Take Over

[Razaldo9]

14 minutes ago, Mounts Kipper said:

Is there someone behind FV with real money? I’m of opinion there may well be given Nixon’s tweet last week saying folk around the deal seem very cheerful about it. We will soon know.

 

https://twitter.com/reluctantnicko/status/1139569877763723264?s=21

I mentioned this the other day. Nixon had said basran walked from the group a while ago, and then they need to reveal the backers in that tweet.

Whereas Iles said basran is still involved and it will be funded by an equity fund. 

An equity fund sounds like it would link to the property/ retail development mentioned in the thread as I can't see investors wanting to put up the cash for the premier League gamble. 

[Mounts Kipper]

2 minutes ago, Razaldo9 said:

I mentioned this the other day. Nixon had said basran walked from the group a while ago, and then they need to reveal the backers in that tweet.

Whereas Iles said basran is still involved and it will be funded by an equity fund. 

An equity fund sounds like it would link to the property/ retail development mentioned in the thread as I can't see investors wanting to put up the cash for the premier League gamble. 

Be interesting to see who’s correct Iles or Nixon, let’s hope it’s Nixon.

Edited June 16, 2019 by Mounts Kipper

[Northender]

20 minutes ago, Mounts Kipper said:

Be interesting to see who’s correct Iles or Nixon, let’s hope it’s Nixon.

They’re probably both wrong 👍

[Dr Faustus]

9 hours ago, RoadRunnerFan said:

Is zymology Tom Cruise's mob with the gaff on Deansgate Manchester? 

Aren't they into auditing? Are you into all that carry on?

No mate, they make gin in a converted loft in Irlam. You can buy it in Harvey Nics

[Chris Custodiet]

17 hours ago, gonzo said:

If anyone’s arsed here’s an explanation of what happened at Blackpool from a legal perspective. 

Surely there’s stuff in there similar to our procedures.

 

https://www.lawinsport.com/topics/articles/item/blackpool-fc-s-appointment-of-a-receiver-the-background-regulatory-framework-and-what-comes-next-for-club-fans

One of the more interesting bits to BWFC supporters in this article is an explanation of how Blackpool FC were not given an automatic 12-point penalty following 'an insolvency event' whilst BWFC were.

W

 

 

Edited June 17, 2019 by Chris Custodiet

[birch-chorley]

Seen as FV failed FPP the first time round, due to lack of funds (apparently), I’m not getting overly excited yet that things are going to be greatly different. I’d imagine the rump of any additional investment is going towards all the property developments rather than team  as they will generate a better return 

Only benefit of admin is that we have a fresh slate to go at, but if it’s Parky or David Lee in charge with only 5k season tickets sold then the football related income isn’t going to go much further than covering the fixed costs of running the club, the playing budget is likely to be the smallest it’s been in decades 

Edited June 17, 2019 by birch-chorley

[DLH]

2 hours ago, birch-chorley said:

Seen as FV failed FPP the first time round, due to lack of funds (apparently), I’m not getting overly excited yet that things are going to be greatly different. I’d imagine the rump of any additional investment is going towards all the property developments rather than team  as they will generate a better return 

Only benefit of admin is that we have a fresh slate to go at, but if it’s Parky or David Lee in charge with only 5k season tickets sold then the football related income isn’t going to go much further than covering the fixed costs of running the club, the playing budget is likely to be the smallest it’s been in decades 

They didn't did they? They pulled out having found stuff during DD... least thats how I read it. 

[bwfcfan5]

2 hours ago, birch-chorley said:

Seen as FV failed FPP the first time round, due to lack of funds (apparently), I’m not getting overly excited yet that things are going to be greatly different. I’d imagine the rump of any additional investment is going towards all the property developments rather than team  as they will generate a better return 

Only benefit of admin is that we have a fresh slate to go at, but if it’s Parky or David Lee in charge with only 5k season tickets sold then the football related income isn’t going to go much further than covering the fixed costs of running the club, the playing budget is likely to be the smallest it’s been in decades 

They didn’t fail any test. They had league approval and signed heads of terms. Then during due diligence the real debt figure of £41M and rising was discovered more than £10M more than they were led to believe. They then pulled out and waited for admin to save a lot of money. 

[HomerJay]

ive seen loads of comment of how we have lots of offers now, but none before. And even the offers we had never really turned to anything. And this was because Ken was a cunt deal with. Obviously.

It was nothing to do with the fact the purchase is now half price.

[Boothy]

1 hour ago, DLH said:

They didn't did they? They pulled out having found stuff during DD... least thats how I read it. 

They were under an NDA, I’d be very surprised if that was a genuine reason given out for public consideration.

[Chris Custodiet]

3 hours ago, bwfcfan5 said:

They didn’t fail any test. They had league approval and signed heads of terms. Then during due diligence the real debt figure of £41M and rising was discovered more than £10M more than they were led to believe. They then pulled out and waited for admin to save a lot of money. 

I'm not sure that's the case either. It just doesn't fit with info in the public domain.  KA is a very experienced negotiator and needed to sell so its highly unlikely that he would miss out something so obviously significant that its inevitable discovery would be bound to colour, if not scupper, any negotiations.

The club was losing money so the  position was bound to be worsening with each week that passed and disputed items moved further forward, but nothing like £10m between the date of the prospectus and the withdrawal of FV. Howard's figures (from the prospectus) make more sense. Howard also raised the issue of the factored debts (in the region of £10m) which may well have been excluded from the prospectus because ICIL had the money and the responsibility to repay it.

Edited June 17, 2019 by Chris Custodiet

[bwfcfan5]

26 minutes ago, Chris Custodiet said:

I'm not sure that's the case either. It just doesn't fit with nfo in the public domain.  KA is a very experienced negotiator and needed to sell so its highly unlikely that he would miss out something so obviously significant that its inevitable discovery would be bound to colour, if not scupper, any negotiations.

The club was losing money so the  position was bound to be worsening with each week that passed and disputed items moved further forward, but nothing like £10m between the date of the prospectus and the withdrawal of FV. Howard's figures (from the prospectus) make more sense. Howard also raised the issue of the factored debts (in the region of £10m) which may well have been excluded from the prospectus because ICIL had the money and the responsibility to repay it.

It was reported at the time that FV pulled out in DD over a larger than anticipated debt. Bassini went on public record to say he also uncovered a larger than expected debt and put a £10M label on it. At the time Iles and Nixon said this was what FV has also found. Given FV are back in admin to buy us...I’d say it’s pretty much beyond reasonable doubt now. Unless of course Ken really was that much of a cunt to deal with. Though I suspect it’s both in reality.

[Pricey]

Is it likely there will be an announcement today on the new owners?

[DLH]

1 hour ago, Boothy said:

They were under an NDA, I’d be very surprised if that was a genuine reason given out for public consideration.

Course it wasn't purely speculative on the back of various journos, as per the below....

33 minutes ago, bwfcfan5 said:

It was reported at the time that FV pulled out in DD over a larger than anticipated debt. Bassini went on public record to say he also uncovered a larger than expected debt and put a £10M label on it. At the time Iles and Nixon said this was what FV has also found. Given FV are back in admin to buy us...I’d say it’s pretty much beyond reasonable doubt now. Unless of course Ken really was that much of a cunt to deal with. Though I suspect it’s both in reality.

Agreed heads of terms though then pulled out after opening the books.... NDA or not, you don't spend the level cash of cash needed to agree heads of terms and get people looking at the books only to pull out unless there is something fairly substantial that crops up in the DD... 

[1969]

On 15/06/2019 at 09:18, Mounts Kipper said:

I’d doubt Tom Morris would put anything into BWFC without wanting a return on his investment. As that would be unlikely his involvement would also be unlikely. Mind you he did spend 100s of thousands on loads of Lambbananas sculptures when Liverpool was city of culture, so you never know. 

Tom Morris is part of the fv 

[Burndens Bogs]

2 minutes ago, 1969 said:

Tom Morris is part of the fv 

I’ve heard that rumour - don’t know if it’s true or just bollocks.

[Steejay]

4 minutes ago, 1969 said:

Tom Morris is part of the fv 

FFS, TM ( who owns Home Bargains) is the majority shareholder in PBP, who have a secured loan with the club. Michael James is the other shareholder in PBP. Michael James is a director of FV, not Tom Morris. 

All stated previously... 

[1969]

8 minutes ago, Steejay said:

FFS, TM ( who owns Home Bargains) is the majority shareholder in PBP, who have a secured loan with the club. Michael James is the other shareholder in PBP. Michael James is a director of FV, not Tom Morris. 

All stated previously... 

Only saying what I've been told from a very good source who told me about mj a few weeks before it came out

 

[birch-chorley]

The Sultan of Brunei could have a piece, means nowt to us if he’s not willing to put money into propping up the football side 

Fingers crossed Football Ventures really do want to move the club on, otherwise they might as well be called Car Park Ventures 

Any News on who’s getting the hotel yet? 

[Roger_Dubuis]

22 minutes ago, birch-chorley said:

The Sultan of Brunei could have a piece, means nowt to us if he’s not willing to put money into propping up the football side 

Fingers crossed Football Ventures really do want to move the club on, otherwise they might as well be called Car Park Ventures 

 

Agree with the sentiment.I'm hoping for some words or actions to the effect "We want Bolton to have a better football side than Wigan and Blackburn and will provide the funds to achieve that"

[Pricey]

3 minutes ago, Roger_Dubuis said:

Agree with the sentiment.I'm hoping for some words or actions to the effect "We want Bolton to have a better football side than Wigan and Blackburn and will provide the funds to achieve that"

As lovely as that sounds, I can't see it happening. It's a business opportunity unfortunately, but who knows. We will be worth more the higher up the leagues we are, I mean Huddersfield are worth around £120 million so maybe..just maybe they will invest massive amounts to get us back to the dream land and then maybe sell us for a tidy profit

[Chris Custodiet]

2 hours ago, bwfcfan5 said:

It was reported at the time that FV pulled out in DD over a larger than anticipated debt. Bassini went on public record to say he also uncovered a larger than expected debt and put a £10M label on it. At the time Iles and Nixon said this was what FV has also found. Given FV are back in admin to buy us...I’d say it’s pretty much beyond reasonable doubt now. Unless of course Ken really was that much of a cunt to deal with. Though I suspect it’s both in reality.

Personally I'd attach more credence to the last audited balance sheet and subsequent events than Messrs Bassini, Iles or Nixon. In June 2017, BL had audited net current liabilities of £32.4m with a further £5.3m in creditors due in more than one year. However these figures include amounts due to Blumarble for interest , only a fraction of which was subsequently paid, and a further £8m representing previous government grants which are never likely to be repaid. Strip these out and you get to around £29m.i.e. Very close to the figure Howard quoted.

In the meantime the club had benefited from higher broadcasting income, the sale of Gary Madine and some savings on wages.The upshot of all this  should have resulted in the improved balance sheet in June 2018 that KA said would be the case.

From then on we would be looking at a deteriorating position, any further savings on wages being unlikely to come anywhere near the Madine windfall. It is quite likely that some other issues cropped up between the date of the prospectus and the date FV withdrew e.g. Doidgegate but £10m makes little sense.

FV are serious business people who will have made up their minds where they would draw the line and been  prepared to walk away or play a waiting game if it suited them better.

[Okocha10]

Wonder when this "heads of terms" is going to be signed, solicitors don't half take the piss at times.

[Mantra]

 

[Pricey]

29 minutes ago, Mantra said:

 

He is just stating the obvious regarding PPs future, wonder who the experienced football figure is? BSA??