Mantra Posted May 22, 2019 Share Posted May 22, 2019 The leaked brochure where £25 million was originally proposed was October 2017... https://lionofviennasuite.sbnation.com/2017/10/5/16432302/revealed-bolton-wanderers-for-sale-yours-for-25m Since then, Ken has admitted to refraining from funding the club and therefore debts will now have built up again. That's probably where the £41.6 million came from that Nixon mentioned. Never saw 80 million mentioned in the press, but it was speculated on here, I remember, that for Bassini to do his three-year-plan it would be around 70 something million. Presumably this new 25 million figure is 100% of the secured debt paid off and whatever percentage the unsecured creditors are "happy" to be paid. Then you can add on all the speculated costs of how much money we will lose per annum and how much money we will have to spend on players, coaches etc... It's a lot of money to dish out for a League One club that's got very little football structure at the moment. Hopefully there's someone with more money than sense (but not too big a ratio) that will pick us up on the "cheap" and get us back to being a normal club again. Link to comment Share on other sites More sharing options...
Escobarp Posted May 22, 2019 Share Posted May 22, 2019 Whoever buys it would surely be doing so with the intention of competing at that level and then above for that level of outlay albeit at that level the assets should exceed the cost I imagine so a safe investment with a clear deck also need to remember depending on who buys it some of our secured creditors may choose to do debt/equity swap thus reducing the initial purchase price most definitely not ITK just plain business sense that really Link to comment Share on other sites More sharing options...
lowcarbon Posted May 22, 2019 Share Posted May 22, 2019 Buy the club then sort out a squad of players and manager Link to comment Share on other sites More sharing options...
Members burnden Posted May 22, 2019 Members Share Posted May 22, 2019 https://www.bwfc.co.uk/news/2019/may/statement-on-behalf-of-the-joint-administrators-for-bolton-wanderers/ Link to comment Share on other sites More sharing options...
Ros Coe Posted May 22, 2019 Share Posted May 22, 2019 12 minutes ago, lowcarbon said: Buy the club then sort out a squad of players and manager That’s sorted it then.. 🤪 Link to comment Share on other sites More sharing options...
Mantra Posted May 22, 2019 Share Posted May 22, 2019 Interesting tweet from Iles. Link to comment Share on other sites More sharing options...
Pricey Posted May 22, 2019 Share Posted May 22, 2019 Looks like Hilco mean business and what to sell the club ASAP Link to comment Share on other sites More sharing options...
lowcarbon Posted May 22, 2019 Share Posted May 22, 2019 Bassini stated he had £20m, but couldn't prove it to EFL Link to comment Share on other sites More sharing options...
Pricey Posted May 22, 2019 Share Posted May 22, 2019 Bassini is full of shit, still don't get how he can even be spoken about when he failed to provide any proof to the EFL Link to comment Share on other sites More sharing options...
birch-chorley Posted May 22, 2019 Share Posted May 22, 2019 (edited) £25 doesn’t seem too bad The land alone has to be worth a decent chunk of that In terms of covering the ongoing losses as stated above, we only have about 4 players left don't we? Can’t see the wage bill being more than £200k a month now surely? (Inc non playing staff of course) Edited May 22, 2019 by birch-chorley Link to comment Share on other sites More sharing options...
Mounts Kipper Posted May 22, 2019 Share Posted May 22, 2019 I thought there was 20 million of secured debt, so I’m surprised the 25 million figure includes 14 million for 2 years running costs. Link to comment Share on other sites More sharing options...
Sluffy Posted May 22, 2019 Share Posted May 22, 2019 Just speculation on my part, but I can fathom how the Administrators arrived at £25m? I don't know the details BUT if the secured creditors are Eddies estate (he left £10m in the club I believe?), James £5.5m, Anderson £5m, Warburton £2.5m and the bank say a notional amount then that amounts to £23m (not including the bank). Football creditors would be players wages at £600k for March, Apr, May and June so a further £2.4m, plus Doidge's wages, another £600k, bring that to £3m. What we know of unsecured creditors are HMRC of at least £1.2m, Macron £800k, the Town Hall £1m at least and admin staff at the club and hotel at what say £150k x four months(?) £600k, then that already totals £3.6m, and we must assume there is other unsecure creditors too? Let's just round the figure up to £4m say, to make it as simple as we can. That would show us then of having - £23m secured, £3m football creditors, and £4m unsecured, giving a total of £30m - or £5m more than the £25m stated? Clearly I've got my sums wrong but where? As Eddie only £5m in the club, or is it nothing at all with Administration taking his 'ownership' element of the club? IF Eddie has nothing in the club does it mean the unsecured creditors amount to £9m and not the £4m I'm working to? Has perhaps Ken Anderson's £5m been somehow settled/written off? Has Eddie or one of the other secured creditors waived £5m? One things for certain I think Iles has got his wires crossed somewhere if he believes the £25m includes an estimated £10m or more as reasonable estimated losses a club owner would incur on trading over a two year period for a club in the third tier - out of a £25m sale price. In fact what do the Administrators do with this money anyway? Put it into escrow for the next two years or something??? Also - IF the unsecured creditors amounted for say the £4m I'm working to above, then the EFL rules imply they will get a minimum of 25p in the £ - so that means £1m of the purchase price will go to them. However that doesn't mean Anderson has creamed off the other £3m and put it in his pocket though! What it does mean the clubs had goods and services for £4m but only ends up paying those who has provided them £1m. Think if the bottled water man had delivered loads of water for Donaldson and his mates to drink at the club for say £400, and our demon striker drank the lot, the water man will be £400 out of pocket but will eventually receive just £100 BUT Ken would not have suddenly found the other £300 to put in his back pocket. I thought I'd best try to make this point early because I expect many will soon be screaming he's run off with all the 75p's in the £ that all the unsecured creditors have had to take a hit on. Link to comment Share on other sites More sharing options...
Moderators Casino Posted May 22, 2019 Moderators Share Posted May 22, 2019 1 hour ago, Escobarp said: Whoever buys it would surely be doing so with the intention of competing at that level and then above for that level of outlay albeit at that level the assets should exceed the cost I imagine so a safe investment with a clear deck also need to remember depending on who buys it some of our secured creditors may choose to do debt/equity swap thus reducing the initial purchase price most definitely not ITK just plain business sense that really If a madman paid 100 million, does 75 go into the club or does more get paid to the unsecured creditors Link to comment Share on other sites More sharing options...
Sluffy Posted May 22, 2019 Share Posted May 22, 2019 Just now, Casino said: If a madman paid 100 million, does 75 go into the club or does more get paid to the unsecured creditors The unsecured creditors up to the 100% they are owed. I guess once everybody has been settled in full then anything left over will remain in the club. Link to comment Share on other sites More sharing options...
Mounts Kipper Posted May 22, 2019 Share Posted May 22, 2019 (edited) 6 minutes ago, Casino said: If a madman paid 100 million, does 75 go into the club or does more get paid to the unsecured creditors I would doubt anyone going to pay more than the listed asking price. Edited May 22, 2019 by Mounts Kipper Link to comment Share on other sites More sharing options...
Moderators Casino Posted May 22, 2019 Moderators Share Posted May 22, 2019 We will see If there's serious interest, every chance somebody will go the extra mile to get it The ST and their HNWs could even go beyond 25 Maybe even 70p Link to comment Share on other sites More sharing options...
Johnnyrotten Posted May 22, 2019 Share Posted May 22, 2019 2 hours ago, radcliffewhite1 said: On paper yes but don’t tell me our crowds was accurate, Reading & boro must of been sub 10k Nobody's crowds are accurate though. We don't know how many turn up at other local clubs, only what tickets were sold ( 9 months earlier). And kids tickets are free at PNE so even if they say there are 15k on, 5k may have been given a ticket but we aren't told. Link to comment Share on other sites More sharing options...
Roger_Dubuis Posted May 22, 2019 Share Posted May 22, 2019 29 minutes ago, Mounts Kipper said: I would doubt anyone going to pay more than the listed asking price. I doubt anyone will pay £25 million Link to comment Share on other sites More sharing options...
Burndens Bogs Posted May 22, 2019 Share Posted May 22, 2019 I don't think i've seen it anywhere that £25m buys a totally debt free club. Unless i'm missing summat. Link to comment Share on other sites More sharing options...
Site Supporter HomerJay Posted May 22, 2019 Site Supporter Share Posted May 22, 2019 14 minutes ago, Roger_Dubuis said: I doubt anyone will pay £25 million Thanks Link to comment Share on other sites More sharing options...
Sluffy Posted May 22, 2019 Share Posted May 22, 2019 (edited) 32 minutes ago, Burndens Bogs said: I don't think i've seen it anywhere that £25m buys a totally debt free club. Unless i'm missing summat. The clubs in Administration. In order to get out of Administration it has to comply with EFL regulations. That means they have to come to an agreement with their creditors (which I've tried to summarise above but failed miserably). All footballing debts have to be cleared - that's about £3m, I assume any winders (and anyone who piggy backs on to them) needs to be cleared in full too - that's at least £1.2 to HMRC and £800k to Macron, so lets say that's another £2m. I guess though that after paying those that if the other creditors both secured and unsecured are in agreement AND proof of funding is produced to show there is monies available to do that - then the club could still exit Admin - as a going concern - but still be in debt. I would imagine though that most would be seeking their money though or asking for more than the minimum 25p in the £ from the unsecured creditors to agree to that though? Either way the purchaser has to prove he's got the money to settle the debts now even if everybody agrees to defer settlement to later. I also note that Iles is sticking to his guns that funding for the next two years is included in the £25m proof of funds. Maybe Davies isn't a secured creditor, leaving James £5.5, KA £5m and Warburton £2.5m as the only significant ones - total £13m, around say £4m as unsecured and £3m football creditors, leaving around just £5m to fund two seasons short fall (losses) (and proving that they exist rather than as paying it to the Administrators as part of the purchase price? So £13m + £4m + £3m + £5m = £25m. Don't know really, just trying to make the sums add up? Edited May 22, 2019 by Sluffy Grammar errors Link to comment Share on other sites More sharing options...
Benny The Ball Posted May 22, 2019 Share Posted May 22, 2019 (edited) Just setting aside the cost of the club am surprised no one has mentioned this Surely the most interesting comment is the below figure in the press release Mr Appleton said: "There has been substantial interest from the moment of our appointment on May 13. Over 30 parties have approached us and we will now begin the process of selecting those best positioned to make a serious offer for the club. So I will start ( 1) Football Ventures ( AKA Basran ) (2) Gaspard (3) Chinese Mob (4) Stelios and the Greeks (5) American consortium based in Boston (6 ) Bassini ( 7 ) A German Consortium (8) Cheshire group based in Knutsford (9 ) Supporters Trust (10 ) Howards mob (11 ) Another far eastern Group Right that's me done - thats all the rumours I have heard so who do we think the other 19 are ? Edited May 22, 2019 by Benny The Ball Link to comment Share on other sites More sharing options...
Mantra Posted May 22, 2019 Share Posted May 22, 2019 6 minutes ago, HomerJay said: Thanks Well the good news is (apparently) that 25 million isn’t the full upfront cost. The figure includes the future funding for two seasons. Maybe that future funding is based off our current wage budget which is low, considering how few players we have left. So instead of being based off losing 600k a month (or whatever we’re supposed to be haemorrhaging) it’s based off significantly less than that. Otherwise it would would be 14 million off the 25 million. (14 million coming from 600k per month for 24 months). This was put to Iles So he clearly thinks it’s not 14 million for two years proof of funding. I assume he thinks it is less than that. Still I am confused where 25 million comes from. Sluffy has broken it down well in his post above. There must be something that’s changed. Link to comment Share on other sites More sharing options...
Burndens Bogs Posted May 22, 2019 Share Posted May 22, 2019 (edited) 13 minutes ago, Benny The Ball said: Just setting aside the cost of the club am surprised no one has mentioned this Surely the most interesting comment is the below figure in the press release Mr Appleton said: "There has been substantial interest from the moment of our appointment on May 13. Over 30 parties have approached us and we will now begin the process of selecting those best positioned to make a serious offer for the club. So I will start ( 1) Football Ventures ( AKA Basran ) (2) Gaspard (3) Chinese Mob (4) Stelios and the Greeks (5) American consortium based in Boston (6 ) Bassini ( 7 ) A German Consortium (8) Cheshire group based in Knutsford (9 ) Supporters Trust (10 ) Howards mob (11 ) Another far eastern Group Right that's me done - thats all the rumours I have heard so who do we think the other 19 are ? Number 12 is a consortium of ex Starkie regulars , after them it all goes downhill. Edited May 22, 2019 by Burndens Bogs Link to comment Share on other sites More sharing options...
Mantra Posted May 22, 2019 Share Posted May 22, 2019 12. Ken and his factored millions 13. Lee Anderson and his business of second hand sportswear. 14. Kathy Lloyd and her slag wellied consortium. 15. Motcombs. 16. The biscuit man. 17. Tamraz. 18. Berkeley assets. 19. The tooth fairy. 20. Santa Claus. The last 10 are anyone’s guess though. Link to comment Share on other sites More sharing options...
Recommended Posts