Administration and recovery

[Worthy4England]

Erm as I said before the issue from an admin point of view is done. The funds shown. As I PMd two members on here this morning the admins were saying that EFL required hotel as part of deal. We speculated that reason could only be due to business plan involving hotel income. This is now confirmed by administrators.

I would suggest that given a full and frank reason for why the deal is stalled is now available in the public domain that there is no need to invent stuff.

It’s very concerning. The EFL are going to have to somehow wave this through or FV find funding the bridge this gap in their 2 year plan. And fast. We are unable to start the season in admin as today has shown.

Feels like Quantuma need to get to at least Preferred Bidder, quick sharp.

Yep. Or EFL have to decide if they want to see us liquidated or not....

Not sure what it has to do with EFL? If the business plan doesn't fly for FV without hotel, then that's nowt to do with EFL?

[bristol_Wanderer3]

Erm as I said before the issue from an admin point of view is done. The funds shown. As I PMd two members on here this morning the admins were saying that EFL required hotel as part of deal. We speculated that reason could only be due to business plan involving hotel income. This is now confirmed by administrators.

I would suggest that given a full and frank reason for why the deal is stalled is now available in the public domain that there is no need to invent stuff.

It’s very concerning. The EFL are going to have to somehow wave this through or FV find funding the bridge this gap in their 2 year plan. And fast. We are unable to start the season in admin as today has shown.

Feels like Quantuma need to get to at least Preferred Bidder, quick sharp.

Yep. Or EFL have to decide if they want to see us liquidated or not....

Why do you think the hotel is such an important component of the FV business plan?

Unless the hotel comes with additional land, then it seems to make more business sense if an established hotel operator won the bid for the hotel?

What am I missing?

[Bertie Wooster]

No spinning of plates here, just sheer incompetence by both the club admins & FV

My point is how on earth were they appointed preferred bidder, when their 'preferred' bid was dependant on the hotel being part of the agreement (so with conditions attached) when it clearly wasn't part of the bid for the club, and with completely separate admins & timescales in regards to the sale of the hotel i.e. something completely out of their control.

[BWFC_Insane]

Erm as I said before the issue from an admin point of view is done. The funds shown. As I PMd two members on here this morning the admins were saying that EFL required hotel as part of deal. We speculated that reason could only be due to business plan involving hotel income. This is now confirmed by administrators.

I would suggest that given a full and frank reason for why the deal is stalled is now available in the public domain that there is no need to invent stuff.

It’s very concerning. The EFL are going to have to somehow wave this through or FV find funding the bridge this gap in their 2 year plan. And fast. We are unable to start the season in admin as today has shown.

Feels like Quantuma need to get to at least Preferred Bidder, quick sharp.

Yep. Or EFL have to decide if they want to see us liquidated or not....

Not sure what it has to do with EFL? If the business plan doesn't fly for FV without hotel, then that's nowt to do with EFL?

The EFL could approve it with a funding gap. They did for Ken/DH. The issue is EFL approval. They could approve it with special monitoring assuming FV in longer term could offer up some way to manage gap. Ultimately it’s going to come down to that or BWFC not starting the season and ceasing to exist.

[BWFC_Insane]

Erm as I said before the issue from an admin point of view is done. The funds shown. As I PMd two members on here this morning the admins were saying that EFL required hotel as part of deal. We speculated that reason could only be due to business plan involving hotel income. This is now confirmed by administrators.

I would suggest that given a full and frank reason for why the deal is stalled is now available in the public domain that there is no need to invent stuff.

It’s very concerning. The EFL are going to have to somehow wave this through or FV find funding the bridge this gap in their 2 year plan. And fast. We are unable to start the season in admin as today has shown.

Feels like Quantuma need to get to at least Preferred Bidder, quick sharp.

Yep. Or EFL have to decide if they want to see us liquidated or not....

Why do you think the hotel is such an important component of the FV business plan?

Unless the hotel comes with additional land, then it seems to make more business sense if an established hotel operator won the bid for the hotel?

What am I missing?

As part of EFL approval process you have to submit a business plan showing how you will cover club losses for two years. If some of that was funded by having hotel then EFL will not approve until there is some certainty hotel is in place. Administrators confirmed this in their statement.

The issue is how critical is hotel and can something substitute it. Or will EFL really let us fold. In my view.

[bristol_Wanderer3]

As part of EFL approval process you have to submit a business plan showing how you will cover club losses for two years. If some of that was funded by having hotel then EFL will not approve until there is some certainty hotel is in place. Administrators confirmed this in their statement.

The issue is how critical is hotel and can something substitute it. Or will EFL really let us fold. In my view.

Yes I understand that, but the hotel makes a loss. That loss will likely increase with reduced crowds at the football games. So given that, it would logically suggest that any bid for the club is better without the hotel? Are you saying that FV may have presented a plan to turn the hotel into a profit maker within the next two years in their business plan? Is there a benefit of having an increased turnover despite the bigger losses?

[Worthy4England]

No spinning of plates here, just sheer incompetence by both the club admins & FV

My point is how on earth were they appointed preferred bidder, when their 'preferred' bid was dependant on the hotel being part of the agreement (so with conditions attached) when it clearly wasn't part of the bid for the club, and with completely separate admins & timescales in regards to the sale of the hotel i.e. something completely out of their control.

That's a great question. And I dunno. Would've thought that Admins would have had to ensure bid for Club was in isolation of anything else because like you say two different legal entities being sold and they couldn't guarantee same bidder would get both. So not sure why they hadn't/didn't...

I'm not sure how you get to the notion that it's incompetence by FV or lack of understanding by them as to how urgent shit is, though? Admins are in charge of both, not FV.

[officer_dibble]

If it liquidates Ken gets nowt...so I reckon one of his dodgy mob is lined up to buy hotel. Hoping that FV are the fall guys for the club only, leaving us with owners who can’t fund a club (and don’t want it without hotel) and a potential second pay when either FV or a new party buy club and pay over the odds for hotel. Ken and his crony make some relatively quick readies.

Plenty of clubs have warring owners!

[Worthy4England]

The EFL could approve it with a funding gap. They did for Ken/DH. The issue is EFL approval. They could approve it with special monitoring assuming FV in longer term could offer up some way to manage gap. Ultimately it’s going to come down to that or BWFC not starting the season and ceasing to exist.

Coupla points. Once bitten, twice shy springs to mind. And. We have no clue as to how large said gap is without hotel (it might be unworkable without)... People are assuming it's of little consequence as it was loss making in the last published Accounts, but for all we know they might have had a plan to use it/part of it for something completely different (say for example convert the GF to another Data Centre to go alongside their other businesses)...

[BWFC_Insane]

As part of EFL approval process you have to submit a business plan showing how you will cover club losses for two years. If some of that was funded by having hotel then EFL will not approve until there is some certainty hotel is in place. Administrators confirmed this in their statement.

The issue is how critical is hotel and can something substitute it. Or will EFL really let us fold. In my view.

Yes I understand that, but the hotel makes a loss. That loss will likely increase with reduced crowds at the football games. So given that, it would logically suggest that any bid for the club is better without the hotel? Are you saying that FV may have presented a plan to turn the hotel into a profit maker within the next two years in their business plan? Is there a benefit of having an increased turnover despite the bigger losses?

I think that the loss is partly because the club was using its services for free. So as a free running business it has value. Which is why a few chains are trying to buy it. The plan was possibly for FV to sell it or sell its operation. Other factor is I believe club owes hotel money. So if another party buys hotel that’s more cash for FV to find as part of admin settlement.

[BWFC_Insane]

The EFL could approve it with a funding gap. They did for Ken/DH. The issue is EFL approval. They could approve it with special monitoring assuming FV in longer term could offer up some way to manage gap. Ultimately it’s going to come down to that or BWFC not starting the season and ceasing to exist.

Coupla points. Once bitten, twice shy springs to mind. And. We have no clue as to how large said gap is without hotel (it might be unworkable without)... People are assuming it's of little consequence as it was loss making in the last published Accounts, but for all we know they might have had a plan to use it/part of it for something completely different (say for example convert the GF to another Data Centre to go alongside their other businesses)...

I have no issue with your points apart from...as a fan I don’t really care if the FL lose reputation in handing us a few more months or a year to fix the problems - I’d take that spin of the wheel over the alternative.

The FL may well see it differently and you are absolutely correct it might be far too significant to overlook....

I’m off to down a pint of wine....and rewatch the cricket from Sunday....

[nicholaldo]

Give Bassini a bell.

[Bertie Wooster]

It appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.

If I was one of the other bidders I would be seriously challenging the decision of the club admins.

[nicholaldo]

It appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.

If I was one of the other bidders I would be seriously challenging the decision of the club admins.

I suspect that FV weren't the "preferred" bidder but rather the only (potentially viable) bidder.

[BWFC_Insane]

It appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.

If I was one of the other bidders I would be seriously challenging the decision of the club admins.

The football club loses say 6M a year. You need a plan to cover that to get EFL approval. Their plan involved hotel. Nobody else could even show the cash to pay off creditors as part of admin deal. So how do you think those parties would get on trying to show they could fund club losses for two years?

Fact is that anyone buying us needs a commercial plan. Further fact is that James’ security is against hotel assets.

[Bertie Wooster]

It appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.

If I was one of the other bidders I would be seriously challenging the decision of the club admins.

The football club loses say 6M a year. You need a plan to cover that to get EFL approval. Their plan involved hotel. Nobody else could even show the cash to pay off creditors as part of admin deal. So how do you think those parties would get on trying to show they could fund club losses for two years?

Fact is that anyone buying us needs a commercial plan. Further fact is that James’ security is against hotel assets.

And you know this for a fact or are you speculating ?

[BWFC_Insane]

It appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.

If I was one of the other bidders I would be seriously challenging the decision of the club admins.

The football club loses say 6M a year. You need a plan to cover that to get EFL approval. Their plan involved hotel. Nobody else could even show the cash to pay off creditors as part of admin deal. So how do you think those parties would get on trying to show they could fund club losses for two years?

Fact is that anyone buying us needs a commercial plan. Further fact is that James’ security is against hotel assets.

And you know this for a fact or are you speculating ?

Nobody knows anything for a fact. It’s true unless admins are not being honest. But that’s hard to build a working hypothesis around given their responsibility and accountability.

[Harry Genshaw]

^
This is what smells a bit fishy to me. The administrators made a statement that said FV were the successful bidders after an interest (bids?) had been expressed by 6 parties in total.

It has since turned out that only 1 party paid the requisite 25k and they can only go ahead if the hotel is in the package.

I'm starting to believe Bassini may have had a point

[Worthy4England]

It appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.

If I was one of the other bidders I would be seriously challenging the decision of the club admins.

Given you joined in June, you're not Bassini's brighter brother are you?

It is still possible that all things considered FV was still the best of the bids recieved within the timeframe - that all the others weren't as good. If that was the case they'd be bang on to have selected FV as if no credible bid was received they'd have to look at liquidation.

[Worthy4England]

I'm starting to believe Bassini may have had a point

Bassini would only have a point if he could demonstrate that his bid (the one within the timeframe) was better than FV's, which he probably can't do as he won't have seen FV's...