Traf Posted November 3, 2011 Share Posted November 3, 2011 Just to clear everything up: There is no immediate financial crisis at BWFC Eddie Davies will not call in the debt for the forseeable future, as he will never get it Even relegation isn't financial doom, although a further relegation might be The sole major creditor is the owner of the club- he is in it for the long haul not just a quick buck Relax. There is nothing any of us can do about it anyway I thank you from the heart of my bottom. Link to comment Share on other sites More sharing options...
JOGLER Posted November 3, 2011 Share Posted November 3, 2011 (edited) There is a covenant on the Reebok stadium which would prevent the land being sold & used for anything other than for sporting purposes, so the threat of it being sold to a property developer to raise loads of cash does not exist. Covenants do get challenged & sometimes the challenger (the developer) wins but in the unlikely event that this scenario would ever occur with the Reebok it is extremely hard to imagine the developer winning against what would undoubtedly be huge resistance from the Wanderers fans. On a separate subject, there is a medium/long term plan to relocate the 1st team training facilities from Euxton to Lostock; however that would mean investing more money in the Lostock facility to create an indoor pitch/training facility. The club owns a plot of land on the opposite side of Ox Hey Lane to the existing Lostock facilities and they also have plans drawn up & planning permission to build this indoor pitch/training facility. However, not only would they have to spend the money to build the new facility there isn't a massive incentive to vacate the Euxton facility as that also as a covenant on it preventing it from being built on. Who knows if this could ever be challenged (& won) because if it could the potential profit that could be earned from that piece of land could be quite significant. So, the only real benefit of vacating Euxton is to consolidate the running & maintenance of their training facilities onto one site. Edited November 3, 2011 by JOGLER Link to comment Share on other sites More sharing options...
Site Supporter Spider Posted November 3, 2011 Site Supporter Share Posted November 3, 2011 There is a covenant on the Reebok stadium which would prevent the land being sold & used for anything other than for sporting purposes, so the threat of it being sold to a property developer to raise loads of cash does not exist. Covenants do get challenged & sometimes the challenger (the developer) wins but in the unlikely event that this scenario would ever occur with the Reebok it is extremely hard to imagine the developer winning against what would undoubtedly be huge resistance from the Wanderers fans. On a separate subject, there is a medium/long term plan to relocate the 1st team training facilities from Euxton to Lostock; however that would mean investing more money in the Lostock facility to create an indoor pitch/training facility. The club owns a plot of land on the opposite side of Ox Hey Lane to the existing Lostock facilities and they also have plans drawn up & planning permission to build this indoor pitch/training facility. However, not only would they have to spend the money to build the new facility there isn't a massive incentive to vacate the Euxton facility as that also as a covenant on it preventing it from being built on. Who knows if this could ever be challenged (& won) because if it could the potential profit that could be earned from that piece of land could be quite significant. So, the only real benefit of vacating Euxton is to consolidate the running & maintenance of their training facilities onto one site. Somewhere in there you mention that wanderers fans would show huge resistance to a move away from migglebrook. They absolutely wouldn't. Otherwise, that's a thorough piece of work, probably. Link to comment Share on other sites More sharing options...
BOWTUN BAKED Posted November 3, 2011 Share Posted November 3, 2011 No offence - but you are talking bollocks - the club owes ?110 million NOW. The money which Mr Davies as taken out (as interest payments) of the club in the PAST is incidental to what it owes him NOW. The club does not seem to have ?110 million laying about in a desk drawer somewhere or other - the money appears to have been spent. SO it would have to find ?110 million pounds from somewhere or other if and when that ?110 million debt is called in. The accounts show that the club OWE Mr Davies close on ?100 million NOW. Certainly Eddie owns the club - and in a way owes the money to himself BUT the money isn't there in the safe just to be given to him when he wants it - it as been SPENT. Ok he might be getting an income back on interest charges BUT the money is still OUTSTANDING and to be fair he took the RISK of buying the club when no one else would - and we were heading in the wrong direction in division 2 when he put his hand in his pocket remember! My god some people still aren't getting it...... WE DO NOT OWE E.D. 110 M He doesn't physically have nor has had 110M to take out of his arse pocket. I'm not going into the ins & outs of modern economical financing, without charging for the education, his arse pocket money he originally invested is paid back, the rest is 'paper money pushing' (as in numbers written on a spread sheet as opposed to the real folding type of money in your own pocket sort) & LEGAL tax evasion for him & the club. At the end of it all, as or when he decides to sell, he will either make a killing or.... write off some of the "debt" he's owed.... another LEGAL tax evasion, so he wins either way. Link to comment Share on other sites More sharing options...
Traf Posted November 3, 2011 Share Posted November 3, 2011 Woah, woah, woah! I thought Deane White has settled this one. You're making my head hurt again. Link to comment Share on other sites More sharing options...
BOWTUN BAKED Posted November 3, 2011 Share Posted November 3, 2011 Fair point well made. Moving on, nothing to see here Link to comment Share on other sites More sharing options...
stevieb Posted November 3, 2011 Share Posted November 3, 2011 My god some people still aren't getting it...... WE DO NOT OWE E.D. 110 M He doesn't physically have nor has had 110M to take out of his arse pocket. I'm not going into the ins & outs of modern economical financing, without charging for the education, his arse pocket money he originally invested is paid back, the rest is 'paper money pushing' (as in numbers written on a spread sheet as opposed to the real folding type of money in your own pocket sort) & LEGAL tax evasion for him & the club. At the end of it all, as or when he decides to sell, he will either make a killing or.... write off some of the "debt" he's owed.... another LEGAL tax evasion, so he wins either way. Stop the press!!!! Bolton Debt Free. Fucking mint, lets get a bid for Messi in, he knows were the onion bag is. Link to comment Share on other sites More sharing options...
BOWTUN BAKED Posted November 3, 2011 Share Posted November 3, 2011 It is slightly more complicated than this basic explanation, so let's not get too giddy eh? However, you win my top prize of 'chuckle of the day' Collect you half eaten, Luke warm Meat & T'ater pie from the commercial office on Sunday Link to comment Share on other sites More sharing options...
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