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

[Dave Sutton's barnet]

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

Did he? Intriguing. I mean, not that I disagree, just intriguing that Iles would confidently say so.

[boltonboris]

Considering he looks like a thumb and probably thinks his thumb is a tit, that's a leap of faith for him. Knows as much as you or I about BWFC. He's a fraud

[BWFC_Insane]

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

Did he? Intriguing. I mean, not that I disagree, just intriguing that Iles would confidently say so.

On his Facebook live. Said he'd be very surprised if it went before end of August, given what still needed to happen.

[jmjhb]

164m profit

[Dave Sutton's barnet]

BN:
http://www.theboltonnews.co.uk/sport/wa ... L_embargo/

[Worthy4England]

My take is that we're not a million miles from what we'd have expected.

So the most significant things are probably cashflow and going concern, bearing in mind that we still showed a £6.4m loss. We are now 12 months further forwards, with some big earners off the books (Moxey, Mavies, Spearing - any others?), which probably clears half of that. We need to bear in mind that the Revenue reported was that of a Championship club (period ended as we were relegated) so our Revenue the season just past may well be a lot lower than that reported in this set of Accounts - so we'd have to cut costs further to fall inside Revenue.

We don't have a hugely serious debt position (although debt is all relative to your ability to pay it when due) - most of the outstanding of £27m is owed to ED (£15.2m) and only payable under certain circumstances which I assume would help generate our ability to pay it. We seem to have ceded whatever assets were collateral to Prescot - they take the asset, there's another 5 gone. The other 2 are Brett Warby and SportShield - we've clearly articulated that we owe this to SportShield not Blumarble. So I think if we can sort Blumarble, we're in a pretty good debt position (as I suspect both Warby and Davies are still pretty friendly)

I can't actually see any money going into the Club from KA or DH directly, under this set of Accounts (only SSBWFC with the acknowledged £4m) - given that's an accounted for as Club debt, then effectively they're both at zero in terms of "input" that's not been recouped. There's nothing listed in subsequent events either. Whilst Davies might not have put any in during the period, he waived an additional £9m in interest payments (as he had done for a few years)

Looks like the Group paid SSBWFC £250k to settle the "share dispute". Anyone help me understand why the Group should be paying these sums in exchange for Inner Circle gaining an additional 9% Shareholding from a dispute between DH/KA? (given KA said he isn't receiving any salary as a director, maybe it's ok). We also paid £50k + legal fees to DH in relation to his termination as a Director.

[TonyDomingos]

There you go Tony...enjoy

Cheers, AT!

[Abdoulaye's Twin]

There you go Tony...enjoy

Cheers, AT!

Cheers

[Gudnisson Trotter]

My take is that we're not a million miles from what we'd have expected.

So the most significant things are probably cashflow and going concern, bearing in mind that we still showed a £6.4m loss. We are now 12 months further forwards, with some big earners off the books (Moxey, Mavies, Spearing - any others?), which probably clears half of that. We need to bear in mind that the Revenue reported was that of a Championship club (period ended as we were relegated) so our Revenue the season just past may well be a lot lower than that reported in this set of Accounts - so we'd have to cut costs further to fall inside Revenue.

We don't have a hugely serious debt position (although debt is all relative to your ability to pay it when due) - most of the outstanding of £27m is owed to ED (£15.2m) and only payable under certain circumstances which I assume would help generate our ability to pay it. We seem to have ceded whatever assets were collateral to Prescot - they take the asset, there's another 5 gone. The other 2 are Brett Warby and SportShield - we've clearly articulated that we owe this to SportShield not Blumarble. So I think if we can sort Blumarble, we're in a pretty good debt position (as I suspect both Warby and Davies are still pretty friendly)

I can't actually see any money going into the Club from KA or DH directly, under this set of Accounts (only SSBWFC with the acknowledged £4m) - given that's an accounted for as Club debt, then effectively they're both at zero in terms of "input" that's not been recouped. There's nothing listed in subsequent events either. Whilst Davies might not have put any in during the period, he waived an additional £9m in interest payments (as he had done for a few years)

Looks like the Group paid SSBWFC £250k to settle the "share dispute". Anyone help me understand why the Group should be paying these sums in exchange for Inner Circle gaining an additional 9% Shareholding from a dispute between DH/KA? (given KA said he isn't receiving any salary as a director, maybe it's ok). We also paid £50k + legal fees to DH in relation to his termination as a Director.

That is a fair summary for my limited understanding of accounting jargon.
Especially this 'We don't have a hugely serious debt position (although debt is all relative to your ability to pay it when due)'
Investment will be needed to move forward but stability (of sorts) appears to have been achieved in the short term.

[Dave Sutton's barnet]

Ken's Kolumn time on the official site.

As has been reported in the media today, the financial accounts for 2016 have now been filed. It should be remembered that these accounts cover a period of nine months when neither Dean or l had any involvement in the running of the club and various businesses.

The report states that 'progress is being made to remedy Wanderers' financial problems'. I can assure you that a great deal of hard work has been put in by the entire team and this will be reflected in the next set of accounts. There is still a long way to go before we can say the club is financially sustainable but everyone is striving to achieve this over the next year or so.

Indeed, revenues are increasing and costs are being reduced substantially. Some of the costs were a legacy from the past and were not able to be dealt with until the end of the 2017 financial year. But steps have been taken to ensure that going forward the club will target financial stability through being prudent with expenses and salaries whilst at the same time looking to increase revenues across the board.

The continuing success of Whites Hotel was referred to, and Suzanne Speak and her team are to be congratulated on the fantastic job they are doing. As I have said many times in the past, the work and effort they all put into running the hotel and Premier Suite is to be applauded. They continue to bring in new revenue sources and are frequently complimented by customers and corporates for the service they provide. I hope many of you will experience and enjoy the ongoing refurbishment of Whites in the future.

As regards to the comment that there are still some major issues to be resolved, this is correct and is reflected in the accounts, but since the 2016 year end a great deal has been achieved and whilst l do not wish to go into too much detail, l would make the following observations.

The Eddie Davies and Brett Warburton debts of £15.2m and £2.5m respectively do not reflect the true picture. For instance, Eddie wrote off another £5m during 2017 and the balance is very much tied into success on the pitch and in my opinion, further write-offs will be made which will effectively wipe out the debt which is contingent on a number of events.

Likewise, the £2.5m debt to Brett is not repayable until March 2018 and then it is £500,000 not the full £2.5m. I must emphasise that both Ed and Brett have been very supportive of the club and at no time have they ever put any pressure on our current finances and I am confident they will both continue to support the club in the future.

The BluMarble and Dean issues continue in discussions and I as l keep saying. I am optimistic of amenable agreements being reached with both parties. The figures being bounded around are wide of the mark of what I believe the final outcome will be.

I am conscious that the £17.5m figure that is being attributed to Eddie on future success may not be portraying him in a good light and without going into detail, he and l have had a number of discussions on this matter and he has been extremely helpful. In my opinion, it is highly unlikely this amount will ever be paid. Depending on the future success of the club on the field Ed will benefit, but this is a contingent liability and was known from the outset.

As regards to the embargo, we are working away at trying to get this lifted, but it is not an easy thing to do because of the legacy we inherited. The filing of the accounts ticks another box and goes a long way to helping us exit in the foreseeable future.

The comments on Prescott Business Park (PBP) and Michael James accurately reflect the situation but like Eddie and Brett, Mike has been extremely helpful and patient, and constructive and amenable discussions continue. Once again, this is a legacy issue that we inherited as the assets were sold prior to our arrival.

I have not said that the buyback of the assets and the refinancing is being prohibited by a council granted order on the land - what I said is that I do not think the order is helpful to the club going forward. We have appealed the decision and are in dialogue with the council on the matter as l write. I would also mention that the tenants/neighbours and PBP are supportive of our appeal.

I do not intend to make any further comments on these issues and will now focus on giving the manager as much support as I can in getting a competitive squad together for the fast approaching season.

As I mentioned earlier on in this column, the hotel is continuing to drive additional revenue for the business with a whole range of events being accommodated over the coming months. This weekend, we are a key venue for the Ironman UK tournament which is being held locally. The hotel and stadium will be the changeover point from the cycling to the marathon, while many of the international athletes are residing in the hotel.

The International Football Programme is continuing to grow apace and we will be accommodating teams from Saudi Arabia (Ittihad FC), United States, Kenya and Colombia over the coming weeks. Indeed, we will also be sending out some of our own coaches, led by Danny Clarke, to San Francisco.

Please continue to support the hotel by attending their many events and by following them on their social media channels to keep up to date.

Finally, we will be revealing our home and away kits at 5pm this evening and I am certain that all Wanderers fans will be delighted by them. It goes without saying that I hope as many of you wear your colours throughout the season, both home and away, to get behind Phil and the lads. Every penny you spend at the club really helps us strengthen the team going forward.

[Worthy4England]

Bah, he's just read my summary and added some flowery words...

[BWFC_Insane]

One of Ken's best columns that. Addresses the issues in detail without giving too much away or taking digs at folk.

Good stuff. Feel we are slowly, slowly, slowly getting on the right track.

[Prufrock]

Yep, that almost looks like it was written by an adult! Fingers crossed we're getting there.

[Billbob]

One thing about ken is at least there is some communication with the fans as a chairman unlike some clubs where the owners go totally off the radar. Alot was inherited the troubles financially, but one thing is for sure Eddie davies is not bashing the door down for the money. Which can be commended, we have a club, first time promoted to the championship where the likes of Preston, Leeds who it took a few years to climb back out of the Div 1. Now are settled nicely in the championship.

[boltonboris]

Still think he's trying to sell the ground

[Dave Sutton's barnet]

Another day, another winding-up order from HMRC.

http://www.theboltonnews.co.uk/sport/15 ... _petition/

Oh and the club's head of finance has gone, after four months.

[boltonboris]

Jesus, no wonder he's trying to sell the ground

[LeverEnd]

Jesus, no wonder he's trying to sell the ground

Neither that not anything else would surprise me. Looks to me he's playing a game of brinksmanship with the club and I absolutely do not trust him.
This apparently calculated non payment tactic is a stain on the club's name. He's signing players we clearly can't afford, and if it all collapses like a deck of cards, i suspect he'll walk away without ever having risked anything.

[Bruce Rioja]

And the elephant in the room, Kenny?

https://www.bwfc.co.uk/news/2017/july/a ... chairman3/

[LeverEnd]

And the elephant in the room, Kenny?

https://www.bwfc.co.uk/news/2017/july/a ... chairman3/

But but but ... Transparency innit?