Bolton Wanderers receive winding up petition

[Guinness Boy]

Lots of championship clubs could go the same way in the next few years.
Rich owners will chase the dream, but eventually the financial drain will prove too much, and common sense will prevail.
The money now on offer in the PL will make club owners more frantic to get a slice of the cake.

You know what? Someone should protest about all this money sloshing around the Premier League. Perhaps some pigs with the legend "Stop Premier Greed". What say ye?

 

[Pavilionaire]

One of lessons from the likes of Bolton and Portsmouth is watch out if you have a decent manager. Allardyce and Redknapp wanted the best players they could get and weak chairmen agreed to bringing in players they couldn't afford. Short-term success was achieved but at great cost.

 

[Guy Fawkes]

£10million losses per season are sustainable if permitted by FFP and if the owner is willing to pay for it. The real no-no is carrying on in the same vein if the owner is NOT willing to pay and can't sell to someone who is - that is the game-changer and is the place at which Bolton find themselves.

Of course the Albion are lucky to have Bloom but I have no doubt he'd get every penny of his money back and more if we reach the Prem and he sold up at that point.

If there are rich individuals who are willing to cover FFP-permitted losses then why should they not be permitted to own clubs? There is much kudos attached to owning a football club, it is a useful asset in the world of business.

That assumes that this seasons Bolton will lose more than is permitted which may not be the case.

What has happened is that the person who has been making up the shortfall and paying of these bills (their version of Tony Bloom) and reached a point where he is no longer prepared to fund this and won't be putting another penny in and is looking to sell up.

Should Bloom decide to do the same at any point in the future, we could have the same fate, even if our seasons losses complied with FFP rules.

 

[severnside gull]

Thats a tad OTT if you don't mind me saying so, Phil Gartside isn't exactly my favourite chairman either, but this isn't about him, it's about Bolton Wanderers Football Club, one of the oldest clubs in the country, and founder members of the Football League.

The fans certainly don't deserve this, and I wish them well.

I think you have to accept the potential consequences of any club (including our own) living beyond their means or be active in advance in opposing it. Anything else is hypocritical. I am on record as opposing clubs like Palace, Cardiff and Portsmouth who have used administration to cheat their debtors and their competitors so I can hardly do otherwise in this case.

 

[LlcoolJ]

One of lessons from the likes of Bolton and Portsmouth is watch out if you have a decent manager. Allardyce and Redknapp wanted the best players they could get and weak chairmen agreed to bringing in players they couldn't afford. Short-term success was achieved but at great cost.

Onest 'Arry was never a decent manager. A dodgy chancer yes. How many clubs has he left in the shit while siphoning off cash to his dog's Monaco bank account?

 

[Se20]

You know what? Someone should protest about all this money sloshing around the Premier League. Perhaps some pigs with the legend "Stop Premier Greed". What say ye?

The obscene amount of money on offer should filter down the leagues, and ticket prices should be reduced .
Maybe if you go up this season you could join the "£20's plenty" campaign, wholeheartedly supported by Palace fans.

 

[loz]

I think you have to accept the potential consequences of any club (including our own) living beyond their means or be active in advance in opposing it. Anything else is hypocritical. I am on record as opposing clubs like Palace, Cardiff and Portsmouth who have used administration to cheat their debtors and their competitors so I can hardly do otherwise in this case.

I read something the other day that said 61 clubs have gone into admin , that must be 62 now!!

 

[Guy Fawkes]

I read something the other day that said 61 clubs have gone into admin , that must be 62 now!!

Now that shocking but sounds like a good Sporcle quiz (or maybe the clubs that haven't been into admin)

 

[Gwylan]

One of lessons from the likes of Bolton and Portsmouth is watch out if you have a decent manager. Allardyce and Redknapp wanted the best players they could get and weak chairmen agreed to bringing in players they couldn't afford. Short-term success was achieved but at great cost.

Allardyce did well with Bolton, they finished sixth one year. The problems started when he left and the PL money stopped.

There's a good article on SA's work with Bolton here - it emphasises how he spent money astutely

 

[Alex Alex Dawson oo! oo!]

Allardyce did well with Bolton, they finished sixth one year. The problems started when he left and the PL money stopped.

There's a good article on SA's work with Bolton here - it emphasises how he spent money astutely

Bolton are still receiving parachute payments from the PL.

 

[Return of the Rev]

The obscene amount of money on offer should filter down the leagues, and ticket prices should be reduced .
Maybe if you go up this season you could join the "£20's plenty" campaign, wholeheartedly supported by Palace fans.

Already on board with £20 plenty! That's the most i have paid for a Brighton ticket since 13/14 season and for the foreseeable future.

 

[Gwylan]

Bolton are still receiving parachute payments from the PL.

Blimey, so they are. Does make you wonder how they're so much in debt

Even so, Allardyce left more than eight years ago, it's hard to lay all the problems at his door

 

[Alex Alex Dawson oo! oo!]

According to the article in the OP:

A club spokesman said: "Bolton Wanderers can confirm that the club has now received a winding up petition from HMRC in respect of unpaid PAYE and VAT for the month of November.

"Despite requests from the club to HMRC to give it further time to either conclude a sale or raise additional funds, HMRC has proceeded with due process and duly served a petition."​

If this quotation is factually correct then HMRC serving a winding up petition just ten days after the VAT due date would indicate that there's some previous history between the two parties over late payment. Ours is normally paid 11-12 days after the due date (albeit by direct debit).

 

[LlcoolJ]

If this quotation is factually correct then HMRC serving a winding up petition just ten days after the VAT due date would indicate that there's some previous history between the two parties over late payment. Ours is normally paid 11-12 days after the due date (albeit by direct debit).

That's correct. HMRC would never issue a winding up order for a first offence of late payment. Otherwise they'd be issuing thousands every day.

 

[tiberious]

They will still have their club to follow - just one league down! - and as we have seen with our friends up the road, going bust can be the door to a better future.

Even Pompey (best fans in the world doncha know!) have survived

#twats... sorry it has to be said

 

[Kinky Gerbil]

The obscene amount of money on offer should filter down the leagues, and ticket prices should be reduced .
Maybe if you go up this season you could join the "£20's plenty" campaign, wholeheartedly supported by Palace fans.

I read somewhere (I can't recall where) that the majority of lower league clubs are massively against lowering the ticket costs

 

[tiberious]

Who is thieving from the government? Bolton owe the HMRC money but I imagine at any given moment most businesses, including BHAFC, do.

The amount I've seen mentioned is not particularly significant in terms of a high-wage paying Championship football club - it can only be about a month's worth, give or take, assuming it to be PAYE monies.

Look, I'm not defending Bolton at all, but I do genuinely believe there are significant parallels between them and us, and that if Tony Bloom decided to stop supporting us tomorrow we'd not be in a particularly good place. We don't expect that to happen of course.

could it be that as the FA insist players get paid in full first before creditors .. even HMRC they are taking this hard line ? I believe if a normal company goes into admin HMRC are paid first in full. then the creditors

 

[Alex Alex Dawson oo! oo!]

could it be that as the FA insist players get paid in full first before creditors .. even HMRC they are taking this hard line ? I believe if a normal company goes into admin HMRC are paid first in full. then the creditors

I know very little about insolvency law, preferred creditors etc. However, having lost a number of court cases where it has challenged the operating of this requirement for "football creditors to be paid in full first" that the FA adopts, HMRC will now vote against any football club related CVA as a point of principle unless their debt is paid in full.

 

[Cheshire Cat]

Aren't we just another Bolton? Rich sugar daddy bankrolling the club massively which is all hunky dory for as long as it continues, but if they stop with little or no notice then the club is stuffed.

Eddie Davies was/is a lifelong Bolton fan in the same way as Tony Bloom is.

Yes, yes we might be.

 

[Bolton va va]

One of lessons from the likes of Bolton and Portsmouth is watch out if you have a decent manager. Allardyce and Redknapp wanted the best players they could get and weak chairmen agreed to bringing in players they couldn't afford. Short-term success was achieved but at great cost.

Apart from money problems there are no similarities between Bolton & Pompey.

Pompey (& Leeds ) gambled money they could not afford on success...Bolton invested money in owning the ground, the training facilities, the hotel , the youth academy, etc....there was no extravagant spending.
Bolton biggest signing was Anelka who was sold at a profit, but most of the signings were free ( on high wages admittedly ) Decent manager..Redknapp ? Ha Ha
Short success ? Pompey maybe, but Bolton had 13 years in the prem league with several top half finishes.
Pompey may have gone bust in the prem league, but Bolton were relegated without owing any money.

It's all gone tits up for Bolton in the last 2 years since Eddie Davies has been unable/unwilling to cover any losses any longer & the club being unable to find a new buyer. Even though big financial savings have been made -we complied with FFP- income has also been falling, leaving us with a relatively small loss & a £600,000 tax bill that we can't pay & which is the cause of the threat to wind BWFC up........nothing to do with spending to get into the prem league or during our time there !!