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Bolton in the mire too ?
Posted: Tue Sep 11, 2018 8:42 am
by Bluemike
Bolton Wanderers are facing administration after owner Ken Anderson failed to agree a loan repayment with finance company BluMarble.
Anderson says the company rejected his last-minute offer to repay the £4m loan they made to the Sky Bet Championship club plus "substantial interest".
Bolton, who narrowly avoided relegation from the second-tier last season and currently sit eighth on 11 points after an impressive start, could be hit with a 12-point deduction and two-year transfer embargo.
Anderson said in a statement: "As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons, as their actions do not make commercial sense.
"As l understand it, they are currently taking legal action against their own lawyers in respect of a negligence claim on the original transaction with Sportshield Ltd, and are expecting to receive substantial compensation from the lawyers' PI insurance, and this may explain their actions.
"They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.
"In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer."
In a hint at the building financial turmoil at the University of Bolton Stadium in July, players went on strike and refused to play a friendly over unpaid wages and bonuses.
Ex-Bolton striker Dean Holdsworth's Sports Shield BWFC Limited and Anderson's Inner Circle Investments Ltd took over the club in March 2016 and claimed to have settled its previous financial problems, before Anderson bought the remaining shares to take a controlling stake a year later.
Crikey that could be Two relegation slots sorted already if these points deductions come to fruition.
Re: Bolton in the mire too ?
Posted: Tue Sep 11, 2018 9:09 am
by nicscreamer
If they go into administration then the points deduction will happen. Im not convinced Birmingham will happen, but it may.
At least early in the season gives them a chance to recoup the lost points...… Yet again it shows that throwing money at the club is not always the best option.
Re: Bolton in the mire too ?
Posted: Tue Sep 11, 2018 9:27 am
by Tangfastic
I hope we’ve got the money from the Garner sale already in the bank.
Let’s get this right... they couldn’t pay their existing players bonuses, who then went on strike... yet they could pay a 1 million pound fee for Garner.
Throwing money at a club is not the best option, especially if you don’t have it.
Taking action against their own lawyers... ha ha ... good luck with that one.
Re: Bolton in the mire too ?
Posted: Tue Sep 11, 2018 9:38 am
by Bluemike
They look a far more serious case than Birmingham for sure. It wasnt long ago they had debts of something like 190 Million, not sure what the situation is now but it doesn't sound good.
Joe Garner went to Wigan in the end thank god. As you both say throwing money at it, especially when you haven't got it or have been in Administration before is most definitely not the way to go, all we need to do now is educate a large percentage of the Suffolk population who cannot absorb this.
Re: Bolton in the mire too ?
Posted: Tue Sep 11, 2018 9:53 am
by Tangfastic
Bluemike wrote: ↑Tue Sep 11, 2018 9:38 am
They look a far more serious case than Birmingham for sure. It wasnt long ago they had debts of something like 190 Million, not sure what the situation is now but it doesn't sound good.
Joe Garner went to Wigan in the end thank god. As you both say throwing money at it, especially when you haven't got it or have been in Administration before is most definitely not the way to go, all we need to do now is educate a large percentage of the Suffolk population who cannot absorb this.
Ha ha... should have paid attention. Sorry Joe.... I wasn’t more interested in the cash in the bank than where you ended up.
Re: Bolton in the mire too ?
Posted: Tue Sep 11, 2018 9:54 am
by Bluemike
tangfastic wrote: ↑Tue Sep 11, 2018 9:53 am
Bluemike wrote: ↑Tue Sep 11, 2018 9:38 am
They look a far more serious case than Birmingham for sure. It wasnt long ago they had debts of something like 190 Million, not sure what the situation is now but it doesn't sound good.
Joe Garner went to Wigan in the end thank god. As you both say throwing money at it, especially when you haven't got it or have been in Administration before is most definitely not the way to go, all we need to do now is educate a large percentage of the Suffolk population who cannot absorb this.
Ha ha... should have paid attention. Sorry Joe.... I wasn’t more interested in the cash in the bank than where you ended up.
I've made the same mistake during conversations with people too lol.
Re: Bolton in the mire too ?
Posted: Tue Sep 11, 2018 11:59 am
by Quasar
heres your money....
we dont want it now
well, why didnt the company just take the money they was owed !! plus interest !!
Re: Bolton in the mire too ?
Posted: Tue Sep 11, 2018 9:33 pm
by arana peligrosa
Another example of conjecture and what if's. These intended punishments seem a bit extreme in themselves and would be very surprised if this points deduction was at all implemented.
They did well to get back to the Championship league after a time in League One (if no actions are taken that would prove an invaluable progress) but still nowhere near EPL level as of yet. One of the founder members of the league if correct with spells of rich history, it would be a shame to see them fall behind once again. But stories such as this seem a dime a dozen. Weren't they in a similar predicament a year or two back or was it someone else in difficulty. Point being these scenarios do seem to occur with surprising regularity.
Re: Bolton in the mire too ?
Posted: Wed Sep 12, 2018 7:25 am
by derick_ipsw
tangfastic wrote: ↑Tue Sep 11, 2018 9:27 am
I hope we’ve got the money from the Garner sale already in the bank.
Let’s get this right... they couldn’t pay their existing players bonuses, who then went on strike... yet they could pay a 1 million pound fee for Garner.
Throwing money at a club is not the best option, especially if you don’t have it.
Taking action against their own lawyers... ha ha ... good luck with that one.
I thought Garner went to Wigan?
Re: Bolton in the mire too ?
Posted: Wed Sep 12, 2018 7:59 am
by Tangfastic
derick_ipsw wrote: ↑Wed Sep 12, 2018 7:25 am
tangfastic wrote: ↑Tue Sep 11, 2018 9:27 am
I hope we’ve got the money from the Garner sale already in the bank.
Let’s get this right... they couldn’t pay their existing players bonuses, who then went on strike... yet they could pay a 1 million pound fee for Garner.
Throwing money at a club is not the best option, especially if you don’t have it.
Taking action against their own lawyers... ha ha ... good luck with that one.
I thought Garner went to Wigan?
Yes... he did... Mike corrected me
Point is... Bolton wanted to sign him
Re: Bolton in the mire too ?
Posted: Wed Sep 12, 2018 8:55 am
by tractorboybig
So if deducted twelve points they will only be three behind us...still we go up a place for a week.
Re: Bolton in the mire too ?
Posted: Wed Sep 12, 2018 9:00 am
by Bluemike
They have had a fabulous start for sure, not sure they can keep that going mind, you would think the repercussions of any points deduction may have a fair few negative effects on them too.
Welcome to the forum by the way.
Re: Bolton in the mire too ?
Posted: Wed Sep 12, 2018 9:30 am
by Tangfastic
There’s always clubs who start poorly ... and then move up the league. I hope that’s us.
And then there’s the clubs who over-achieve at the start of the season. The manager gets nominated for manager of the month awards ..and by April there’s bottles being thrown at him.
I think Bolton will be a club who will drop down the league... penalties or no penalties.
Re: Bolton in the mire too ?
Posted: Thu Sep 13, 2018 5:27 pm
by Watership Down
Such a sad situation for the fans and the club. Bolton have always been one of the residents of the first division back in the day. But it's a pity to see all these well known clubs getting into financial difficulties. So much for all the money in the game.... the Premiership is always a forgone conclusion between 5 or 6 clubs the rest have to struggle to stay up. Leicester was an obvious upset but that won't happen again. Ask any fans of teams like Southampton, Watford, Crystal Palace, Newcastle all they hope to do is stay up and maybe beat one of the top contenders that would be their season in a nutshell..... but win the league, don't hold your breath.
Re: Bolton in the mire too ?
Posted: Thu Sep 13, 2018 5:49 pm
by Bluemike
Theyve resolved the problem and avoiding Administration for the time being
Re: Bolton in the mire too ?
Posted: Thu Sep 13, 2018 10:52 pm
by Ando
I think when a team goes into administration any football debts are not written off.