Bolton Wanderers Unpaid Staff Need Food bank.

[MCMC1875]

Just now, Stuart said:

Imagine being a Bury fan this evening. It’s like the last 10 minutes in a must win game to stay in the league and you are 2-0 down, and you are praying for a goal and another 7 minutes of injury time.

But instead of a football match, the entire club is at stake...

Looking like they might have a buyer...

Dale wants em shut. Serial asset stripper.

[MCMC1875]

Just now, Pedro said:

Did they buy Neville's old house?

Yep £6m. Never used it.

[OldEwoodBlue]

Just now, Pedro said:

Did they buy Neville's old house?

Yes.

2 months ago they had a new heating system fitted. I talked with the lads who fit it. Venkys really haggled the price down and Rovers paid. So they still remember they own it and Chaddy has shares in a shiny new boiler fit to heat a mansion.

[OldEwoodBlue]

Reports there is a bid for Bury accepted by Dale

[jodrell]

Just now, OldEwoodBlue said:

Yes.

2 months ago they had a new heating system fitted. I talked with the lads who fit it. Venkys really haggled the price down and Rovers paid. So they still remember they own it and Chaddy has shares in a shiny new boiler fit to heat a mansion.

Makes the Blood boil

[Stuart]

Looks like Dale has just sold Bury FC and it’s down to the EFL to provide an extension to get the deal formally completed.

Edited August 23, 2019 by Stuart

[MCMC1875]

Justin Campbell.

[MCMC1875]

Just now, MCMC1875 said:

Justin Campbell.

Alastair Campbell's son. Neville's should hang their heads in shame: club where their parents worked all their lives.

[MCMC1875]

Wankers

[OldEwoodBlue]

https://www.sportingrisk.com/about-us

 

https://beta.companieshouse.gov.uk/company/10537471/filing-history

 

This lot ?... 

[toogs]

1 hour ago, tomphil said:

Agree that clubs bailing out other clubs sets a dangerous precedent and probably also why the authorities are reluctant as football being football and full of the chancers it is the piss will start to be took before long.  If there are handouts of any kind on offer suddenly there are plenty of hands wanting to grab a piece and not all very genuine.

Having said that 2 million in the wider football community is a morsel and if this was West Ham or someone of that ilk someone would slap the money down even just for the publicity of a good deed.

Think you've got to look at Neville, Scholes and crews like that pouring money into essentially starting new clubs and looking to SKY on the back of their profiles and influence to back it to the hilt with live games.  Perhaps the likes of them should look closer to home and get involved in ready made historical clubs like Bury etc.

Agree with all that except for the word perhaps. 

 

[Stuart]

Statement from Newman and Campbell of C&N Sporting Risk 

 "We can confirm that over the past 10 weeks we have been in discussions with Bury FC, the EFL and others with a view to putting forward a proposal to buy the club.

"It is a very complicated scenario and there remain a number of outstanding legal and other issues that have to be addressed.

"Our background is in football and data analytics and it should therefore not be surprising that we are taking a very detailed forensic look at the realities of Bury FC finances.

"A club like Bury ought to have a viable long-term future even if the short-term future is clearly very challenging. To that end we have been in discussions with the EFL about an extension so that we can continue to explore the prospects for a purchase. We will be making no further comment at this stage."

If I’m the EFL, I’m thinking: tyre kickers.

Not a great statement. 10 weeks and still not quite sure.

[jodrell]

8 minutes ago, MCMC1875 said:

Alastair Campbell's son. Neville's should hang their heads in shame: club where their parents worked all their lives.

more money to be made from Sky i in Salford than Bury. More loyalty to Friends than Family

[MCMC1875]

Just now, jodrell said:

more money to be made from Sky i in Salford than Bury. More loyalty to Friends than Family

Salford was derelict in the 80s.

[SIMON GARNERS 194]

Bury saved with last minute sale?....let's hope so.

[jodrell]

Just now, MCMC1875 said:

Salford was derelict in the 80s.

How much money has bee invested over the last few years in media city. plus  the raise in interest in the Manchester clubs. Also it wold have been a lot less cheaper  to invest in Slalford than Bury.If they have other motives  I don't have a clue

[jodrell]

ONE THING THAT HAS TO COME OUT OF THIS IS SORT OUT THE FIT AND PROPER RULES.

[MCMC1875]

The Football League was created to give all clubs an income throughout the year.

[windymiller7]

3 hours ago, OldEwoodBlue said:

Yes.

2 months ago they had a new heating system fitted. I talked with the lads who fit it. Venkys really haggled the price down and Rovers paid. So they still remember they own it and Chaddy has shares in a shiny new boiler fit to heat a mansion.

WTF! That heating system is about 7 years old now at the most. Why does it need replacing? Unless they've replaced the underfloor heating for something sensible that works (UFH is crap btw without spending proper money on controls)

Ok. Just answered  my own question. Remember GN wanting to save a few quid! Don't ask! 

[philipl]

It appears there is a non-executed subject to contract of sale of Bury so EFL are considering extending an expired deadline.

The headline news is that Bury have not been expelled at the time of writing.

Given the reputation of the current wannabe former owner and the state of that Gigg Lane mortgage, ten weeks is next to no time in taking on a vipers nest like Bury FC.

I would also use a take over vehicle with zero assets at this stage so I would not read anything into the accounts of that company.

The EFL are going to have to make a leap of faith on this one as big as the new owners are going to have to.

Bolton and several other clubs will be watching.

This is not the time for realising EFL rules are unfit for purpose and rejigging them especially when Bolton has already descended into a litigious mess.

My gut feeling is the EFL will kick this into the too difficult bucket and Bury are history unless the political pain on the EFL is increased. 

[lraC]

7 hours ago, MCMC1875 said:

Steve Dale's record at Companies House: 20 companies in distress or liquidation.

You can find that and wonder if he is fit and proper, but the football authorities couldn't. As we have seen with other dangerous people owning football clubs, if you know the right people it doesn't really matter. I assume it was Dale, who was so fit and proper he signed a Mortgage agreement that had an interest rate of 128%. Its as though he was setting this up to fail, so that his £1 turned into millions, almost over night. Someone will love Bury enough to rescue them at the death. 

The sad thing is, if he goes away for a couple of years and keeps his head down, they will let him repeat his trick again, with another unfortunate club. 

[philipl]

Just now, lraC said:

You can find that and wonder if he is fit and proper, but the football authorities couldn't. As we have seen with other dangerous people owning football clubs, if you know the right people it doesn't really matter. I assume it was Dale, who was so fit and proper he signed a Mortgage agreement that had an interest rate of 128%. Its as though he was setting this up to fail, so that his £1 turned into millions, almost over night. Someone will love Bury enough to rescue them at the death. 

The sad thing is, if he goes away for a couple of years and keeps his head down, they will let him repeat his trick again, with another unfortunate club. 

Apparently Bury's assets have been transferred to a company controlled by Steve Dale's daughter.

[jodrell]

4 hours ago, philipl said:

It appears there is a non-executed subject to contract of sale of Bury so EFL are considering extending an expired deadline.

The headline news is that Bury have not been expelled at the time of writing.

Given the reputation of the current wannabe former owner and the state of that Gigg Lane mortgage, ten weeks is next to no time in taking on a vipers nest like Bury FC.

I would also use a take over vehicle with zero assets at this stage so I would not read anything into the accounts of that company.

The EFL are going to have to make a leap of faith on this one as big as the new owners are going to have to.

Bolton and several other clubs will be watching.

This is not the time for realising EFL rules are unfit for purpose and rejigging them especially when Bolton has already descended into a litigious mess.

My gut feeling is the EFL will kick this into the too difficult bucket and Bury are history unless the political pain on the EFL is increased. 

this. How many more  dodgy owners are going to control clubs because PL / EFL can't do a proppper check on people

[philipl]

1 hour ago, philipl said:

Apparently Bury's assets have been transferred to a company controlled by Steve Dale's daughter.

Correction: (not that it is any better)

Company which bought Bury debt reported to be owned by partner of Dale’s daughter

• MP calls for investigation into deal which proved vital
• Debt purchase gave company crucial vote in favour of CVA

David Conn

Fri 23 Aug 2019 19.52 BSTLast modified on Fri 23 Aug 2019 21.15 BST

 

A company which bought a £7m debt owed by Bury for £70,000, and was then able to wield a crucial vote in favour of the club’s company voluntary arrangement (CVA), is reported to be owned by the partner of the daughter of Steve Dale, the club’s owner.

The MP for Bury North, James Frith, has called for an investigation into the sale of the debt to the company, RCR Holdings, which was formed on 16 July, two days before the meeting at which it then voted through the CVA.

RCR Holdings, registered to a private house address in Chadderton, Oldham, is wholly owned by Kris Richards, 41, who is also the sole director. Many Bury supporters immediately identified him as the partner of Dale’s daughter, then BBC Radio Manchester reported on Thursday that Richards had confirmed that to its reporter, Mike Minay.

Richards did not respond to a call or message from the Guardian to confirm it, nor to explain how the RCR deal came about or where the money to buy the debt came from. Dale repeatedly declined to answer the Guardian’s question about whether Richards is his daughter’s partner.

Dale’s CVA for Bury, who declared they were unable to pay their debts, and face a threat of expulsion from the EFL on Saturday, proposed paying “non-football” creditors a quarter of the total £4m they were owed. A meeting to approve it was adjourned on 9 July and rescheduled for 18 July. On 16 July RCR Holdings was formed, with Richards as the sole director and owner of its £100 share capital.

Two days later at the creditors’ meeting, the accountant supervising the CVA, Steven Wiseglass, announced that RCR Holdings had bought a debt of £7.1m owed by Bury to Mederco Ltd, a property company owned by the previous Bury owner, Stewart Day, which is now in administration. The Mederco administrators, the accountants Leonard Curtis, based in Leeds, this week reported to that company’s creditors that the £7m debt was sold to RCR for £20,000, rising to £70,000, one-hundredth of its value.

The weight of the £7m debt proportionate to the money owed to other creditors enabled Richards’ company to have a defining bearing on the vote to pass the CVA.

At the meeting a representative of a law firm Kay Johnson Gee, which had bills of £16,251 unpaid by Bury and voted against the CVA, asked if RCR was seeking a “dividend” alongside other creditors, of a quarter of the £7m debt it had bought for £70,000. RCR’s representative appeared to indicate that the company would not seek a dividend if it meant more money was required to fund the CVA. However, Dale told the Guardian on Thursday that in fact RCR is indeed seeking from the Bury CVA a quarter of the £7m: £1.75m, for a debt bought for £70,000.

Frith has called for an investigation into the RCR purchase of the debt, in a letter to the EFL chair Debbie Jevans this week, in which he said it “raises serious questions as to the relationship between Mederco (and its administrators), RCR Holdings and the current owner [Steve Dale].”

In a statement to the BBC, Dale declined to comment specifically on the RCR purchase or on whether Richards is his daughter’s partner, but said: “All dealings with the CVA have been done in a correct and proper manner.”

Last week the former Bury club secretary Jill Neville wrote to Dale when she resigned after 35 years’ service, calling on him to surrender ownership and control immediately so that the club could remain in the EFL and be saved.

 

 

[lraC]

1 hour ago, philipl said:

Apparently Bury's assets have been transferred to a company controlled by Steve Dale's daughter.

I think it was his daughters boyfriend from what I heard and he denied any connection allegedly.