Administration and recovery

Where fellow sufferers gather to share the pain, longing and unrequited transfer requests that make being a Wanderer what it is...

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BWFC_Insane
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Re: Administration and recovery

Post by BWFC_Insane » Thu May 23, 2019 1:05 pm

Lost Leopard Spot wrote:
Thu May 23, 2019 12:57 pm
"More than 30 expressions of interest already... "

I wonder how many expressions of interests are left after deducting Bassini, the Supporter's Trust, Bassini, the Supporter's Trust, the Supporter's Trust, the Supporter's Trust, Bassini... .... ...
Only need one good one.

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Re: Administration and recovery

Post by Lost Leopard Spot » Thu May 23, 2019 1:08 pm

BWFC_Insane wrote:
Thu May 23, 2019 1:05 pm
Lost Leopard Spot wrote:
Thu May 23, 2019 12:57 pm
"More than 30 expressions of interest already... "

I wonder how many expressions of interests are left after deducting Bassini, the Supporter's Trust, Bassini, the Supporter's Trust, the Supporter's Trust, the Supporter's Trust, Bassini... .... ...
Only need one good one.
...
That's not a leopard!
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bristol_Wanderer3
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Re: Administration and recovery

Post by bristol_Wanderer3 » Thu May 23, 2019 1:16 pm

It would be interesting to see a breakdown of how that £25m was arrived it.

Nixon's theory that it is £17m-£18m up front with the rest covering costs of running the club for the next two years seems highly questionable. That would suggest an owner would need to contribute around £4m per season to cover running costs in L1.

However, it has been widely reported that the club was losing £6m per season in the Championship, with the squad we had, and with £6.5m-£7m TV revenue. L1 = approx £1.5m TV revenue. Last time we were in L1 we had operating losses of approx £13m, that were covered from player sales, write offs and sale of assets. Granted we were carrying the likes of Mark Davies, Jay Spearing and Ben Amos and their lucrative contracts.

I struggle to see how our operating losses aren't £8m minimum in L1 and more likely around £10m or more, which makes me wonder:

- Is the purchase price in admin really low, like possibly around £10m? Given secured creditors represent £13m (£23m if the EDT Fildraw debt is active) have some or all of the secured creditors agreed to carry their debt forward or convert to equity? If so does that suggest there is a specific buyer in mind who has an agreement with them?
- Are any asset sales being considered as part of this process?
- Is the proof of £25m just a qualification to get through the door and the real costs for purchase and the next two years running costs much higher?

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Re: Administration and recovery

Post by piesrus » Thu May 23, 2019 3:46 pm

Cost of purchase could be £1. The administrators are not working on behalf of Ken Anderson. I imagine a pence in the £ rate will be agreed to pay non football unsecured creditors, a sum for football and secured creditors and a sum per season over 2 seasons to run the club.
I think, perhaps....

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Re: Administration and recovery

Post by TonyDomingos » Thu May 23, 2019 8:35 pm

Bids have to be submitted by 4pm on 7 June.

https://www.theboltonnews.co.uk/sport/1 ... -deadline/
So, if everyone can send me their bank details and a direct debit authorisation, I'll sort out the rest. Cheers.
Às armas, às armas!
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Às armas, às armas!
Pela Pátria lutar!
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Re: Administration and recovery

Post by TonyDomingos » Thu May 23, 2019 8:57 pm

Iles says two potential bidders have paid the £25k needed to enter the Data Room. Shirley Bassi is not one of them.
Às armas, às armas!
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Às armas, às armas!
Pela Pátria lutar!
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Re: Administration and recovery

Post by Enoch » Thu May 23, 2019 9:38 pm

TonyDomingos wrote:
Thu May 23, 2019 8:35 pm
Bids have to be submitted by 4pm on 7 June.

https://www.theboltonnews.co.uk/sport/1 ... -deadline/
So, if everyone can send me their bank details and a direct debit authorisation, I'll sort out the rest. Cheers.
I had a cracking text today purporting to be from 'Three', saying my bill payment for this month had failed. Be all the same if I had dealings with 'Three' but I did get a chuckle from the bit that asked me to email my account details to their 'payment deppartment.'

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Re: Administration and recovery

Post by TonyDomingos » Thu May 23, 2019 9:52 pm

Enoch wrote:
Thu May 23, 2019 9:38 pm
TonyDomingos wrote:
Thu May 23, 2019 8:35 pm
Bids have to be submitted by 4pm on 7 June.

https://www.theboltonnews.co.uk/sport/1 ... -deadline/
So, if everyone can send me their bank details and a direct debit authorisation, I'll sort out the rest. Cheers.
I had a cracking text today purporting to be from 'Three', saying my bill payment for this month had failed. Be all the same if I had dealings with 'Three' but I did get a chuckle from the bit that asked me to email my account details to their 'payment deppartment.'
I'm still waiting for your email.

Yours,

Kenn Annderson
Às armas, às armas!
Sobre a terra, sobre o mar,
Às armas, às armas!
Pela Pátria lutar!
Contra os canhões marchar, marchar!

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Re: Administration and recovery

Post by Prufrock » Fri May 24, 2019 7:35 am

The league need to pull their finger out and decide what they're doing about Brentford. That hanging over is is not going to help.
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Re: Administration and recovery

Post by Dave Sutton's barnet » Fri May 24, 2019 9:08 am

Prufrock wrote:
Fri May 24, 2019 7:35 am
The league need to pull their finger out and decide what they're doing about Brentford. That hanging over is is not going to help.
They’ve said they’re handing the decision to an independent panel, but presumably they set the parameters for that panel’s timescale. They’re being very quiet on it. In another informative piece, Iles says:

“The league say they will not be advertising the date that the independent panel will sit, only their findings. The summer AGM will be held on June 6, at which point the new season officially begins – but the quicker a decision is made, the easier it will be for buyers to press ahead with their bid.”

https://www.theboltonnews.co.uk/sport/1 ... mewasters/

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Re: Administration and recovery

Post by BWFC_Insane » Fri May 24, 2019 9:35 am

Dave Sutton's barnet wrote:
Fri May 24, 2019 9:08 am
Prufrock wrote:
Fri May 24, 2019 7:35 am
The league need to pull their finger out and decide what they're doing about Brentford. That hanging over is is not going to help.
They’ve said they’re handing the decision to an independent panel, but presumably they set the parameters for that panel’s timescale. They’re being very quiet on it. In another informative piece, Iles says:

“The league say they will not be advertising the date that the independent panel will sit, only their findings. The summer AGM will be held on June 6, at which point the new season officially begins – but the quicker a decision is made, the easier it will be for buyers to press ahead with their bid.”

https://www.theboltonnews.co.uk/sport/1 ... mewasters/
Not convinced by any buyer who would be put off through a further points deduction. Surely we want people who look long term. Promotion is out the window next season anyway and a further 8 or 9 points whilst difficult won't change that.

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Re: Administration and recovery

Post by DJBlu » Fri May 24, 2019 9:42 am

Anything more than 3 points for Brentford game will be harsh as it bore no relevance to the outcome of the league. If anything it should be a fine for the difference from the increase in winnings for Brentfords final position.

We'll get a massive deduction as a warning to other clubs. Pay your staff so this doesn't happen, trouble is owners like KA don't give a flying fook.

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Re: Administration and recovery

Post by piesrus » Fri May 24, 2019 9:54 am

DJBlu wrote:
Fri May 24, 2019 9:42 am
Anything more than 3 points for Brentford game will be harsh as it bore no relevance to the outcome of the league. If anything it should be a fine for the difference from the increase in winnings for Brentfords final position.

We'll get a massive deduction as a warning to other clubs. Pay your staff so this doesn't happen, trouble is owners like KA don't give a flying fook.
No prize money in the Ch'ship; anyway Brentford were awarded a 1-0 win. A precedent from the Prem a while back, saw Middlesbrough deducted 3 points for calling off a game v Blackburn due to illness.

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Re: Administration and recovery

Post by Lost Leopard Spot » Fri May 24, 2019 12:43 pm

piesrus wrote:
Fri May 24, 2019 9:54 am
DJBlu wrote:
Fri May 24, 2019 9:42 am
Anything more than 3 points for Brentford game will be harsh as it bore no relevance to the outcome of the league. If anything it should be a fine for the difference from the increase in winnings for Brentfords final position.

We'll get a massive deduction as a warning to other clubs. Pay your staff so this doesn't happen, trouble is owners like KA don't give a flying fook.
No prize money in the Ch'ship; anyway Brentford were awarded a 1-0 win. A precedent from the Prem a while back, saw Middlesbrough deducted 3 points for calling off a game v Blackburn due to illness.
The game was called off because of a player's strike. I very much doubt we will get any further points deductions because of it.
But, whatever, it's not a defining moment in our future history, if we have one.
An article in the Times points out that all Premiership clubs are guaranteed £100 million in earnings and that 12 of the 20 made a net profit, while 52 of the 72 in the EFL lost money. More pertinently it explained that "if you look at it (the Championship) as a 3 out of 24 chance of winning the lottery then many (potential owners) might think it's good odds".
The problem is, investing in an already failing club in an environment where you have a 52/72 chance of further financial drain and you have 0 chance out of 24 of reaching the promised land, who the fxck will bother?
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Re: Administration and recovery

Post by Dave Sutton's barnet » Fri May 24, 2019 12:59 pm

Lost Leopard Spot wrote:
Fri May 24, 2019 12:43 pm
piesrus wrote:
Fri May 24, 2019 9:54 am
DJBlu wrote:
Fri May 24, 2019 9:42 am
Anything more than 3 points for Brentford game will be harsh as it bore no relevance to the outcome of the league. If anything it should be a fine for the difference from the increase in winnings for Brentfords final position.

We'll get a massive deduction as a warning to other clubs. Pay your staff so this doesn't happen, trouble is owners like KA don't give a flying fook.
No prize money in the Ch'ship; anyway Brentford were awarded a 1-0 win. A precedent from the Prem a while back, saw Middlesbrough deducted 3 points for calling off a game v Blackburn due to illness.
The game was called off because of a player's strike. I very much doubt we will get any further points deductions because of it.
But, whatever, it's not a defining moment in our future history, if we have one.
An article in the Times points out that all Premiership clubs are guaranteed £100 million in earnings and that 12 of the 20 made a net profit, while 52 of the 72 in the EFL lost money. More pertinently it explained that "if you look at it (the Championship) as a 3 out of 24 chance of winning the lottery then many (potential owners) might think it's good odds".
The problem is, investing in an already failing club in an environment where you have a 52/72 chance of further financial drain and you have 0 chance out of 24 of reaching the promised land, who the fxck will bother?
Furthermore, there's a Micky Delaney piece in today's Indy which I hope the buyers don't read:
https://www.independent.co.uk/sport/foo ... 26126.html

Oh and: CODE: SELECT ALL

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Re: Administration and recovery

Post by bristol_Wanderer3 » Fri May 24, 2019 2:14 pm

^^ Interesting that the domestic rights value is now falling. Makes me wonder if the bubble even at the highest level is about to burst. The fact that EPL clubs are dominating in Europe might keep the reputation of the English game, and with it the foreign financial interest going for a little while I guess, but it looks close to maxed out.

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Re: Administration and recovery

Post by Dave Sutton's barnet » Fri May 24, 2019 2:21 pm

Meanwhile, Nixon says "more than two as of this morning" have shelled out the £25k to enter the exciting-sounding Data Room (soon to be a BBC iPlayer show hosted by Dara O'Briain)

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Re: Administration and recovery

Post by BWFC_Insane » Fri May 24, 2019 2:22 pm

Dave Sutton's barnet wrote:
Fri May 24, 2019 2:21 pm
Meanwhile, Nixon says "more than two as of this morning" have shelled out the £25k to enter the exciting-sounding Data Room (soon to be a BBC iPlayer show hosted by Dara O'Briain)
Getting more complicated than GoT this!

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Re: Administration and recovery

Post by Hoboh » Sat May 25, 2019 7:45 am

BWFC_Insane wrote:
Fri May 24, 2019 9:35 am
Dave Sutton's barnet wrote:
Fri May 24, 2019 9:08 am
Prufrock wrote:
Fri May 24, 2019 7:35 am
The league need to pull their finger out and decide what they're doing about Brentford. That hanging over is is not going to help.
They’ve said they’re handing the decision to an independent panel, but presumably they set the parameters for that panel’s timescale. They’re being very quiet on it. In another informative piece, Iles says:

“The league say they will not be advertising the date that the independent panel will sit, only their findings. The summer AGM will be held on June 6, at which point the new season officially begins – but the quicker a decision is made, the easier it will be for buyers to press ahead with their bid.”

https://www.theboltonnews.co.uk/sport/1 ... mewasters/
Not convinced by any buyer who would be put off through a further points deduction. Surely we want people who look long term. Promotion is out the window next season anyway and a further 8 or 9 points whilst difficult won't change that.
Need to sit down I've got to agree the points deduction is fairly irrelevant next seaso is already a write off

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Re: Administration and recovery

Post by Prufrock » Sat May 25, 2019 10:45 am

Don't agree.

First take best case scenario. Someone normal comes in quickly with a decent budget (for wages, given the embargo) and we end up with a good manager. Similar to last time we were in League 1. Broken champ squad full of deadwood, embargo, lots of wheeling and dealing. Last time around 12 points deducted would have left is in the play offs, 15 would not.

At the more realistic end of the spectrum. Say this drags on through the summer. We're left with our 6 first team players and the kids. Pick up the odd dirt cheap free to make a squad. We finally get taken over on September and are limited to out of contract players until Jan. Parky is still here but the fans aren't happy. Come Jan we will spend some money. 12-15 could easily be the difference between staying up and going down again. I'd go as far as to say the difference between 12 and 20 probably would.
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Be more kind, my friends, try to be more kind.

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