Bolton Wanderers receive winding up petition

[nicko31]

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.

Only if you're a STH holder in the north or an OAP!!

 

[Alex Alex Dawson oo! oo!]

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 !!

The most recent set of accounts (June 2014) show the combined cost of the academy, stadium and hotel (all of which are owned by BWAFC Ltd) to have been £54.7M, of which £41.8M remains to be depreciated over the next 30-40 years or so. The net debt of BWAFC Ltd is listed as £182M so, after 13 years in the PL, a couple of years of parachute payments and 76% of the major tangible assets still to be "paid" for you don't think there's been uncontrolled expenditure? Wtf has happened then?
However, it's the misappropriation of collected revenue due to HMRC that means I don't have any sympathy for Bolton's plight . BWAFC has absolutely no right (morally or legally) to do this.
Perhaps Messrs Gartside et al could pop down to the cancer unit at the Christie Hospital and have look at how £600K/pm might be better spent?

 

[Guy Fawkes]

The most recent set of accounts (June 2014) show the combined cost of the academy, stadium and hotel (all of which are owned by BWAFC Ltd) to have been £54.7M, of which £41.8M remains to be depreciated over the next 30-40 years or so. The net debt of BWAFC Ltd is listed as £182M so, after 13 years in the PL, a couple of years of parachute payments and 76% of the major tangible assets still to be "paid" for you don't think there's been uncontrolled expenditure? Wtf has happened then?
However, it's the misappropriation of collected revenue due to HMRC that means I don't have any sympathy for Bolton's plight . BWAFC has absolutely no right (morally or legally) to do this.
Perhaps Messrs Gartside et al could pop down to the cancer unit at the Christie Hospital and have look at how £600K/pm might be better spent?

And if it weren't for the last minute sale of Mark Beeney to Leeds in 93 to avoid a winding up order then that could easily have been us

 

[Crispy Ambulance]

And if it weren't for the last minute sale of Mark Beeney to Leeds in 93 to avoid a winding up order then that could easily have been us

And for that reason alone, we should always be grateful to (ex player) Howard Wilkinson.

 

[Mr Putdown]

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?

Well I'm a Palace fan and I'd agree it's obscene.

 

[Pavilionaire]

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 !!

Oh come on! It was common knowledge Bolton had massive debts when they were relegated from the Prem. That's what's killed them. A few seasons in the Championship has merely finished them off.

 

[Blue Valkyrie]

We all know that all this means is that unless a buyer is found soon, Bolton will slosh around league 1 or league 2 for a bit - like we had to, and Portsmouth are doing now.

 

[Alex Alex Dawson oo! oo!]

And if it weren't for the last minute sale of Mark Beeney to Leeds in 93 to avoid a winding up order then that could easily have been us

I thought this might come up and, for what it's worth, I view it in exactly the same way as Bolton now.

 

[Bozza]

Oh come on! It was common knowledge Bolton had massive debts when they were relegated from the Prem. That's what's killed them. A few seasons in the Championship has merely finished them off.

A massive debt to one man - a lifelong fan happy to bankroll the club.

Sound familiar?

 

[Alex Alex Dawson oo! oo!]

A massive debt to one man - a lifelong fan happy to bankroll the club.

Sound familiar?

That's the Albion and he (Tony Bloom) is the majority shareholder.
It seems that Bolton's owner is a private trust based in Bermuda that, together with an Isle of Man company, has also provided a loan facility. I'm not sure that Eddie Davies personally owns any shares in either Burnden Leisure or BWAC Ltd.

 

[scousefan]

Gartside is a bully and a tosser of the first order and everyone connected with the club and every fan has known for years they were living beyond their means. No sympathy.

It beats me how an Albion fan can write that. Just think of their fans and our history. Bolton are one of the great old clubs. This is very sad.

 

[severnside gull]

It beats me how an Albion fan can write that. Just think of their fans and our history. Bolton are one of the great old clubs. This is very sad.

Read the other posts then have a dip in to the Pompey Cheats thread.
Using administration to avoid debts is cheating. It is the opposite of FFP (not that that works) in creating an uneven financial playing field and the penalties have been agreed by ALL clubs to ensure that some degree of parity is restored. Think of the fans of one club? Think of the fans of ALL clubs.

 

[Steve Foster]

The Sun are reporting that the owner has changed his mind for the time being and will pay the players wages

" BOLTON owner Eddie Davies will fork out around £1million to pay his players at Christmas — and prevent them from leaving for nothing.

The Isle of Man-based supremo has been persuaded he needs to make up the lost salaries due to Neil Lennon’s men at the cash-strapped club.
Davies had pulled the plug financially but was then advised that failing to pay the squad could mean the best of them go for nothing in the window next month.

 

[wakeytom]

That's the Albion and he (Tony Bloom) is the majority shareholder.
It seems that Bolton's owner is a private trust based in Bermuda that, together with an Isle of Man company, has also provided a loan facility. I'm not sure that Eddie Davies personally owns any shares in either Burnden Leisure or BWAC Ltd.

My understanding from the press is that Davies's money is held in some form of trust, which will more than likely be tax efficient meaning it will be held offshore in places such as Bermuda and IOM.

 

[Bolton va va]

Oh come on! It was common knowledge Bolton had massive debts when they were relegated from the Prem. That's what's killed them. A few seasons in the Championship has merely finished them off.

Wrong. The "debt" from the prem league was all owed to Eddie Davies & he has written it off for a new buyer. (It didn't really exist anyway )

The debt that is sinking Bolton has built up only from over the last 2 yearssince ED has stopped covering our gap between expenditure & income, around £600,000 apparently.

 

[wakeytom]

The Sun are reporting that the owner has changed his mind for the time being and will pay the players wages

" BOLTON owner Eddie Davies will fork out around £1million to pay his players at Christmas — and prevent them from leaving for nothing.

The Isle of Man-based supremo has been persuaded he needs to make up the lost salaries due to Neil Lennon’s men at the cash-strapped club.
Davies had pulled the plug financially but was then advised that failing to pay the squad could mean the best of them go for nothing in the window next month.

I feel sorry for the man he cannot win here, sounds like he has hit the maximum he is prepared to spend but due to that it will rip the club apart that I am sure he loves just like us mere mortals who support a team

 

[wakeytom]

Wrong. The "debt" from the prem league was all owed to Eddie Davies & he has written it off for a new buyer. (It didn't really exist anyway )

The debt that is sinking Bolton has built up only from over the last 2 yearssince ED has stopped covering our gap between expenditure & income, around £600,000 apparently.

Which from an outsider this is exactly how I read the situation the only debt causing an issue is the crown money you owe. Although Davies will happily write off the debt I think the issue is that you have a business model where you need the investment and it is now not available.

Looks like it may be a hard few years and I really have not feelings either way towards you as a club (other than you are from the wrong side of the hills) but it cannot be a nice time and wish you as fans all the best

 

[Bolton va va]

Read the other posts then have a dip in to the Pompey Cheats thread.
Using administration to avoid debts is cheating. It is the opposite of FFP (not that that works) in creating an uneven financial playing field and the penalties have been agreed by ALL clubs to ensure that some degree of parity is restored. Think of the fans of one club? Think of the fans of ALL clubs.

Bolton are trying hard not to go into administration & are in negotiations with potential buyers.

Unfortunately there is now a suspicion that buyers are willing to wait until after administration to make firm bids in the belief that the club would be cheaper then...though i admit that does seem to be largely guesswork.

 

[severnside gull]

Bolton are trying hard not to go into administration & are in negotiations with potential buyers.

Unfortunately there is now a suspicion that buyers are willing to wait until after administration to make firm bids in the belief that the club would be cheaper then...though i admit that does seem to be largely guesswork.

Accept and apologise if I'm wrong.
I'm reacting to the opening post and the apparent reports that administration is expected and (most importantly) accepted.
If you carry on without recourse to admin then full respect - I will stand and applaud you at the Amex.

 

[Working class pride]

Bolton are trying hard not to go into administration & are in negotiations with potential buyers.

Unfortunately there is now a suspicion that buyers are willing to wait until after administration to make firm bids in the belief that the club would be cheaper then...though i admit that does seem to be largely guesswork.

Sore point down at Brighton is administration. We didnt go into administration but the Albion Chairman sold our proper ground the Goldstone for around £6 Million to a company, paid off the few million pound debts, that company then sold the goldstone a year or so later for £30 Million odd plus. We then had to play 140 mile round trip from Brighton whilst losing to say Hartlepool as we finished 2nd from bottom of the the lowest division. Meanwhile Palace and Pompey have been insolvent what twice or three times each, whilst never leaving Selhurst / Fratton and enjoying top flight football and even in Pompey's case winning the cup. All with players that neither club could afford, especially palace as they struggle top get 10,000 paying punters in the Championship (they would have to give away tickets to get 15000 in on an average Saturday in the Championship.