Change Of Owner?

[Farrelli]

Entertaining but ultimately it is very damaging for the club. He did, she did, is not what we need.

[Ratwhite]

http://www.bwfc.co.uk/news/article/2016-17/bolton-wanderers-efl-sky-bet-league-one-macron-stadium-3565846.aspx

 

Fuck me, this is getting nasty.

 

Fuck me, this is getting proper tasty/worrying

 

This bit intrigues me though..Invalidated

 

"I find it very interesting that Dean should comment about 'prior approval of the board issues', as he personally and solely signed the loan agreement, on behalf of his company Sports Shield and also as a director, on behalf of the club (i.e. he signed solely, on behalf of both parties)  without my prior authorisation, or knowledge of the agreement, with no board meeting having ever taken  place, or anything  being minuted. 

 

As previously stated, the legality of these documents are disputed by me and will be challenged through the courts."

Read more at http://www.bwfc.co.uk/news/article/2016-17/bolton-wanderers-efl-sky-bet-league-one-macron-stadium-3565846.aspx#BjFwtHzYVclmogWc.99

Edited February 9, 2017 by Ratwhite

[Tonge moor green jacket]

Beginning to wonder how the league allowed the takeover to happen. Surely they would have known about the impact of the blue marble loan etc.

Anyhow it seems we're fucked for the foreseeable future.

 

These accounts are going to take some reading.

[frank_spencer]

It's not these accounts we need to worry about its the next ones.

[Bigtoe]

Messy and I hate this but confirms my thoughts that DH basically has signed up to a wonga pay day loan.

 

Like how Ken drops Mike Collins in the mix too.

 

Those accounts refer to £1m of sports shield costs and also a particular £250k payment. Could that be the Collins one that got screenshot and posted online?

[Tonge moor green jacket]

It's not these accounts we need to worry about its the next ones.

When will they be filed though?

 

Its a shambles; no wonder performances have dropped, players must be hearing this shit and wondering wtf!

[Zico]

Do people actually believe for a second Ken is in it for the good of Bolton Wanderers? Fuck me, what spunk trumpets.

 

well, he is in that what's good for Bolton is good for him, and seems by sorting out the financial mess, he's doing us a favour at least

 

he isn't as in he doesn't intend to spunk millions of his own money in doing so - but if he gets full control off Deano, he may have to lose a bit at some point

 

if folk think he's not in for the good of us, why even support him and let him get on with or get annoyed by the ST sticking their oar in?

[Biggish Dave]

I know KA said these accounts wouldn't make pleasant reading but ouch. Not much in there which I can see the football league liking and agreeing to remove our transfer embargo.

 

You don't need to be an accountant to realise they are crap, just read the many paragraphs on going concern and auditors report

[Walkden White]

I know KA said these accounts wouldn't make pleasant reading but ouch. Not much in there which I can see the football league liking and agreeing to remove our transfer embargo.

 

You don't need to be an accountant to realise they are crap, just read the many paragraphs on going concern and auditors report

I don't think it's any coincidence that the accounts were filed after the closing of the transfer window. 

Edited February 9, 2017 by Walkden White

[Eddie]

When will they be filed though?

 

Its a shambles; no wonder performances have dropped, players must be hearing this shit and wondering wtf!

Do you seriously think that any of the players have heard that Ken and Deano are arguing about who delayed the signing of the 2015 accounts and have decided that they aren't going to train as hard for Saturdays game?

[Zico]

so shit like this bores me and I can never make head nor tail of any of it

 

http://www.bwfc.co.uk/documents/burnden-leisure-signed201-3565779.pdf

 

so what is the top line summary - how much did we lose, compared to the year before?

 

the fact they are over 12 months sort of deems that irrelevant in my mind as a lot changes in that time

[Carlos]

They should bill all those fuckers who still moan about getting nothing for their shares.

[waffer cup 07]

If KA's statement is to be taken at face value he's an absolute saint and DH is a total numbskull who is out to bring the club down. Now Ken were hearing to much save it for the courts.

[Spider]

It's only a matter of time before they're all on Kyle doing lie detector tests and fighting on the steps.

 

This has moved from "keeping the fans informed" to an undignified, childish war of words that makes the club look like it's being run by a fucking Romanian circus.

 

I preferred it when they said fuck all.

[Sweep]

They should bill all those fuckers who still moan about getting nothing for their shares.

 

I'm not sure I've met anybody who lost a lot of money on shares - most people seemed to have a bit of "fun money" in shares. Does anybody know anybody who actually thought they would make a killing and bought loads of them?

[bolton va va]

Do you seriously think that any of the players have heard that Ken and Deano are arguing about who delayed the signing of the 2015 accounts and have decided that they aren't going to train as hard for Saturdays game?

If it suits the agenda of people who will not back KA, they will link the row to our recent poor results. They've only kept quiet so far because we've been near the top of the league.

 

That said, having the two owners involved in an increasingly bitter, public squabble whilst the threat of the ST still hangs over the club, can't help the overall stability of the club.

[gonzo]

http://www.youtu.be/jc6NujP_NCI

[Biggish Dave]

If I keep opening the link to Holdsworth's miss, will it go in the net eventually? Surely someone can mess about with it so the ball eventually goes in

[Casino]

Well, it's game set and match to Ken with that statement

 

Dunno if it's true, but it pretty much confirms all I've been thinking

 

I would suggest he now let's it lie, as should dick head dean and the ST

[bwfc2003]

Some belting comments on the BEN comments section

 

Its disgusting all of this.
Davies,Pratley are draining the club.
I would offer to pay them both off.
Get the club back on the market,get rid of liars,connmen,penny millionaires and financially check every potential buyer

 

This chap is blaming Ken and Deano for the mess that the accounts are in - which while I agree they are not blameless totally, not too sure what part either of them played in Mark Davies and Pratle having season long injuries, or having contracts we cant sustain

And if the clubs "back on the market" who will buy it??

[Eddie]

If anyone wants to read the "interesting" parts of the accounts then I'd say read pages 2-5 and note 31 starting on pg.33 - they're the bits that talk about the current situation and sets out what has happened since Jun-15 to this point.

 

All the other stuff relates to what happened between Jul-14 and Jun-15 which is pretty irrelevant now (although we made £3.6m on player sales and I can't think who we sold?).

 

Of the current loans we have 3 that I don't think cause much concern; £5.5m to Prescot Business Parks which was due for repayment at the end of Jan but I think is the one that KA alluded to a week or 2 ago has now been refinanced, £0.5m to Brett Warburton who initially lent us £2.5m when we were in deep shit in 2015 but is now only owed half a million due in Mar-18, and £1.55m owed to ED, also due in Mar-18. He wrote off £170m of the £185m debt to him at the point of sale, the remaining £15m was effectively left in the company as a contingent payment based on future success. It looks like we have ticked one of those criteria and therefore part of it (£1.55m) is owed to him. Without knowing how it is made up, it was reported that most of the £15m relates to promotion to the Prem so I can't see us ever paying back anywhere near the full amount.

 

There is also £4m plus accrued interest owed to Sports Shield (DH). When buying his shares DH took out a loan between SS and Blu Marble for £5m at 24% per annum interest. He then loaned the club £4m from SS (there's a point about £1m of 'expenses' being deducted which I can't figure out where that has gone). The loan from SS to the club is to be paid back in Mar-18, however the original loan between SS and Blu Marble was to be repaid in Mar-16 and has not been repaid! Although the loan from Blu Marble is not owed by the club, Deano has managed to secure the whole £5m on the clubs assets (which is where KA is challenging the legality). Separately SS were also paid £250k by the club for fees incurred in completing the purchase of the club.

 

Other than that it mentions that KA has provided £3.5m of 0% interest short term working capital loans of which he currently has had all paid back. We have also used a few other options such as a sale and leaseback with Prescott, and selling Euxton for £2.25m to fund the losses.

 

We have also sold players for £5.4m (Holding and Clough - but that figure won't include any contingent future clauses).

 

Deano is also disputing his termination of employment.

 

All in all it's not great reading but we knew we were in a mess and also confirms just how much we needed to sell Clough.

 

IMO it backs up pretty much everything that KA has said and doesn't paint DH in a great light.

[birch-chorley]

Have either DH or KA invested any money into the club (NET - without taking it back out)?

 

Or have the losses just been paid for via asset sales?

[Tonge moor green jacket]

Do you seriously think that any of the players have heard that Ken and Deano are arguing about who delayed the signing of the 2015 accounts and have decided that they aren't going to train as hard for Saturdays game?

They will here stories and shit more than we do.

Delayed wages.

Human nature will always have an effect whether they are professionals or not. Its obviously not the sole cause of our decline but it won't help.

 

I'm hoping they will adopt a seige mentality and pick themselves up; we'll see soon enough.

[Spider]

I'm no expert, but it does appear that Holdsworth has only ever been on the take.

 

Can't say id be all that surprised.

[Tonge moor green jacket]

I'm no expert, but it does appear that Holdsworth has only ever been on the take.

Can't say id be all that surprised.

Is there a way of checking if he's purchased any property abroad?