Sports Shield - New Owners (Probably)

[Worthy4England]

I'm not having it. It's bollocks. This "evidence of money" is just ED dicking about again. No honest. Really...Changing the rules on a whim.

What Davies changed last minute was not that requirement. But the amount of money he wanted out of the deal suddenly increased.

You spent what seemed like months (but might have only been a few hours/days) berating ED for slowing down the process with unreasonable demands around the new owner showing they have the cash and various business plans.

This was back in late Jan.

Every day the club is losing time and potentially losing assets. The longer this drags on for the greater the damage. We may already be at a point where a considerable amount of damage has been done. Every day that this drags on for is a problem. If there is someone there who has put the money down to get the club through, I cannot think of one benefit for the club of stalling and delaying, but I can think of many huge downsides.

There might not have been a benefit to the Club of stalling and delaying, but if that information was needed to show the FL and they didn't have it, then there'd have been little point rushing until they did...Maybe he fecked off to Barbados whilst they developed said business plan and funding "story"...

[BWFC_Insane]

I'm not having it. It's bollocks. This "evidence of money" is just ED dicking about again. No honest. Really...Changing the rules on a whim.

What Davies changed last minute was not that requirement. But the amount of money he wanted out of the deal suddenly increased.

You spent what seemed like months (but might have only been a few hours/days) berating ED for slowing down the process with unreasonable demands around the new owner showing they have the cash and various business plans.

This was back in late Jan.

Every day the club is losing time and potentially losing assets. The longer this drags on for the greater the damage. We may already be at a point where a considerable amount of damage has been done. Every day that this drags on for is a problem. If there is someone there who has put the money down to get the club through, I cannot think of one benefit for the club of stalling and delaying, but I can think of many huge downsides.

There might not have been a benefit to the Club of stalling and delaying, but if that information was needed to show the FL and they didn't have it, then there'd have been little point rushing until they did...Maybe he fecked off to Barbados whilst they developed said business plan and funding "story"...

They'd have mebbes had it a bit quicker if Eddie didn't keep asking for more and more of the future profits and selling off the current asset portfolio. Just a thought.

[thebish]

hmmmm... but IF - as you have often said - SS had all their paperwork and had their money down on the table and ticked every box and proved everything they needed to prove AAAAAAGES ago, then why would it take them a long time to prove it to the football league?

[Worthy4England]

They'd have mebbes had it a bit quicker if Eddie didn't keep asking for more and more of the future profits and selling off the current asset portfolio. Just a thought.

You keep moving that tune along, until it fits the words you want to sing. Never mind if it's a completely different song...

[BWFC_Insane]

hmmmm... but IF - as you have often said - SS had all their paperwork and had their money down on the table and ticked every box and proved everything they needed to prove AAAAAAGES ago, then why would it take them a long time to prove it to the football league?

Because at the last minute Eddie changes their business plan and therefore their future financial projections by insisting he gets more money going forward.

Therefore their business plans and projections, already changed 7 times over a couple of months, have to change again.

And of course, it may be that the millions Eddie now receives as debt repayment and success payments and a rumoured clause that gives percentage of profit from any sales have changed their plan significantly.

FWIW Nixon suggests that is the case and that they now may struggle to afford what is required full stop. I don't believe that, but can imagine that it has had an impact.

[thebish]

hmmmm... but IF - as you have often said - SS had all their paperwork and had their money down on the table and ticked every box and proved everything they needed to prove AAAAAAGES ago, then why would it take them a long time to prove it to the football league?

Because at the last minute Eddie changes their business plan and therefore their future financial projections by insisting he gets more money going forward.

Therefore their business plans and projections, already changed 7 times over a couple of months, have to change again.

And of course, it may be that the millions Eddie now receives as debt repayment and success payments and a rumoured clause that gives percentage of profit from any sales have changed their plan significantly.

FWIW Nixon suggests that is the case and that they now may struggle to afford what is required full stop. I don't believe that, but can imagine that it has had an impact.

if they can't afford it - why did they agree the deal? Are they stupid??

[Worthy4England]

hmmmm... but IF - as you have often said - SS had all their paperwork and had their money down on the table and ticked every box and proved everything they needed to prove AAAAAAGES ago, then why would it take them a long time to prove it to the football league?

Because at the last minute Eddie changes their business plan and therefore their future financial projections by insisting he gets more money going forward.

Therefore their business plans and projections, already changed 7 times over a couple of months, have to change again.

And of course, it may be that the millions Eddie now receives as debt repayment and success payments and a rumoured clause that gives percentage of profit from any sales have changed their plan significantly.

FWIW Nixon suggests that is the case and that they now may struggle to afford what is required full stop. I don't believe that, but can imagine that it has had an impact.

if they can't afford it - why did they agree the deal? Are they stupid??

Indeed. The notion that it carried on moving after the deal was signed (as in legal docs)? How???

[Hoboh]

I'm beginning to get a picture of this bloke in my head!

http://www.telegraph.co.uk/sport/footba ... ilure.html" onclick="window.open(this.href);return false;

[BWFC_Insane]

hmmmm... but IF - as you have often said - SS had all their paperwork and had their money down on the table and ticked every box and proved everything they needed to prove AAAAAAGES ago, then why would it take them a long time to prove it to the football league?

Because at the last minute Eddie changes their business plan and therefore their future financial projections by insisting he gets more money going forward.

Therefore their business plans and projections, already changed 7 times over a couple of months, have to change again.

And of course, it may be that the millions Eddie now receives as debt repayment and success payments and a rumoured clause that gives percentage of profit from any sales have changed their plan significantly.

FWIW Nixon suggests that is the case and that they now may struggle to afford what is required full stop. I don't believe that, but can imagine that it has had an impact.

if they can't afford it - why did they agree the deal? Are they stupid??

Because they wanted to buy the club and save the club from administration and Eddie took it down to the wire?

Different saying they can't afford it though to it significantly impacting on their business plans.

Not only have they had to clear up Eddie's mess and pay off debt accrued under his ownership they've had to allow him a cut of money made in the future.

I mean the legacy of a man is buying a Premiership club, condemning it to a transfer ban that means almost certain league one football and still wanting to get his pound of flesh.

More I think about it, more I think I'd gladly give the old bugger a good shoeing if I saw him in the street. Mind I think that is unlikely as he cant spend that many days in the UK or he'd have to pay his taxes. No doubt the exact sort of person you will rally against in the politics thread very soon.....

[thebish]

Because they wanted to buy the club and save the club from administration and Eddie took it down to the wire?

Different saying they can't afford it though to it significantly impacting on their business plans.

Not only have they had to clear up Eddie's mess and pay off debt accrued under his ownership they've had to allow him a cut of money made in the future.

I mean the legacy of a man is buying a Premiership club, condemning it to a transfer ban that means almost certain league one football and still wanting to get his pound of flesh.

More I think about it, more I think I'd gladly give the old bugger a good shoeing if I saw him in the street. Mind I think that is unlikely as he cant spend that many days in the UK or he'd have to pay his taxes. No doubt the exact sort of person you will rally against in the politics thread very soon.....

that's all waffle...

SS are supposed to be a serious entity.. are you now suggesting they signed a deal they (essentially) cannot afford because they wanted to save the club???

and on the strength of this you would physically assault Eddie Davies if you saw him in the street??

[Worthy4England]

Someone seriously needs to restart their medication, I think...this is getting Hobohesque. Has anyone ever seem them together - like at the same time?

[bobo the clown]

Personally I don't believe BWFC-Insane exists at all.

[Abdoulaye's Twin]

So on one hand lennon can't be trusted to sign players but on the other hand allowing him to do so would have saved our season. Rambling like a mad man

[BWFC_Insane]

So on one hand lennon can't be trusted to sign players but on the other hand allowing him to do so would have saved our season. Rambling like a mad man

Lennon need not have been involved. Had we enjoyed proper leadership he would be long gone.

Whilst I'm at it, where has the money from the sale of the training ground gone? And why hasn't Eddie cleaned up his mess and paid the tax bill?

Perhaps those who would rather see Eddies bank balance boosted than see Bolton Wanderers successful can answer that!

[Abdoulaye's Twin]

Given that the ban can be lifted and lennon can be fired once the sale goes through what's the problem? Unless you're suggesting Eddie should have handed over a manager less club with an outstanding payoff owed.

No point paying the tax bill when hmrc are trying to wind you up regardless of payment.

Calm down, the world might not seem so black then.

[BWFC_Insane]

Given that the ban can be lifted and lennon can be fired once the sale goes through what's the problem? Unless you're suggesting Eddie should have handed over a manager less club with an outstanding payoff owed.

No point paying the tax bill when hmrc are trying to wind you up regardless of payment.

Calm down, the world might not seem so black then.

The problem is it now condemns us to league one football which means a reduction in income for new owners of around £5M. Had the constant changing of the terms been avoided this could have happened weeks if not months ago. The up front costs to sports shield could have been reduced if the tax was paid allowing potentially for investment in the team too.

Sports shield are being asked to not only pay for Eddie's mess but then to give him a cut of anything they manage to make in the future. It really does stink. And who knows if his increased demands may tip the finances over the edge for sports shield in the eyes of the FL, jeopardising the whole deal?

No point paying the tax bill? I really have heard it all now. Truly have.

[Lost Leopard Spot]

No. The reason there is a hold up is because sports shield have to prove to the league that they have sufficient funds to keep the club operational this year and next.

This is actually harder than it sounds. How do you prove investors intentions? And they can't stick money in a bank because income next season is unknown.

So they have to work on a projection of relegation to demonstrate they have a business plan in place to keep the club afloat.

Allied to this is the fact that Eddie changed the deal in the last 48 hours meaning they had to agree and then sign, and haven't yet I assume fully fleshed out their business plans based on the new numbers.

No they don't. Where the feckity fex does it state new owners have to prove funding for the year after they take over?

They had a meeting and that is what the league has asked sports shield to do. The requirement to prove the ability to run the club as a going concern has been part of the league checks for a while.

Where was this information published? I'd like a copy.

Please see section four of football league rules. But to help I've copied the relevant part below.

I know you don't believe anything reported in the Bolton news, but your own information wherever it has come from is very wrong I'm afraid.

16.16 By 31st March in each Season, each Championship Club shall submit to The League in respect of itself (or if the Championship Club considers it appropriate or The League so requests in respect of the Group of which it is a member) future financial information (‘Future Financial Information’) comprising projected profit and loss accounts, cash flow, balance sheets and relevant explanatory notes commencing from its accounting reference date or, if it has submitted interim accounts pursuant to Regulation 16.11, from the date to which those interim accounts were prepared and expiring on the next accounting reference date after the end of the following Season. The projected profit and loss accounts, cash flow and balance sheets shall be prepared at a maximum of six-monthly intervals.

16.21 If any Person proposes to acquire Control of a Club:

16.21.1 the Club shall submit to The League up to date Future Financial Information prepared to take into account the consequences of the change of Control on the Club’s future financial position as soon as reasonably practicable prior to the change of Control or, if such submission is not reasonably practicable prior to the change of Control, no later than 10 Normal Working Days thereafter; and

16.21.2 The League shall have the power to require the Person who proposes to acquire or has acquired Control to appear before it and to provide evidence of the source and sufficiency of any funds which that Person proposes to invest in or otherwise make available to the Club.

This ^ doesn't say what you are saying. This has nothing to do with 2017. Note Bene the remark about MAXIMUM 6 monthly figures. From March...

[Enoch]

I think...this is getting Hobohesque. Has anyone ever seem them together - like at the same time?

[Lost Leopard Spot]

I think...this is getting Hobohesque. Has anyone ever seem them together - like at the same time?

Stop laughing. Iles ain't Hoboh, just cannot be. Therefore Insano can't be Hoboh. Because He is Iles.

[Worthy4England]

So on one hand lennon can't be trusted to sign players but on the other hand allowing him to do so would have saved our season. Rambling like a mad man

Lennon need not have been involved. Had we enjoyed proper leadership he would be long gone.

Whilst I'm at it, where has the money from the sale of the training ground gone? And why hasn't Eddie cleaned up his mess and paid the tax bill?

Perhaps those who would rather see Eddies bank balance boosted than see Bolton Wanderers successful can answer that!

The training ground money. I reckon because no one is watching very closely - like HMRC, The High Court, The Football League, Sports Shield and their legal team, Marc Iles, Alan Nixon and a few folks on here, it'll have just turned up in a Bermudan bank account and now not require any tax paying on it.