Jump to content
Wanderers Ways - passion not fashion

Recommended Posts

6 minutes ago, pauldeva said:

Sluffy, the administrator is not a representative of the court. He is appointed by the entity who has the charge over the companies assets, the high court only check that his appointment is valid under the charge.

And the administrator can trade the company. What he can't do is run up losses otherwise he could be made personally liable for the debts.

Hence my question earlier about when the TV money comes in.

 

I see you edited your reply above to include the final line whilst I was replying to your first comments.

I refer you back to who would guarantee to the EFL that Bolton Wanderers could financially complete the season?

If there is no guarantee the EFL shouldn't allow the club to start (unless they bend their own rules)

Remember also that the EFL have already indicated that whoever takes on Bolton Wanderers will be trading at a loss for at least the next two seasons and must be capable of keeping their company solvent whilst covering the trading losses of the club.

TV money/EFL payments alone is clearly insufficient in the EFL's own view to sustain clubs at the third tier level.

Link to post
Share on other sites
  • Replies 28.2k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Give it a fucking rest eh  ‘somebody’s moral expectations of someone are very different to the legal obligations you know that and I know that. So why don’t you lay off patronising folk Chris and

I really cannot wait for the day we don’t have to read the words moonshift, Inner fucking circle, blue bastard marble or any piece of shit word associated to this horrible draining 3 year bullshit sag

Fucking massive clear out coming on WW later, either way.

Posted Images

3 minutes ago, Sluffy said:

Thank you.

I was trying to simplify the situation as best I could for others to understand.

What I've said still holds true as to what and why the situation is as it is.

Or do you disagree?

I don't see why he can't trade with a positive cash flow, there will be £2 million in gate receipts assuming 10,000 at home gates, £1.5 million in TV money and he may be able to sell a couple of the players. He's got £350k for Connell, Matthews and Oztumer may be saleable.

Non league teams run on next to nothing in wages and overheads less than £1 million.

Obviously he has considered this but may be under pressure from the EDT. 

In theory the bulldozers could go in to flatten the stadium, pay off the secured creditors and the team could play at another ground. 

Maybe that is what will happen

Link to post
Share on other sites
15 minutes ago, Sluffy said:

I see you edited your reply above to include the final line whilst I was replying to your first comments.

I refer you back to who would guarantee to the EFL that Bolton Wanderers could financially complete the season?

If there is no guarantee the EFL shouldn't allow the club to start (unless they bend their own rules)

Remember also that the EFL have already indicated that whoever takes on Bolton Wanderers will be trading at a loss for at least the next two seasons and must be capable of keeping their company solvent whilst covering the trading losses of the club.

TV money/EFL payments alone is clearly insufficient in the EFL's own view to sustain clubs at the third tier level.

The guarantee would have to come from the administrators.

Its easy to run a football clubs finances, you know approximately your income and you know your costs/players wages.

 

 

Edited by pauldeva
Link to post
Share on other sites
15 minutes ago, pauldeva said:

I don't see why he can't trade with a positive cash flow, there will be £2 million in gate receipts assuming 10,000 at home gates, £1.5 million in TV money and he may be able to sell a couple of the players. He's got £350k for Connell, Matthews and Oztumer may be saleable.

Non league teams run on next to nothing in wages and overheads less than £1 million.

Obviously he has considered this but may be under pressure from the EDT. 

In theory the bulldozers could go in to flatten the stadium, pay off the secured creditors and the team could play at another ground. 

Maybe that is what will happen

Think it will cost a lot more than that to run the club over a season, and the FL and Admin cant/wont deal in what if's so as Sluffy has explained we are gone if FV walk away

Link to post
Share on other sites

I think you are very much wishful thinking here.

The Administrators first duty is to the creditors based on magnitude of debt.

It is illegal for a company to trade whilst insolvent - so all the creditors such as the players, HMRC, the Town Hall all need paying as they are ongoing charges to the club.

The two or three players we have can't be sold, they can (and will) walk away for free, then can obtain better deals for themselves rather than having their new clubs pay transfer fees for them.

It's not the same situation as running a non league clubs - it's a situation of having an insolvent club to deal with, with over three hundred unsecured creditors wanting their money and HMRC and the Town Hall already being owed millions.

It's not going to happen that way mate.

Link to post
Share on other sites
28 minutes ago, Sluffy said:

I don't think...

 

Let me stop you there. You asked why our situation was different from other clubs who've gone into administration. I said why it was different. War and Peace on why that is doesn't change the fact that it's different. It's also seperate from the actual point I was making, which I explained twice.

 

Anyway, Gordon Taylor has just been on with Jim White. Said, amongst other things, the players have been asked to defer the money they're owed for two years, the PFA are considering reporting us to FIFA and he's generally sceptical of FV and their football knowledge. Also said Ken had been holding up the takeover.

Didn't hear him say a deal won't be done though.

Link to post
Share on other sites
2 minutes ago, Sluffy said:

I think you are very much wishful thinking here.

The Administrators first duty is to the creditors based on magnitude of debt.

It is illegal for a company to trade whilst insolvent - so all the creditors such as the players, HMRC, the Town Hall all need paying as they are ongoing charges to the club.

The two or three players we have can't be sold, they can (and will) walk away for free, then can obtain better deals for themselves rather than having their new clubs pay transfer fees for them.

It's not the same situation as running a non league clubs - it's a situation of having an insolvent club to deal with, with over three hundred unsecured creditors wanting their money and HMRC and the Town Hall already being owed millions.

It's not going to happen that way mate.

It's not illegal to trade a company whilst insolvent. It's illegal to take on credit with no prospect of them being paid.

You are getting mixed up with what can be done pre and post an administration, all those debts are frozen.

I can certainly envisage a situation where the ground is sold and the team survives. Chester played at Macclesfield for a long time

 

Link to post
Share on other sites
6 minutes ago, birch-chorley said:

More importantly 

Has Parky been potted yet? 

He’s too busy talking to the administrators every day and then forgetting to pass on the message to the players

Link to post
Share on other sites
2 hours ago, Tombwfc said:

Let me stop you there. You asked why our situation was different from other clubs who've gone into administration. I said why it was different. War and Peace on why that is doesn't change the fact that it's different. It's also seperate from the actual point I was making, which I explained twice.

 

Anyway, Gordon Taylor has just been on with Jim White. Said, amongst other things, the players have been asked to defer the money they're owed for two years, the PFA are considering reporting us to FIFA and he's generally sceptical of FV and their football knowledge. Also said Ken had been holding up the takeover.

Didn't hear him say a deal won't be done though.

I didn't ask 'why our situation was different from other clubs who've gone into Administration' I asked something completely different namely 'What is the standard procedure of a club in our position then?' as I don't believe there's been a comparable situation apart from perhaps Rangers.  You've certainly not answered me since.

I'm not even sure of what your point you explained twice was because I certainly don't think what is happening is "standard procedure for a club in our position" nor thought FV was ever flushed with money.

I also never said a deal wouldn't be done either?  Just that FV are the only people left standing to do it with.

Edited by Sluffy
Grammar errors
Link to post
Share on other sites
59 minutes ago, Casino said:

as admin said, they have been paying bills in order of need

insurances, re opening the training ground other bits of shit with the intention of getting a team on the pitch at wycombe

the business is in dire fcuking straits and if it survives it needs the goodwill of its employees

i do feel the pain of the players but striking is not helping

How long should this goodwill go on for? 5 months is long enough in my eyes.

Link to post
Share on other sites
12 minutes ago, pauldeva said:

It's not illegal to trade a company whilst insolvent. It's illegal to take on credit with no prospect of them being paid.

You are getting mixed up with what can be done pre and post an administration, all those debts are frozen.

I can certainly envisage a situation where the ground is sold and the team survives. Chester played at Macclesfield for a long time

OK lets see what happens then.

I'm of the opinion that either something will be done before the season starts with FV taking on the club, having bridging loans, deferred payment agreements and whatever else to tide them over until the Hotel is settled and they take ownership of it, or someone gives FV further monies to pass on to the Administrator to keep BWFAC going until the hotel is settled and if FV don't buy it (or a joint agreement with whoever does buy it isn't agreeable between the two) then FV will withdraw and the Administrator liquidates the club.

Obviously I can't see the EFL allowing the club to start the season if the threat of FV pulling out and BWFAC being liquidated is a realistic prospect which I believe it to be.

Link to post
Share on other sites

Are we at the stage yet were it might just be better to fuck it off and fold the club? - we can't be far away from that surely.

 

We're still losing money everyday, nobody with any money it seems wants to buy us, we have no players, at best we'll be starting the season on - 12 points and to top it all off, the vast majority of the town doesn't give a fuck about the club.

Link to post
Share on other sites
27 minutes ago, Mounts Kipper said:

How long should this goodwill go on for? 5 months is long enough in my eyes.

I am wondering how much longer this whole sorry saga can go on for 

Just listened to that Gordon Taylor interview on Talk Sport and there were doubts expressed that we will have a team on the pitch on the opening day of the season 

I was hoping that following yesterdays publicity that the 2 administrators would see sense and sort this matter out between themselves - ideally in the next 48 hours  , because  what is clear is that  FV need the hotel to fund their plans. 

However I have just noticed that the Hotel administrator has filed online yesterday at companies house ( Bolton Whites Hotel Limited ) 

Statement of administrator's proposal

This document is being processed and will be available in 5 days.

If that statement ( which cannot yet be viewed ) reaffirms the timescales in his press release 

We have commenced a marketing and sales process of the hotel and have appointed agents to manage the process, which has received significant interest from potential purchasers. We expect the process to run for four to six weeks and do not propose to comment on progress during this time, as discussions will be confidential.

then I am struggling to see a way forward 

 Surely the hotel administrator must realise without the football club being able to fulfil its fixtures there will be no hotel 

Something needs to happen and it needs to happen soon 

Link to post
Share on other sites
1 hour ago, Pricey said:

i thought the £1m was put in when the preferred bidder was selected?

I would be amazed if they put any money in without knowing they were getting the hotel, seeing as they see clearly short on funds as it is.

There have been no charges registered so it would be a payment to an insolvent company with no guarantee of return.

Link to post
Share on other sites
1 hour ago, Damocles said:

I would be amazed if they put any money in without knowing they were getting the hotel, seeing as they see clearly short on funds as it is.

There have been no charges registered so it would be a payment to an insolvent company with no guarantee of return.

It was described exactly thus. A non refundable deposit.

Link to post
Share on other sites
20 minutes ago, bwfcfan5 said:

It was described exactly thus. A non refundable deposit.

But why put that in when they didn’t have the hotel? There was no requirement to do so. I suspect it never happened.

Link to post
Share on other sites

Having run our club into the ground, Anderson is now alleged to be holding up the sale, so just for clarification, does he still own the club or is it just a squabble about him getting his two pounds of flesh? 

Link to post
Share on other sites
26 minutes ago, Damocles said:

But why put that in when they didn’t have the hotel? There was no requirement to do so. I suspect it never happened.

It was required by the administrators of the club. As part of that process. The hotel is required to gain EFL approval of the business plan for next two years. In a sense if it wasn't for having to fulfill the EFL requirements the administration process would have completed and FV would be in control. Were EFL approval not required....

So the 1M was described as "being required for essential business operation". I believe that some payments were made to the training ground operator etc and that is what that cash was used for. 

Link to post
Share on other sites
5 minutes ago, Hoppy510 said:

Having run our club into the ground, Anderson is now alleged to be holding up the sale, so just for clarification, does he still own the club or is it just a squabble about him getting his two pounds of flesh? 

Have you been asleep for the past 6 weeks?

Link to post
Share on other sites
Guest
This topic is now closed to further replies.

Announcements


×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.