Administration and recovery

[Worthy4England]

I give up, administrator now blaming another administrator for kicking their heels over the sale of the hotel.

This isn't going to end well.

FV need both club and hotel for the business model to work.

That doesn't read at all well. And I thought in one of their previous statements they's said Club could complete without hotel...

[Lost Leopard Spot]

...anyway, I'm off now to binge watch all five episodes of 'Chernobyl' which arrived in the post on Monday, to cheer myself up.

[jimbo]

If they did hand in their notice and walk away, would they still be owed all of their unpaid wages and bonuses (lol) ? Could that be a reason they’ve stuck around? Otherwise I’d have been out of there like a shot at the first opportunity.

[bristol_Wanderer3]

The six senior players would all get L1 clubs as free agents.

If that were true they'd be long gone.

I mean a contract from a L1 club might be nowhere near what they are currently on here. I'm not sure if they had relegation clauses in their deals, but an average Championship player is on around 3-4x what a L1 player gets, IIRC from some articles we discussed on here a while back.

That is probably the reason they are still here, but I'm sure they are weighing if a pay cut with a secure environment is better than this shambles...

[Harry Genshaw]

I don't blame them. No way I'd be offering my labour after 20 weeks without pay.

Surprises me that Oz, Magennis and Matthews haven't already served their notices given there's alleged interest in them.

[Dave Sutton's barnet]

https://www.bwfc.co.uk/news/2019/july/s ... wanderers/

I have seen the statement released by the players today. While it is riddled with factual inaccuracies, their position is understandable and one with which I have a great deal of sympathy. The fact they have not been paid would appear to have had a major impact on their collective mindset.

The ongoing situation has been continuously explained to them by Phil Parkinson. My team and I have been in dialogue with him since the first day of the Administration. We have also spoken to various agents, the PFA and the LMA to keep them apprised of the situation.

As football creditors, Phil, his staff and the players will get paid in full once the deal has been completed. This is in contrast to other creditors, who will receive nothing approaching that level of compensation.

Yes, the players have had to suffer hardship in terms of limited training facilities but decisions had to be taken in terms of finances and the need to prioritise payment of club staff was an overriding factor.

And, with the greatest respect to the players, they do not have a full understanding or appreciation of the club’s ongoing financial position. I am working within a budget to keep this club alive until a sale is completed.

However, the fact is I share many of the same frustrations as the players, the staff and all the fans who have shown incredible resilience and patience throughout this process.

We have reached a stage in the deal to sell the club to Football Ventures and are working tirelessly to complete the transaction.

It has been a complex process and one which has taken longer than I would have preferred considering the new season starts in just over two weeks. Now it is time for all parties to recognise the necessity for swift action and decisions to safeguard the future of the club.

Hopefully, supporters will be reassured by the fact plans for player recruitment, season ticket and match day prices are all in place, and will be activated immediately once a deal has been completed.

But one outstanding element of the deal, which is not under my control, is the sale of Whites Hotel.

Football Ventures' ownership model, one supported by the EFL, is based on a deal for both the club and hotel, so I would encourage all parties involved to act swiftly to ensure the pressing timeframe for completion is met.

I would implore everybody to drive through this deal and ensure this great football club is restored to its rightful position.

[Dave Sutton's barnet]

If they did hand in their notice and walk away, would they still be owed all of their unpaid wages and bonuses (lol) ? Could that be a reason they’ve stuck around? Otherwise I’d have been out of there like a shot at the first opportunity.

They would surely be owed under contract law.

[bristol_Wanderer3]

I give up, administrator now blaming another administrator for kicking their heels over the sale of the hotel.

This isn't going to end well.

FV need both club and hotel for the business model to work.

That doesn't read at all well. And I thought in one of their previous statements they's said Club could complete without hotel...

Haven't the hotel administrators already said they are 4-6 weeks away from completion? If so, then that plus this statement is effectively saying the takeover won't happen before the start of the season?

[Worthy4England]

I give up, administrator now blaming another administrator for kicking their heels over the sale of the hotel.

This isn't going to end well.

FV need both club and hotel for the business model to work.

That doesn't read at all well. And I thought in one of their previous statements they's said Club could complete without hotel...

Haven't the hotel administrators already said they are 4-6 weeks away from completion? If so, then that plus this statement is effectively saying the takeover won't happen before the start of the season?

6-8 weeks according to Iles piece in BEN ( which came from the Admins statement). Also said there'd been no dialogue between admins and FV up to this point. I'm now officially above 1 on the panic fanny scale.

[DJBlu]

The statement is the work of Paul Appleton so take every bit of it with a pinch of salt.

Just been called out on twitter by Mark Little saying he's not spoken to PP for months and gets his updates like the rest of us though the press.

Why does it still smell like KA is still lingering?

[officer_dibble]

Definite whiff of Ken Anderson all this. He’s appointed his own admin team (or got them appointed). F*ck about with the hotel, make it difficult. F*ck knows why!

Looks like it’s going down the shitter to my uneducated self.

[LeverEnd]

Without knowing the full info and what the players may have been told, I’m not sure how sympathetic to be with them for this one. In the past when they’ve been on strike it’s been KA breaking promises and no resolution in sight. This time we’re in admin, obviously working towards a solution. It was never going to be a quick deal. I doubt striking is going to force anyone’s hand to pay them given the ongoing take over. All it’s doing is messing up pre season plans.

With the same introductory caveat as you , I completely agree. Which, given it's your caveat, means I completely agree.

Haven't they still not been paid since March, including when they should have been since the admins took over?

That's a ludicrously long time, and I can see why they aren't keen to risk a Lee Chung-yonger for a club that hasn't paid them in 1/3 of a year.

Their statement is here.

https://www.theboltonnews.co.uk/sport/1 ... ssion=true

Exactly that. Completely support the players' stance here. Might just jolly things along.
Plus, it's only a friendly, and as meaningless as one gets without a proper squad.
That admin wanker obviously can't be arsed to communicate with them either.

[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.

[Worthy4England]

Definite whiff of Ken Anderson all this. He’s appointed his own admin team (or got them appointed). F*ck about with the hotel, make it difficult. F*ck knows why!

Looks like it’s going down the shitter to my uneducated self.

As to the "why" Club admin said he was owed somewhere round £1m, he said he was owed £7/£7.5m iirc. He might be trying to extract as much of the "difference" as he can out of the hotel sale...

[Lost Leopard Spot]

Once upon a time there were 4 little pigs. One pig had a structure made of concrete that could house any number of little piglets. The other three pigs had houses built of straw, swarf' and mud.
The pigs hatched a plan and gathered all the pigswill they could and presented the plan to a big bad wolf.
The big bad wolf looked at the plan and said deposit as much pigswill as you can in my den.
Unfortunately, because the pig with the concrete house couldn't access any pigswill, because it was mostly hidden in the concrete sty, he asked a nephew pig to deposit some pigswill.
Then when the big bad wolf started demanding deposits of the pigswill, the pig who lived in a mud house decided he'd had enough. The pigs in the straw and swarf' houses still carried on like nothing had happened.
Too much pigswill has been deposited for Straw Pig or Swarf' Pig, nor Big Bad Wolf to admit the plan for pigsville has gone tits up.
Concrete Pig can't cover his pigswill. Straw pig is desperately searching for another pig with a mud house.
Big bad wolf is beginning to huff and puff, but his cousin has already started to blow the concrete house down.

[officer_dibble]

Definite whiff of Ken Anderson all this. He’s appointed his own admin team (or got them appointed). F*ck about with the hotel, make it difficult. F*ck knows why!

Looks like it’s going down the shitter to my uneducated self.

As to the "why" Club admin said he was owed somewhere round £1m, he said he was owed £7/£7.5m iirc. He might be trying to extract as much of the "difference" as he can out of the hotel sale...

Yep...
His final act
Cue Bassini or that other dodgy c*nt Fawaz or whatever he’s called ex Forest. They will own the hotel and FV a club without a pot to piss in. Eddie Davies who wanted all 4 sides of the ground to be in use 7 days a week will be turning in his grave.

[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.

[Bertie Wooster]

So a statement from the admins selling the club have stated that FV's 'preferred bidder' business plan (with EFL approval) needs both the club & hotel. Yet the hotel admins a few days ago stated that they have had no communication with FV to date & very little communication from the club admins.

It really is shambolic from both the club admins & FV, and some still say that FV fully understand the urgency of the situation - so saying that its apparently a min of 4-6 weeks before any possible hotel sale, and FV haven't even spoken to the hotel admins yet means that its 4-6 weeks before FV could complete at best, which means that we will not be able to start the season & will not complete our 1st handful of games as the players are on strike & we cant sign any others.

Surely FV knew that the hotel wasn’t included in the sale of the club when they put their bid in ?

[Worthy4England]

So a statement from the admins selling the club have stated that FV's 'preferred bidder' business plan (with EFL approval) needs both the club & hotel. Yet the hotel admins a few days ago stated that they have had no communication with FV to date & very little communication from the club admins.

It really is shambolic from both the club admins & FV, and some still say that FV fully understand the urgency of the situation - so saying that its apparently a min of 4-6 weeks before any possible hotel sale, and FV haven't even spoken to the hotel admins yet means that its 4-6 weeks before FV could complete at best, which means that we will not be able to start the season & will not complete our 1st handful of games as the players are on strike & we cant sign any others.

Surely FV knew that the hotel wasn’t included in the sale of the club when they put their bid in ?

Spinning wheels a bit here Bertie. The hotel Admins, Quantuma, are in charge of the process to sell, not FV. FV can't do anything in relation to hotel unless they were preferred bidder... Which unless I missed it Quantuma haven't announced yet.

FV would be entitled to put a bid in on whatever basis they liked for Club. Up to Admins of Club, Rubins, to determine whether that was a reasonable approach.

[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....