Chris Custodiet Posted April 10, 2019 Share Posted April 10, 2019 21 minutes ago, Howardroark said: I suppose it is time that I clarified the position we find ourselves in. As previously discussed, we retain the right to purchase the debt relating to the ICI-Moonshift transaction. This debt is now in default and ICI have now served their 14 day notice period for recalling the collateral. This means that we can, if we so choose, take control of Burnden Leisure and subsequently BWFC. The issue's that we face are as follows: Whilst quite prepared to pay off the £28.9M debt, and in fact any other legitimate debts, we are not prepared to cover the additional £26.6M loss that we will incur by writing off the inter company obligation owed by ICI whilst also paying off the associated factoring companies.. When the opportunity was initially pitched to us it was initimated that a deal would involve the partial-total repayment of this, this however is not now the case. Whilst we could choose to liquidate ICI, it is unlikely that we will be able to recover any funds. We also have the very real prospect that any of the factoring companies could jump on to the WU petition if we satisfied all other creditors. Of the £28.9M, we had anticipated being able recover some of the investment through re-development of the car parks, the building of a secondary hotel on the Hotel car park and selling the rights to an access road for the new Bolton West road system. This combined with a payment against the £13.3M would have gotten us to a point of comfort in respect of losses over the next 3 years. So where are we now? We are talking to two of the previously interested parties (Not Bassini) about recalling the shares, funding administration and then loaning them funds to purchase the business from administration. We are discussing us being able to convert this loan to equity at a fixed point in the future. The issue with this is of course the transfer embargo combined with the loss of ups to 14 senior players, leaving a threadbare squad and a fairly bleak campaign. As each day goes by and more & more bills are missed, the debt increases and it becomes much less appetising for a potential buyer, for example they are now £1.7M higher than when FV first started to look at the club and with a future payment already taken (EFL). Ultimately administration is going to be the only option to shed the debt, it is still going to require £22-£25M but that is probably acceptable to a consortium looking for a slow re-build, this is typically a fans-backed consortium or involving local people. We ourselves wouldn't be looking for a slow re-build. I appreciate that this isn't what you wish to hear, but when overall debts turn out to be nearly double the previously stated, it dopes change the attractiveness of an investment. I am aware of course that the usual crowd will attempt to pick this apart (BWFCFan5, Troy Swoosh (Hi Mark Banner), Jules Darby etc)) but c'est la vie. Thanks Howard. The £28.9m is fairly straightforward but can you say if you know how the additional £26.6m has arisen? This is colossal and not remotely near the £8-10m factored cash shifted to ICIL out of BWFC that we've referred to previously. This should have been self-cancelling. i.e the cash to pay the factoring company was supposedly in the ICIL account. Has it gone? Link to comment Share on other sites More sharing options...
Ani Posted April 10, 2019 Share Posted April 10, 2019 1 minute ago, Chris Custodiet said: Thanks Howard. The £28.9m is fairly straightforward but can you say if you know how the additional £26.6m has arisen? This is colossal and not remotely near the £8-10m factored cash shifted to ICIL out of BWFC that we've referred to previously. This should have been self-cancelling. i.e the cash to pay the factoring company was supposedly in the ICIL account. Has it gone? Cheers. That was what I was trying to get my head round. If we made a slight profit in last accounts where has such a massive increase come from. Link to comment Share on other sites More sharing options...
radcliffe white Posted April 10, 2019 Share Posted April 10, 2019 That’s a depressing read Link to comment Share on other sites More sharing options...
Chris Custodiet Posted April 10, 2019 Share Posted April 10, 2019 4 minutes ago, Ani said: Cheers. That was what I was trying to get my head round. If we made a slight profit in last accounts where has such a massive increase come from. This just isn't making sense at the moment but Howard's lot did seem to be the best hope we had. Link to comment Share on other sites More sharing options...
Site Supporter Biggish Dave Posted April 10, 2019 Site Supporter Share Posted April 10, 2019 How on earth has it been allowed to get like this - what were the auditors thinking of signing off the accounts unless all this debt has incurred over the last 18 months or so? Right now, i'd take admin, -12 points next season and even a crap team which gets relegated to league 2 as long as there is a slow plan in place to re-build from the bottom upwards. Anderson has right royally fucked us over. Lets hope he's not walking this earth too much longer Link to comment Share on other sites More sharing options...
Mantra Posted April 10, 2019 Share Posted April 10, 2019 (edited) Fuck it all. So our only hope is for The Bahrainis to fund admin and sell to FV or Gaspard who do some slow reubuilding for a while. What an absolute mess. Edited April 10, 2019 by Mantra Link to comment Share on other sites More sharing options...
radcliffe white Posted April 10, 2019 Share Posted April 10, 2019 2 minutes ago, Biggish Dave said: How on earth has it been allowed to get like this - what were the auditors thinking of signing off the accounts unless all this debt has incurred over the last 18 months or so? Right now, i'd take admin, -12 points next season and even a crap team which gets relegated to league 2 as long as there is a slow plan in place to re-build from the bottom upwards. Anderson has right royally fucked us over. Lets hope he's not walking this earth too much longer Looking more like a Portsmouth this another shite season next with relegation Link to comment Share on other sites More sharing options...
Benny The Ball Posted April 10, 2019 Share Posted April 10, 2019 15 minutes ago, bwfcfan5 said: Administration brings with it a transfer embargo anyway. If we enter administration you face the very real prospect of someone having to pay a lot of money for an (in effect) league two club. Just now, Mantra said: Fuck it all. So our only hope is for The Bahrainis to fund admin and sell to FV or Gaspard who do some slow reubuilding for a while. What am absolute mess. Think it might get even messier - Doesn't Administration also mean that in the first instance the Supporters Trust have to be given an option to buy or participate in a purchase ? Link to comment Share on other sites More sharing options...
chrisw99 Posted April 10, 2019 Share Posted April 10, 2019 This news needs to be out in the public domain, not just being discussed by a select few here. As someone said, it's colossal and should be on the front page of tonights Beano. Link to comment Share on other sites More sharing options...
Duck Egg Posted April 10, 2019 Share Posted April 10, 2019 Let's not forget Bassini waiting in the wings with his now 3 year plan Link to comment Share on other sites More sharing options...
irvtheswerv Posted April 10, 2019 Share Posted April 10, 2019 53 minutes ago, chrisw99 said: Is it interest on debt that is killing us, because if that is cleared.... Someone said the wage bill was 250k a month = £3 million Lets be optimistic and say 11,000 season tickets at £400 average = 4.4 million 3000 extra tickets sold each match at average £25 = £75000 * 23 matches = £1,725,000 So - just looking at wages vs bums on seats we should be £3 million in profit. Then you add on TV money, advertising, sponsorship... It *should* make a profit. Or am I wildly off here. I put those figures up. The £250,000 a month was the monthly cash injection needed at Bury. Our wage bill is circa £800k a month for players, + whatever the other staff cost (don't know how much that is), our requirements are clearly much higher than £250,000 a month. Link to comment Share on other sites More sharing options...
bwfcfan5 Posted April 10, 2019 Share Posted April 10, 2019 2 minutes ago, chrisw99 said: This news needs to be out in the public domain, not just being discussed by a select few here. As someone said, it's colossal and should be on the front page of tonights Beano. I'd rather they reported news from real sources. If it proves that what we're being told here is true then fine. But the story has conveniently changed enough times for that to be a serious doubt. Especially when initially everything is presented with such certainty. Link to comment Share on other sites More sharing options...
Rizlar Posted April 10, 2019 Share Posted April 10, 2019 What a complete mess on and off the pitch last one out turn the lights off on I forgot can't pay that bill either so don't bother. Link to comment Share on other sites More sharing options...
bwfcfan5 Posted April 10, 2019 Share Posted April 10, 2019 7 minutes ago, Benny The Ball said: Think it might get even messier - Doesn't Administration also mean that in the first instance the Supporters Trust have to be given an option to buy or participate in a purchase ? Yes. ST have to be offered first refusal. Club has to be on market for 21 (or is it 28?) days minimum. Link to comment Share on other sites More sharing options...
Big E Posted April 10, 2019 Share Posted April 10, 2019 1 minute ago, bwfcfan5 said: I'd rather they reported news from real sources. If it proves that what we're being told here is true then fine. But the story has conveniently changed enough times for that to be a serious doubt. Especially when initially everything is presented with such certainty. Come on we know it’s a cast iron FACT it’s on here 😁 Link to comment Share on other sites More sharing options...
chrisw99 Posted April 10, 2019 Share Posted April 10, 2019 1 minute ago, bwfcfan5 said: I'd rather they reported news from real sources. If it proves that what we're being told here is true then fine. But the story has conveniently changed enough times for that to be a serious doubt. Especially when initially everything is presented with such certainty. Well maybe not report it but certainly do what a good journo should do and investigate it... Link to comment Share on other sites More sharing options...
Tommy Banks Posted April 10, 2019 Share Posted April 10, 2019 Wow no one wanted to hear that. I think we all knew things were desperate, but if that is correct can't see anything else other than administration/liquidation. Whoever is responsible for this needs to be held to account. Link to comment Share on other sites More sharing options...
DLH Posted April 10, 2019 Share Posted April 10, 2019 Ken must have lent us the extra £26.6m from his savings... maybe re-mortgaged the pad in Monaco... what a lovely man Link to comment Share on other sites More sharing options...
chrisw99 Posted April 10, 2019 Share Posted April 10, 2019 (edited) 8 minutes ago, DLH said: Ken must have lent us the extra £26.6m from his savings... maybe re-mortgaged the pad in Monaco... what a lovely man 1 And he's no doubt in Dubai at the moment trying to sell the club to wealthy arabs ... Edited April 10, 2019 by chrisw99 Link to comment Share on other sites More sharing options...
lowcarbon Posted April 10, 2019 Share Posted April 10, 2019 Seeing as the shares haven't been recalled, and possibly will never get recalled, does this leave Anderson only 1 option... to liquidate? I am at a point where I would like to see some facts, or official quotes, rather than some stranger's ramblings. Link to comment Share on other sites More sharing options...
Mounts Kipper Posted April 10, 2019 Share Posted April 10, 2019 10 minutes ago, Big E said: Come on we know it’s a cast iron FACT it’s on here 😁 What is a cast iron fact is Kens a cunt. Link to comment Share on other sites More sharing options...
Mantra Posted April 10, 2019 Share Posted April 10, 2019 @Howardroark so is something stopping you from putting us into admin today? Are your group deciding whether it’s worth it, or if they should just step away entirely? Do you have your own deadline when you’ll have decided what the next step is? Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted April 10, 2019 Site Supporter Share Posted April 10, 2019 Howard paints a wonderful picture of what I envisage is a chelsea like "village". That would inspire lots of fans, and even with an embargo and a backs to the wall next season, I would imagine a better backing from supporters. Even if it was to take a bit longer than hoped, at least with a plan folk have something to galvanise them. A hope for the future. The vision painted by H is obviously quite a long term one; whether they could still achieve their aims given the extra cost, who knows. What is clear, is that the sooner an acquisition is made, the club can start to move on, look to stop debts increasing etc. Please Mr Bahrainians, look at the longer term and don't let the chief cunt spoil everything! Link to comment Share on other sites More sharing options...
Members burnden Posted April 10, 2019 Members Share Posted April 10, 2019 Hotel winding up order back in court a week today. Link to comment Share on other sites More sharing options...
Howardroark Posted April 10, 2019 Share Posted April 10, 2019 1 hour ago, TroySwoosh said: Haha Mark Banner! Name on my Twitter is Dave Banner as I used to get told I went into hulk smash mode when I got angry You're welcome to find out with a straightener outside the club shop of course Toodle pip You big scary beast you. Link to comment Share on other sites More sharing options...
Recommended Posts