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Wanderers Ways. Neil Thompson 1961-2021

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Bolton Wanderers, the League One football club, is now part-owned by taxpayers after a £5m pandemic loan was converted into shares.

The British Business Bank’s latest update on the £1.1bn Future Fund, a Covid support scheme, showed club owner Football Ventures (Whites) Ltd among 108 companies that converted the emergency loans into shares rather than repay them.

A total of 1,190 companies took convertible loans from the British Business Bank under the scheme that closed a year ago, with 265 firms giving shares to the taxpayer in return since then.

The Future Fund was designed to support “innovative UK companies that typically rely on equity investment to fund their growth” according to the bank, which now owns an 8pc stake in a founder member of the Football League in 1888.

Bolton has been under new ownership since August 2019 after collapsing into administration almost three years ago.

The team, which is in 15th place in League One, racked up a £3.9m pre-tax loss in the year to June 2020. It took the £5m loan from the Fund in August 2020 and converted the loan to shares in October.

A club spokesman said the loan was “captured in our articles and aligned with the plan for ensuring Bolton has a stronger and sustainable future”.

A British Business Bank spokesman said: “The Future Fund used a set of standard terms with published eligibility criteria. The process provided a clear, efficient way to make funding available as widely and as swiftly as possible without the need for lengthy negotiations. Applications that met all the eligibility criteria received investment.”

The British Business Bank has been accused by MPs on the Public Accounts Committee of “woefully inadequate” due diligence over Covid loans to Greensill Capital, the finance firm advised by David Cameron which collapsed last year.

Other companies in which the Future Fund is now a shareholder include Organox, a medical company that has developed technology for storing livers for transplants; saving and investing fintech firm Plum; and sustainable fashion app Save Your Wardrobe.

Ken Cooper, a managing director at the taxpayer-backed bank, said the fund was designed to create “long-term value for the UK taxpayer”.

He added: “We’re delighted to see so many companies already going on to raise further private sector capital. As a shareholder in so many promising businesses, the Future Fund is well positioned to share in the benefits of their continued growth.”

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4 minutes ago, Mr Grey said:

Has Sharon charged the Government yet for use of BWFC facilities for the mass covid vaccination centre.

100k a day at least 😊

Heard they make a good screw out of moving the magistrate courts to the ground.
Would of thought they are making money out of hiring the area out for Covid vacs otherwise it would be costing the club money  

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50 minutes ago, Tonge moor green jacket said:

Definitely. Bring it on.

Yoof might need it explaining to them.

Boris is a Wanderer, He wears a Wanderers hat.

He pays for the Wanderers, And he's a fucking twat!.

He laughs at the left wing, He runs down the right.

He couldn't score a goal if he played all fucking night!

Edited by wanderer1984
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2 hours ago, Farnywhite said:

Heard they make a good screw out of moving the magistrate courts to the ground.
Would of thought they are making money out of hiring the area out for Covid vacs otherwise it would be costing the club money  

Courts still there until March at the earliest apparently 

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2 hours ago, Mr Grey said:

Shouldn't be a problem, According to Jol, half the posters on here earn around 250k a year.

...and I'm not one of them.

 

2 hours ago, Casino said:

That was @Sweep

He chats more shit than you

Yes, my £150k a year comment on the politics thread was repeating @Sweep’s previous (tongue in cheek) comment.

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