Ken Anderson - Old Owner (Definitely. For Ever ..... )

[Dave Sutton's barnet]

I see Sky Sports are running with the 'breaking news' that the takeover is off

Elsewhere in that organisation, Ken plays his usual card:

Perhaps he intends to pay the bill?

"I have been disappointed with the way the taxman has seen it necessary to drag this through the public eye. The taxman and the pastie-makers. The taxman, the pastie-makers and the players. The taxman, the pastie-makers, the players and the hotel staff. The taxman, the pastie-makers...." [et cetera ad infinitum]

[DJBlu]

I see Sky Sports are running with the 'breaking news' that the takeover is off

Elsewhere in that organisation, Ken plays his usual card:

Perhaps he intends to pay the bill?

"I have been disappointed with the way the taxman has seen it necessary to drag this through the public eye. The taxman and the pastie-makers. The taxman, the pastie-makers and the players. The taxman, the pastie-makers, the players and the hotel staff. The taxman, the pastie-makers...." [et cetera ad infinitum]

There will be a request to the court for an extension as there is a prospective buyer on the brink of completing. Then we all know what happens after if they don't agree.

Jesus this is desperate.

[bristol_Wanderer3]

The cost of admin is not just 3 months running costs - its also paying off secured creditors and at least 25% of unsecured creditors according to EFL rules. This is substantially above £10M.....And potentially more expensive than the deal Basran was trying to do....

Not sure if this is absolutely true:

The Football Creditors Rule would be preserved. Football creditors would then continue to be paid in full in the event of the club’s insolvency before the club is readmitted to the League.

However, an additional requirement is imposed that other creditors must receive at least 25 pence in the pound (or 35 pence in the pound if paid over three years). A failure to meet this obligation could result in a further 15-point deduction for the club.

https://www.lawinsport.com/topics/featu ... -direction

The other two options mentioned above i.e. structuring the payments to unsecured creditors over three years, or taking a further points penalty seem to lessen the immediate financial burden if that is a problem?

[BWFC_Insane]

The cost of admin is not just 3 months running costs - its also paying off secured creditors and at least 25% of unsecured creditors according to EFL rules. This is substantially above £10M.....And potentially more expensive than the deal Basran was trying to do....

Not sure if this is absolutely true:

The Football Creditors Rule would be preserved. Football creditors would then continue to be paid in full in the event of the club’s insolvency before the club is readmitted to the League.

However, an additional requirement is imposed that other creditors must receive at least 25 pence in the pound (or 35 pence in the pound if paid over three years). A failure to meet this obligation could result in a further 15-point deduction for the club.

https://www.lawinsport.com/topics/featu ... -direction

The other two options mentioned above i.e. structuring the payments to unsecured creditors over three years, or taking a further points penalty seem to lessen the immediate financial burden if that is a problem?

But you still have to pay off the secured creditors...plus IF court issue a winding up order you can only enter admin if the creditors on that petition agree - so IF order issued tomorrow then all creditors will pile onto petition to try and get what they can. HMRC will have to agree to administration - which in reality they won't do - because this is 6th time they've taken us to court and it is unlikely they would receive anything out of administration and they have a zero tolerance policy on football clubs......

The window for admin is only before any order is passed. And supposedly you cannot pre-pack due to the EFL rules...so good luck.....

[Dave Sutton's barnet]

There will be a request to the court for an extension as there is a prospective buyer on the brink of completing. Then we all know what happens after if they don't agree.

Jesus this is desperate.

Even to get a week's grace, I'm not sure he'll be able to persuade the court that his imaginary billionaire friend will save the day, unless there's a serious level of commitment - almost the equivalent of posting bail.

In other words: no extra go until you can prove it's substantially different.

[BWFC_Insane]

There will be a request to the court for an extension as there is a prospective buyer on the brink of completing. Then we all know what happens after if they don't agree.

Jesus this is desperate.

Even to get a week's grace, I'm not sure he'll be able to persuade the court that his imaginary billionaire friend will save the day, unless there's a serious level of commitment - almost the equivalent of posting bail.

In other words: no extra go until you can prove it's substantially different.

Very witty! I think the burden of proof is relatively high so I suspect unless he's well advanced with another party in secret it's Basran or bust...unless someone else has completed due diligence then I don't think it would be a goer in the courts eyes.

I think they would accept regulatory approval (e.g. EFL approval) pending as being a satisfactory point to grant a delay.

[Jim_McDonuts]

So who's gonna be 1st to flex some financial mussel?

[bristol_Wanderer3]

The cost of admin is not just 3 months running costs - its also paying off secured creditors and at least 25% of unsecured creditors according to EFL rules. This is substantially above £10M.....And potentially more expensive than the deal Basran was trying to do....

Not sure if this is absolutely true:

The Football Creditors Rule would be preserved. Football creditors would then continue to be paid in full in the event of the club’s insolvency before the club is readmitted to the League.

However, an additional requirement is imposed that other creditors must receive at least 25 pence in the pound (or 35 pence in the pound if paid over three years). A failure to meet this obligation could result in a further 15-point deduction for the club.

https://www.lawinsport.com/topics/featu ... -direction

The other two options mentioned above i.e. structuring the payments to unsecured creditors over three years, or taking a further points penalty seem to lessen the immediate financial burden if that is a problem?

But you still have to pay off the secured creditors...plus IF court issue a winding up order you can only enter admin if the creditors on that petition agree - so IF order issued tomorrow then all creditors will pile onto petition to try and get what they can. HMRC will have to agree to administration - which in reality they won't do - because this is 6th time they've taken us to court and it is unlikely they would receive anything out of administration and they have a zero tolerance policy on football clubs......

The window for admin is only before any order is passed. And supposedly you cannot pre-pack due to the EFL rules...so good luck.....

Yes I was just referring to the unsecured creditors, I agree we have a real issue getting into administration.

It will really come down to Michael James (on behalf of the existing creditors and the Basran group) persuading HMRC that there is a realistic chance of an agreement being reached during administration, which he would also have to fund...

[TANGODANCER]

Should they wish, Bolton Council could very easily pay off "Bolton Wanderers" debts; but why should they? I mean the players pay massive taxes monthly to Inland Revenue cash gatherers which is government and so will the club as a business, thus in the interests of the fair name of our town which is pretty nifty at collecting its own taxes (my council tax just went up again a couple of weeks back along with Eon and Virgin incidentally) ) and they've spent millions on making "improvements", like making Newport street a betting shop, pie and burger snackery ,pawn shop and beggars hang-out, ripped up Brackley Street in Farnworth and the bus station and put them back together with no noticeable difference, and turned the Market Hall into a giant cafe cum restaurant (oh aye, forgot about the talking picture show). Surely a few bob to help out the town's reputation and stop us looking like we're just keeping the courts in business, wouldn't go amiss? ( I know I'm pipe dreaming, of course, and I've just wasted a few minutes typing this drivel....but.....).

[bristol_Wanderer3]

This is terrifyingly bleak.

Made a note in my diary. Simply says "bugger"....

https://www.youtube.com/watch?v=F1iC7SzZ4N8

[BWFC_Insane]

Should they wish, Bolton Council could very easily pay off "Bolton Wanderers" debts; but why should they? I mean the players pay massive taxes monthly to Inland Revenue cash gatherers which is government and so will the club as a business, thus in the interests of the fair name of our town which is pretty nifty at collecting its own taxes (my council tax just went up again a couple of weeks back along with Eon and Virgin incidentally) ) and they've spent millions on making "improvements", like making Newport street a betting shop, pie and burger snackery ,pawn shop and beggars hang-out, ripped up Brackley Street in Farnworth and the bus station and put them back together with no noticeable difference, and turned the Market Hall into a giant cafe cum restaurant (oh aye, forgot about the talking picture show). Surely a few bob to help out the town's reputation and stop us looking like we're just keeping the courts in business, wouldn't go amiss? ( I know I'm pipe dreaming, of course, and I've just wasted a few minutes typing this drivel....but.....).

Not to be funny - but the very reason we're in court tomorrow is because for the 6th time in the past few years we aren't paying the taxman what he's owed.....

As for the council - the bailout till the end of the season has a few figures - between 8 and 20M. That's till the end of the season. Lets split the difference and say £14M is required to pay off creditors and cover running costs till then. Are you seriously suggesting any council has £14M spare to invest in a private business? (That is even if they could - which they cannot).

[officer_dibble]

There would (quite rightly) be uproar were the council to step in and start chucking tax payers cash around...particularly in times of austerity!

[TANGODANCER]

There would (quite rightly) be uproar were the council to step in and start chucking tax payers cash around...particularly in times of austerity!

" ( I know I'm pipe dreaming, of course, and I've just wasted a few minutes typing this drivel....but.....).".........Just frustration, nothing more Dibs. ....

[Worthy4England]

There would (quite rightly) be uproar were the council to step in and start chucking tax payers cash around...particularly in times of austerity!

" ( I know I'm pipe dreaming, of course, and I've just wasted a few minutes typing this drivel....but.....).".........Just frustration, nothing more Dibs. ....

I'm wondering what exactly you have in that pipe, Tango...

[TANGODANCER]

There would (quite rightly) be uproar were the council to step in and start chucking tax payers cash around...particularly in times of austerity!

" ( I know I'm pipe dreaming, of course, and I've just wasted a few minutes typing this drivel....but.....).".........Just frustration, nothing more Dibs. ....

I'm wondering what exactly you have in that pipe, Tango...

It's a sort of mixture of Faith, Hope and Charity...I think.

[BWFC_Insane]

Nixon reporting that league trying to broker deal between Basran and Anderson. Makes sense league a) do not want headache of having to wipe out our results from this season and implications of that should we be liquidated b) league also have embarrassing Shaun Harvey comments defending Anderson only a few weeks ago plus passing KA as "fit and proper" in the 1st place, for founder member to cease to exist would be incredibly embarrassing for them in light of this.

https://www.thesun.co.uk/sport/football ... ver-talks/

[Lost Leopard Spot]

....and of course knowing Anderson...
...who knows what is in that man's brain.

[Worthy4England]

Nixon reporting that league trying to broker deal between Basran and Anderson. Makes sense league a) do not want headache of having to wipe out our results from this season and implications of that should we be liquidated b) league also have embarrassing Shaun Harvey comments defending Anderson only a few weeks ago plus passing KA as "fit and proper" in the 1st place, for founder member to cease to exist would be incredibly embarrassing for them in light of this.

https://www.thesun.co.uk/sport/football ... ver-talks/

Look on the bright side - Wigan would drop back into the bottom three....Derby would leapfrog a few into the playoffs...

[Dave Sutton's barnet]

Nixon reporting that league trying to broker deal between Basran and Anderson. Makes sense league a) do not want headache of having to wipe out our results from this season and implications of that should we be liquidated b) league also have embarrassing Shaun Harvey comments defending Anderson only a few weeks ago plus passing KA as "fit and proper" in the 1st place, for founder member to cease to exist would be incredibly embarrassing for them in light of this.

https://www.thesun.co.uk/sport/football ... ver-talks/

Look on the bright side - Wigan would drop back into the bottom three....Derby would leapfrog a few into the playoffs...

Think Wigan would be one goal above Rotherham, who would be just below the dots in the higher of the *two* relegation slots.

[Bruce Rioja]

Nixon reporting that league trying to broker deal between Basran and Anderson. Makes sense league a) do not want headache of having to wipe out our results from this season and implications of that should we be liquidated b) league also have embarrassing Shaun Harvey comments defending Anderson only a few weeks ago plus passing KA as "fit and proper" in the 1st place, for founder member to cease to exist would be incredibly embarrassing for them in light of this.

https://www.thesun.co.uk/sport/football ... ver-talks/

Look on the bright side - Wigan would drop back into the bottom three....Derby would leapfrog a few into the playoffs...

Be good for Brum, too.