RONNIE PHILLIPS Posted July 17, 2019 Posted July 17, 2019 1 minute ago, Mounts Kipper said: https://www.bwfc.co.uk/news/2019/may/statement-on-behalf-of-the-joint-administrators-for-bolton-wanderers/ That was the figure needed to cover paying off creditors & to keep us going for the 2yrs?
Mounts Kipper Posted July 17, 2019 Posted July 17, 2019 3 minutes ago, RONNIE PHILLIPS said: That was the figure needed to cover paying off creditors & to keep us going for the 2yrs? 25 million had to be shown to proceed, that’s why I doubt that FV need to sell stadium to close the deal. Unless admin are lying and FV didn’t show 25 million funds.
Benny The Ball Posted July 17, 2019 Posted July 17, 2019 Just now, Mounts Kipper said: Admin supposedly seen the 25 million funding. So can’t be correct. Why ? If FV have presented to the administrator an unconditional offer to purchase the stadium upon FV acquiring the club for £x million from a blue chip Insurance company or similar , am pretty certain they would accept that as part of the required funding Does not necessarily mean £25 million in a bank account with instant access - at least I dont think it does
frank_spencer Posted July 17, 2019 Posted July 17, 2019 Yup it wasn't 25m in an account ready to go but a solid plan showing how FV would finance the club going forwards. Back in the day Nat would have got them all in and banged their heads together and told em to get it sorted.
Mounts Kipper Posted July 17, 2019 Posted July 17, 2019 Just now, Benny The Ball said: Why ? If FV have presented to the administrator an unconditional offer to purchase the stadium upon FV acquiring the club for £x million from a blue chip Insurance company or similar , am pretty certain they would accept that as part of the required funding Does not necessarily mean £25 million in a bank account with instant access - at least I dont think it does Well I’m no expert but if I was administrator I’d not be taking that as proof of funding especially given the complication of hotel being part of the stadium and in the hands of another administrator.
radcliffe white Posted July 17, 2019 Posted July 17, 2019 I’m probably out of tune with this but for me proof of funds means ready money, just like when you buy a house proof needs to shown of a deposit
Mounts Kipper Posted July 17, 2019 Posted July 17, 2019 1 minute ago, radcliffewhite1 said: I’m probably out of tune with this but for me proof of funds means ready money, just like when you buy a house proof needs to shown of a deposit Aye me too. Any how the plans flawed and if the admin accepted that plan they’ve royally fucked up.
Boothy Posted July 17, 2019 Posted July 17, 2019 1 hour ago, Mannyroader said: So Mark Little has gone from traitorous striker to hero on the basis of one tweet. People need to to calm themselves down. Going into admin is a painful and drawn out process. Be thankful that someone is committed to buying us. They don't have £50 notes sticking out of their lugholes so need to find an innovative solution that offers investors a hope of getting a return. I wish we had someone with bottomless pockets buying the club, with no regard to how much they spend, but we don't and people need to get real and accept the hard facts. This will be a long process; getting it right is preferable to rushing it through. Anyone who thinks Bassini is a viable alternative; any sort of alternative; needs their bumps feeling. Fair play for reading all that from what I said. Quite an imagination you've got there.
Lt. Aldo Raine Posted July 17, 2019 Posted July 17, 2019 4 minutes ago, Mounts Kipper said: Aye me too. Any how the plans flawed and if the admin accepted that plan they’ve royally fucked up. They probably accepted that plan because it was likely the only one with any chance of coming to fruition.
Casino Posted July 17, 2019 Posted July 17, 2019 50 minutes ago, Mounts Kipper said: Well I’m no expert That's clear
Casino Posted July 17, 2019 Posted July 17, 2019 37 minutes ago, Lt. Aldo Raine said: They probably accepted that plan because it was likely the only one with any chance of coming to fruition. Is that so difficult to grasp Anyway, let's say FV don't go ahead, let's say somebody else wants the hotel, its value plummets if there's no football club to maintain the stadium So while FV needs the hotel, the hotel needs the football
Mounts Kipper Posted July 17, 2019 Posted July 17, 2019 1 minute ago, Casino said: Is that so difficult to grasp Anyway, let's say FV don't go ahead, let's say somebody else wants the hotel, its value plummets if there's no football club to maintain the stadium So while FV needs the hotel, the hotel needs the football Does it? I’d think the land they stand on is worth more than the stadium and the hotel.
Casino Posted July 17, 2019 Posted July 17, 2019 If that was really the case, would there not be more than FV bidding for it I dunno
gonzo Posted July 17, 2019 Posted July 17, 2019 So MJ is a secured creditor of the company in which the sale of is threatening to stop him taking over another company that he’s also a secured creditor of? Bet he likes a drop of whisky before bed.
BIGBW Posted July 17, 2019 Posted July 17, 2019 (edited) As a club, if we don't own our own stadium, what's the point? We're just a brand and nothing more. It's just as West Ham have become a shadow of their former selves after leaving their ground and renting the Olympic Park? I would honestly follow this club to the 10th tier without hesitating to buy a season ticket. Don't care who the manager is or what the transfer budget is, but I'm not going to support a brand (franchise effectively) that squats in a rented stadium that's leased out to other sporting events over us etc. We'll end up with a ground sharing agreement to maximize revenue. Think this could be me done. Edited July 17, 2019 by BIGBW
Leyther_Matt Posted July 17, 2019 Posted July 17, 2019 5 minutes ago, gonzo said: So MJ is a secured creditor of the company in which the sale of is threatening to stop him taking over another company that he’s also a secured creditor of? Bet he likes a drop of whisky before bed. And yet there needed to be separate administrators for the club and hotel because of the potential for a conflict of interest.
Mounts Kipper Posted July 17, 2019 Posted July 17, 2019 10 minutes ago, BIGBW said: As a club, if we don't own our own stadium, what's the point? We're just a brand and nothing more. It's just as West Ham have become a shadow of their former selves after leaving their ground and renting the Olympic Park? I would honestly follow this club to the 10th tier without hesitating to buy a season ticket. Don't care who the manager is or what the transfer budget is, but I'm not going to support a brand (franchise effectively) that squats in a rented stadium that's leased out to other sporting events over us etc. We'll end up with a ground sharing agreement to maximize revenue. Think this could be me done. I’d accept it if say for instance the council bought gave the money to the club and and then rented it back with a 50 year lease, not sure if council money could be used like that but that would be my preferred option if it came to that.
BIGBW Posted July 17, 2019 Posted July 17, 2019 Wait also isn't the stadium protected by the community protection order that would prevent a quick sale of the asset?
only1stig Posted July 17, 2019 Posted July 17, 2019 (edited) 4 minutes ago, Mounts Kipper said: I’d accept it if say for instance the council bought gave the money to the club and and then rented it back with a 50 year lease, not sure if council money could be used like that but that would be my preferred option if it came to that. Leeds did similar. Now bought back after number of troubled years following a quick drop following a rapid ascent based on a heightened period of success. Familiar ? Edited July 17, 2019 by only1stig
Mounts Kipper Posted July 17, 2019 Posted July 17, 2019 3 minutes ago, BIGBW said: Wait also isn't the stadium protected by the community protection order that would prevent a quick sale of the asset? It is but it does not stop a sale.
Damocles Posted July 17, 2019 Posted July 17, 2019 The math is too long winded, but realistically FV probably only had to show £3M-£5M cash. They were the only show in town, other bids were made but how could they be taken seriously when they hadn’t accessed the data room?
birch-chorley Posted July 17, 2019 Posted July 17, 2019 (edited) 2 hours ago, jules_darby said: Selling the stadium and renting it back That’s fucked a lot of clubs over Has it ever worked? (Genuine question) It’s going to mean more costs so it can’t be good Let’s say someone buys it for £15m, I assume that they would want 5% minimum, probably closer to 10% annual return, so £750k to £1.5m rent per annum. That puts our operating costs up considerably vs what they are now and we can’t afford those costs as things stand. Doesn’t seem like a plan that would last more than a season or two before the money runs out again and we are back to square 1 If we are selling the ground then we might as well go the whole hog and move somewhere much cheaper to run. Leigh sports village job, at least it would be more sustainable in League 1 Edited July 17, 2019 by birch-chorley
Damocles Posted July 17, 2019 Posted July 17, 2019 10 minutes ago, birch-chorley said: It’s going to mean more costs so it can’t be good Let’s say someone buys it for £15m, I assume that they would want 5% minimum, probably closer to 10% annual return, so £750k to £1.5m rent per annum. That puts our operating costs up considerably vs what they are now and we can’t afford those costs as things stand. Doesn’t seem like a plan that would last more than a season or two before the money runs out again and we are back to square 1 If we are selling the ground then we might as well go the whole hog and move somewhere much cheaper to run. Leigh sports village job, at least it would be more sustainable in League 1 Running costs offset against leasing the hotel to a chain.
birch-chorley Posted July 17, 2019 Posted July 17, 2019 Just now, Damocles said: Running costs offset against leasing the hotel to a chain. If it was as easy as leasing the hotel to a chain to bring money in then why haven’t we been doing it ourselves rather than running it at a loss on our own?
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