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

[BWFC_Insane]

Iles: "Winding-up petition against Sports Shield BWFC adjourned, as expected. Some interesting info also mentioned. Story coming up soon."

Deal agreed between SSBWFC and BM leaves us liable for points deduction from the league it seems.

Do you have a link for that?

Was twitter talk. Iles reports that we MIGHT be liable for points deduction if SSBWFC are wound up.

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

To be honest none of this makes sense. If you've got a deal in place why worry about what would happen if the deal falls through.....weird. Especially at this stage.

[boltonboris]

Where else is money coming from to cover the wages? Given we know there isn't sufficient cash flow within the business to do so.

We have income from a number of sources. I agree we have a shortfall.

Surely our cash to hand position is never better than at this time of year, no? 10,000 season tickets sold. Sponsorship deals drawn up.

Major income is from EFL for league deal plus TV etc... that isn't in yet. Summer is worst period for cash flow.

Interesting. Do we know when that comes in? Is it in dribs and drabs? I'm struggling to get my head around Summer being the worst period for cash flow to be honest.

I don't many people have paid a bean for their season tickets yet. We certainly haven't in our house.. Sorry We paid Erica's £60 on cash. But not the adult ones

[Worthy4England]

Iles: "Winding-up petition against Sports Shield BWFC adjourned, as expected. Some interesting info also mentioned. Story coming up soon."

Deal agreed between SSBWFC and BM leaves us liable for points deduction from the league it seems.

Do you have a link for that?

Was twitter talk. Iles reports that we MIGHT be liable for points deduction if SSBWFC are wound up.

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

To be honest none of this makes sense. If you've got a deal in place why worry about what would happen if the deal falls through.....weird. Especially at this stage.

Just going off what's been reported and stuff from last Accounts etc. there didn't seem to be *much* dispute that £4m of the loan had gone into Club coffers. That would have left £1m which was in dispute plus any accrued interest. There were also the statements in the Accounts that it was SSBWFC to pay not Burnden Leisure. I'm wondering whether it's not "all of the debt" that's the problem (cos KA seems to have made agreement on some part), but only a part of it.

So it might be the "not in Ken's control" bit...as the article points to "Holdsworth"...

A 28-day break was granted in winder's court this morning to allow for further negotiation between Wanderers co-owner Holdsworth and the finance company to settle a loan debt worth £5million, plus interest

[BWFC_Insane]

Iles: "Winding-up petition against Sports Shield BWFC adjourned, as expected. Some interesting info also mentioned. Story coming up soon."

Deal agreed between SSBWFC and BM leaves us liable for points deduction from the league it seems.

Do you have a link for that?

Was twitter talk. Iles reports that we MIGHT be liable for points deduction if SSBWFC are wound up.

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

To be honest none of this makes sense. If you've got a deal in place why worry about what would happen if the deal falls through.....weird. Especially at this stage.

Just going off what's been reported and stuff from last Accounts etc. there didn't seem to be *much* dispute that £4m of the loan had gone into Club coffers. That would have left £1m which was in dispute plus any accrued interest. There were also the statements in the Accounts that it was SSBWFC to pay not Burnden Leisure. I'm wondering whether it's not "all of the debt" that's the problem (cos KA seems to have made agreement on some part), but only a part of it.

So it might be the "not in Ken's control" bit...as the article points to "Holdsworth"...

A 28-day break was granted in winder's court this morning to allow for further negotiation between Wanderers co-owner Holdsworth and the finance company to settle a loan debt worth £5million, plus interest

The formal court appearance is between Holdsworth (majority shareholder of SSBWFC) and BM. But as I understand it, Ken has to strike agreement with BM to repay the loan AND with Holdsworth to acquire his shares as part of the repayment.

I assume negotiations have been centred on the repayment schedule and how much interest on top of the £5M Ken is prepared to pay. Presumably because if he doesn't BM get some shares for a football club which are relatively worthless to them.

[Dave Sutton's barnet]

I assume negotiations have been centred on the repayment schedule and how much interest on top of the £5M Ken is prepared to pay. Presumably because if he doesn't BM get some shares for a football club which are relatively worthless to them.

In which case, brinksmanship suits him... up to a point... right?

[Worthy4England]

Yup - so the issue is still technically between SSBWFC (Holdsworth) and Blumarble - as Ken has pointed out on a number of occasions. Ken might be the point of resolution (In his last missive he said it was him that had requested Blumarble not to press forwards).

I suspect that the complication leading to talk of a possible points deduction would revolve around whether of not SSBWFC is defacto a group undertaking.

[BWFC_Insane]

Yup - so the issue is still technically between SSBWFC (Holdsworth) and Blumarble - as Ken has pointed out on a number of occasions. Ken might be the point of resolution (In his last missive he said it was him that had requested Blumarble not to press forwards).

I suspect that the complication leading to talk of a possible points deduction would revolve around whether of not SSBWFC is defacto a group undertaking.

Points deduction if SSBWFC are wound up is described by Iles as "highly unlikely" but not impossible.

I guess because they would claim a controlling company has been placed in admin....

However it doesn't hold majority of shares..previously controlling companies going into admin that have resulted in points deductions were majority shareholders IIRC.

[officer_dibble]

Once again, this is all a bit fcking boring and at a time when we were told it would all be sorted...its one thing in league one when we had the players we dis but Parky needs no distractions (suck as players mates not being paid) getting in the way this time out.

[BWFC_Insane]

Once again, this is all a bit fcking boring and at a time when we were told it would all be sorted...its one thing in league one when we had the players we dis but Parky needs no distractions (suck as players mates not being paid) getting in the way this time out.

Agreed. Problem is someone needs to find £7M quid to make all this go away.....

[LeverEnd]

Once again, this is all a bit fcking boring and at a time when we were told it would all be sorted...its one thing in league one when we had the players we dis but Parky needs no distractions (suck as players mates not being paid) getting in the way this time out.

Agreed. Problem is someone needs to find £7M quid to make all this go away.....

Where is Roger Wotsisname when you need him?

[Abdoulaye's Twin]

[LeverEnd]

[Dave Sutton's barnet]

ACCOUNTS FILED

Source: BWFC

Bolton Wanderers are pleased to confirm that we have filed our annual statutory accounts for the financial year ending June 2016.

The consolidated accounts for Burnden Leisure Limited are available to view by CLICKING HERE.

[Bruce Rioja]

ACCOUNTS FILED

Source: BWFC

Bolton Wanderers are pleased to confirm that we have filed our annual statutory accounts for the financial year ending June 2016.

The consolidated accounts for Burnden Leisure Limited are available to view by CLICKING HERE.

Iles-ism says that basically, the top and bottom is "Wanderers posting a group loss of £6.7m but shows up as £164m profit because of money waived by Eddie Davies".

That right? Can we move on now?

[BWFC_Insane]

ACCOUNTS FILED

Source: BWFC

Bolton Wanderers are pleased to confirm that we have filed our annual statutory accounts for the financial year ending June 2016.

The consolidated accounts for Burnden Leisure Limited are available to view by CLICKING HERE.

Iles-ism says that basically, the top and bottom is "Wanderers posting a group loss of £6.7m but shows up as £164m profit because of money waived by Eddie Davies".

That right? Can we move on now?

Awful lot of stuff in there Bruce after my cursory read. Auditors still don't have evidence to sign off the business as a going concern...probably to be expected given the state of play between Blumarble and KA.

Someone on twitter claims the ownership % are resolved in the accounts now. But I've not had time to check.

Did notice we've defaulted on the loan to Prescott Business park.....

Also the interest on the BM loan is noted at 24% pa. And elements of that loan are still in dispute (mainly the £1M Deano appears to have paid to himself).

W4E the expert so I'll leave to him.

[Dave Sutton's barnet]

W4E the expert so I'll leave to him.

I suspect we're all in the position of waiting for an expert's pronouncement, but then waiting is nothing new. I've flicked through the report but I'm not even pretending to be knowledgeable on matters fiscal, and it was never going to be a readable story concluding with a smoking gun or smiling cuddle.

So crack on, Worthy...

[dave the minion]

Just had a look through. Biggest issue for me is that the auditors have issued a qualified opinion - ie they effectively sign off the accounts apart from the fact that they can't be certain of the going concern basis of preparation - which means they haven't seen evidence to support the fact that the group can remain solvent for the next 12 months.

As a rule having a qualified opinion (as opposed to unqualified, which means they sign off without any reservations) is not a good thing - and not sure how this will sit with the FA in terms of the embargo....

[Dave Sutton's barnet]

Just had a look through. Biggest issue for me is that the auditors have issued a qualified opinion - ie they effectively sign off the accounts apart from the fact that they can't be certain of the going concern basis of preparation - which means they haven't seen evidence to support the fact that the group can remain solvent for the next 12 months.

As a rule having a qualified opinion (as opposed to unqualified, which means they sign off without any reservations) is not a good thing - and not sure how this will sit with the FA in terms of the embargo....

OK, cheers. Forgive me, for both potential forgetfulness and unintentional tone of disdain, but didn't we know this already?

Again, I may be muddled, but it feels like this was announced a while ago (so this is confirmation) but that the filing of the accounts was a must-do, along with Ken coming to terms with BluMarble(/SportsShield/Deano)?

Not exactly applicable to our situation, but it might not help that EFL chief exec Shaun Harvey yesterday pledged (there's a tabloid verb) to have a look at the fit-and-proper-persons test...

[BWFC_Insane]

Just had a look through. Biggest issue for me is that the auditors have issued a qualified opinion - ie they effectively sign off the accounts apart from the fact that they can't be certain of the going concern basis of preparation - which means they haven't seen evidence to support the fact that the group can remain solvent for the next 12 months.

As a rule having a qualified opinion (as opposed to unqualified, which means they sign off without any reservations) is not a good thing - and not sure how this will sit with the FA in terms of the embargo....

It's pretty clear that we can't provide evidence of future funding till BM issue is resolved. Or at least we definitely can't till then and might be able to after.

It is also clear until that is resolved and Ken brings firm investment in, either his own or from elsewhere the embargo will remain.

In other words as Iles said recently embargo won't go this transfer window.

[Abdoulaye's Twin]

There you go Tony...enjoy