Bolton Wanderers Unpaid Staff Need Food bank.

[DE.]

Just now, philipl said:

Money is money.

Why take on a £7m obligation when with extreme brinkmanship you can probably duck it?

The Administrator's announcements at the weekend were clearly dancing to the Football Ventures' tune. This latest one is much more neutral.

As for the second bidder. If they are for real, they will have done a huge amount of work thus far but again will only be showing their hand at the 59th minute of the 11th hour when all else is exhausted.

There's a possibility the EFL will say no to anymore extension for a new bidder, although I find that extremely unlikely. They'll do everything in their power to keep Bolton afloat and so they should, so I expect an announcement to be made later on that Bolton have been given an extension. 

Of course that doesn't solve their issue of there being no money to pay the players and other staff on Friday. Are these new bidders going to be able or willing to stump up that cash? The administrators have made it clear that there is no money left to run the club, so whilst FV probably have a structure in place to begin immediate payments I doubt the new bidders will. 

Edited August 27, 2019 by DE.

[philipl]

28 minutes ago, DE. said:

There's a possibility the EFL will say no to anymore extension for a new bidder, although I find that extremely unlikely. They'll do everything in their power to keep Bolton afloat and so they should, so I expect an announcement to be made later on that Bolton have been given an extension. 

Of course that doesn't solve their issue of there being no money to pay the players and other staff on Friday. Are these new bidders going to be able or willing to stump up that cash? The administrators have made it clear that there is no money left to run the club, so whilst FV probably have a structure in place to begin immediate payments I doubt the new bidders will. 

New bidders are alleged to have shown proof of funds of £33m.

As I keep explaining, they will have done 99% of the necessary work in private IF they are serious.

I saw a £55bn corporate take over hijacked in a week by similar means.

The fact all is currently quiet at both clubs means serious talking is happening.

[DE.]

Just now, philipl said:

New bidders are alleged to have shown proof of funds of £33m.

As I keep explaining, they will have done 99% of the necessary work in private IF they are serious.

I saw a £55bn corporate take over hijacked in a week by similar means.

The fact all is currently quiet at both clubs means serious talking is happening.

Does that mean the administrators been lying about there being no other parties interested? I don't understand how you do 99% of the necessary work with no access to the club's finances. Unless they actually have had access to those finances and the statements from the administrators haven't been truthful.

[philipl]

Just now, DE. said:

Does that mean the administrators been lying about there being no other parties interested? I don't understand how you do 99% of the necessary work with no access to the club's finances. Unless they actually have had access to those finances and the statements from the administrators haven't been truthful.

The administrator said only one bidder met all the requirements. That was then, this is now.

Administrator is legally obliged to talk to everyone who shows interest. They usually deter tire kickers by charging a fee- typically a few thousands- to give access to the sale prospectus. 

 

[DE.]

Just now, philipl said:

The administrator said only one bidder met all the requirements. That was then, this is now.

Administrator is legally obliged to talk to everyone who shows interest. They usually deter tire kickers by charging a fee- typically a few thousands- to give access to the sale prospectus. 

 

Do you think FV or these new bidders are the more likely to get past the line? I'm leaning more towards FV finally getting it done due to suddenly being under pressure, but they've been dawdling for so long now that if somebody with serious interest has come in they could be shoved aside quickly.

[Stuart]

FV do sound like reluctant buyers.

I know it is better than losing the club but I do wonder what kind of club it would be.

Even the name ‘Football Ventures’ sounds like they would be looking for a new buyer from the day they sign up!

[Norbert Rassragr]

I can't help feeling that if Football Ventures does manage to buy Bolton, we'll be in a similar place in a few years time, as they run out of money and/or do a load of dodgy deals and leave the club in the lurch.

[philipl]

Just now, DE. said:

Do you think FV or these new bidders are the more likely to get past the line? I'm leaning more towards FV finally getting it done due to suddenly being under pressure, but they've been dawdling for so long now that if somebody with serious interest has come in they could be shoved aside quickly.

Anyone's guess.

There are undoubtedly poison pills in the equation otherwise the Administrator would have cleared previous ownerships out of the picture by now.

Chances of a deal have gone from close to zero to around 50% for any rescue. FV remain in the driving seat but there is clearly something in the deal which is beyond their pain threshhold or otherwise they would have done the deal by now.

If the new bidder prevails, the League are going to have to extend their deadline because there is no way the paperwork can be read through, checked and executed in a day no matter how well prepared they are. Inevitably with the level of complexities involved the two deals on offer will not be carbon copies with different names on the top. A lot of people will be trying to compare apples and pears at the moment. 

If one deal is obviously the better, then the person offering that deal is over paying.

[DE.]

Just now, philipl said:

Anyone's guess.

There are undoubtedly poison pills in the equation otherwise the Administrator would have cleared previous ownerships out of the picture by now.

Chances of a deal have gone from close to zero to around 50% for any rescue. FV remain in the driving seat but there is clearly something in the deal which is beyond their pain threshhold or otherwise they would have done the deal by now.

If the new bidder prevails, the League are going to have to extend their deadline because there is no way the paperwork can be read through, checked and executed in a day no matter how well prepared they are. Inevitably with the level of complexities involved the two deals on offer will not be carbon copies with different names on the top. A lot of people will be trying to compare apples and pears at the moment. 

If one deal is obviously the better, then the person offering that deal is over paying.

I guess it comes down to whether FV considers the extra investment worthwhile. With no outside pressure it was a case of who blinks first between them and KA, but if there is an outside party now potentially prepared to agree to whatever extra is being asked for then that changes things and weakens FV's hand somewhat. Seems quite convenient from KA's perspective to suddenly have an interested bidder putting pressure on FV at the last minute, but I suppose the only way we'll know how serious they are is if FV still refuse to budge. If both deals then fall through then KA is left with the assumedly less enviable position of dealing with a liquidated Bolton.

Certainly some serious brinkmanship going on, brought swiftly to a head by the EFL and administrators setting a solid deadline. 

Edited August 27, 2019 by DE.

[DE.]

Bolton reporter Marc Iles reporting that there is only one bidder for the club (FV) but that there are two for the hotel.

 

[DanLad]

I think it's the hotel that investors want.  I understood that KA wanted to keep his hooks in the hotel. Not sure how that all pans out from a practical perspective.

[philipl]

David Conn

 

BREAKING: Bury FC Crisis: The proposed purchase by C & N Sporting Risk is OFF; owner Steve Dale was given until 5pm today for it to complete or the club would be expelled from the Football League, so this really could be the end.

[tomphil]

Bury seemingly done for but i think that's what Dale is after, being a big club in the lower leagues trying to climb up again instead of trying to get by on 2.5k gates in the league.

Fc Bury on the way.

[den]

So sad for Bury. My old work mate and Bury player John Robinson would have been sad too.

[philipl]

 

 

Statement by C&N, the frustrated bidders for Bury. 

In other words, Bury is an unmitigated disastrous mess which nobody could disentangle sensibly. It seems as though all kinds of additional problems surfaced in the closing due diligence.

Edited August 27, 2019 by philipl

[JWUpper]

https://www.skysports.com/football/news/11774/11795501/bury-takeover-cn-deal-to-take-over-bury-unable-to-proceed

[DE.]

Looking increasingly like Rovers will be the last team to visit Gigg Lane. 

[JHRover]

Looks like Bury are going unless a miracle happens. Surprised it has come to this but their finances sound like a complete minefield and their last 2 owners have run them into the ground. Even more gutting for their fans to be given hope on Friday and then turn up at the ground today to get it ready for Saturday.

If they do go the biggest problem will be nothing will happen. The Football League, operating under the facade of 'EFL', will merely seek to mitigate the fallout, keep the other clubs happy and ensure a smooth transition. It will be business as usual once they've got back to 72 clubs and the media and sponsors keep the cash flowing in. Bury will be forgotten about just like Stanley, Stockport, Chester, Hereford and Darlington were until they force their way back in. Sky will get back to hysterics about how many hundreds of millions the Premier League clubs are going to spend in January. 

Then Bury will be a hunting ground for City and United to brainwash the youth into 'supporting' them. 

There should be root and branch changes to football governance. The only hope is if their local MP forces it into Parliament and it is forced down from government. The pigs in the football trough will carry on regardless whilst the pay cheques continue.

[DE.]

Apparently Sky have a "countdown clock" for Bury and Bolton. What a set of absolutely detestable cretins they are.

[lraC]

Its an utter disgrace that this has happened to Bury. From the purchase of the club for £1 and the league admitting the didn't carry out a fit and proper test, through to the mortgage with an annual interest rate of 138%. How can a greedy individual like this, get away with killing a club like this? Football is becoming a bigger let down to the average fan, with each passing day.

[SIMON GARNERS 194]

.....And yet just a few miles away reside two Manchester Clubs drowning in Money worth Billions.

Jim "we're coming for you Venkys" White?..complete cock.

Edited August 27, 2019 by SIMON GARNERS 194

[Vinjay]

What's it got to do with FUP lover Dolt? Isn't he usually sitting in some public house playing his condescending "man of the people" act? 

I've said myself that Rovers could market in Bolton (and it makes sense considering the support in the Preston are that's been noted) but on the other hand how can anyone say there's no guarantee it won't happen here. I'm not saying it will but it wouldn't exactly be a earth shattering surprise either.

[Mattyblue]

Just now, DE. said:

Apparently Sky have a "countdown clock" for Bury and Bolton. What a set of absolutely detestable cretins they are.

Jim White is putting on his best faux concerned face. Like Count Dracula.

In a sport full of compete tosspots he’s got to be right up there.

[MarkBRFC]

Oh Sky will be absolutely loving this, it's probably got a few extra thousand eyeballs on there channel.

[Mattyblue]