Change Of Owner?

[Casino]

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.

I'm glad I read it correctly

 

The one I'm worried about is that we have enough passed a deadline with blumarble and we are finding out what they want to do about it

 

Also, Deloittes aren't putting an individuals name to the report cos there's more info that they've been u able to dig up, I think?

 

And I repeat, the sooner DH is out of our club, the better

[Casino]

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?

Looks like Ken has had all his investments back

 

DH stroke SS have taken out more than they've put in and saddled us with a 24% loan

[Eddie]

Looks like Ken has had all his investments back

 

DH stroke SS have taken out more than they've put in and saddled us with a 24% loan

Is the way I read it - although it's difficult to know 100% without seeing FY16 accounts (and even then there's 7 months passed for things to have changed).

 

From the accounts I think KA never put anything in originally, but has also never taken a wage from the club and has since provided £3.5m of loans which he has had back - effectively net nil.

Deano (or Sports Shield) had £250k when closing the deal, there's also something to do with £1m of the Blu Marble loan as 'expenses', which I presume is what KA includes in his £1.5m figure that he quotes in his last statement, and also apparently a decent wage (which you can't see in these accounts). He has also lumbered us with a high interest loan - but on balance that is £4m that the club would have had to have found from somewhere else without it.

[burnden]

http://www.theboltonnews.co.uk/sport/15081765.UPDATED__Full_extent_of_Wanderers__financial_problems_laid_bare_in_latest_accounts/

 

Holdsworth has now issued his own statement to The Bolton News, pledging to take his concerns to the Football League.

"It is wrong of Ken Anderson to use the Club's website as his private mouthpiece to publish false and defamatory allegations about me. I will not dignify his absurd accusations with a response in public. 

"I am seeking legal advice on my options and am considering complaining to The Football League about Ken's behaviour which is undoubtedly damaging the image and integrity of the club and The League."

Edited February 9, 2017 by burnden

[deane koontz]

Classy.

[Casino]

http://www.theboltonnews.co.uk/sport/15081765.UPDATED__Full_extent_of_Wanderers__financial_problems_laid_bare_in_latest_accounts/

 

Holdsworth has now issued his own statement to The Bolton News, pledging to take his concerns to the Football League.

"It is wrong of Ken Anderson to use the Club's website as his private mouthpiece to publish false and defamatory allegations about me. I will not dignify his absurd accusations with a response in public. 

"I am seeking legal advice on my options and am considering complaining to The Football League about Ken's behaviour which is undoubtedly damaging the image and integrity of the club and The League."

 

Once again, Lies nails his colours to the mast

 

He states DH to go the league, then the quote states 'considering'

 

The pair of em have been up each others botties since day 1

 

Lies backed the wrong horse

[gonzo]

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.

 

 

This bit is worrying.

 

There were a handful on here that warned against Deano. Fell on deaf ears as usual.

Edited February 9, 2017 by gonzo

[Traf]

Looking increasingly like DH hasn't got a fucking clue or a leg to stand on, the fucking greasy haired, sitter-missing, wife-beating, useless fuckpig of a cunt.

[DirtySanchez]

Looking increasingly like DH hasn't got a fucking clue or a leg to stand on, the fucking greasy haired, sitter-missing, wife-beating, useless fuckpig of a cunt.

I was hoping someone could succinctly summarise it without me having to trawl through accounts or reading the BN

 

Thank you ????

[Eavesy]

If Anderson or whoever can turn a football club into a business that doesn't make a loss then they are a financial genius.

 

Clubs up and down the country are making losses.

They all rely on owners to give loans or dodgy sponsorship deals paid for by their owners.

Coates is ploughing into (loaning) stoke £50m a year.

[gonzo]

If Anderson or whoever can turn a football club into a business that doesn't make a loss then they are a financial genius.

 

Clubs up and down the country are making losses.

They all rely on owners to give loans or dodgy sponsorship deals paid for by their owners.

Coates is ploughing into (loaning) stoke £50m a year.

Are all the other clubs in our division running at a loss?

 

Genuine question.

[DirtySanchez]

Thought Coates was putting money in aa he's a Stoke lad made well

 

They have dirt cheap season tickets relatively speaking

 

I don't think he's in it for dodgy loans or creaming the club off

[Eavesy]

Are all the other clubs in our division running at a loss?

 

Genuine question.

This is it. No one knows. The losses aren't disclosed because they are covered by owners and 'written off'. (In the majority of cases)

 

We were a 'loss making club' because Eddie wasn't writing off the losses. They were just stacking up as money owed to Eddie. He wrote em all off at the end like.

[Eavesy]

Thought Coates was putting money in aa he's a Stoke lad made well

 

They have dirt cheap season tickets relatively speaking

 

I don't think he's in it for dodgy loans or creaming the club off

Oh absolutely. I didn't mean Coates is in it to make money.

 

I meant that the money he puts into the club is veiled to cover the fact that stoke are making huge losses.

 

They'd be up shit creak like us if he decided enough is enough. Which is unlikely.

[onlyoneawalker]

Christ it's all out war surprised Ken has gone to this level.

 

Remind me why did Deano need Ken in the first place? Did Kens £3.5m go in on day one to bridge funding to get the deal done?

 

Clearly deano and his dodgy mates have taken a nice slug of cash net of professional fees by getting a piddling loan at ridiculous rates secured against assets far outweighing the value of the loan ....... although £1.5m is chippy money in football world to greasy Essex boys it keeps em in coke and hookers a bit longer. Was that sincere interview by Deano on deal day just absolute bollox.

 

It is still a fact though that he was the only show in town to avoid liquidation and what about our Edwin only passing the club on to proper folk fuck me!

 

And the final shitter is this dirty laundry just adds weight to that wanky supporters trust.

 

For the minute I'm a Kenista but I'd say he needs to stop biting

Edited February 9, 2017 by onlyoneawalker

[DirtySanchez]

Oh absolutely. I didn't mean Coates is in it to make money.

 

I meant that the money he puts into the club is veiled to cover the fact that stoke are making huge losses.

 

They'd be up shit creak like us if he decided enough is enough. Which is unlikely.

is that any different from say a Chelsea who could be fucked without Abrohamovic's millions?

 

Arsenal seem to operate within their means but get slated by their fans for their perennial title failure

 

At what point do you put financial stability above the fans wishes?

[gonzo]

Christ it's all out war surprised Ken has gone to this level.

 

Remind me why did Deano need Ken in the first place? Did Kens £3.5m go in on day one to bridge funding to get the deal done?

 

Clearly deano and his dodgy mates have taken a nice slug of cash net of professional fees by getting a piddling loan at ridiculous rates secured against assets far outweighing the value of the loan ....... although £1.5m is chippy money in football world to greasy Essex boys it keeps em in coke and hookers a bit longer. Was that sincere interview by Deano on deal day just absolute bollox.

 

It is still a fact though that he was the only show in town to avoid liquidation and what about our Edwin only passing the club on to proper folk fuck me!

 

And the final shitter is this dirty laundry just adds weight to that wanky supporters trust.

 

For the minute I'm a Kenista but I'd say he needs to stop biting

Deanos man was Bruce Gordon who apparently bailed because of ED's stipulations.

 

I knew the cunt was bent as soon as he was pictured holding hands with that cunt Disley. The Collins stuff is hilarious.

 

I can't believe people were so gullible. Where the fuck did people think he was getting his money from.

[onlyoneawalker]

Deanos man was Bruce Gordon who apparently bailed because of ED's stipulations.

 

I knew the cunt was bent as soon as he was pictured holding hands with that cunt Disley. The Collins stuff is hilarious.

 

I can't believe people were so gullible. Where the fuck did people think he was getting his money from.

What did he need Ken or a.n. Other for if he's put in his £4m and kens put in net nowt?

[Guest]

Ave seat prices up to £8.88

[Guest]

Looks like the lawyers are going to win. As usual.

[Sweep]

Ave seat prices up to £8.88

Can't remember who it is, but doesn't some nobber on here always claim that figure is bollocks because he sits with a few blokes who pay full price?

[RoadRunnerFan]

Read Eddies excellent summary so just skimmed the document itself. The issue around the falling out is in the last line. Ken reckons he owns 57.5% to DH's 37.5%. DH reckons 47.5 % each.

[kent_white]

I will not dignify his absurd accusations with a response in public.[/size][/size][/font][/color]

Says Holdsworth whilst publicly responding to his absurd accusations :-)

[MancWanderer]

Read Eddies excellent summary so just skimmed the document itself. The issue around the falling out is in the last line. Ken reckons he owns 57.5% to DH's 37.5%. DH reckons 47.5 % each.

Very good summary from Eddie so I did the same and had a quick gander at the document

 

Whilst I'm leaning more towards Ken than DH I just wish that he would act with a bit more class. I like his openness but wish he would stop with the sniping

 

This is heading towards a full on "Hard-nosed businessman vs wide-boy" spat that will move from social media to the courts

 

My massive worry is that will completely derail what could have been a great season for us

[TrickyTrotter]

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?).

 

 

 

Marvin Sordell

Chung Yong Lee