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Wanderers Ways - passion not fashion

Administration?


Mounts Kipper
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This season we get 8 million parachute and 3-4 million gate receipts and probably about 1 million from sponsorship so 1 million a month is just about all our incomings, next season without parachute we need to be surviving on about 3 million a season. Without investment proper fucked sums it up.

 

Sadly, I think a few of them numbers are wrong Mounts.

 

The £8M parachute money has already been spent, even Gordon Taylor said the other day on the radio that the parachute payments had been mortgaged, so in effect we've already had the money and spent it....and now we haveto pay it back at whatever rate of interest

 

Also, I think were closer to just £2M in gate receipts rather than the £3M/£4M that you state

 

It's a grim state of affairs, but I can see why we are losing £1M per month if we are now paying back the parachute money that has already been spent

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You have to stop defending ED he has taken interest payments out of the club 22 million from 2010-2014 

 

Weren't the interest payments just added to the debt, thus further increasing it, as opposed to him physically taking hard cash out of the business?  -  I don't know myself, but it's how I understood it.

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The big questions for me that remain unanswered are

 

1 - have the ale providers been paid

2 - have they got sufficient stocks for Saturday?

3 - have the temp staff who are incapable of pouring a pint still willing to work for 7 quid an hour?

 

If yes to all them 3 I'll be happy come each match day.

 

There is fuck all point worrying about anything else, it's out of our hands, whatever will be will be.

Will you be staying for the whole match or just 'til the bar shuts?!

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I listen but have decided the accounts are a set of manipulated figures and therefore I don't think there worth the paper there wrote on. The only thing that matters is that Bolton Wanderers continue and to that end a supposedly wealthy lifetime wanderer has left us in the shit through dereliction of duty.

 

Don't think it's that, He's not doing it for that reason.

 

If he were, He'd have done it when Gary Megson couldn't get us out of the bottom three.

 

"That's it. i've had my fun, this ginger twat* has spoiled it. "

 

 

 

* not Lennon

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Weren't the interest payments just added to the debt, thus further increasing it, as opposed to him physically taking hard cash out of the business?  -  I don't know myself, but it's how I understood it.

Yes thats what the audited accounts show - even though some on here think Eddie and phil made them up

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Bet BBC Panorama , "Richard McCormick" and them have been 'Master Of Their Domain'-ing it for weeks to get ready.

 

*BWFC Adminstration Press Conference Finishes*

 

"I'm Out !"

Edited by e2e4
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If he hasn't then the quoted debt is 22 million less than stated. FWIW I don't believe anything this lot say or do, lieing set of bastsrds. He's still worth plenty and could have seen us through this period.

Other way round, if he had actually taken it then the debt would have been 22m less. Unfortunately for him there was nothing to take it from

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Other way round, if he had actually taken it then the debt would have been 22m less. Unfortunately for him there was nothing to take it from

There's no point trying to explain it, some folk just don't have the brainpower to process the information

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I've been in this situation with a club that me and two mates had a while back, so unless the rules have changed the future can go one of three ways:

 

1. New Owner - now seems an unlikely prospect unless the due diligence process has started as this can take a while.  If the cash flow is not available to meet current 'footballing' expenditure then this will be frowned on by the PFA / league and players will be free to leave if the terms of their contracts are not met and administration will follow without a substantial cash injection to meet liabilities until a take over is complete.  This is why they're asking for £10m as this is what is required until a take over can be completed.

 

2. Administration - if 1 fails we will be put into administration and suffer an inevitable relegation with the debts still applicable with a repayment schedule arranged but not sure how this can be arranged with creditors if there is no cash available to meet a CVA.

 

3. Winding Up - this is where it gets interesting and we need ED on board.  At the moment he is by far the major creditor and would have the deciding vote as a clear majority vote is required.  Saying that debts to the Crown (HMRC) 'can' be a different proposition.  We had a £700k HMRC debt to pay and offered an immediate 50% settlement with staged payments over three years.  They said 'No'.  Then offered slightly more and they refused which meant that the Club was wound up and HMRC got diddly squat.  They said they didn't want to set a precedent to other clubs but I think they've been a bit more lenient since.

 

ED's debt needs to stay in the accounts so he has a vote, otherwise we could be well and truly fucked. 

 

We'd be relegated three steps in the pyramid so the Conference is calling, or even Conference North if we've been relegated at the end of this season and wound up after.

 

We inherited lots of debt and didn't quite manage to turn things around.  How the hell a club like BWFC has reached this is beyond me.  This has built over many years and is down to a massive amount of bad management.  Even with a 'football' and 'commercial' business model it isn't that difficult to budget on known income and expenditure, so ED and PG must have seen this coming for a long time and done nothing. Beggers belief.

Edited by Thorpey
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No!  Although I have seen Sophie Anderton in her undies once about the same time she was banging Simon Jordan who was their Chairman about the same time we were at Farnborough Town!

 

So you're comparing Farnborough Town to Bolton Wanderers. You should make a bid. With that sort of experience, you're a shoe-in as new owner.

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I've been in this situation with a club that me and two mates had a while back, so unless the rules have changed the future can go one of three ways:

 

1. New Owner - now seems an unlikely prospect unless the due diligence process has started as this can take a while. If the cash flow is not available to meet current 'footballing' expenditure then this will be frowned on by the PFA / league and players will be free to leave if the terms of their contracts are not met and administration will follow without a substantial cash injection to meet liabilities until a take over is complete. This is why they're asking for £10m as this is what is required until a take over can be completed.

 

2. Administration - if 1 fails we will be put into administration and suffer an inevitable relegation with the debts still applicable with a repayment schedule arranged but not sure how this can be arranged with creditors if there is no cash available to meet a CVA.

 

3. Winding Up - this is where it gets interesting and we need ED on board. At the moment he is by far the major creditor and would have the deciding vote as a clear majority vote is required. Saying that debts to the Crown (HMRC) 'can' be a different proposition. We had a £700k HMRC debt to pay and offered an immediate 50% settlement with staged payments over three years. They said 'No'. Then offered slightly more and they refused which meant that the Club was wound up and HMRC got diddly squat. They said they didn't want to set a precedent to other clubs but I think they've been a bit more lenient since.

 

ED's debt needs to stay in the accounts so he has a vote, otherwise we could be well and truly fucked.

 

We'd be relegated three steps in the pyramid so the Conference is calling, or even Conference North if we've been relegated at the end of this season and wound up after.

 

We inherited lots of debt and didn't quite manage to turn things around. How the hell a club like BWFC has reached this is beyond me. This has built over many years and is down to a massive amount of bad management. Even with a 'football' and 'commercial' business model it isn't that difficult to budget on known income and expenditure, so ED and PG must have seen this coming for a long time and done nothing. Beggers belief.

Great insight that and the comments on ED and PG illuminating. What a pair of total cunts they've been.

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