want to hear that but its just the way it is, I'm afraid. I was thinking the other day if there were league tables of greed, where would KA be? Conference imo but lower down than Holdsworth and well behind Lineker, Allardyce and Chunky Taylor.
  23. They all had their different agendas, some reasonable some not so reasonable, but serial loss-making BWFC simply didn't have the money to pay £35m owed to creditors of the club and hotel, most of it well overdue. Without charging £500 per hour for not very much and incurring a12 point penalty, all KA could do was to try to reduce the losses which he did quite successfully and defer debt repayment whilst trying to find someone with very deep pockets to take over the debt. He failed. If you've got 300 creditors and over 200 employees that you can't pay on time because there simply isn't the money there, you're not going to be Mr Popularity but I suppose you could get a bit irked when some of the least deserving, egged on by the local rag, push themselves to the front of the queue.
  24. I defend the truth, not Ken Anderson or anyone else. Of course he was in it to try to make a profit. Do you think Michael and Sharron are in it because one's Santa Claus and the other's the Tooth Fairy?
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