Take Over

[Mounts Kipper]

Nixon tweeting new group in for club and hotel, but won’t take club without hotel. 

[Matt Lofthouse]

1 hour ago, leigh white said:

Do you ever get fed up with folk on the streets and pubs asking you " what's happening at Bolton " ?

Aye shortly followed by ‘you should have kept big Sam’.

[gonzo]

4 minutes ago, Matt said:

Aye shortly followed by ‘you should have kept big Sam’.

Haha hell yeah. 

Maybe chuck a Jay Jay reference in for safe measure. 

[Tommy Banks]

Is it possible for the administrators to pull the plug on FV, due to what appears to be a lack of progress. Then open it up to others

[DazBob]

27 minutes ago, Mounts Kipper said:

Nixon tweeting new group in for club and hotel, but won’t take club without hotel. 

Or maybe they will. Or maybe they'll just walk away. Bit in the paper.

[DazBob]

5 hours ago, tomski said:

No issue with Nixon. Provides a free service and I can take it or leave it.

Think he’s being dropped some guff re Bassini mind but time will tell I suppose

overall I think he’s probably reported the most on us in the last few years (taking iles out as the BEN journo)

He used to know his onions when it came to Bolton due to his links with Coyle.

Since Coyle left though you might as well listen to any bloke in the pub. They're free too.

 

[tomski]

14 minutes ago, DazBob said:

He used to know his onions when it came to Bolton due to his links with Coyle.

Since Coyle left though you might as well listen to any bloke in the pub. They're free too.

 

Fair enough. I think he’s alright and find it all interesting. I am a child of club call though😂

[Marc505]

5 hours ago, gonzo said:

jay jay 2345 has had enough. 

He is definitely in the Champions League positions of the #bwfc stressing out division. Helluva dogfight up there.

[gonzo]

16 minutes ago, Marc505 said:

He is definitely in the Champions League positions of the #bwfc stressing out division. Helluva dogfight up there.

 

 

 

[Ros Coe]

2 hours ago, leigh white said:

Do you ever get fed up with folk on the streets and pubs asking you " what's happening at Bolton " ?

Yep, there’s a bloke at work claims he’s a Bolton fan but keeps asking me what’s going on 🤯

i now say “don’t know I’ve lost interest” but at least once a week he asks me again..

TIT!!!

[Marc505]

7 minutes ago, gonzo said:

 

 

 

There's a lad who'll never be happy.

[Blondi]

I'd rather ignore Nixon with regards to the takeover, he's decent on transfers, but I'd give Marc Iles the nod over the takeover, Nixon's had it in for us since we potted Coyle & Freedman, so he loves to spice things up for us.

[gonzo]

Must be just sat there refreshing #BWFC every 20 seconds getting angrier and angrier as the day goes on. 

Some fucker in his real life is gonna suffer some passive aggression big style. Probably the dominoes delivery driver when they forget his extra cheese. 

[Sluffy]

29 minutes ago, Tommy Banks said:

Is it possible for the administrators to pull the plug on FV, due to what appears to be a lack of progress. Then open it up to others

No.

The Administrator set out in his report that the club was all but insolvent and he would be required to liquidate it without a quick sale.

He reported that only one bid was received in the required time and that was FV.

FV also put in a £1m non returnable investment to the Administrator to keep the club solvent.

There isn't any monies left to continue the Administration unless EDT cares to fund it (they being the ones who put the club into Administration.

Don't forget the players are not being paid by the Administrator due to the club not having the liquidity to do so.

It was reported that the Administrator released some money to pay the youths to play against York - I doubt they would even have done that if the FV looked like collapsing - and why indeed should it, they apparently have deposited their funds in escrow, so we know they are serious about buying the club.

Seems to me to be totally bollocks that Nixon is implying the club needs the income from the hotel - the hotel is running at near capacity (85% of rooms full in the last accounts) yet still made a £400k loss, it made a £100k loss the year before at similar room capacity, under Davies/Gartside, just to show the trend.

I can't see how owning the hotel is integral to FV's strategy of future funding of the club?

Maybe the hotel may have some contractual control over some of the car parks and potentially stop them being developed - that would be an issue - but owning the hotel to fund the club is laughable as it stands - we would have to sell players in future to simply pay off the hotels yearly debts, if that was the case on current trends.

If there is someone wanting to buy the hotel and/or club for more then there's nothing stopping FV completing purchase of the club, then merely selling it on to this mysterious wealthy bidder in the background once they've bought the hotel.

Seems to me it's just the hotel Administrator trying to get the most they can out of FV's interest in the hotel - in just the same way the club Administrator allowed the likes of Nixon to tweet how much other interest there was in buying BWFC, when at the end of the day only FV actually put a bid in for it.

The hotel was put into Administration on Wednesday 15th May, so the Administrator should have made his required reports eight weeks later, which I make to be Wed/Thur 10/11th July.

I suspect any delay or disagreement with his report is more likely to be the stumbling block at the moment delaying things for the last few days, than anything else.

 

 

[e2e4]

1 . "we found a load of shit in the accounts , so we need administration to make it work"

2. "we need the hotel first or we bounce"

get the south chinese electricity barons back. 

[tomski]

I think @Sweep knows more than he’s letting on 

[bwfcfan5]

Twitter is the graveyard of common sense. The situation at the club is concerning but people hanging on Nixon’s words and getting worked up are ridiculous. He was saying hotel was making money then shown it wasn’t.....but still persists. I’m sure everyone is frustrated right now but these things take time. If FV don’t complete at all though before season then yes that’s a huge problem. But I’m sure they know that too.

[Rizlar]

2 hours ago, Sluffy said:

No.

The Administrator set out in his report that the club was all but insolvent and he would be required to liquidate it without a quick sale.

He reported that only one bid was received in the required time and that was FV.

FV also put in a £1m non returnable investment to the Administrator to keep the club solvent.

There isn't any monies left to continue the Administration unless EDT cares to fund it (they being the ones who put the club into Administration.

Don't forget the players are not being paid by the Administrator due to the club not having the liquidity to do so.

It was reported that the Administrator released some money to pay the youths to play against York - I doubt they would even have done that if the FV looked like collapsing - and why indeed should it, they apparently have deposited their funds in escrow, so we know they are serious about buying the club.

Seems to me to be totally bollocks that Nixon is implying the club needs the income from the hotel - the hotel is running at near capacity (85% of rooms full in the last accounts) yet still made a £400k loss, it made a £100k loss the year before at similar room capacity, under Davies/Gartside, just to show the trend.

I can't see how owning the hotel is integral to FV's strategy of future funding of the club?

Maybe the hotel may have some contractual control over some of the car parks and potentially stop them being developed - that would be an issue - but owning the hotel to fund the club is laughable as it stands - we would have to sell players in future to simply pay off the hotels yearly debts, if that was the case on current trends.

If there is someone wanting to buy the hotel and/or club for more then there's nothing stopping FV completing purchase of the club, then merely selling it on to this mysterious wealthy bidder in the background once they've bought the hotel.

Seems to me it's just the hotel Administrator trying to get the most they can out of FV's interest in the hotel - in just the same way the club Administrator allowed the likes of Nixon to tweet how much other interest there was in buying BWFC, when at the end of the day only FV actually put a bid in for it.

The hotel was put into Administration on Wednesday 15th May, so the Administrator should have made his required reports eight weeks later, which I make to be Wed/Thur 10/11th July.

I suspect any delay or disagreement with his report is more likely to be the stumbling block at the moment delaying things for the last few days, than anything else.

 

 

👍

[Tommy Banks]

2 hours ago, Sluffy said:

No.

The Administrator set out in his report that the club was all but insolvent and he would be required to liquidate it without a quick sale.

He reported that only one bid was received in the required time and that was FV.

FV also put in a £1m non returnable investment to the Administrator to keep the club solvent.

There isn't any monies left to continue the Administration unless EDT cares to fund it (they being the ones who put the club into Administration.

Don't forget the players are not being paid by the Administrator due to the club not having the liquidity to do so.

It was reported that the Administrator released some money to pay the youths to play against York - I doubt they would even have done that if the FV looked like collapsing - and why indeed should it, they apparently have deposited their funds in escrow, so we know they are serious about buying the club.

Seems to me to be totally bollocks that Nixon is implying the club needs the income from the hotel - the hotel is running at near capacity (85% of rooms full in the last accounts) yet still made a £400k loss, it made a £100k loss the year before at similar room capacity, under Davies/Gartside, just to show the trend.

I can't see how owning the hotel is integral to FV's strategy of future funding of the club?

Maybe the hotel may have some contractual control over some of the car parks and potentially stop them being developed - that would be an issue - but owning the hotel to fund the club is laughable as it stands - we would have to sell players in future to simply pay off the hotels yearly debts, if that was the case on current trends.

If there is someone wanting to buy the hotel and/or club for more then there's nothing stopping FV completing purchase of the club, then merely selling it on to this mysterious wealthy bidder in the background once they've bought the hotel.

Seems to me it's just the hotel Administrator trying to get the most they can out of FV's interest in the hotel - in just the same way the club Administrator allowed the likes of Nixon to tweet how much other interest there was in buying BWFC, when at the end of the day only FV actually put a bid in for it.

The hotel was put into Administration on Wednesday 15th May, so the Administrator should have made his required reports eight weeks later, which I make to be Wed/Thur 10/11th July.

I suspect any delay or disagreement with his report is more likely to be the stumbling block at the moment delaying things for the last few days, than anything else.

 

 

Thanks Sluffy 

[Damocles]

Suppose FV are looking to run a ‘sale and lease back’ type financing arrangement on the stadium, could not owning the hotel prohibit this....?

[e2e4]

41 minutes ago, Damocles said:

Suppose FV are looking to run a ‘sale and lease back’ type financing arrangement on the stadium, could not owning the hotel prohibit this....?

Fucking Hell. At this rate , Bassini begging randos for money will outbid these paupers. 

times ticking. 

They *might* have enough if they sell out the rest of that cloud firm to Cisco Systems. they sold 10% for £25 million . 10% of the firm earned £320,000 profit last(?) year. 

would take them 80 years to make it back. which is ages. but megacorps dont need to think about getting their money back as fast as normal.. So maybe getting overpaid in that way is maybe colouring their view on what they expect bolton to earn them. 

needs chinese with loadsa money to gamble like fuck to make the prem so that they make all their money back after about 3 years back in the bigtime. 

i Dont think they'll complete it. Theyll bullshit about something else without actually saying they dont have enough money, some unmeetable condition like planning permission to demolish the ground 'just incase'

theyve said theyll buy the club , but havent. Bassini did that too. 

 

 

 

 

[Sluffy]

5 hours ago, Damocles said:

Suppose FV are looking to run a ‘sale and lease back’ type financing arrangement on the stadium, could not owning the hotel prohibit this....?

Possibly but that's an issue for FV and not the clubs Administrator whose working on the best interest of the creditors.

This is how the Administrators view that - 

Wanderers initially had around £1m in the bank account when they were frozen on March 15 and, states the report, there was a “real threat of the company being placed into compulsory liquidation” on the administrators’ arrival around eight weeks ago.

After it was decided the business could not be rescued as a going concern without a major injection of funds, work began on marketing, and the creation of a ‘data room’ to allow interested parties to do due diligence.

 

It has been revealed that only one party paid the £25,000 fee but that five initial offers were received. Best and final offers were then requested by 4pm on June 12.

Football Ventures, a consortium comprised of London-based businesspeople Sharon Brittan and Jeff Thomas and Michael James, who is a secured creditor of the adjoining Bolton Whites Hotel, were named as preferred bidders and had to pay a non-refundable deposit of £1million for the purposes of “meeting future critical payments necessary for preparing the club for the forthcoming season”.

https://www.theboltonnews.co.uk/sport/17762162.counting-cost-administrators-lay-wanderers-complex-finances-bare/

To translate he basically is saying without someone to take the club on in the form of a new company (newco) the club is basically already dead and to prevent it from him closing it down now already (because it IS insolvent) he needed £1m from the prospective newco owners (FV) to continue trading for the time being.

If FV pull out then there is simply nothing to keep the club going - which means liquidation - the Administrator cannot run the club whilst insolvent (that's why I mentioned the fact that payment of wages to the youth players in order to play at York was a very good sign that such thinking isn't imminent).

There is therefore no capacity to sit around and wait for someone to rock up with a supposedly better deal and for them to prove their financial validity/capacity and for them to be granted approval from the EFL.  This would in any event have to be completed and signed off before the start of the season as the EFL won't let the club to start the season without a financial guarantee that it could complete it and there would only be EDT in a position to do that and they've certainly given no intention of desiring that otherwise they would have taken on the club themselves already.

It's FV or liquidation.

If there really is someone wanting the club other than FV, then they simply have to work with them to keep the club going - by funding it whilst it is insolvent until it can be sold to a newco, and that can only be done now via FV.

Similarly and running alongside concurrently the hotel Administrator is working in the best interests of their creditors, a list of who should be revealed anytime now as the 8 weeks from entering Administration is up  and today would mark the two calendar months mark of the same.

If you flip the scenario over, would it be in the best interests of the creditors of the hotel to see the football club being liquidated if the FV purchase fails?

FV is the only option of retaining a club in the EFL, if they fail, then who would want a near 30,000 seater football stadium in Horwich?

If FV pulled out the clubs secured creditors would still get paid from liquidation but it would seem there wouldn't be anything left for the unsecured ones - no 35p in the £ even.

The hotel's secured creditors would get paid depending on how much the Administrator gets and the hierarchy of those creditors (I still believe James to be first in line).  I find it hard to believe their is some sort of a bidding war however for the hotel as Nixon is making out.  

I would suggest that the most likely cause of the delay is the awaiting of the hotel Administrators list of creditors - if as suspected James is top dog and Anderson is not shown as a secured creditor (or a minor one if he is) then FV will have every reason to go ahead with the purchase of the club, if however he is not and Anderson is somehow the head creditor, then FV would need to re-evaluate their position as to whether to continue buying the club, as presumably James would have lost his £5.5m loan - which I assume would have been a cornerstone of the FV purchase.

Therefore it makes eminent sense for FV to hold back from buying the club until the extent of who the secured creditors of the hotel. their ranking status - and for how much - officially are.

Edited July 16, 2019 by Sluffy
Grammar errors

[Damocles]

@Sluffy Understood, essentially MJ is going to crystallise his debt to take control, probably enter CVA and then pre-pack exit.

[Ros Coe]

4 hours ago, Sluffy said:

Possibly but that's an issue for FV and not the clubs Administrator whose working on the best interest of the creditors.

This is how the Administrators view that - 

Wanderers initially had around £1m in the bank account when they were frozen on March 15 and, states the report, there was a “real threat of the company being placed into compulsory liquidation” on the administrators’ arrival around eight weeks ago.

After it was decided the business could not be rescued as a going concern without a major injection of funds, work began on marketing, and the creation of a ‘data room’ to allow interested parties to do due diligence.

 

It has been revealed that only one party paid the £25,000 fee but that five initial offers were received. Best and final offers were then requested by 4pm on June 12.

Football Ventures, a consortium comprised of London-based businesspeople Sharon Brittan and Jeff Thomas and Michael James, who is a secured creditor of the adjoining Bolton Whites Hotel, were named as preferred bidders and had to pay a non-refundable deposit of £1million for the purposes of “meeting future critical payments necessary for preparing the club for the forthcoming season”.

https://www.theboltonnews.co.uk/sport/17762162.counting-cost-administrators-lay-wanderers-complex-finances-bare/

To translate he basically is saying without someone to take the club on in the form of a new company (newco) the club is basically already dead and to prevent it from him closing it down now already (because it IS insolvent) he needed £1m from the prospective newco owners (FV) to continue trading for the time being.

If FV pull out then there is simply nothing to keep the club going - which means liquidation - the Administrator cannot run the club whilst insolvent (that's why I mentioned the fact that payment of wages to the youth players in order to play at York was a very good sign that such thinking isn't imminent).

There is therefore no capacity to sit around and wait for someone to rock up with a supposedly better deal and for them to prove their financial validity/capacity and for them to be granted approval from the EFL.  This would in any event have to be completed and signed off before the start of the season as the EFL won't let the club to start the season without a financial guarantee that it could complete it and there would only be EDT in a position to do that and they've certainly given no intention of desiring that otherwise they would have taken on the club themselves already.

It's FV or liquidation.

If there really is someone wanting the club other than FV, then they simply have to work with them to keep the club going - by funding it whilst it is insolvent until it can be sold to a newco, and that can only be done now via FV.

Similarly and running alongside concurrently the hotel Administrator is working in the best interests of their creditors, a list of who should be revealed anytime now as the 8 weeks from entering Administration is up  and today would mark the two calendar months mark of the same.

If you flip the scenario over, would it be in the best interests of the creditors of the hotel to see the football club being liquidated if the FV purchase fails?

FV is the only option of retaining a club in the EFL, if they fail, then who would want a near 30,000 seater football stadium in Horwich?

If FV pulled out the clubs secured creditors would still get paid from liquidation but it would seem there wouldn't be anything left for the unsecured ones - no 35p in the £ even.

The hotel's secured creditors would get paid depending on how much the Administrator gets and the hierarchy of those creditors (I still believe James to be first in line).  I find it hard to believe their is some sort of a bidding war however for the hotel as Nixon is making out.  

I would suggest that the most likely cause of the delay is the awaiting of the hotel Administrators list of creditors - if as suspected James is top dog and Anderson is not shown as a secured creditor (or a minor one if he is) then FV will have every reason to go ahead with the purchase of the club, if however he is not and Anderson is somehow the head creditor, then FV would need to re-evaluate their position as to whether to continue buying the club, as presumably James would have lost his £5.5m loan - which I assume would have been a cornerstone of the FV purchase.

Therefore it makes eminent sense for FV to hold back from buying the club until the extent of who the secured creditors of the hotel. their ranking status - and for how much - officially are.

That makes total sense to me, hope you’re right Sluffy 🤞

[ProfessorWoland]

4 hours ago, Sluffy said:

I would suggest that the most likely cause of the delay is the awaiting of the hotel Administrators list of creditors - if as suspected James is top dog and Anderson is not shown as a secured creditor (or a minor one if he is) then FV will have every reason to go ahead with the purchase of the club, if however he is not and Anderson is somehow the head creditor, then FV would need to re-evaluate their position as to whether to continue buying the club, as presumably James would have lost his £5.5m loan - which I assume would have been a cornerstone of the FV purchase.

Therefore it makes eminent sense for FV to hold back from buying the club until the extent of who the secured creditors of the hotel. their ranking status - and for how much - officially are.

That sounds plausible. 

I wonder if a legal battle is looming between Anderson and James over their respective claims on the hotel?