The breaking News thread...

[Tombwfc]

http://www.bwfcst.co.uk/update-from-the ... ing-group/" onclick="window.open(this.href);return false;

.... which all seems very reasonable to me. I'm sure at least two people on here will be able to spot the evil hidden motive though.

[jmjhb]

Below is tonight’s statement from the BWFCST Steering Group.

In line with the Trust’s objectives and rules, which include ‘achieving the greatest possible supporter and community influence in the running and ownership of the Club’, BWFCST has been in regular dialogue with the Club’s management regarding its sale.

We have written to the owner, Eddie Davies. We have expressed our commitment to help lead an acquisition, in conjunction with local institutions and businesses, from whom we have received a very positive response. Our objective is to raise sufficient funding to secure the future of the Club for the benefit of the supporters, the community and the town. We would not engage with anyone who didn’t share our commitment to a community investment.

We have requested immediate access to management and financial information and preferred bidder status.

We would make every effort to achieve a solvent purchase, to avoid losses for creditors and a points deduction. This could only be assessed and confirmed once the above access is granted, to enable us to establish the extent and timing of the funding needed. If administration proved unavoidable, we would work with the Club to make the best of that situation. If we believe that a supporter led takeover is feasible, we will consult with supporters before moving forward with a bid.

Ideally, we would have started this process once membership fees had been taken, an AGM held and a board voted in, but time is against us and we have had to act now to try to secure the Club’s future. We continue to take guidance from Supporters Direct, who have 15 years’ experience of helping supporters at other clubs through similar situations.

We understand that you, as fans, will have questions about this move. We have attempted to answer as many as possible below.

Was this the intention of the Steering Group all along?

An acquisition of the Club which the Trust could be part of has always been an option available to the Trust (as outlined in previous communications and in item 5.1 of the Model Rules, available here). Since the initial meeting on January 6th 2016 things have moved very quickly, and the Steering Group, on behalf of the Trust, is now looking to secure access to funds and resources to take part in a community-led bid, for the good of the fans and to secure the long-term future of the Club.

So, will the Supporters’ Trust own the Club outright if the bid is successful?

We do not believe that the Trust could raise enough money alone to purchase the entire club. So, we are examining a similar model to that at Portsmouth, where the Trust, with a combination of local institutions and businesses, would acquire the Club. Consequently, the Trust and its members would own a percentage of the Club, depending on how much money the Trust could raise. The more the Trust could raise, the more of the Club it would own.

The Steering Group hasn’t been elected, and the Trust isn’t yet fully formed, so why are they making a move to help buy the Club?

The situation is urgent and we have to act now. The winding-up petition is due to be heard in the High Court on February 22nd, so the Steering Group, under the guidance of Supporters Direct, has decided to participate now in this community-led bid, before it is too late. A formal participation when funds are raised will be subject to consultation with supporters.

Does this mean the Steering Group members are now on the board of the Trust?

No – there will be Trust board elections as soon as possible. The fact that the Trust is trying to help buy the Club changes nothing with regards to how the Trust works.

Do the Trust’s members, or the Steering Group members get a seat on the board if the bid is successful?

There would be significant involvement of the Trust on the board. Once the Trust’s board has been elected, the members will then select their representatives on the Club’s board to ensure there is constant dialogue between those running the Club and the Trust, and ultimately the fans. The number of individuals from the trust on the Club’s board would be linked to the amount raised by the Trust.

Richard Hurst is the interim Trust Chairman. Would he be the Bolton Wanderers Chairman if the bid was successful?

No. Richard does not want to be the Bolton Wanderers Chairman. If the bid is successful, the Trust, in conjunction with the participating local institutions and businesses, will select a Chairman when the time comes. This will be someone who can lead the Club forward in a transparent and professional manner.

How can the Trust help buy the Club at such an early stage?

The Trust is now fully registered and, in accordance with the Model Rules, can help acquire a stake in the football Club.

Where is the money coming from?

Local institutions and businesses have approached the Steering Group to offer funds to enable the potential acquisition to take place. All those involved are lifelong Bolton Wanderers fans and committed to the idea that this is a community led acquisition. This is in line with the Portsmouth model explained so passionately by Ashley Brown (Pompey Trust Chairman) and his colleagues at the meeting on January 6th.

We will keep supporters updated on this and on progress in setting up the Trust. If you have any further questions, please email: [email protected].

Thank you for your continued support.

[officer_dibble]

No hidden evil from me...I am bothered about their financial muscle though.

[BWFC_Insane]

So the trust appoint a guy who serves on a current board with ED and suddenly are launching a bid for the club. With unknown backers.

Very transparent.....

Somehow I don't like the sound of this. I predict most of the current shambolic board surviving. And Eddie retaining some control.

[Gary the Enfield]

This is proper twisting my melon man!

[thebish]

So the trust appoint a guy who serves on a current board with ED and suddenly are launching a bid for the club. With unknown backers.

Very transparent.....

Somehow I don't like the sound of this. I predict most of the current shambolic board surviving. And Eddie retaining some control.

somehow I'm not surprised!

[BWFC_Insane]

So the trust appoint a guy who serves on a current board with ED and suddenly are launching a bid for the club. With unknown backers.

Very transparent.....

Somehow I don't like the sound of this. I predict most of the current shambolic board surviving. And Eddie retaining some control.

somehow I'm not surprised!

I'm most certainly not alone.

[thebish]

if a supporters trust with genuine town-based backing DOES achieve this - then I'd much prefer to see that happen than what MIGHT be a shady bunch of backers fronted by Deano leveraging some kind of millstone mortgage deal...

still a lot of "ifs", though - and I, for one, am glad we are taking every scrap of the time we have to weigh up the options.

[BWFC_Insane]

if a supporters trust with genuine town-based backing DOES achieve this - then I'd much prefer to see that happen than what MIGHT be a shady bunch of backers fronted by Deano leveraging some kind of millstone mortgage deal...

still a lot of "ifs", though - and I, for one, am glad we are taking every scrap of the time we have to weigh up the options.

It is as equally likely that there are a shady group of backers for the trust.

I mean we are run currently by a shady backer. Someone who is a tax exile who houses his money in mysterious businesses in the Caribbean.

But beyond that if the trust is truly independent and not being played by the current board members then it comes down to can they raise money and create a business plan so we aren't small time. Just being community run doesn't make the problems go away. We are still asset rich compared to other trust run clubs.

[Tombwfc]

So the trust appoint a guy who serves on a current board with ED and suddenly are launching a bid for the club. With unknown backers.

Very transparent.....

Somehow I don't like the sound of this. I predict most of the current shambolic board surviving. And Eddie retaining some control.

Oh christ.

Please, please explain (in as much detail as possible) what you think the conspiracy is here.

[TANGODANCER]

So the trust appoint a guy who serves on a current board with ED and suddenly are launching a bid for the club. With unknown backers.

Very transparent.....

Somehow I don't like the sound of this. I predict most of the current shambolic board surviving. And Eddie retaining some control.

Oh christ.

Please, please explain (in as much detail as possible) what you think the conspiracy is here.

You know, I could swear I saw somebody coming out of The Works bookshop yesterday with a copy of Catcher in the Rye. Could it have been......???

[BWFC_Insane]

So the trust appoint a guy who serves on a current board with ED and suddenly are launching a bid for the club. With unknown backers.

Very transparent.....

Somehow I don't like the sound of this. I predict most of the current shambolic board surviving. And Eddie retaining some control.

Oh christ.

Please, please explain (in as much detail as possible) what you think the conspiracy is here.

Isn't a conspiracy. Question is does Eddie see handing club to the trust as the easy option?

And then a more important question, can the trust and backers they have afford to run the club on a proper and ongoing basis?

[Worthy4England]

So the trust appoint a guy who serves on a current board with ED and suddenly are launching a bid for the club. With unknown backers.

Very transparent.....

Somehow I don't like the sound of this. I predict most of the current shambolic board surviving. And Eddie retaining some control.

Oh christ.

Please, please explain (in as much detail as possible) what you think the conspiracy is here.

Isn't a conspiracy. Question is does Eddie see handing club to the trust as the easy option?

And then a more important question, can the trust and backers they have afford to run the club on a proper and ongoing basis?

So the same questions that Sports Shield would need to answer then? Or any other interested party?

[BWFC_Insane]

So the trust appoint a guy who serves on a current board with ED and suddenly are launching a bid for the club. With unknown backers.

Very transparent.....

Somehow I don't like the sound of this. I predict most of the current shambolic board surviving. And Eddie retaining some control.

Oh christ.

Please, please explain (in as much detail as possible) what you think the conspiracy is here.

Isn't a conspiracy. Question is does Eddie see handing club to the trust as the easy option?

And then a more important question, can the trust and backers they have afford to run the club on a proper and ongoing basis?

So the same questions that Sports Shield would need to answer then? Or any other interested party?

I suspect the barriers will be much lower for the Supporters Trust as I think Eddie would see it as face saving.

If they can lay their hands on the 15M or so required for a year and a half then fair play. But the clock is ticking.

[Worthy4England]

In fact, as I currently read it, you don't know ED's asks, you don't know diddly about Sports Shield finances, even less about the Trust and from that knowledge powerbase, you wanted ED to fly back from Barbados to sell the Sports Shield last week?

Bizarre.

[Dave Sutton's barnet]

It is understood the [Sports Shield] group will walk away from the negotiation process if they are not named as preferred bidders.

We have requested immediate access to management and financial information and preferred bidder status.

[Worthy4England]

I'm with Insano, in that you have to ask, but unless they made some significant disclosures, on what basis would they expect anyone to be able to make them preferred other than a nod and a wink?

[LeverEnd]

Looks like the supporters have got it.

[jonnycooper]

It is understood the [Sports Shield] group will walk away from the negotiation process if they are not named as preferred bidders.

We have requested immediate access to management and financial information and preferred bidder status.

Is that a bit like! We'd prefer Messi,but got Madine?

[Gravedigger]

Phil has a fax in his pocket...oh hang on.