Article in Sunday Express saying takeover imminent.....

PG also stated (over and again) that we were fine financially and the debt to ED wouldn't affect us

The debt to ED didnt affect us. Its when he stopped transferring the debt from others to himself that we shit out.

Thats not to say I agree with the 'fine financially' bit - we were a train wreck about to happen as soon as the plug was pulled.

PG also stated (over and again) that we were fine financially and the debt to ED wouldn't affect us

 

Maybe that's what PG believed and was told..........by ED

PG also stated (over and again) that we were fine financially and the debt to ED wouldn't affect us

PG also flagged in the last few accounts that we needed to find other investment or significantly reduce costs. The warnings were there.

PG also flagged in the last few accounts that we needed to find other investment or significantly reduce costs. The warnings were there.

This is true.

 

Though some numb cunt was still doling out massive fat contracts.

This is true.

 

Though some numb cunt was still doling out massive fat contracts.

This is the baffling thing. What they were playing at, god only knows. And Eddie must have known what was happening too.

It is baffling. Being a permanent fixture in the Premiership seemed to be the primary goal and huge amounts (for Bolton Wanderers) were thrown at it. But successive managers failed and its hard to know how much psychological damage the McGill case caused. Panorama and Quest was bad enough but this was probably worse.

Eddie will have known but he had made it clear that he never intended or wanted to be hands on. PG, Eddie's trusted servant, was taking a battering from all sides and we now know how seriously ill he had become. The dream had become a nightmare for all concerned.

Now we are back to the reality of living within our means, it will inevitably result in, not just highly paid players moving on, but modestly paid support staff losing their jobs too.

It will be a big test for the new owners. ST may need to get organised to be a back stop.

This is true.

 

Though some numb cunt was still doling out massive fat contracts.

Chasing the dream

 

I wonder what fans current opinion would be if the monies never actually invested and we were relegated long ago?

This is the baffling thing. What they were playing at, god only knows. And Eddie must have known what was happening too.

 

There is no way they 'sleepwaked' into this, otherwise they would have potted Anthony Massey the FD long before now.

 

We were already in bed with the nucleus payday loan mob around the time of the ALF/Bannan loan signings, so this hasn't crept up on anyone.

 

They probably felt that a buyer was close and they had to stay competitive in the Championship to make the deal more attractive, so they played a high risk game of sh!t or bust.

 

These Corporate Governance failures usually result from a cock-up or a conspiracy. I believe we were firmly in the cock-up category.

Chasing the dream

 

I wonder what fans current opinion would be if the monies never actually invested and we were relegated long ago?

What dream were we chasing in the summer?

And he was right. Cashflow killed us.

Ah but

 

1: ED didn't write off the whole debt to him, so someone was lying

 

And more importantly

 

2: it's not accurate to say that cash flow killed us because it's actually cash flow and the debt combined.

 

If we had the same cash flow issues but no debt (PG would state no real debt as it was all to ED), we would have had access to facilities so that the cash flow didn't kill us.

 

Where in reality we sold the family silver by essentially mortgaging assets to the hilt etc

 

I'm not saying PG didn't believe what he said and nor am I saying it's not a grand gesture by ED to write off £170m

 

However, the notion that we "bought" that he debt to ED would not disaffect us simply proved to be wrong wrong wrong

Ah but

 

1: ED didn't write off the whole debt to him, so someone was lying

 

And more importantly

 

2: it's not accurate to say that cash flow killed us because it's actually cash flow and the debt combined.

 

If we had the same cash flow issues but no debt (PG would state no real debt as it was all to ED), we would have had access to facilities so that the cash flow didn't kill us.

 

Where in reality we sold the family silver by essentially mortgaging assets to the hilt etc

 

I'm not saying PG didn't believe what he said and nor am I saying it's not a grand gesture by ED to write off £170m

 

However, the notion that we "bought" that he debt to ED would not disaffect us simply proved to be wrong wrong wrong

 

ED pulled the plug at some point in 14/15.

 

The assets were sold to pay the nucleus loan and the NatWest loan secured on the hotel which covered running costs from after that point.

 

Its my understanding that the remaining debt to ED has been left there to prevent SS cashing in on more assets.

 

Its not the histroric debt that landed us in trouble, its keeping the lights on since ED decided enough was enough at some point last season.

Tax man officially sorted.

 

http://www.bwfc.co.uk/news/article/club-statement-3012768.aspx

Tax man officially sorted.

 

http://www.bwfc.co.uk/news/article/club-statement-3012768.aspx

what a relief , that will allow a  more syrians in

Tax man officially sorted.

 

http://www.bwfc.co.uk/news/article/club-statement-3012768.aspx

Great news well done SS.

what a relief , that will allow a more syrians in

Can they score goals ?

ED pulled the plug at some point in 14/15.

 

The assets were sold to pay the nucleus loan and the NatWest loan secured on the hotel which covered running costs from after that point.

 

Its my understanding that the remaining debt to ED has been left there to prevent SS cashing in on more assets.

 

Its not the histroric debt that landed us in trouble, its keeping the lights on since ED decided enough was enough at some point last season.

I'm aware of the order of events and I agree / concede that is why ED "may" have left the debt in

 

However, I fear that you slightly miss my point:

 

If we didn't have any debt to Eddie and he'd already written it off let's say 2-3 years ago for a rough arguments sake; we would have been able to access better credit, not needed nucleus, Nat West etc

 

We were "told" that the debt to ED was like having no debt....my point is that it wasn't strictly true as it gave us restrictions and limited much

I'm aware of the order of events and I agree / concede that is why ED "may" have left the debt in

 

However, I fear that you slightly miss my point:

 

If we didn't have any debt to Eddie and he'd already written it off let's say 2-3 years ago for a rough arguments sake; we would have been able to access better credit, not needed nucleus, Nat West etc

 

We were "told" that the debt to ED was like having no debt....my point is that it wasn't strictly true as it gave us restrictions and limited much

 

Possibly, though I feel the main reason we didn't have access to credit was the fact that we were p*ssing cash like a drain rather than the 'soft' debt on the balance sheet.

So we can now officially say Dean Holdsworth has saved our club. Imagine if someone had told you that 10 years ago? Football is fucking mental.

Possibly, though I feel the main reason we didn't have access to credit was the fact that we were p*ssing cash like a drain rather than the 'soft' debt on the balance sheet.

My point is it's the combination that fucked us. We have just 1 of the 2 and we can sort problems a lot more easily

I'm aware of the order of events and I agree / concede that is why ED "may" have left the debt in

 

However, I fear that you slightly miss my point:

 

If we didn't have any debt to Eddie and he'd already written it off let's say 2-3 years ago for a rough arguments sake; we would have been able to access better credit, not needed nucleus, Nat West etc

 

We were "told" that the debt to ED was like having no debt....my point is that it wasn't strictly true as it gave us restrictions and limited much

 

But if a super-rich buyer had come along, ED could reasonably have written off a large part of the debt as a goodwill gesture.

Is anyone else bored of this yet?

Is anyone else bored of this yet?

 

Bored stiff. Could sort of understand this shite while Eddie was still owner, but whatever anyone thought or knew; there was FUCK ALL they could do about it then, and even less they can do about it now.

 

A separate section for "Financial Discussions" would be brilliant. Leave them to argue in there rather than turn every thread into an 'Was Eddie a cunt or a saint' debate. Nobody in either camp is ever going to change their mind anyway.

Edited March 17, 201610 yr by Cheese

Foweraker out.

Bored stiff. Could sort of understand this shite while Eddie was still owner, but whatever anyone thought or knew; there was FUCK ALL they could do about it then, and even less they can do about it now.

 

A separate section for "Financial Discussions" would be brilliant. Leave them to argue in there rather than turn every thread into an 'Was Eddie a cunt or a saint' debate. Nobody in either camp is ever going to change their mind anyway.

Change of owner is a pretty pertinent thread then isn't it

 

You massive bell end

Change of owner is a pretty pertinent thread then isn't it

 

You massive bell end

 

Touché, you enormous twat.