It's happening. 

https://www.theboltonnews.co.uk/sport/17405193.bolton-wanderers-close-to-takeover-from-uk-based-consortium/

Thank fuck

26 minutes ago, Howardroark said:

It’s partly down to the actual physical time taken to complete and partly down to Ken wishing to remain in control until the very end, just in case he gets a better offer (made more difficult by exclusivity, but hey, this is Ken).

But why not get it done early enough to make a difference for this season?

if they are rich enough, it wouldn’t make much difference whether it was a championship club or League 1. Important to us, mind.

Unless they are just new to the party.

We are all going to have BWFC financial withdrawal symptoms once this is all over.

Feel like invested way too much time on this subject in the past 3-4 years  

2 minutes ago, Howardroark said:

I am a stickler for political correctness, so let’s re-word to ‘human’.

Women have a higher body fat in general and float higher therefore can't swim as fast.

Just now, boltondiver said:

But why not get it done early enough to make a difference for this season?

if they are rich enough, it wouldn’t make much difference whether it was a championship club or League 1. Important to us, mind.

Unless they are just new to the party.

The reality is that there’s not a lot they could do to impact this season, and the decision to deal early is KA’s, not the buyer. 

They have been about for a few weeks but certainly not during the transfer window 

1 minute ago, Tonge moor green jacket said:

Women have a higher body fat in general and float higher therefore can't swim as fast.

Ah the Withins High School education system.

38 minutes ago, Howardroark said:

My guess would be that Moonshift Did a deal done on it. Any savings made would be used to fund the fee paid to Ken. 

I don’t know that Moonshift ever really felt that they would get the £3M back so £1-£1.5M would be a bonus. 

Whats important is that they believe in them as owners of the club. 

Ken almost certainly was able to get the money in to the club under a number of guises, but also was able to be repaid through invoice factoring. This is where he makes his real money as the debt to the factoring company will be paid off as part of the overall purchase. 

The process would’ve been: 

BWFC raise an invoice to company ‘A’. 

Company A is controlled by a Ken crony. 

Company A pays BWFC the invoice amount. 

Company B invoices BWFC for the same amount. 

Rather than have BWFC pay company B directly, Company B effectively sells the debt for say 90% of the invoice value. This is known as ‘factoring’

BWFC now owe the factoring company who get paid off with all the other creditors. 

Thanks Howard (and Benny) but I've read your explanation a few times but still don't quite follow it.

I understand from the buyer point of view that the £8m debt might have been bought from Moonshift for £5 million and the £3 million is waived allowing the new debt owners to do a deal with Anderson up to that amount and still be in pocket (so to speak).  

I also understand about factoring.

It's the last bit (your example) I'm not following

Are you saying that Ken put the money in the club but later invoiced say KA consultancy for services (let's say £100)

KA consultancy pays the club the £100.

Then out of the blue say Sluffy White invoices the club for £100 also (why would I do that without an order being raised?)

Then I factor this amount for say £90.

The club then owes the factoring company £100 as a creditor which is paid off by the new owners.

Where/how does Ken profit by that?

Sorry to be a nuisance.

12 minutes ago, Sluffy said:

Thanks Howard (and Benny) but I've read your explanation a few times but still don't quite follow it.

I understand from the buyer point of view that the £8m debt might have been bought from Moonshift for £5 million and the £3 million is waived allowing the new debt owners to do a deal with Anderson up to that amount and still be in pocket (so to speak).  

I also understand about factoring.

It's the last bit (your example) I'm not following

Are you saying that Ken put the money in the club but later invoiced say KA consultancy for services (let's say £100)

KA consultancy pays the club the £100.

Then out of the blue say Sluffy White invoices the club for £100 also (why would I do that without an order being raised?)

Then I factor this amount for say £90.

The club then owes the factoring company £100 as a creditor which is paid off by the new owners.

Where/how does Ken profit by that?

Sorry to be a nuisance.

So to get money in to the club Ken does the following: 

BWFC invoices HR Ltd for £100 

HR Ltd is funded by Ken with the loan money.

HR Ltd pay the invoice and the club receive £100. 

KA LTD then send an invoice to BWFC for ‘services’ probably against a purchase order from the chairman’s office. This invoice value is £100 but with 90 days to pay.

KA Ltd sell the invoice on to a factoring company for £90. 

Ken as owner of KA LTD withdraws the £90. 

BWFC now owe the factoring company £100. 

BWFC fail to pay the factoring company, thus building up a debt. 

This debt to the factoring company is then paid off by the new owners.  

On £3M Ken makes £2.7M in this manner in ‘clean’ funds as he appears to be loaning to the club. 

With the new buyer also paying off Ken’s debt to Moonshift as part of his package (remember I said he wanted £10M £5M + £3M + £2M) he walks away with the £2.7M. 

Alternatively Moonshift or the new buyer waive the £3M leaving him still £2.7M richer.

 

Edited March 20, 20197 yr by Howardroark
A

But what would HR ltd be paying the club for? As in what would the service that the club be providing to HR be? There has to be a service or product but I just. Cannot see what HR would owe the club money for?

Just now, Escobarp said:

But what would HR ltd be paying the club for? As in what would the service that the club be providing to HR be? There has to be a service or product but I just. Cannot see what HR would owe the club money for?

‘Consultancy services’

6 minutes ago, Howardroark said:

So to get money in to the club Ken does the following: 

BWFC invoices HR Ltd for £100 

HR Ltd is funded by Ken with the loan money.

HR Ltd pay the invoice and the club receive £100. 

KA LTD then send an invoice to BWFC for ‘services’ probably against a purchase order from the chairman’s office. This invoice value is £100 but with 90 days to pay.

KA Ltd sell the invoice on to a factoring company for £90. 

Ken as owner of KA LTD withdraws the £90. 

BWFC now per the factoring company £100. 

BWFC fail to pay the factoring company, thus building up a debt. 

This debt is then paid off by the new owners.  

On £3M Ken makes £2.7M in this manner in ‘clean’ funds as he appears to be loaning to the club. 

With the new buyer also paying off Ken’s debt to Moonshift as part of his package (remember I said he wanted £10M £5M + £3M + £2M) he walks away with the £2.7M.

 

Thank you I understand it now.

If no actual services have been received isn't this fraudulent?

Wouldn't the auditor not pick this up?

Say he does walk clear with the £2.7m will he also be picking up a further £2m (or whatever was agreed) on the final settlement also - so walking off with £4.7m?

 

 

I came on here and saw 12 unread pages since I last visited this thread. I clicked "Last Page" and it tells me very little about what's gone on all day. Are we due a few paragraphs of an update?

3 hours ago, Howardroark said:

If he can achieve a sale that satisfies all creditors in full then yes

So do I.

As for who the bidder is I have a hunch, but no more than that, that  there could be a connection with a resident of Switzerland who is not a Swiss national.

Does your hunch have deep pockets Chris ?

Swiss Tony is buying our club? 

2 minutes ago, MickyD said:

I came on here and saw 12 unread pages since I last visited this thread. I clicked "Last Page" and it tells me very little about what's gone on all day. Are we due a few paragraphs of an update?

No, read it all like I just have 😉

54 minutes ago, gonzo said:

You make me hard Howard.

Its the amount of Viagra tablets your taking; cant blame Howard for that unless he also supplies Viagra

1 hour ago, Boothy said:

So Ken’s on the straight an narrow to doing the business here then? Saved the Club from liquidation, steered through a tough couple of seasons, sorted the finances out enough that a decent buyer sees value to purchase and held his nerve to get the best deal available to him and about to pass the Club to someone who can drive it forward? 

The irony being he racked up millions in debt and unpaid bills whilst borrowing millions to get it to this stage 

Guess there's a reason he lives in Monaco

9 minutes ago, Sluffy said:

Thank you I understand it now.

If no actual services have been received isn't this fraudulent?

Wouldn't the auditor not pick this up?

Say he does walk clear with the £2.7m will he also be picking up a further £2m (or whatever was agreed) on the final settlement also - so walking off with £4.7m?

 

 

Yes £4.7M 

Yes fraudulent but there is previous 

Please refer to patisserie Valerie for competence of auditors 

Have the names of the potential owner(s) been guessed correctly at any time in this thread?

Breaking over 10 years of Wways lurkdom to extend my sincere thanks to Howard. More and better information about this latest debacle than all news media combined.

Between Howard, John Galt, Watsmore, Maximus et al. there has been more excitement in this thread than the players have dished up all season.

 

Howard, do you have faith in this deal being completed?.

And would you say this latest prospective purchaser looks a better bet than Basrans consortium?

Edited March 20, 20197 yr by Burndens Bogs

2 minutes ago, jmjhb said:

Have the names of the potential owner(s) been guessed correctly at any time in this thread?

He's already said he doesn't know who the knew bidders are - or he's not saying at this point.

I see the name of Robert Sarver is being banded about - he's not skint.

Is it the co-owner of the brooklyn nets  ?

 

5 minutes ago, Burndens Bogs said:

Howard, do you faith in this deal being completed?.

And would you say this latest prospective purchaser looks a better bet than Basrans consortium?

Yes and oh god yes.

7 minutes ago, pfk505 said:

Breaking over 10 years of Wways lurkdom to extend my sincere thanks to Howard. More and better information about this latest debacle than all news media combined.

Between Howard, John Galt, Watsmore, Maximus et al. there has been more excitement in this thread than the players have dished up all season.

 

You’re welcome, my entire reason for being here was/is to bring clarity and hopefully some comfort. 

Did Watsmore get banned?