Administration and recovery
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- Worthy4England
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Re: Administration and recovery
Not sure what it has to do with EFL? If the business plan doesn't fly for FV without hotel, then that's nowt to do with EFL?BWFC_Insane wrote: ↑Wed Jul 17, 2019 6:58 pmYep. Or EFL have to decide if they want to see us liquidated or not....Worthy4England wrote: ↑Wed Jul 17, 2019 6:40 pmFeels like Quantuma need to get to at least Preferred Bidder, quick sharp.BWFC_Insane wrote: ↑Wed Jul 17, 2019 6:14 pmErm as I said before the issue from an admin point of view is done. The funds shown. As I PMd two members on here this morning the admins were saying that EFL required hotel as part of deal. We speculated that reason could only be due to business plan involving hotel income. This is now confirmed by administrators.
I would suggest that given a full and frank reason for why the deal is stalled is now available in the public domain that there is no need to invent stuff.
It’s very concerning. The EFL are going to have to somehow wave this through or FV find funding the bridge this gap in their 2 year plan. And fast. We are unable to start the season in admin as today has shown.
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Re: Administration and recovery
Why do you think the hotel is such an important component of the FV business plan?BWFC_Insane wrote: ↑Wed Jul 17, 2019 6:58 pmYep. Or EFL have to decide if they want to see us liquidated or not....Worthy4England wrote: ↑Wed Jul 17, 2019 6:40 pmFeels like Quantuma need to get to at least Preferred Bidder, quick sharp.BWFC_Insane wrote: ↑Wed Jul 17, 2019 6:14 pmErm as I said before the issue from an admin point of view is done. The funds shown. As I PMd two members on here this morning the admins were saying that EFL required hotel as part of deal. We speculated that reason could only be due to business plan involving hotel income. This is now confirmed by administrators.
I would suggest that given a full and frank reason for why the deal is stalled is now available in the public domain that there is no need to invent stuff.
It’s very concerning. The EFL are going to have to somehow wave this through or FV find funding the bridge this gap in their 2 year plan. And fast. We are unable to start the season in admin as today has shown.
Unless the hotel comes with additional land, then it seems to make more business sense if an established hotel operator won the bid for the hotel?
What am I missing?
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Re: Administration and recovery
No spinning of plates here, just sheer incompetence by both the club admins & FV
My point is how on earth were they appointed preferred bidder, when their 'preferred' bid was dependant on the hotel being part of the agreement (so with conditions attached) when it clearly wasn't part of the bid for the club, and with completely separate admins & timescales in regards to the sale of the hotel i.e. something completely out of their control.
My point is how on earth were they appointed preferred bidder, when their 'preferred' bid was dependant on the hotel being part of the agreement (so with conditions attached) when it clearly wasn't part of the bid for the club, and with completely separate admins & timescales in regards to the sale of the hotel i.e. something completely out of their control.
- BWFC_Insane
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Re: Administration and recovery
The EFL could approve it with a funding gap. They did for Ken/DH. The issue is EFL approval. They could approve it with special monitoring assuming FV in longer term could offer up some way to manage gap. Ultimately it’s going to come down to that or BWFC not starting the season and ceasing to exist.Worthy4England wrote: ↑Wed Jul 17, 2019 7:02 pmNot sure what it has to do with EFL? If the business plan doesn't fly for FV without hotel, then that's nowt to do with EFL?BWFC_Insane wrote: ↑Wed Jul 17, 2019 6:58 pmYep. Or EFL have to decide if they want to see us liquidated or not....Worthy4England wrote: ↑Wed Jul 17, 2019 6:40 pmFeels like Quantuma need to get to at least Preferred Bidder, quick sharp.BWFC_Insane wrote: ↑Wed Jul 17, 2019 6:14 pmErm as I said before the issue from an admin point of view is done. The funds shown. As I PMd two members on here this morning the admins were saying that EFL required hotel as part of deal. We speculated that reason could only be due to business plan involving hotel income. This is now confirmed by administrators.
I would suggest that given a full and frank reason for why the deal is stalled is now available in the public domain that there is no need to invent stuff.
It’s very concerning. The EFL are going to have to somehow wave this through or FV find funding the bridge this gap in their 2 year plan. And fast. We are unable to start the season in admin as today has shown.
- BWFC_Insane
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Re: Administration and recovery
As part of EFL approval process you have to submit a business plan showing how you will cover club losses for two years. If some of that was funded by having hotel then EFL will not approve until there is some certainty hotel is in place. Administrators confirmed this in their statement.bristol_Wanderer3 wrote: ↑Wed Jul 17, 2019 7:07 pmWhy do you think the hotel is such an important component of the FV business plan?BWFC_Insane wrote: ↑Wed Jul 17, 2019 6:58 pmYep. Or EFL have to decide if they want to see us liquidated or not....Worthy4England wrote: ↑Wed Jul 17, 2019 6:40 pmFeels like Quantuma need to get to at least Preferred Bidder, quick sharp.BWFC_Insane wrote: ↑Wed Jul 17, 2019 6:14 pmErm as I said before the issue from an admin point of view is done. The funds shown. As I PMd two members on here this morning the admins were saying that EFL required hotel as part of deal. We speculated that reason could only be due to business plan involving hotel income. This is now confirmed by administrators.
I would suggest that given a full and frank reason for why the deal is stalled is now available in the public domain that there is no need to invent stuff.
It’s very concerning. The EFL are going to have to somehow wave this through or FV find funding the bridge this gap in their 2 year plan. And fast. We are unable to start the season in admin as today has shown.
Unless the hotel comes with additional land, then it seems to make more business sense if an established hotel operator won the bid for the hotel?
What am I missing?
The issue is how critical is hotel and can something substitute it. Or will EFL really let us fold. In my view.
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Re: Administration and recovery
Yes I understand that, but the hotel makes a loss. That loss will likely increase with reduced crowds at the football games. So given that, it would logically suggest that any bid for the club is better without the hotel? Are you saying that FV may have presented a plan to turn the hotel into a profit maker within the next two years in their business plan? Is there a benefit of having an increased turnover despite the bigger losses?BWFC_Insane wrote: ↑Wed Jul 17, 2019 7:12 pm
As part of EFL approval process you have to submit a business plan showing how you will cover club losses for two years. If some of that was funded by having hotel then EFL will not approve until there is some certainty hotel is in place. Administrators confirmed this in their statement.
The issue is how critical is hotel and can something substitute it. Or will EFL really let us fold. In my view.
- Worthy4England
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Re: Administration and recovery
That's a great question. And I dunno. Would've thought that Admins would have had to ensure bid for Club was in isolation of anything else because like you say two different legal entities being sold and they couldn't guarantee same bidder would get both. So not sure why they hadn't/didn't...Bertie Wooster wrote: ↑Wed Jul 17, 2019 7:08 pmNo spinning of plates here, just sheer incompetence by both the club admins & FV
My point is how on earth were they appointed preferred bidder, when their 'preferred' bid was dependant on the hotel being part of the agreement (so with conditions attached) when it clearly wasn't part of the bid for the club, and with completely separate admins & timescales in regards to the sale of the hotel i.e. something completely out of their control.
I'm not sure how you get to the notion that it's incompetence by FV or lack of understanding by them as to how urgent shit is, though? Admins are in charge of both, not FV.
- officer_dibble
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Re: Administration and recovery
If it liquidates Ken gets nowt...so I reckon one of his dodgy mob is lined up to buy hotel. Hoping that FV are the fall guys for the club only, leaving us with owners who can’t fund a club (and don’t want it without hotel) and a potential second pay when either FV or a new party buy club and pay over the odds for hotel. Ken and his crony make some relatively quick readies.
Plenty of clubs have warring owners!
Plenty of clubs have warring owners!
- Worthy4England
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Re: Administration and recovery
Coupla points. Once bitten, twice shy springs to mind. And. We have no clue as to how large said gap is without hotel (it might be unworkable without)... People are assuming it's of little consequence as it was loss making in the last published Accounts, but for all we know they might have had a plan to use it/part of it for something completely different (say for example convert the GF to another Data Centre to go alongside their other businesses)...BWFC_Insane wrote: ↑Wed Jul 17, 2019 7:10 pmThe EFL could approve it with a funding gap. They did for Ken/DH. The issue is EFL approval. They could approve it with special monitoring assuming FV in longer term could offer up some way to manage gap. Ultimately it’s going to come down to that or BWFC not starting the season and ceasing to exist.
- BWFC_Insane
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Re: Administration and recovery
I think that the loss is partly because the club was using its services for free. So as a free running business it has value. Which is why a few chains are trying to buy it. The plan was possibly for FV to sell it or sell its operation. Other factor is I believe club owes hotel money. So if another party buys hotel that’s more cash for FV to find as part of admin settlement.bristol_Wanderer3 wrote: ↑Wed Jul 17, 2019 7:19 pmYes I understand that, but the hotel makes a loss. That loss will likely increase with reduced crowds at the football games. So given that, it would logically suggest that any bid for the club is better without the hotel? Are you saying that FV may have presented a plan to turn the hotel into a profit maker within the next two years in their business plan? Is there a benefit of having an increased turnover despite the bigger losses?BWFC_Insane wrote: ↑Wed Jul 17, 2019 7:12 pm
As part of EFL approval process you have to submit a business plan showing how you will cover club losses for two years. If some of that was funded by having hotel then EFL will not approve until there is some certainty hotel is in place. Administrators confirmed this in their statement.
The issue is how critical is hotel and can something substitute it. Or will EFL really let us fold. In my view.
- BWFC_Insane
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Re: Administration and recovery
I have no issue with your points apart from...as a fan I don’t really care if the FL lose reputation in handing us a few more months or a year to fix the problems - I’d take that spin of the wheel over the alternative.Worthy4England wrote: ↑Wed Jul 17, 2019 7:30 pmCoupla points. Once bitten, twice shy springs to mind. And. We have no clue as to how large said gap is without hotel (it might be unworkable without)... People are assuming it's of little consequence as it was loss making in the last published Accounts, but for all we know they might have had a plan to use it/part of it for something completely different (say for example convert the GF to another Data Centre to go alongside their other businesses)...BWFC_Insane wrote: ↑Wed Jul 17, 2019 7:10 pmThe EFL could approve it with a funding gap. They did for Ken/DH. The issue is EFL approval. They could approve it with special monitoring assuming FV in longer term could offer up some way to manage gap. Ultimately it’s going to come down to that or BWFC not starting the season and ceasing to exist.
The FL may well see it differently and you are absolutely correct it might be far too significant to overlook....
I’m off to down a pint of wine....and rewatch the cricket from Sunday....
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Re: Administration and recovery
Give Bassini a bell.
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Re: Administration and recovery
It appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.
If I was one of the other bidders I would be seriously challenging the decision of the club admins.
If I was one of the other bidders I would be seriously challenging the decision of the club admins.
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Re: Administration and recovery
Bertie Wooster wrote: ↑Wed Jul 17, 2019 8:27 pmIt appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.
If I was one of the other bidders I would be seriously challenging the decision of the club admins.
I suspect that FV weren't the "preferred" bidder but rather the only (potentially viable) bidder.
- BWFC_Insane
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Re: Administration and recovery
The football club loses say 6M a year. You need a plan to cover that to get EFL approval. Their plan involved hotel. Nobody else could even show the cash to pay off creditors as part of admin deal. So how do you think those parties would get on trying to show they could fund club losses for two years?Bertie Wooster wrote: ↑Wed Jul 17, 2019 8:27 pmIt appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.
If I was one of the other bidders I would be seriously challenging the decision of the club admins.
Fact is that anyone buying us needs a commercial plan. Further fact is that James’ security is against hotel assets.
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Re: Administration and recovery
And you know this for a fact or are you speculating ?BWFC_Insane wrote: ↑Wed Jul 17, 2019 8:36 pmThe football club loses say 6M a year. You need a plan to cover that to get EFL approval. Their plan involved hotel. Nobody else could even show the cash to pay off creditors as part of admin deal. So how do you think those parties would get on trying to show they could fund club losses for two years?Bertie Wooster wrote: ↑Wed Jul 17, 2019 8:27 pmIt appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.
If I was one of the other bidders I would be seriously challenging the decision of the club admins.
Fact is that anyone buying us needs a commercial plan. Further fact is that James’ security is against hotel assets.
- BWFC_Insane
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Re: Administration and recovery
Nobody knows anything for a fact. It’s true unless admins are not being honest. But that’s hard to build a working hypothesis around given their responsibility and accountability.Bertie Wooster wrote: ↑Wed Jul 17, 2019 8:39 pmAnd you know this for a fact or are you speculating ?BWFC_Insane wrote: ↑Wed Jul 17, 2019 8:36 pmThe football club loses say 6M a year. You need a plan to cover that to get EFL approval. Their plan involved hotel. Nobody else could even show the cash to pay off creditors as part of admin deal. So how do you think those parties would get on trying to show they could fund club losses for two years?Bertie Wooster wrote: ↑Wed Jul 17, 2019 8:27 pmIt appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.
If I was one of the other bidders I would be seriously challenging the decision of the club admins.
Fact is that anyone buying us needs a commercial plan. Further fact is that James’ security is against hotel assets.
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Re: Administration and recovery
^
This is what smells a bit fishy to me. The administrators made a statement that said FV were the successful bidders after an interest (bids?) had been expressed by 6 parties in total.
It has since turned out that only 1 party paid the requisite 25k and they can only go ahead if the hotel is in the package.
I'm starting to believe Bassini may have had a point
This is what smells a bit fishy to me. The administrators made a statement that said FV were the successful bidders after an interest (bids?) had been expressed by 6 parties in total.
It has since turned out that only 1 party paid the requisite 25k and they can only go ahead if the hotel is in the package.
I'm starting to believe Bassini may have had a point
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- Worthy4England
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Re: Administration and recovery
Given you joined in June, you're not Bassini's brighter brother are you?Bertie Wooster wrote: ↑Wed Jul 17, 2019 8:27 pmIt appears to me like the club admins have made a serious error in terms of FV being preferred bidders (knowing that it was dependent on also acquiring the hotel, yet having no control over the sale of the hotel), its almost bordering on being negligent.
If I was one of the other bidders I would be seriously challenging the decision of the club admins.
It is still possible that all things considered FV was still the best of the bids recieved within the timeframe - that all the others weren't as good. If that was the case they'd be bang on to have selected FV as if no credible bid was received they'd have to look at liquidation.
- Worthy4England
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Re: Administration and recovery
Bassini would only have a point if he could demonstrate that his bid (the one within the timeframe) was better than FV's, which he probably can't do as he won't have seen FV's...
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