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

[TonyDomingos]

"In regards to an update on the embargo situation, the accounts will be filed this week and these will greatly assist in our efforts to try and come out of said transfer embargo."

Anyone want to bet me an internet pint that the accounts will be filed this week?

[officer_dibble]

The most depressing thing about all this is the continued sniping on social media by so many different factions. I mean Lee isn't supposed to be connected to the club officially is he? Cannot wait for this mess to be finally sorted...hopefully this decade!

[Hoboh]

Mr Anderson sounds like he is getting a little p*ssed off, in a polite way of course.

Moxey just about trashed his reputation as an employee, I wouldn't give him the time of day now.

Cash is going to be tight for a while yet.

[Bruno3]

I'm sure everybody else knows the answer to this so apologies for asking it but... how did Dean Holdsworth have the authority to use the assets of the club as security for the loan?

[Worthy4England]

I'm sure everybody else knows the answer to this so apologies for asking it but... how did Dean Holdsworth have the authority to use the assets of the club as security for the loan?

At the point in time the takeover went through, both parties (although there seems to be some disagreement about the shareholding split latterly) owned 47.5% of the shares each - so he was co-owner.

All he needed was the Club Sec to sign the forms (which happened) and he was good to go. So in that sense, it was little different than when PG took out a loan the year before. He didn't do it on his own

Whether this was known to Anderson or not at a detail level, given everything else going on, I've no idea. Although Ken doesn't seem to be disputing that £4m was used for "running the Club", he does dispute the other £1m and some other elements.

What the loan does have, is something called an "intercreditor deed" - which basically lays out the pecking order for who'd get what if we went tits up. That was between ("amongst others") - Blumarble, Barclays Bank, Fildraw Ltd (Eddie Davies), Brett Warburton and the Club.

So we don't actually know what that pecking order is but if it includes any of Anderson's businesses, it's not explicit.

[Bruno3]

Thanks Worthy - I'm still not clear how much was paid for his 47% - was it 1p?

[Bruno3]

Thanks Worthy - I'm still not clear how much was paid for his 47% - was it 1p?

[Bruno3]

Sorry for posting twice - not used to this contraption

[Worthy4England]

Thanks Worthy - I'm still not clear how much was paid for his 47% - was it 1p?

I think the final selling price was a quid. But the problem isn't quite that straightforwards, because the new "owners" had to find at least £7.5m iirc to keep the Club functioning (because it was - and still is I think) loss making. So in effect the transaction price was at least £7.5m even though only a quid changed hands.

[Bruno3]

So did Dean Holdsworth actually put any money in the kitty or just take out the Blu Marble loan to cover his share of the £7.5million?

[Billbob]

Good job we got out of Div 1, no spearing as well hopefully it can be sorted as well as the embargo. One thing you can say be ken's column or super agent lee twitter there is alot of transparency compared some of the other clubs whose owners just go very very quiet on the fans. You can't say ken hasnt put the effort it. You could see the pride on the pitch on last day of the season. When a new owner comes in your stomach goes thinking we will never see or hear from them but it also helps having a footie agent on board contacts are good when you need them.

[Dave Sutton's barnet]

12k a week seemed to be quite a conservative contract compared to some that have been handed out in the past

It's not 12k a week. Lee Anderson tweeted:

Moxey: playercost an average of £12k/aplast yr

Presumably this means £12,000 per appearance in 2016/17. It doesn't say £12k/wk or £12kpw, but "/ap" – surely "per appearance". Last season, Moxey played 22 times in all comps; £12k x 22 is £264,000, divided by 52 (weeks) is £5,076.92 per week. He played 19 times in League One; £12k x 19 is £228,000, / 52 (wks) is £4,384.62 pw.

Still not a bad wage for kicking a ball about, but less than half what one might think, or perhaps be led to think.

I'd be quite surprised if it wasn't a Data Protection breach, just as an aside...unless there was a clause in his Contract...

Indeed. I wouldn’t think there’d be a clause allowing the club to reveal his contract, because I’m struggling to imagine a situation in which it would be justified. Including this one.

Lee isn't supposed to be connected to the club officially is he?

I can’t find the quote but I’m sure we have been told by his father that Anderson Jr is not a club employee. Notable that nevertheless, Pops has hitched his wagon to Junior’s anger-fuelled steam train:

As regards the tweet posted by Lee, he did this with my full backing and once Dean went public, I see no reason why Lee should not respond.

Intriguing, that, and not altogether brilliant: if Moxey were to decide to sue for damages or breach of privacy, he could now include the club (through the persona of its owner-operator) as well as the officially unconnected Anderson Minor.

To be fair as ridiculous as those tweets were, Moxey's contribution was unnecessary.

Might be worth noting that Moxey was replying to a tweet from a fan rather than clearing his throat and broadcasting – although as his tweets aren’t protected, it’s publicly available anyway. On Moxey’s part that could suggest naivety or knowledgeable grandstanding, but there’s no doubt the response was the latter.

Balance needed. We need the Andersons. They are probably our only hope. Equally I think fawning over everything (as some are) is a bit blinkered.

We do indeed need the Andersons. Ken has done a decent job in a certifiable shitstorm, and he and Lee have brought some good players to the club. But as noted, this is a bad look – not just to former players, but also to potential newcomers. If I were Josh Cullen or his agent, I’d be wondering about looking elsewhere.

Out of interest, Lee A is now encouraging (by retweeting) his followers to berate someone else who’s attracted his ire. It happens to be a former member of this site. I don’t have any particular loyalty to that ex-poster or his frankly tiring internet persona, but I’d really rather not see people connected to the club starting mobs.

[Abdoulaye's Twin]

"In regards to an update on the embargo situation, the accounts will be filed this week and these will greatly assist in our efforts to try and come out of said transfer embargo."

Anyone want to bet me an internet pint that the accounts will be filed this week?

I wouldn't go so far as an Internet pint as that seems far too generous given past form. But in the spirit of making things interesting I'll bet you a glass of lukewarm tap water in a shitty pint pot

[Worthy4England]

So did Dean Holdsworth actually put any money in the kitty or just take out the Blu Marble loan to cover his share of the £7.5million?

And therein lies the crux of the matter.

The loan was to Deano's company Sports Shield BWFC, but underwritten in some form by BWFC assets. Out of the £5m "borrowed", if last year's accounts are to be believed, £4m went into the Club with ~£1m "owed" to Holdsworth in relation to "takeover expenses" + he was then on a salary alleged to be ~£250k. I believe these figures are in dispute.

[Bruno3]

So did Dean Holdsworth actually put any money in the kitty or just take out the Blu Marble loan to cover his share of the £7.5million?

And therein lies the crux of the matter.

The loan was to Deano's company Sports Shield BWFC, but underwritten in some form by BWFC assets. Out of the £5m "borrowed", if last year's accounts are to be believed, £4m went into the Club with ~£1m "owed" to Holdsworth in relation to "takeover expenses" + he was then on a salary alleged to be ~£250k. I believe these figures are in dispute.

So, in reality, he bought his share of the club with its own assets - Surely that can't be legal (I have no legal knowledge whatsoever)

[Armchair Wanderer]

So did Dean Holdsworth actually put any money in the kitty or just take out the Blu Marble loan to cover his share of the £7.5million?

And therein lies the crux of the matter.

The loan was to Deano's company Sports Shield BWFC, but underwritten in some form by BWFC assets. Out of the £5m "borrowed", if last year's accounts are to be believed, £4m went into the Club with ~£1m "owed" to Holdsworth in relation to "takeover expenses" + he was then on a salary alleged to be ~£250k. I believe these figures are in dispute.

So, in reality, he bought his share of the club with its own assets - Surely that can't be legal (I have no legal knowledge whatsoever)

It sounds like getting a mortgage for a house.

[Worthy4England]

So did Dean Holdsworth actually put any money in the kitty or just take out the Blu Marble loan to cover his share of the £7.5million?

And therein lies the crux of the matter.

The loan was to Deano's company Sports Shield BWFC, but underwritten in some form by BWFC assets. Out of the £5m "borrowed", if last year's accounts are to be believed, £4m went into the Club with ~£1m "owed" to Holdsworth in relation to "takeover expenses" + he was then on a salary alleged to be ~£250k. I believe these figures are in dispute.

So, in reality, he bought his share of the club with its own assets - Surely that can't be legal (I have no legal knowledge whatsoever)

He bought his share of the club through his business, Sports Shield - remember the actual purchase was just a quid. So ten-bob of that bought him "half". There was some sort of understanding (remember ED sought some sort of guarantee that in return for selling for a quid, the purchasers had enough working capital to keep the Club afloat.) So Deano's loan, assuming he possessed ten bob, was not to buy the Club, but to keep it running. We don't know what the legal agreements around that looked like between ED, KA and SS BWFC (Deano)

That's Ken's "beef" as far as I can tell. KA came in at the 11th hour, if you recall, because Holdsworth's business partners "pulled out". So Ken is questioning, how Deano could possibly get a half share in something he's put little money of his own into and isn't (as far as we know paying the loan off) resulting in a strike-off order by Blumarble against Sports Shield. Whereas Ken, tells us he's putting his own Wonga in and at the moment we have no reason to disbelieve that.

[boltonboris]

I think Moxey is perfectly entitled to his view, and I think it is unfair for him to be criticized or have his salary details disclosed publicly by Lee Anderson. He has left the club, he has no loyalty to us anymore, and frankly, it is a joke for salaries not to be paid on time for any company. And it has been reported to have happened at least three times during the last few months that I can remember, so whilst his statement of "every month" may be hyperbole, it is frankly a joke from a an employee's / player perspective. How many of us would accept it quietly if our employers intermittently were late with our salaries?

Ken's statement was a good thing. He has inherited a mess, and appears to be trying to resolve the most important issues whilst trying to keep the club afloat, which is all one can ask. Reading between the lines I am personally not hopeful that there will be a quick and easy settlement to the Blumarble issue. Waters may be about to get choppier I feel...

good summary of current state of affairs
12k a week seemed to be quite a conservative contract compared to some that have been handed out in the past
choppy waters - love a bit of understatement
never dull being a Wanderer

It worked out at £12k per appearance. So around £5k per week

[Dave Sutton's barnet]

12k a week seemed to be quite a conservative contract compared to some that have been handed out in the past
choppy waters - love a bit of understatement

It worked out at £12k per appearance. So around £5k per week

Less if you only count league appearances, which Lee might have been.

[Harry Genshaw]

Presumably all the bonuses have been paid now, since Proctors departure has been confirmed?