The breaking News thread...

[Bruce Rioja]

What have we got to sell off? The hotel? Some land perhaps?

Can't see many takers for players myself.....

Yes, exactly that. There are players that we still need to get rid of just to balance the books, but I doubt that Dean Holdsworth's muckers have got involved in this because they're the little sisters of the poor. Seriously, I think that if anything has any value then it's for sale.

[BWFC_Insane]

What have we got to sell off? The hotel? Some land perhaps?

Can't see many takers for players myself.....

Yes, exactly that. There are players that we still need to get rid of just to balance the books, but I doubt that Dean Holdsworth's muckers have got involved in this because they're the little sisters of the poor. Seriously, I think that if anything has any value then it's for sale.

I'm not sure there are enough assets to sell to make them a return on their investment. Not assets that will easily be sellable at least. Especially with Eddie's debt left in and presumably he will have written in that he is owed a percentage of any asset sales till that debt is repaid.

They have to reduce costs and may well sell things in order to bridge that gap. We're still losing money every month.

But unless we have a couple of Gareth Bales hidden somewhere I suspect we aren't a good prospect currently for an asset stripping operation. Selling stuff to balance the books yes. Selling stuff in order for Sports Shield et al to make a quick return on investment? I personally can't see that happening.

[Worthy4England]

I'm not yet convinced they won't need to sell stuff just to cover the opex, let alone making a ROI.

[Bruce Rioja]

What have we got to sell off? The hotel? Some land perhaps?

Can't see many takers for players myself.....

Yes, exactly that. There are players that we still need to get rid of just to balance the books, but I doubt that Dean Holdsworth's muckers have got involved in this because they're the little sisters of the poor. Seriously, I think that if anything has any value then it's for sale.

I'm not sure there are enough assets to sell to make them a return on their investment. Not assets that will easily be sellable at least. Especially with Eddie's debt left in and presumably he will have written in that he is owed a percentage of any asset sales till that debt is repaid.

They have to reduce costs and may well sell things in order to bridge that gap. We're still losing money every month.

But unless we have a couple of Gareth Bales hidden somewhere I suspect we aren't a good prospect currently for an asset stripping operation. Selling stuff to balance the books yes. Selling stuff in order for Sports Shield et al to make a quick return on investment? I personally can't see that happening.

Well, our stadium's built on prime retail land and both our training grounds are on prime housing land. I'm guessing that this hasn't escaped DH's backers. We'll have to disagree, because I for the life of me can't see why these people would be investing in a poorly run northern football club unless they thought that there's a very realistic chance of turning a ROI.

[BWFC_Insane]

What have we got to sell off? The hotel? Some land perhaps?

Can't see many takers for players myself.....

Yes, exactly that. There are players that we still need to get rid of just to balance the books, but I doubt that Dean Holdsworth's muckers have got involved in this because they're the little sisters of the poor. Seriously, I think that if anything has any value then it's for sale.

I'm not sure there are enough assets to sell to make them a return on their investment. Not assets that will easily be sellable at least. Especially with Eddie's debt left in and presumably he will have written in that he is owed a percentage of any asset sales till that debt is repaid.

They have to reduce costs and may well sell things in order to bridge that gap. We're still losing money every month.

But unless we have a couple of Gareth Bales hidden somewhere I suspect we aren't a good prospect currently for an asset stripping operation. Selling stuff to balance the books yes. Selling stuff in order for Sports Shield et al to make a quick return on investment? I personally can't see that happening.

Well, our stadium's built on prime retail land and both our training grounds are on prime housing land. I'm guessing that this hasn't escaped DH's backers. We'll have to disagree, because I for the life of me can't see why these people would be investing in a poorly run northern football club unless they thought that there's a very realistic chance of turning a ROI.

The stadium is the only real likelihood for that quick return. But I imagine that would be very hard to do for a variety of reasons.

One training ground has already been sold by the previous regime. The second at Lostock, I understand (and if I'm wrong please correct me) is heavily protected under planning regulations and would be very difficult to sell for housing......

[Bruce Rioja]

[
One training ground has already been sold by the previous regime. The second at Lostock, I understand (and if I'm wrong please correct me) is heavily protected under planning regulations and would be very difficult to sell for housing......

To be honest I'm not up to speed on it all. One minute Wigan were buying Euxton, the next thing it's Preston. I don't know of any covenants/green belt issues with Lostock and it's been build right up to (with the exception of the Regent's Park extension) and they're currently building all around it such as on the old BAE sight. I wish I could share your optimism.

[BWFC_Insane]

[
One training ground has already been sold by the previous regime. The second at Lostock, I understand (and if I'm wrong please correct me) is heavily protected under planning regulations and would be very difficult to sell for housing......

To be honest I'm not up to speed on it all. One minute Wigan were buying Euxton, the next thing it's Preston. I don't know of any covenants/green belt issues with Lostock and it's been build right up to (with the exception of the Regent's Park extension) and they're currently building all around it such as on the old BAE sight. I wish I could share your optimism.

Oh it is far from optimism. But I will give them a chance at the start at least. I think Holdsworth is genuine in his desire to rebuild the club, but I fear he has been swept up by the idea rather than really considering the practicalities and of course, finances required. Its like going into a showroom or a shop to buy something expensive, and half way through realising that it is more expensive than you thought, but being swept along by the idea of it, and by that stage wanting it, after the sales pitch....and just buying it there and then anyway.

The Euxton ground went to Wigan prior to the takeover, in fact we move out of it by the end of this week!

[Dave Sutton's barnet]

Its like going into a showroom or a shop to buy something expensive, and half way through realising that it is more expensive than you thought, but being swept along by the idea of it, and by that stage wanting it, after the sales pitch....and just buying it there and then anyway.

The difference being it's mostly not Deano's money. If he's bought a dud, there's gonna be some much richer people very unhappy.

[thebish]

[
One training ground has already been sold by the previous regime. The second at Lostock, I understand (and if I'm wrong please correct me) is heavily protected under planning regulations and would be very difficult to sell for housing......

To be honest I'm not up to speed on it all. One minute Wigan were buying Euxton, the next thing it's Preston. I don't know of any covenants/green belt issues with Lostock and it's been build right up to (with the exception of the Regent's Park extension) and they're currently building all around it such as on the old BAE sight. I wish I could share your optimism.

Oh it is far from optimism. But I will give them a chance at the start at least. I think Holdsworth is genuine in his desire to rebuild the club, but I fear he has been swept up by the idea rather than really considering the practicalities and of course, finances required. Its like going into a showroom or a shop to buy something expensive, and half way through realising that it is more expensive than you thought, but being swept along by the idea of it, and by that stage wanting it, after the sales pitch....and just buying it there and then anyway.

The Euxton ground went to Wigan prior to the takeover, in fact we move out of it by the end of this week!

to be fair, though - for a moment - you can't really have it that Eddie was unreasonably blocking a solid cash-on-the-table, i-s dotted and t's crossed bid from SS for many weeks - AND ALSO - that SS just got swept along with the hype and the glamour and had never really thought through how much it would actually cost or the practicalities - being blinded by ED's fab and glitzy carshowroomesque sales pitch - can you??

[BWFC_Insane]

[
One training ground has already been sold by the previous regime. The second at Lostock, I understand (and if I'm wrong please correct me) is heavily protected under planning regulations and would be very difficult to sell for housing......

To be honest I'm not up to speed on it all. One minute Wigan were buying Euxton, the next thing it's Preston. I don't know of any covenants/green belt issues with Lostock and it's been build right up to (with the exception of the Regent's Park extension) and they're currently building all around it such as on the old BAE sight. I wish I could share your optimism.

Oh it is far from optimism. But I will give them a chance at the start at least. I think Holdsworth is genuine in his desire to rebuild the club, but I fear he has been swept up by the idea rather than really considering the practicalities and of course, finances required. Its like going into a showroom or a shop to buy something expensive, and half way through realising that it is more expensive than you thought, but being swept along by the idea of it, and by that stage wanting it, after the sales pitch....and just buying it there and then anyway.

The Euxton ground went to Wigan prior to the takeover, in fact we move out of it by the end of this week!

to be fair, though - for a moment - you can't really have it that Eddie was unreasonably blocking a solid cash-on-the-table, i-s dotted and t's crossed bid from SS for many weeks - AND ALSO - that SS just got swept along with the hype and the glamour and had never really thought through how much it would actually cost or the practicalities - being blinded by ED's fab and glitzy carshowroomesque sales pitch - can you??

Well the alternative was liquidation if he wasn't paying the tax. Given he sold to them as the only option, the earlier the better.

[Bruce Rioja]

I think Holdsworth is genuine in his desire to rebuild the club, but I fear he has been swept up by the idea rather than really considering the practicalities and of course, finances required

And this is exactly why I've said earlier - if the frontman for the SS bid was Gudni Bergsson then I'd feel a lot better about it than I do about Holdsworth, who I honestly believe will spend the rest of his life looking for the next free lunch. In 12 months time I fear that we'll be discussing which might have been the better option, SS or Admin?!

[Bruce Rioja]

I think Holdsworth is genuine in his desire to rebuild the club, but I fear he has been swept up by the idea rather than really considering the practicalities and of course, finances required

And this is exactly why I've said earlier - if the frontman for the SS bid was Gudni Bergsson then I'd feel a lot better about it than I do about Holdsworth, who I honestly believe will spend the rest of his life looking for the next free lunch. In 12 months time I fear that we'll be discussing which might have been the better option, SS or Admin?!

Problem is going off what the judge was saying in the hearings, from the accounts of various people in the court, administration wasn't necessarily an option. Sounded more like the judge would have gone with HMRC's insolvency argument.

Really? I didn't know that. I thought that that was more to do with HMRC wanting to make a spectacle of a poorly run football club! Good grief!

[thebish]

Really? I didn't know that. I thought that that was more to do with HMRC wanting to make a spectacle of a poorly run football club! Good grief!

Quite possible that was actually the case, and it was all rhetoric, but across the three(?) hearings the judge (was it the same one each time?) made reference to HMRC making some very, very valid points about us looking insolvent. Really wasn't happy that it kept being drawn out, which is why by the third hearing the impression he was giving was that he wouldn't necessarily accept administration after two previous adjournments. I'd have to dig back for the exact comments, but in the final hearing before SSC's take over the gist was "sort it by the next hearing, or I'll rule you insolvent".

which suggests that the jusge thinks it is sorted! yay!! job done

[Rjs37]

I don't think administration was the judge's decision to make. Davies had his fingers on the administration button ready in-case the SS deal was going to fall through. If we had filed for administration I don't think the judge would've then been able to rule us as insolvent.

[LeverEnd]

I don't think administration was the judge's decision to make. Davies had his fingers on the administration button ready in-case the SS deal was going to fall through. If we had filed for administration I don't think the judge would've then been able to rule us as insolvent.

I read somewhere it gives you 8 weeks grace to sort your shit out. Or at least some of it.

[Worthy4England]

Think that's correct - gives a stay of execution I believe of at least 8 weeks.

[BWFC_Insane]

Court would have had to approve administration as far as I know.

[Worthy4England]

That's not correct.

[Bruce Rioja]

I don't think administration was the judge's decision to make.

A very interesting comment, Chief. Is that not why he or she's there?

[Worthy4England]

I don't think administration was the judge's decision to make.

A very interesting comment, Chief. Is that not why he or she's there?

Not in this case. HMRC issued a winding up order so judge was there to assess that - whether to wind us up or not.

At any point in time, we could've gone Company Voluntary Arrangement (CVA) and placed ourselves in Admin through the main holder of a floating charge (in our case ED)...

Or we could apply for adjournments & balls it out (which is what we did)