It's happening. 

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

Thank fuck

Apparently the smallest of the Warburtons is one of the bidders.

The short bread guy

Let's not go Oatie over this.. 

Gary Baldie?

he’ll crumble at the first dip in

Will the administrators be Hob Nobbing with them all over the weekend?

Edited June 7, 20196 yr by RoadRunnerFan

Bet he drinks bourbon

1 hour ago, sleepingindian said:

wonder if the biscuit guy has come back. 

Might be one or two who come back into the fold. Anderson was a tough cookie when it came to negotiations.

Anderson was all about the Family Circle

4 minutes ago, Boothy said:

Anderson was all about the Family Circle

A family of sly Fox's

5 minutes ago, RoadRunnerFan said:

A family of sly Fox's

Left a lot of fans ready to breakaway that's for sure.

BN BN du du du du du

56 minutes ago, RoadRunnerFan said:

To buy the Club

Nice one!

1 hour ago, kent_white said:

"I'm trying to run a high-class bureau-de-change, not some two-bit nipple peep show in Rio de Janeiro"

Looks like Unai Emery 

31 minutes ago, ZicoKelly said:

Looks like Unai Emery 

I'm glad someone got it!

 

2 hours ago, kent_white said:

"I'm trying to run a high-class bureau-de-change, not some two-bit nipple peep show in Rio de Janeiro"

I'm sure it was Margate?! Done well for himself since 

Forgive my apathy but somebody announces something on social media

This threads revs up like a 14 year old who's nicked his first scooter and is doing wheelies down the local road

Fucking wake me up when we know facts

5 hours ago, Moon boy said:

I may have missed this but can anyone explain how/why the Hotel has been hived off and being dealt with separately 

As far as I understand it, it goes something like this -

- The hotel is valued at around £8.5m as per its last accounts.
- At the time Holdsworth took on the club some of this value had been used as security on loans to keep the club running - the person who seemed to have loaned money against it up to that point was Michael James.
- Holdsworth took out a loan (some say for £4m, others say for £5m) but it seems the hotel was used to secure the loan - and for an amount of £5m.  This could have been on the basis of £4m capital plus an anticipated interest of a further £1m to ensure the full amount of the total debt would be covered in full - or simply a loan of £5m and matching assets secured against it - either way we were looking at £5m worth of hotel assets secured against the loan (which is the important part in regards to this explanation.
- I assume that if the BM loan was for £5m and James had secured his funds against the hotel too, then it's reasonable to assume (seeing that we were skint) his loan amounted to £3.5m, and thus the full £8.5m book value of the hotel was now in hock.
- When the loan was defaulted and BM took action to recover their money they threatened to put the hotel (note not the club or the umbrella company Burnden Leisure) into Administration and take ownership of the asset in lieu of the defaulted debt owing to them and which had gone past settlement date.
- Eddie loaned KA (ICI Ltd) the £5m to pay it off, secured against the ownership shares of the club.
- Ken put £5m into the club to pay off the loan and secured it in his own name against the hotel - because payment of the BM loan meant that there was now £5m of assets now free of debt that he could secure his money against.
- I have a bit of a problem at this stage that nobody seems to be interested in but me, which is how could KA secure this £5m against the hotel assets until the BM loan was cleared first?  It's a bit like saying you've insured your car for say £20k being the full book value but you then go to another insurer and insure it again!? As it's illegal to claim twice on the car if it became a write off, then I would imagine it would also be illegal to secure money on assets that were already in hock to their full value?
- The timeline at Companies House clearly shows the loan for BM was paid off first before KA replaced it by securing his £5m against the hotel in its place some few days afterwards?
- That would make sense to me but mean that KA had used Eddies money to pay off the BM loan and THEN put £5m of his own into the club - now that he was certain he could get it back as a secured creditor - but no one wants to give any credence to that view - they much prefer that it's the same £5m the Eddie gave Ken and KA somehow found a way of fiddling the timeline to show he both paid off the loan and secured the same money against the hotel - both at the same time.  I can't see that being legal myself?
- Anyway we move on to the current HMRC winders petition that ultimately led to the Administration we are in now.  It seems clear to me that some sort of agreement/deal has been struck with KA for him to get his money back from the hotel and the club and umbrella company would be dealt with without Andersons involvement.
- It would seem logical to me that all parties are looking for a sale of the hotel with Ken (and probably James to an extent) being paid off.
- It was hoped that whoever was going to buy the club would buy the hotel too - but from what we are being told today (yet to be confirmed by the Administrator) that doesn't seem to be the case.
- Selling the hotel off separately and paying off two secured creditors (KA in full and MJ up to £3.5m of his secured £5.5m) would have the benefit of lowering the cost to those wanting to buy the club by something like £8.5m if the hotel fetches its book price - and I guess those wanting to buy the club would only now have to show funds of (£25m - £8.5m =  ) £16.5m.
- of course this isn't an ideal situation (and may not even come about) but it does (to my mind at least) explain why Anderson is focusing on the hotel and why he is the one who put the Hotel into Admin and brought in the Administrators and Fildraw/Eddie didn't.

Hope this helps makes things a little clearer for you?

Edited June 7, 20196 yr by Sluffy
grammar errors

9 hours ago, sleepingindian said:

wonder if the biscuit guy has come back. 

I hope he’s got the waggon wheels in motion..

I find it a bit amusing some journos are already speculating, and saying sources at the club etc. The data room is a sealed unit, the only people who have access to it are the admininstrators, only they know who has bid, no one from the club has been allowed near it, so I'm not paying too much attention to the speculation, we'll find out next week

9 hours ago, kent_white said:

I'm glad someone got it!

 

I hadn't seen it for years and googled it when I saw Zico's pic thinking it was Gareth Cheeseman.

Excellent old school reference, bravo sir! 

Out of the 6 you would hope at least a couple of them have some serious money. I can’t help thinking it will be a locally based consortium that buys us, with financial backing from foreign sources. 

8 hours ago, Sluffy said:

As far as I understand it, it goes something like this -

- The hotel is valued at around £8.5m as per its last accounts.
- At the time Holdsworth took on the club some of this value had been used as security on loans to keep the club running - the person who seemed to have loaned money against it up to that point was Michael James.
- Holdsworth took out a loan (some say for £4m, others say for £5m) but it seems the hotel was used to secure the loan - and for an amount of £5m.  This could have been on the basis of £4m capital plus an anticipated interest of a further £1m to ensure the full amount of the total debt would be covered in full - or simply a loan of £5m and matching assets secured against it - either way we were looking at £5m worth of hotel assets secured against the loan (which is the important part in regards to this explanation.
- I assume that if the BM loan was for £5m and James had secured his funds against the hotel too, then it's reasonable to assume (seeing that we were skint) his loan amounted to £3.5m, and thus the full £8.5m book value of the hotel was now in hock.
- When the loan was defaulted and BM took action to recover their money they threatened to put the hotel (note not the club or the umbrella company Burnden Leisure) into Administration and take ownership of the asset in lieu of the defaulted debt owing to them and which had gone past settlement date.
- Eddie loaned KA (ICI Ltd) the £5m to pay it off, secured against the ownership shares of the club.
- Ken put £5m into the club to pay off the loan and secured it in his own name against the hotel - because payment of the BM loan meant that there was now £5m of assets now free of debt that he could secure his money against.
- I have a bit of a problem at this stage that nobody seems to be interested in but me, which is how could KA secure this £5m against the hotel assets until the BM loan was cleared first?  It's a bit like saying you've insured your car for say £20k being the full book value but you then go to another insurer and insure it again!? As it's illegal to claim twice on the car if it became a write off, then I would imagine it would also be illegal to secure money on assets that were already in hock to their full value?
- The timeline at Companies House clearly shows the loan for BM was paid off first before KA replaced it by securing his £5m against the hotel in its place some few days afterwards?
- That would make sense to me but mean that KA had used Eddies money to pay off the BM loan and THEN put £5m of his own into the club - now that he was certain he could get it back as a secured creditor - but no one wants to give any credence to that view - they much prefer that it's the same £5m the Eddie gave Ken and KA somehow found a way of fiddling the timeline to show he both paid off the loan and secured the same money against the hotel - both at the same time.  I can't see that being legal myself?
- Anyway we move on to the current HMRC winders petition that ultimately led to the Administration we are in now.  It seems clear to me that some sort of agreement/deal has been struck with KA for him to get his money back from the hotel and the club and umbrella company would be dealt with without Andersons involvement.
- It would seem logical to me that all parties are looking for a sale of the hotel with Ken (and probably James to an extent) being paid off.
- It was hoped that whoever was going to buy the club would buy the hotel too - but from what we are being told today (yet to be confirmed by the Administrator) that doesn't seem to be the case.
- Selling the hotel off separately and paying off two secured creditors (KA in full and MJ up to £3.5m of his secured £5.5m) would have the benefit of lowering the cost to those wanting to buy the club by something like £8.5m if the hotel fetches its book price - and I guess those wanting to buy the club would only now have to show funds of (£25m - £8.5m =  ) £16.5m.
- of course this isn't an ideal situation (and may not even come about) but it does (to my mind at least) explain why Anderson is focusing on the hotel and why he is the one who put the Hotel into Admin and brought in the Administrators and Fildraw/Eddie didn't.

Hope this helps makes things a little clearer for you?

Thanks for taking the time to explain this in great detail, like you, I couldn’t see how KA would have a say in the hotel

The Administrators are the same ones who dealt with the KA/Holdsworth balls up at the start of this journey, obviously if KA did put £5mill of his own money into the Hotel knowing that he would definitely get it back, I presume he would only get back what he put in and not make much/ any profit on that? 

KA has shown that his main motivation is to make profit from his time at BWFC, obviously the new owners would want the Hotel as well, has KA put himself a position to make some money in a bidding war for the Hotel?

 

 

@Sluffy except the max value you pay as an investor buying the hotel now, and not as part of the club, per the last accounts is £5m net asset value. 

Assuming another 2years of those levels of losses that’s £4m now. 

Part of the club sale adds value from a commercial opportunity point of view. 

KA putting the hotel in admin with his mates at Quantuma smacks of one last fuck you or him trying to keep hold of the hotel, because from a purely getting the best value point of view it makes little sense

16 hours ago, Moon boy said:

I may have missed this but can anyone explain how/why the Hotel has been hived off and being dealt with separately 

The appointment of the administrators of Burnden Leisure and BWFC has still not been recorded on the Companies House register. However it seems safe enough to accept that, as reported in the media,, they were appointed by lawyers acting on behalf of the estate of Eddie Davies to recover amounts due to the estate by Ken Anderson.

Some months ago, Howard claimed that the amount was nearer to £8m than the £5m reported in the media. Howard made some speculations that didn't seem to me to hold water (particularly relating to Michael James) but he quoted the source of that piece of information as being the lawyers themselves. Unlike Howard, I have had no access to inside info but, in any case, the amount reported as paid to settle up Blumarble was not £5million but £4.4million. So, leaving aside the extra £3m, there's another £600k that might have been used, amongst other things, to help keep the hotel doors open a bit longer.

Both Ken Anderson and PBP have charges over the assets of the hotel, as security for money lent to other group companies, but it does not follow that either or both are owed money by the hotel. The more recent appointment of Quantuma by KA was registered at Companies House on 3 June 2019 and might imply that KA is owed money by the hotel that he may need to settle his debt to the Davies estate.

Its all a bit inconclusive really but not difficult to understand why all parties involved are trying to look after their own interests.

Edited June 8, 20196 yr by Chris Custodiet

15 hours ago, Traf said:

Bassini, Oyston, Anderson, Port Vale Guy, Holdsworth and Roger the bent solicitor from the Trust

1)Texan Billionaire
2) Xiang  Nyeng Corp.
3) Football Ventures featuring Jess Glynne 
4) Some old tramp from stoke
5) Mrs Dixon from Darcy Lever 
6) Dave Whelan, Mike Ashley, Shania Twain, Laurence Bassini and Crusty the Clown consortium

Just now, Ratwhite said:

1)Texan Billionaire
2) Xiang  Nyeng Corp.
3) Football Ventures featuring Jess Glynne 
4) Some old tramp from stoke
5) Mrs Dixon from Darcy Lever 
6) Dave Whelan, Mike Ashley, Shania Twain, Laurence Bassini and Crusty the Clown consortium

Football ventures features Pink Floyd shirley.