Administration and recovery

[BWFC_Insane]

Nixon says announcement imminent. From who is anyone's guess.

He seems to be hinting at this property magnate not FV.

Not since the last hour he’s not...

[Enoch]

Does Costello have the full set of bins - black, blue, pink and green?

He's very Greta Thunberg.

What the f*ck goes in the pink one?

I just threw that in to test you were actually knowledgable about bins. We've had all sorts of claims to inside knowledge. It's brown. Well done.

Nixon does indeed say some sorta announcement imminent.

See, I doubt Daltrey would have picked up on that.

Not at his age!

[Dave Sutton's barnet]

I'll be glad when we're not reading Nixon's tweets for hints, but I'd say the "imminent" announcement will be "nearly there, miss, can we have more time?"

[Lost Leopard Spot]

Does Costello have the full set of bins - black, blue, pink and green?

He's very Greta Thunberg.

What the f*ck goes in the pink one?

I just threw that in to test you were actually knowledgable about bins. We've had all sorts of claims to inside knowledge. It's brown. Well done.

Nixon does indeed say some sorta announcement imminent.

See, I doubt Daltrey would have picked up on that.

Not at his age!

What the fxck are you lot on about?

[Lost Leopard Spot]

I'll be glad when we're not reading Nixon's tweets for hints, but I'd say the "imminent" announcement will be "nearly there, miss, can we have more time?"

I think he's just talking through his anus.

[nicholaldo]

I'll be glad when we're not reading Nixon's tweets for hints, but I'd say the "imminent" announcement will be "nearly there, miss, can we have more time?"

Almost certainly.

[BWFC_Insane]

I'll be glad when we're not reading Nixon's tweets for hints, but I'd say the "imminent" announcement will be "nearly there, miss, can we have more time?"

Why would the admins ask themselves if they can have more time? They need something by tomorrow, either a deal or money. As I understand it.

[Jugs]

It's all gone a bit quiet

[Dave Sutton's barnet]

It's "on the verge" (not Bassini's) according to el nickolodeon

https://www.thesun.co.uk/sport/football ... dates-efl/

ALAN NIXON EXCLUSIVE: FOOTBALL VENTURES are close to sealing a deal to save Bolton Wanderers — thanks to superfan Mike James.

The protracted bid for the club and hotel is on the verge of going ahead, with insiders revealing James will become the leading backer of the FV offer.

Local property developer James, a secured creditor, will have his company’s debt of £5.5million returned from the sale of the club hotel.

And James is set to take out a £3.75m stake in FV — despite having preferred to stay a background figure in his years helping the club.

Football Ventures intend to take the hotel based on staged payments.

While a rival offer by a Manchester-based property tycoon is also on the table.

This group, who have former Preston player Brian O’Neil in charge of the football side of the bid, have yet to show proof of funds to the club administrators.

There is great distrust between O’Neil’s group and administrator Paul Appleton — who has been pushing the FV proposal despite its problems with finance and adding a PFA loan to fund the purchase.

Previous moves were blocked as FV were the preferred bidders — although talks resumed at the weekend — as yet without agreement.

Appleton threatened to start the liquidation process on Wednesday, yet that was badly received by some of the club’s creditors and he has since adjusted his stance.

[officer_dibble]

Meh
It will have to do
I’m off to bed, saved tomorrow.

[Bruce Rioja]

...the Bottom Line is Appleton had previously stated that unsecured creditors were heading for 35p in the £, and (by implication alone) that secured creditors would be getting paid, but FV do not, nor never have had, the cash to make that statement come true. That's the bottom line. That and that alone. Everything else is subsidiary to that Big Problem. FV have tried to bamboozle their way through the entire process. They are skint.

LLS - not dissing your statements or questioning them, but given that you've stated this a lot - can I ask, do you know this is the case, or is it just your best guess of the situation?

As I said, not saying you are wrong at all - and you might well be 100% correct - just the level of confidence with which you make the point about them having no cash implies some knowledge rather than just an assumption?

You'll be waiting a while. A fecking long while at that!

[Dave Sutton's barnet]

Iles:

"Once bitten, twice shy (or should that be 10x bitten, twenty times shy)... But confident talk from #bwfc that a deal for Football Ventures is most likely outcome. Will that be tonight? Not sure."

Bed sounds nice, but some of us have to do a news interview with BBC World Service in an hour...

[bristol_Wanderer3]

That subtle "adjusted his stance" is pretty damn important isn't it?

This could have been a far more relaxing day if we had all known that liquidation tomorrow was not going to happen due to a prior adjustment of stance!

[BWFC_Insane]

Wtf is Nixon smoking? Mike James being involved in FV and being a key player is news now?

What an utter crock of shite.

[Worthy4England]

Iles:

"Once bitten, twice shy (or should that be 10x bitten, twenty times shy)... But confident talk from #bwfc that a deal for Football Ventures is most likely outcome. Will that be tonight? Not sure."

Bed sounds nice, but some of us have to do a news interview with BBC World Service in an hour...

Bonus points for getting in the words "Anderson you caaaant"

[Hoboh]

[Dave Sutton's barnet]

EFL: Bury have been expelled. Our 14-day countdown starts now.

https://www.efl.com/news/2019/august/bo ... al-lifted/

Despite further exchanges with the Administrators over the course of the Bank Holiday weekend, and right up until today’s deadline of 5pm, a resolution to ongoing impasse in negotiations regarding a completion of sale at Bolton Wanderers has not yet been found.

The EFL Board has therefore taken the decision to lift the suspension on the notice of withdrawal, which was issued as per the EFL’s insolvency policy when the Club entered administration in May 2019.

As per the League’s Articles of Association, this will now give the Club 14 days (11.59pm on 12 September, 2019) to meet all outstanding requirements of the League’s insolvency policy or its membership in the EFL will be withdrawn.

In respect of the situation at Bolton Wanderers, the administrators now have this period of time to successfully conclude a change of control with a preferred purchaser, or provide sufficient evidence that they are in a position to fund the Club for the remainder of the 2019/20 campaign.

EFL Executive Chair, Debbie Jevans CBE, said: “Despite repeated assurances, we are extremely disappointed that we are still not in a position to reach a successful resolution with the sale of Bolton Wanderers and have therefore taken the decision to lift the suspension on the notice of withdrawal. I again urge all parties to finalise the proposed takeover.

“The reality of this action is that there are now 14 days to secure the Club’s long-term future, and I sincerely hope we can find a way through these challenging circumstances for the benefit of all those who have an association with the Club.”

https://www.efl.com/news/2019/august/bu ... withdrawn/

The EFL Board met earlier this evening and, after a long and detailed discussion, determined that Bury FC’s membership of the English Football League be withdrawn after the deadline passed at 5pm today (Tuesday 27 August) without a successful resolution.

Despite repeated requests to its owner Mr Dale over a sustained period of time, the necessary evidence in respect of how the Club would meet its financial commitments, has simply not been provided and, as a result, attentions turned to securing new ownership at the Club.

At its meeting on 24 August 2019, the Board agreed a short extension to 5pm today (Tuesday 27 August) to enable Mr Dale and the Club to explore the possibility of a proposed sale with C&N Sporting Risk Limited, with Mr Dale having accepted their offer. Following due diligence, C&N Sporting Risk Limited opted not to pursue its interest.

Therefore, having fully considered all available options, including a number of late expressions of interest provided to the EFL, the EFL Board has unanimously determined with enormous regret that Bury’s membership be withdrawn.

The EFL Board had maintained that there could be no further suspensions to the fixture list and that these ongoing concerns and the integrity of the competition were a significant factor in the decision.

Recent events have highlighted how decisions taken at Bury FC over the last few seasons have caused the Club and individuals close to it significant financial distress and there are a number of matters which, in our view, will require further investigation.

League One will now comprise of 23 Clubs for the remainder of the campaign and relegation places in the division reduced to three, which will result in a full complement of 24 Clubs in 2020/21. A discussion will take place with EFL Clubs on the consequential impact in League Two when Clubs next meet in September 2019.

Debbie Jevans CBE, EFL Executive Chair, said: “Today is undoubtedly one of the darkest days in the League’s recent history. The EFL has worked determinedly and tirelessly to avoid this outcome and it is with a heavy heart that this situation has been forced upon us.

“The EFL has to place the integrity of our competitions at the heart of every decision we make, and we simply cannot allow this unacceptable situation to continue or countenance the prospect of postponing further fixtures.

“I understand this will be a deeply upsetting and devastating time for Bury’s players, staff, supporters and the wider community. There is no doubt today’s news will be felt across the entire football family.

“No one wanted to be in this position but following repeated missed deadlines, the suspension of five League fixtures, in addition to not receiving the evidence we required in regard to financial commitments and a possible takeover not materialising; the EFL Board has been forced to take the most difficult of decisions.”

[Worthy4England]

So sad for Bury. I thought our 14 days was "notional" if Admins can't actually fund 14 days...

[DJBlu]

Such miserable news.

Well done Steve Dale you utter, utter bastard.

Administrator will be liquidating in the morning then.

[Prufrock]

Awful stuff for Bury. Hope someone can sort it out and they can find a way back in some form for next year.

I can't handle another 14 days for us. Hopefully the upcoming wages deadline means we're done one way or another soon.