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

[bristol_Wanderer3]

2-2 BOOM

[bristol_Wanderer3]

Was it a draw, or a win we needed? Guess we shall soon find out...

[Prufrock]

Pru - I'd also spotted the comment about investors lined up post-admin, which is what made me think of hyenas queueing up for the near-dead corpse - that makes me very nervous. But yeah, hardly surprising Ken's rep precedes him (happy to dream too).

"The court will officially register administration at 10.45am unless BluMarble took it off the table. "

Haven't we been here before Quick someone send a fax or summat

Aye, though I suppose admin with people keen is better than admin with nobody keen!

Oh well, at least I know now I can write off the whole morning.

[bristol_Wanderer3]

[CrazyHorse]

I'm not believing anything unless Lee Anderson emoji tweets it.

[Dave Sutton's barnet]

Iles: "Confirmation received. #BWFC won't be put into admin by BluMarble if the last-min rescue deal goes through by noon."

If.

More from blog:
"Confirmation recieved! Ken Anderson now has until noon to fulfil the offer he made to BluMarble and the club WILL NOT be in administration! A figure has been agreed and the legal work is now being done. All down to the Bolton chairman once again."

[Jim_McDonuts]

Extra time then.
I'm off for a bike ride or summat, need to work off the cortisol
(& still quietly hoping something"extraordinary" might 'actually' happen
COYW

[Enoch]

Be reet.

.
So glad I didn't have a sleepless night.

[Dave Sutton's barnet]

"I understand it is a mixture of Ken Anderson and third-party funds."

Hmm... who?

[bristol_Wanderer3]

Great. Just down to Ken to get it sorted in the next hour. What could possibly go wrong?

[officer_dibble]

feck me this is some brinksmanship!

[Jim_McDonuts]

Ah shit, more and more this sounds like it's just another regular episode of The Ken Show (somehow to the tune of Blankety Blank in my head).
He's a right drama-queen

Wonder who the 3rd party is who's topping up the 'extra'?

[Dave Sutton's barnet]

Iles has said that the third party is "known" (which I'm taking to mean is not a new face, rather than he knows 'em) and that the third-party funding "isn't linked to a future sale".

So if it's not somebody who stands to benefit in future, and it's not someone like Eddie who's doing it for love, that must surely mean it's someone who stands to lose money if we go under. Only thing I can think of is the car park deal.

Iles said earlier that the loan secured on car park “is owed to another secured creditor, Michael James. Ken Anderson has previously claimed to have struck a deal to pay that loan - but it hasn't happened as things stand.”

[bristol_Wanderer3]

Iles has said that the third party is "known" (which I'm taking to mean is not a new face, rather than he knows 'em) and that the third-party funding "isn't linked to a future sale".

So if it's not somebody who stands to benefit in future, and it's not someone like Eddie who's doing it for love, that must surely mean it's someone who stands to lose money if we go under. Only thing I can think of is the car park deal.

Iles said earlier that the loan secured on car park “is owed to another secured creditor, Michael James. Ken Anderson has previously claimed to have struck a deal to pay that loan - but it hasn't happened as things stand.”

Or it could just be Eddie? But yeah, I am sure Ken has stated previously that Michael James is a supporter of the club. I have said before, it makes sense to get him more involved i.e. being a co-owner, if that is possible. Who else would be prepared to invest in the club and let Ken remain in his position, which seems to be what he wants?

[nelson66]

Weird - I don't know what to feel
Elated because it looks like the wanderers aren't going into administration
Gutted that we haven't got rid of Ken

[Jim_McDonuts]

by Dave Sutton's barnet » Tue Sep 11, 2018 10:59 am
Iles has said that the third party is "known" (which I'm taking to mean is not a new face, rather than he knows 'em) and that the third-party funding "isn't linked to a future sale".

So if it's not somebody who stands to benefit in future, and it's not someone like Eddie who's doing it for love, that must surely mean it's someone who stands to lose money if we go under. Only thing I can think of is the car park deal.

Iles said earlier that the loan secured on car park “is owed to another secured creditor, Michael James. Ken Anderson has previously claimed to have struck a deal to pay that loan - but it hasn't happened as things stand.”

Makes sense but very risky -whoever it is you'd expect some hefty hike in expected return for such favour.
What a crazy business...

[Dave Sutton's barnet]

Iles has said that the third party is "known" (which I'm taking to mean is not a new face, rather than he knows 'em) and that the third-party funding "isn't linked to a future sale".

So if it's not somebody who stands to benefit in future, and it's not someone like Eddie who's doing it for love, that must surely mean it's someone who stands to lose money if we go under. Only thing I can think of is the car park deal.

Iles said earlier that the loan secured on car park “is owed to another secured creditor, Michael James. Ken Anderson has previously claimed to have struck a deal to pay that loan - but it hasn't happened as things stand.”

Or it could just be Eddie? But yeah, I am sure Ken has stated previously that Michael James is a supporter of the club. I have said before, it makes sense to get him more involved i.e. being a co-owner, if that is possible. Who else would be prepared to invest in the club and let Ken remain in his position, which seems to be what he wants?

I think Eddie's fingers have been burned too many times. And to continue the fiery metaphor, Ken's burned too many bridges with his brinksmanship and shoddy payments.

Maybe, just maybe, if it was April rather than September and a 12pt deduction would almost certainly take us down, Eddie might sign a cheque. And maybe I'm underestimating the lovably daft old bugger's emotional ties to the club.

[palindromeofbolton]

Would have thought it's ED. Warburton the next likely. Definitely preferable to BM. That would be the "good" news.

If we somehow get through this, I don't even want to begin to imagine how Ken might start talking his way out of this one. He can do one. What we save on Lee's consultancy fees can go towards repaying whoever's stumping up the BM cash.

[Dave Sutton's barnet]

Just digging back into the past deals.

In January 2016 - the last big similar event - we were loaned £5.5m (secured against the Whites Hotel) by Prescot Business Park Ltd, whose two directors at the time according to Companies House were 62-year-old Thomas Morris and 57-year-old Michael James. "Mr Morris is worth more than £2 billion, and is thought to be among the richest people in the North West. Industrial property specialist Mr James is known to be a big Whites fan. His late father Michael helped set up toilet roll company F.H. Lee Ltd alongside Wanderers legend Francis Lee."

https://www.theboltonnews.co.uk/news/bo ... tes_Hotel/

This March, Iles wrote that "The £5.5m loan to PBP Ltd was also due in January this year and secured against the club’s hotel but, at time of writing, payment had not been demanded." Ken noted that “If we had to refinance the Michael James loan, we could, because there is an asset there in the hotel.”

https://www.theboltonnews.co.uk/sport/w ... Wanderers/

If the club went into administration, does that mean the hotel would go under too, as it's now back in our ownership?

[Dave Sutton's barnet]

Anyway, Ilesy's first update for a while: "More and more encouraging news coming out of Wanderers at the moment that the worst case scenario has been avoided."