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

[Worthy4England]

I see Mr & Mrs Anderson have "taken ownership" of Sports Shield rather than bought SS's shares in the club. Should I read anything into that?

Sports shield bwfc ltd was set up by sports shield to act as the company buying Eddie's shares. Inner circle own that company, but I assume not the parent company sports shield.

I' ve not gleaned from anywhere that Sports Shield Bwfc Ltd, is legally connected to any other Sports Shield "entities"

Well, Deano is sole director on both. And uses the 'other' sports shield company as the corresponding address.

That is fine - they're both registered at the same address - none of which makes one a parent of the other. Just means (in this case) they're owned by the same person...

My guess is the company had to transfer, as that's the "entity" to which the Blumarble facility agreement was attached. Had just the shares been acquired, that would have left a company with no direct interest in Burnden Leisure (as the Company "owned" the shares), holding the facility from Blumarble. Had it then been dissolved, I'm sure it would have got interesting...

[Dave Sutton's barnet]

So. Good news. Right?

[TonyDomingos]

So. Good news. Right?

I'm sure the next missive from Chairman Ken will confirm your supposition.

[Abdoulaye's Twin]

Be interested to see what all this investment he's had lined up is now that he owns the lot.

[BWFC_Insane]

Be interested to see what all this investment he's had lined up is now that he owns the lot.

I wouldn't get too excited. I'm sure we will never know who is investing what. And it will probably be enough to keep us going for now. However, one has to assume Ken has a plan to at least keep the club going for a while.

[Abdoulaye's Twin]

Be interested to see what all this investment he's had lined up is now that he owns the lot.

I wouldn't get too excited. I'm sure we will never know who is investing what. And it will probably be enough to keep us going for now. However, one has to assume Ken has a plan to at least keep the club going for a while.

Don't worry, I'm not one for excitement. Just looking forward to Ken being able to get on with his plans without having the excuse of Deano now.

[TonyDomingos]

Be interested to see what all this investment he's had lined up is now that he owns the lot.

I wouldn't get too excited. I'm sure we will never know who is investing what. And it will probably be enough to keep us going for now. However, one has to assume Ken has a plan to at least keep the club going for a while.

Don't worry, I'm not one for excitement. Just looking forward to Ken being able to get on with his plans without having the excuse of Deano now.

I guess we won't see anything until we know which league we're in next season?

[Abdoulaye's Twin]

I guess we won't see anything until we know which league we're in next season?

I was thinking the same. Hopefully he can get enough investment in to ensure our viability as a club and at least be competitive in whichever division we're in.

[Vertigo]

As depressing it may be to watch, this is a well annotated summary of our current financial situation.

[Dujon]

Thanks for posting that, Vertigo. While it is truly dreadful I guess we already knew that things are dire on the financial side of things at the club. Even if we do attain promotion, I wonder how much difference it will make on the £sd situation and also transfer embargo restrictions (even if we could afford to import new playing staff). The delinquency in submitting financial reports is, of course, reprehensible and should be explained - although as non-shareholders I guess we have no right to that information despite any interested party commitment we might have made to the club over the years. After all, in this day and age, we are merely customers of the consortium owners.

Ah well, onward and upward.

[dave the minion]

The delinquency in submitting financial reports is, of course, reprehensible and should be explained .

I think it was quite simple to be honest. Accounts can be prepared in 2 different ways: as a going concern, or not (ie breakup basis). No company in their rightmind wants to present accounts on a breakup basis, unless they are actually being broken up. However, in order to be deemed a going concern you need to be able to convince everyone that you will be financially viable for 12 months from the date of signing the accounts.

The recent delays were basically that the auditors couldn't get comfortable with the finances for 12 months forward, so couldn't agree to sign the accounts on a going concern basis. Once they were made comfortable, they signed, and the accounts were filed.

The 2016 accounts are due by end of April - and depending on Ken's financial forecasts, they may or may not experience the same issues this time round...

[Norpig]

As depressing it may be to watch, this is a well annotated summary of our current financial situation.

Thanks for posting interesting watch and explains it in a way a thicko like me can understand. it is a depressing watch though and looks like worrying times ahead even if promotion is achieved! Unless KA can find a friend with very deep pockets! Oh well think I will concentrate on the footy for the next few weeks and enjoy myself without worrying about what will happen next!

[Dave Sutton's barnet]

New head of finance appointed. Also: an auditor. http://www.theboltonnews.co.uk/sport/wa ... _auditors/

[TonyDomingos]

Bolton Wanderers Football Club is delighted to announce the appointment of Shaun McHugh as the Club’s new Head of Finance.

Shaun, a Chartered Accountant, arrives at Macron Stadium having held a number of Finance Director positions, including a stint at Crystal Palace between 2001 and 2006. He has also worked in Formula One and was a director of the Amateur Boxing Association.


New auditors appointed too.

[officer_dibble]

Wonder if the auditors was forced i.e. Deloitte said no thanks to rooting through our files again!

[Worthy4England]

Wonder if the auditors was forced i.e. Deloitte said no thanks to rooting through our files again!

I thought that, too. Although not sure whether we thought we didn't want them rooting through our files again...

[Dave Sutton's barnet]

(BWFC) had severed ties with long-standing auditors Deloitte. (...)
The paperwork [for the 2015/16 accounts] is due at Companies House by the end of the month but is it [sic] understood the club plans to file “as quickly as possible” and will not meet the deadline.

http://www.theboltonnews.co.uk/sport/wa ... ng_lifted/

[Abdoulaye's Twin]

Wonder if the auditors was forced i.e. Deloitte said no thanks to rooting through our files again!

I thought that, too. Although not sure whether we thought we didn't want them rooting through our files again...

Presumably Deloitte aren't the most budget friendly auditors for a skint football club.

Quelle surprise the accounts will be late again. Presumably submitted by the end of the (next) month?

[Worthy4England]

Originally Companies House had them due the end of this month. That's now shifted to end April...

[BWFC_Insane]

Ken said in, I think December, that they were exploring options for cheaper auditors.

Accounts late again, presumably once more because the going concern part is proving tricky. I assume that Ken is actively sorting that aspect out. One can only hope.