Bolton Wanderers Unpaid Staff Need Food bank.

[lraC]

Just now, philipl said:

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.

 

 

And this guy was deemed to be fit and proper?. no wonder the game is in a mess. It seems to be full of more crooks and vagabonds, than your average prison.

[tomphil]

11 hours ago, bazza said:

No government of this country of whatever colour is going to intervene in football matters. It's up to the football authorities. But they seem to be inept. Par for the course with regard to many things in this country.

There's millions in tax and VAT to be made from football in this country no wonder outside money is very welcome so yep no Govt will touch it.

As long as there is no obvious direct trace to anything really dodgy i don't think they care where some of that money comes from either.  

[lraC]

Nothing dodgy as in brown envelopes sweeteners and little tickles here and there for services rendered. It's not too long ago that the England Manager had to resign and was possibly a little lucky that his misdemeanours, only cost him is job, allegedly.

[SIMON GARNERS 194]

2 hours ago, lraC said:

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. 

Nail on head.

This vile individual knew all along what he was doing,an engineered situation were he and he alone was to financially benefit.

Bet he's laughing his bollox of this morning as he tucks into his x2 full English.

Football is full of charlatans and shysters like this berk.

Edited August 24, 2019 by SIMON GARNERS 194

[DE.]

At this point the EFL are in a no-win situation with Bury anyway. Obviously if they are expelled then it is a massive black eye on the competetion and the EFL structure as a whole. If they survive and are able to start playing fixtures again then they have a lot to make up, which I assume will come in the form of midweek matches - difficult for Bury but also unfair on the teams who they're playing against, as they will now have less recovery time for their matches on Saturday. 

[tomphil]

2 hours ago, SIMON GARNERS 194 said:

Nail on head.

This vile individual knew all along what he was doing,an engineered situation were he and he alone was to financially benefit.

Bet he's laughing his bollox of this morning as he tucks into his x2 full English.

Football is full of charlatans and shysters like this berk.

Remember when Rovers signed Givet and the random bloke discovered with 50k in a brown paper bag he'd been told to drop off somewhere or something ?

Large manager  allegedly bent as a rusty old nail no wonder the fat slug and bald guy wanted shut of him he'd have been tucking right in to the impending feeding frenzy himself ?

 

Edited August 24, 2019 by tomphil

[JHRover]

31 minutes ago, DE. said:

At this point the EFL are in a no-win situation with Bury anyway. Obviously if they are expelled then it is a massive black eye on the competetion and the EFL structure as a whole. If they survive and are able to start playing fixtures again then they have a lot to make up, which I assume will come in the form of midweek matches - difficult for Bury but also unfair on the teams who they're playing against, as they will now have less recovery time for their matches on Saturday. 

If they approve the new ownership and grant a delay to complete then it might save Bury for the time being but if the new owners are skint or unsuitable or if the takeover runs into difficulties then the problem is only going to get worse.

Similar to Bolton - at the 11th hour with a choice between allowing a takeover or watching the club go bust which do the League accept? Either way they are opening the door to severe criticism.

[47er]

2 hours ago, lraC said:

And this guy was deemed to be fit and proper?. no wonder the game is in a mess. It seems to be full of more crooks and vagabonds, than your average prison.

I heard an interview with an EFL executive where she stated that Dale met the requirements of their rules!

Provokes the obvious comment---why did no-one at the EFL realise the rules were no bloody good?

Edited August 24, 2019 by 47er

[DE.]

Just now, JHRover said:

If they approve the new ownership and grant a delay to complete then it might save Bury for the time being but if the new owners are skint or unsuitable or if the takeover runs into difficulties then the problem is only going to get worse.

Similar to Bolton - at the 11th hour with a choice between allowing a takeover or watching the club go bust which do the League accept? Either way they are opening the door to severe criticism.

IMV the integrety of this season's League 1 competition is already damaged beyond repair. One team is bad enough, but for two to be going through this kind of situation whilst the season is in progress is outright negligence on the part of the authorities. 

[Pedro]

13 hours ago, jodrell said:

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

Bury were paying some players 7k a week when in League One last time around. I wouldn't choose to pee my hard-earned money their way just because my parents worked for the club. Phil Neville used to live near me and he's a good lad, with a lot of integrity and always did his bit for the community. I imagine his brother was similar and I wouldn't personally expect them to waste money on a concern such as Bury, who without being too rude have been shaking buckets to keep them going for nearly 30 years. 

[Mattyblue]

Unfortunately towns like Bury, Oldham, Rochdale, that aren’t small places by any means, are full of locals that would rather ‘support’ the Manchester clubs than their local institution.

Armchair United fans on social media ‘what a shame for my local club’ 

 

[Stuart]

https://www.efl.com/news/2019/august/efl-statement-bury-fc2/

New “deadline” 5pm Tuesday

[DE.]

Just now, Stuart said:

https://www.efl.com/news/2019/august/efl-statement-bury-fc2/

New “deadline” 5pm Tuesday

Quote

The EFL Board, however, remains firmly of the view that the League cannot be in a position whereby any more of the Club’s 2019/20 fixtures will be suspended due to the integrity of the competition

[SIMON GARNERS 194]

Just some 4,700 Bolton fans on today to see them get pasted again.

[Mattyblue]

Bolton now being threatened with a Tuesday expulsion too...

https://www.theboltonnews.co.uk/sport/17859314.bolton-kicked-efl-club-sale-delays/

 

[DE.]

Bolton u18's getting hammered every week is hardly maintaining the integrity of the league any more than Bury's fixtures being postponed. It's an embarrassment either way.

[MarkBRFC]

Under 18's and Lowe...

[DE.]

Been some downfall for Jason since he left us. A final day one year contract at Birmingham where he barely played, followed by relegation with Bolton and now captaining a team of u18 players who get destroyed every week in League 1. I remember when some said he'd end up in the Premier League when he left us  not quite.

[Mattyblue]

Who the f*ck said that? 

[rigger]

Just now, Mattyblue said:

Who the f*ck said that? 

Steve Kean

 

[rigger]

I hate Bolton more than I dislike Burnley

[DE.]

Just now, Mattyblue said:

Who the f*ck said that? 

Can't remember now, but it always stuck with me due to the sheer absurdity of it. I also recall his England u21 caps & captaincy being brought up regularly in defence of him, although that side included the likes of Jason Steele and Nathan Delfouneso...

Lowe was often referred to as "a scapegoat" by many, but as is usually the case - it was more that he was just rubbish and if you took your blue-and-white specs off that was painfully obvious. 

[Mattyblue]

Thinking about it wasn’t it one of the site’s resident contrarians... Jim? 

[JHRover]

44 minutes ago, Mattyblue said:

Bolton now being threatened with a Tuesday expulsion too...

https://www.theboltonnews.co.uk/sport/17859314.bolton-kicked-efl-club-sale-delays/

 

The way I read it was that if there's no sign of progress by 5pm Tuesday then they will 'consider' lifting the currently suspended 2 week membership withdrawal notice period.

Think the League have to give a club a minimum of 2 weeks notice of being kicked out. Bolton havent yet had that because of administration which means the notice is suspended until ownership is resolved. Bury had it 2 weeks ago so nothing stopping them kicking Bury out. The Bolton one will rumble on a while yet. I'd be interested to know how Bolton provided proof of funding to start the season in administration when Bury haven't been allowed to play due to a lack of proof of funds.

[DeeCee]

1 hour ago, DE. said:

Been some downfall for Jason since he left us. A final day one year contract at Birmingham where he barely played, followed by relegation with Bolton and now captaining a team of u18 players who get destroyed every week in League 1. I remember when some said he'd end up in the Premier League when he left us  not quite.

Was it not Premier Lodge?