[Football] Bolton Wanderers on the Brink?

[mejonaNO12 aka riskit]

And if Bolton fall out of the league because of piss poor financial management then good riddance.

We were a boardroom takeover away from liquidation.

 

[BBassic]

We were a boardroom takeover away from liquidation.

Well aware of that. Bit different though. Bolton had something like 11 years in the Premier League and are now having trouble finding £5m?

EDIT: Yep, 11 years:

[tweet]1039381897124737025[/tweet]

 

[BBassic]

Christ, I didn't realise it was the Chinese that came up with the offside rule, crossbar, goal nets, corner flags, linesmen, substitutes, half-time and the referee's whistle.

We refined it. They invented it.

 

[Pavilionaire]

We refined it. They invented it.

Refined it? I suppose caveman A twats caveman B and they invented boxing? Neanderthal clubs bison testicle down well and invents golf.

 

[BBassic]

Refined it? I suppose caveman A twats caveman B and they invented boxing? Neanderthal clubs bison testicle down well and invents golf.

I don't know why you're arguing this. FIFA, our fearsome and benevolent overlords, have acknowledged it to be the first evidence of what we know as Association Football.

 

[Pavilionaire]

I don't know why you're arguing this. FIFA, our fearsome and benevolent overlords, have acknowledged it to be the first evidence of what we know as Association Football.

I'm only having a bit of fun, but knowing FIFA they were probably courting the Chinese at the time for money.

 

[LlcoolJ]

This.

Bolton overspent and over borrowed, which was entirely the fault of owners past. This can’t be attributed to the PL.

A shame for the staff and any creditors who’ll only receive x pence in the pound of debt.

In fairness, the no relegation plan was Phil Gartside/Fat Sam, nothing to do with the current lot

Yes. But in this case it wasn't the owner, it was the CEO.

I know you're not supposed to speak ill of the dead but Gartside was a scumbag. He (allegedly) rinsed the club for millions, making sure that his agent mate / mates dealt with all transfer activities. Of course BFS had nothing to do with it.

It was Gartside who was the main proponent of a closed shop PL and once Bolton were relegated and the full extent of their financial mess was exposed, you can see why.

So a once great football club ends up in a total mess and poor old Eddie Davies (who has just died, RIP) lost around £200m.

 

[mejonaNO12 aka riskit]

Well aware of that. Bit different though. Bolton had something like 11 years in the Premier League and are now having trouble finding £5m?

EDIT: Yep, 11 years:

[tweet]1039381897124737025[/tweet]

So they had REALLY poor financial management in that case

What differes between fans suffering because their clubs owners poorly managed a low turnover or a high turnover?

Either way they have mismanaged their situation and it is the fans who suffer if they go under.

 

[BBassic]

I'm only having a bit of fun, but knowing FIFA they were probably courting the Chinese at the time for money.

Sorry, been a long day. I think I've bruised my sense of humour.

 

[BBassic]

So they had REALLY poor financial management in that case

What differes between fans suffering because their clubs owners poorly managed a low turnover or a high turnover?

Either way they have mismanaged their situation and it is the fans who suffer if they go under.

Of course. Sympathy for the fans goes without saying.

But I won't shed a tear if they go under.

 

[Weststander]

Yes. But in this case it wasn't the owner, it was the CEO.

I know you're not supposed to speak ill of the dead but Gartside was a scumbag. He (allegedly) rinsed the club for millions, making sure that his agent mate / mates dealt with all transfer activities. Of course BFS had nothing to do with it.

It was Gartside who was the main proponent of a closed shop PL and once Bolton were relegated and the full extent of their financial mess was exposed, you can see why.

So a once great football club ends up in a total mess and poor old Eddie Davies (who has just died, RIP) lost around £200m.

Eddie Davis was a good guy. But a mistake to entrust all power to his senior employee, Gartside. The equivalent would be TB taking a distant back seat and allowing employee PB de facto control the club with no checks and balances.

I remember devious Gartside too. He was filmed doing secret deals, with a young football agent, who happened to have the name Greg Allardyce. Plus the later proven; VAT, national insurance and illegal agent activities at Bolton.

 

[Weststander]

Thanks.

So if an offer was made to buy out the club, would the administrators also place a value on the footballers as an asset?

Ie, the offer being made to buy the clubs assets would include those player valuations?

Because, as I understand it, when the admin is considering an offer for the clubs asset's, they will be assessing whether they can realise better for the creditors by selling the assets instead (including the players).

Or, would the administrator assume they would receive nothing in a close down selling of the players (assets) and then anything actually realised in transfer fees is a bonus?

In the [MENTION=31]El Presidente[/MENTION] scenario, wouldn't players contracts simply be honoured by the ltd co, albeit under new owners. If a new ltd co, they could be assigned across.

 

[El Presidente]

Two debts that Anderson managed to ensure were fully paid were £525,000 for consultancy services to...Ken Anderson, and £125,000 for consultancy services to the Athos Group...controlled by the son of...Ken Anderson.

They are fortunate that Eddie Davies wrote off £172 million of the money due to him. Eddie sadly died yesterday, and you couldn't get a bigger contrast from the bloke that bankrolled the club because he was a local lad and loved it, and the shower in control recently who think it is funny to play rock, scissors, paper with the club's future, and borrow money at 24% interest.

 

[LlcoolJ]

Eddie Davis was a good guy. But a mistake to entrust all power to his senior employee, Gartside. The equivalent would be TB taking a distant back seat and allowing employee PB de facto control the club with no checks and balances.

I remember devious Gartside too. He was filmed doing secret deals, with a young football agent, who happened to have the name Greg Allardyce. Plus the later proven; VAT, national insurance and illegal agent activities at Bolton.

A good mate of mine is a Bolton fan and years ago he pointed me to a site (can't be arsed to search for it) where the dodgy dealings were laid bare. Or rather, to keep it legal, questions were asked. It was a real eye opener and suffice to say, Gartside didn't come across as a very nice person. At all.

 

[studio150]

Players not paid their February wages.

Fortunately for the players there are now PFA and EFL safeguards, but the picture at Bolton get bleaker by the week

 

[Blue Valkyrie]

The players can leave as free agents if they are not paid by Thursday.

 

[Harry Wilson's tackle]

Well aware of that. Bit different though. Bolton had something like 11 years in the Premier League and are now having trouble finding £5m?

EDIT: Yep, 11 years:

[tweet]1039381897124737025[/tweet]

I'm no ecomomist but doesn't that smell of people taking Captain Bob-esque amounts of money out of the business while its income went from Daily Mirrorly to Croydon Advertiser stylee? It isn't as if they sunk vast sums into ludicrous Bentekesque transfers and laughable (ha ha) salaries?

One wonders which is worse, vainglorious charming chancers with extraordinary hair, or tubby throwback conmen with chip grease on their supertight waistcoats. Time will tell.

 

[worthingseagull123]

Being a founder member of the Football League should not carry any weight. If they receive a 12 point penalty how is that a sad day for English football.
I would have thought that a sadder day would have been when clubs benefited from going into administration meaning better run clubs missed out on promotion.

You are all heart.

I bet you miked the empathy when we had Archer and Stanley.

 

[Bolton va va]

I'm no ecomomist but doesn't that smell of people taking Captain Bob-esque amounts of money out of the business while its income went from Daily Mirrorly to Croydon Advertiser stylee? It isn't as if they sunk vast sums into ludicrous Bentekesque transfers and laughable (ha ha) salaries?

One wonders which is worse, vainglorious charming chancers with extraordinary hair, or tubby throwback conmen with chip grease on their supertight waistcoats. Time will tell.

I'm no economist either, but since Bolton have never been placed into administration, i'd say that Mr Weatherspoon smells of somebody talking out of their arse.

 

[Harry Wilson's tackle]

I'm no economist either, but since Bolton have never been placed into administration, i'd say that Mr Weatherspoon smells of somebody talking out of their arse.

Sorry, you have lost me there. I was making two points. One, an awful lot of money appears to have been sucked out of your club. Posts elsewhere in this thread suggests members of your board have been paying themselves in preference to others. Two, I was also having a dig at our (my, not your) friends up the road who seem to imagine they are only one more 30 million pound player on 150K a year away from the top four.