Take Over

[Casino 2,410]

If that was really the case, would there not be more than FV bidding for it

I dunno

 

[gonzo 3,045]

So MJ is a secured creditor of the company in which the sale of is threatening to stop him taking over another company that he’s also a secured creditor of?   

Bet he likes a drop of whisky before bed. 

[BIGBW 11]

As a club, if we don't own our own stadium, what's the point? We're just a brand and nothing more. It's just as West Ham have become a shadow of their former selves after leaving their ground and renting the Olympic Park?

I would honestly follow this club to the 10th tier without hesitating to buy a season ticket. Don't care who the manager is or what the transfer budget is, but I'm not going to support a brand (franchise effectively) that squats in a rented stadium that's leased out to other sporting events over us etc. We'll end up with a ground sharing agreement to maximize revenue. Think this could be me done. 

Edited July 17, 2019 by BIGBW

[Leyther_Matt 371]

5 minutes ago, gonzo said:

So MJ is a secured creditor of the company in which the sale of is threatening to stop him taking over another company that he’s also a secured creditor of?   

Bet he likes a drop of whisky before bed. 

And yet there needed to be separate administrators for the club and hotel because of the potential for a conflict of interest. 

[Mounts Kipper 2,555]

10 minutes ago, BIGBW said:

As a club, if we don't own our own stadium, what's the point? We're just a brand and nothing more. It's just as West Ham have become a shadow of their former selves after leaving their ground and renting the Olympic Park?

I would honestly follow this club to the 10th tier without hesitating to buy a season ticket. Don't care who the manager is or what the transfer budget is, but I'm not going to support a brand (franchise effectively) that squats in a rented stadium that's leased out to other sporting events over us etc. We'll end up with a ground sharing agreement to maximize revenue. Think this could be me done. 

I’d accept it if say for instance the council bought gave the money to the club and and then rented it back with a 50 year lease, not sure if council money could be used like that but that would be my preferred option if it came to that. 

[BIGBW 11]

Wait also isn't the stadium protected by the community protection order that would prevent a quick sale of the asset?

[only1stig 33]

4 minutes ago, Mounts Kipper said:

I’d accept it if say for instance the council bought gave the money to the club and and then rented it back with a 50 year lease, not sure if council money could be used like that but that would be my preferred option if it came to that. 

Leeds did similar. Now bought back after number of troubled years following a quick drop following a rapid ascent  based on a heightened period of success. Familiar ?

Edited July 17, 2019 by only1stig

[Mounts Kipper 2,555]

3 minutes ago, BIGBW said:

Wait also isn't the stadium protected by the community protection order that would prevent a quick sale of the asset?

It is but it does not stop a sale. 

[Damocles 12]

The math is too long winded, but realistically FV probably only had to show £3M-£5M cash. 

They were the only show in town, other bids were made but how could they be taken seriously when they hadn’t accessed the data room? 

 

 

[birch-chorley 641]

2 hours ago, jules_darby said:

Selling the stadium and renting it back 

That’s fucked a lot of clubs over

Has it ever worked? (Genuine question)

It’s going to mean more costs so it can’t be good 

Let’s say someone buys it for £15m, I assume that they would want 5% minimum, probably closer to 10% annual return, so £750k to £1.5m rent per annum. That puts our operating costs up considerably vs what they are now and we can’t afford those costs as things stand. Doesn’t seem like a plan that would last more than a season or two before the money runs out again and we are back to square 1 

If we are selling the ground then we might as well go the whole hog and move somewhere much cheaper to run. Leigh sports village job, at least it would be more sustainable in League 1 

Edited July 17, 2019 by birch-chorley

[Damocles 12]

10 minutes ago, birch-chorley said:

It’s going to mean more costs so it can’t be good 

Let’s say someone buys it for £15m, I assume that they would want 5% minimum, probably closer to 10% annual return, so £750k to £1.5m rent per annum. That puts our operating costs up considerably vs what they are now and we can’t afford those costs as things stand. Doesn’t seem like a plan that would last more than a season or two before the money runs out again and we are back to square 1 

If we are selling the ground then we might as well go the whole hog and move somewhere much cheaper to run. Leigh sports village job, at least it would be more sustainable in League 1 

Running costs offset against leasing the hotel to a chain.

[birch-chorley 641]

Just now, Damocles said:

Running costs offset against leasing the hotel to a chain.

If it was as easy as leasing the hotel to a chain to bring money in then why haven’t we been doing it ourselves rather than running it at a loss on our own? 

[Tombwfc 157]

24th Feb - FV agree HOTs with Ken

17th Apr - Ken agrees to sell his shares to Bassini

13th June - FV named preferred bidders.

18th June - Administators state that they're aiming to complete the following week.

29th June - FV finally agree HOTs with Administrators.

 

It's now nigh on 18th of July, we're back to the players being on strike and the person in charge calling them twats on the website.

Anyone trying to claim that everything is in hand and standard procedure for a club in our position is as mental as the guy ripping stickers off his Fiat 500.

 

[Spider 2,187]

By bizarre coincidence, I’ve been out drinking with Wycombe fans tonight.

They were genuinely expecting Bolton to turn up and beat them until I explained what’s happening.

the outside world simply isn’t interested. If we die, we die and no one really gives a fuck

[Sluffy 222]

1 hour ago, Tombwfc said:

24th Feb - FV agree HOTs with Ken

17th Apr - Ken agrees to sell his shares to Bassini

13th June - FV named preferred bidders.

18th June - Administators state that they're aiming to complete the following week.

29th June - FV finally agree HOTs with Administrators.

 

It's now nigh on 18th of July, we're back to the players being on strike and the person in charge calling them twats on the website.

Anyone trying to claim that everything is in hand and standard procedure for a club in our position is as mental as the guy ripping stickers off his Fiat 500.

 

What is the standard procedure for a club in our position then?

The closest example I can thank is Rangers and in their case the club was liquidated a new phoenix club formed and they were gifted a place three divisions lower than they were in (and I say gifted because any other club bar Celtic and maybe Hibs and Hearts would have been kicked even further down the league tiers).

If FV don't come through then that's it - we are liquidated.  Even the players won't be guaranteed their money because football creditors and payment minimums of 25p in the £ won't apply, everything is sold up, secured creditors paid first and everyone else gets what ever is left - if there is anything left - at so many pennies in the £.  (I'm not sure if HMRC becomes a preferential creditor if we are no longer bound by EFL regulations any more?).

The ST can then start up a phoenix club and we can play our games on Queens Park in the Bolton and District Sunday League, Division 4.

It really is as stark as that if FV pull out.

For those of you who think I might be being a bit over the top about this, the following is taken from the Administrators reply to the players, who clearly haven't grasped the seriousness of the situation as to why they haven't been paid -

I am working within a budget to keep this club alive until a sale is completed.

He's simply saying if I pay you there's no money left to keep the club going but if I don't we just might survive if FV can just pull a rabbit out of the hat.

Best keep our fingers crossed that they do find a way I suggest.

 

Edited July 18, 2019 by Sluffy
Grammar errors

[gonzo 3,045]

7 hours ago, Spider said:

By bizarre coincidence, I’ve been out drinking with Wycombe fans tonight.

They were genuinely expecting Bolton to turn up and beat them until I explained what’s happening.

the outside world simply isn’t interested. If we die, we die and no one really gives a fuck

Obviously arm chair supporters.... 

[marple whites 116]

9 hours ago, birch-chorley said:

It’s going to mean more costs so it can’t be good 

Let’s say someone buys it for £15m, I assume that they would want 5% minimum, probably closer to 10% annual return, so £750k to £1.5m rent per annum. That puts our operating costs up considerably vs what they are now and we can’t afford those costs as things stand. Doesn’t seem like a plan that would last more than a season or two before the money runs out again and we are back to square 1 

If we are selling the ground then we might as well go the whole hog and move somewhere much cheaper to run. Leigh sports village job, at least it would be more sustainable in League 1 

 

I was speaking to the ex FD from Oxford United - and they rent their ground on a long lease from the owner at a rate far more than the average in that division and it is killing them.  It leaves them with 2 tenths of eff all and they can't get out of it.

So as a club they have little or no chance - that's why the guy left.

 

[Ratwhite 134]

Its almost Ken Anderson-esque
Blah blah blah factual inaccuracies 🗣
Blah blah blah sympathy 🗣
Blah blah blah urgency 🗣
Blah blah blah two weeks, (really 👀)🗣
Blah blah blah Football Ventures, Blah blah EFL, Blah Hotel🗣
Nlah blah no chance. Blah FUCKED🗣
Scorchio
Good day 👤
👣   

👣

👣

The End

[Mounts Kipper 2,555]

2 minutes ago, Ratwhite said:

Its almost Ken Anderson-esque
Blah blah blah factual inaccuracies 🗣
Blah blah blah sympathy 🗣
Blah blah blah urgency 🗣
Blah blah blah two weeks, (really 👀)🗣
Blah blah blah Football Ventures, Blah blah EFL, Blah Hotel🗣
Nlah blah no chance. Blah FUCKED🗣
Scorchio
Good day 👤
👣   

👣

👣

The End

It’s no surprise Ken appointed them. 

[bwfcfan5 486]

The reality of our position is probably finally hitting home. There is nobody prepared to bankroll the club with their own money - if there were they'd have bought it. Therefore anyone buying the club is looking to run it on a commercial basis. But the commercial opportunities are mainly tied up in a business undergoing a separate admin process. 

There is also an initial investment required to ensure we have a playing squad - it seems FV cannot afford to do that alongside paying the outstanding player wages. 

I fear this is only going one way and Sluffy unfortunately is on the money. Where are all the ST high net worth individuals by the way? Can they not chip in to get FV over the line?

[bwfcfan5 486]

2 minutes ago, Mounts Kipper said:

It’s no surprise Ken appointed them. 

No he did not. 

[Mounts Kipper 2,555]

2 minutes ago, bwfcfan5 said:

No he did not. 

I stand corrected. Or maybe not. 

http://www.thebusinessdesk.com/northwest/news/2041574-administrators-could-be-appointed-at-bolton-wanderers-within-days

 

Edited July 18, 2019 by Mounts Kipper

[Damocles 12]

9 hours ago, birch-chorley said:

If it was as easy as leasing the hotel to a chain to bring money in then why haven’t we been doing it ourselves rather than running it at a loss on our own? 

That’s what De Vere was.

[pauldeva 1]

Anybody know when the TV money comes in?

I can't see how we can't run a skeleton team and staff if we have TV money, gate receipts, £350k from Connell, sell Oztumer, Matthews and any one else.

For fucks sake, Chester who we should have played, run a club on 2/5ths of fuck all.

[RoadRunnerFan 256]

1 minute ago, Damocles said:

That’s what De Vere was.

Was a 50/50 joint venture between De Vere and the club IIRC.

De Vere wanted out as part of a wider consolidation programme.

My recollection is that the club ended up running it as finding a buyer proved difficult.