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Author Topic: The "it could actually be worse" thread ....  (Read 87750 times)
singingiiiffy


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« Reply #645 on: Friday, July 12, 2019, 21:59:20 »

Hey ho, at least the EFL are getting its priorities right by showing concern about whether fans want goal-line technology and VAR.

Shame about Bury. I hope they don't fold as my record at Gigg Lane is three wins from three visits.

In all seriousness, Bury looks fucked, which is gutting for the fans, employees and others. Even if Bury go bust, I wouldn't have confidence in the EFL pulling its finger out to truly safeguard football fans and the clubs they support from falling foul of unfit owners and unsustainable ambitions.

what would happen to their league place? losing playoff finalist? no relegation 4th bottom? it makes a huge mess should the worst case happen. I'm assuming the least impact on recruitment and budgets would be to have a 23 team league for this season.
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pauld


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« Reply #646 on: Saturday, July 13, 2019, 21:04:57 »

Bolton, still to confirm their takeover with just a few weeks to go before the start of the new season, currently have 7 senior players on their books, 2 of them keepers. Which is probably as well, as they don't currently have any defenders. And Lawrence Bassini is still sniffing around, making life difficult even though he's been told to do one. If they can manage to get past all that, once they come out of administration, if they do, they get an automatic 12 point penalty to start the season, plus whatever the league decides to impose for not fulfilling their fixtures last season. Could be a long season for Bolton fans (or a very very short one if things go badly with the takeover)

https://www.theguardian.com/football/2019/jul/13/bolton-seven-players-fulfil-pre-season-fixture-york-takeover
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Power to people


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« Reply #647 on: Monday, July 15, 2019, 12:49:34 »

Bassini sounds like a bit of a Jed
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horlock07


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« Reply #648 on: Monday, July 15, 2019, 13:17:18 »

Bolton, still to confirm their takeover with just a few weeks to go before the start of the new season, currently have 7 senior players on their books, 2 of them keepers. Which is probably as well, as they don't currently have any defenders. And Lawrence Bassini is still sniffing around, making life difficult even though he's been told to do one. If they can manage to get past all that, once they come out of administration, if they do, they get an automatic 12 point penalty to start the season, plus whatever the league decides to impose for not fulfilling their fixtures last season. Could be a long season for Bolton fans (or a very very short one if things go badly with the takeover)

https://www.theguardian.com/football/2019/jul/13/bolton-seven-players-fulfil-pre-season-fixture-york-takeover

Got beat by York... https://www.theboltonnews.co.uk/sport/17770055.match-verdict-york-city-1-bolton-wanderers-0/

Bassini sounds like a bit of a Jed

Delusional and without a pot, possibly so.
« Last Edit: Monday, July 15, 2019, 13:19:43 by horlock07 » Logged
@mwooly63


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« Reply #649 on: Wednesday, July 17, 2019, 16:34:09 »

Just seen on Twitter, Boltons friendly with Chester is off as players refusing to play.
Citing pay problems and communication issues.

Bodes well for the season ahead
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Super Hans


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« Reply #650 on: Wednesday, July 17, 2019, 17:37:11 »

2 weeks for Bolton and Bury to solve a lot of issues...
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pauld


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« Reply #651 on: Wednesday, July 17, 2019, 17:56:56 »

Still got those points deductions to come, too
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horlock07


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« Reply #652 on: Thursday, July 18, 2019, 15:19:54 »

Bury CVA agreed which is a start I suppose... http://www.thebusinessdesk.com/northwest/news/2045244-football-club-saved-after-rescue-package-agreed
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pauld


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« Reply #653 on: Thursday, July 18, 2019, 16:05:40 »

The consortium trying to take over Bolton have asked for a loan from the PFA to pay players:

https://www.theboltonnews.co.uk/sport/17778415.bolton-takeover-question-football-ventures-seek-pfa-loan/

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« Reply #654 on: Friday, July 19, 2019, 13:09:54 »

How can Bury agree a CVA when the current owner hasn't been paying bills due to no money, and then there is the issue of the owner not passing the FL tests, will they just allow him to continue regardless as they have for the past x months.

Something smells fishy, but I'm surprised that HMRC have agreed
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« Reply #655 on: Friday, July 19, 2019, 13:11:46 »

The consortium trying to take over Bolton have asked for a loan from the PFA to pay players:

https://www.theboltonnews.co.uk/sport/17778415.bolton-takeover-question-football-ventures-seek-pfa-loan/



Part of their agreement to buy BWFC is that they also get the hotel, that is being dealt with by different administrators and there is seemingly lots of suitors for it, so not sure they will get it, which means they may not want the football club after all
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horlock07


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« Reply #656 on: Friday, July 19, 2019, 13:35:57 »

How can Bury agree a CVA when the current owner hasn't been paying bills due to no money, and then there is the issue of the owner not passing the FL tests, will they just allow him to continue regardless as they have for the past x months.

Something smells fishy, but I'm surprised that HMRC have agreed

A CVA normally occurs when people don't pay the bills as a rescue mechanism to keep the business alive and secure at least some payment for those owed money which is better than the nowt they would get were the company liquidated, so in this case that's entirely normal, what is less clear is where the money to make these payments is coming from as they have apparently been skint for a couple of months, no I assume that some assurances have been made to pacify the HMRC and the football creditors but no idea what.

Ass for the FPP tests etc that's something for the FL to sort out as again one would assume that for HMRC to agree the CVA they must be comfortable that there will be someone running the club to honour the CVA.

I suspect there is a hell of a lot more to this than meets the eye.
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horlock07


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« Reply #657 on: Friday, July 19, 2019, 13:37:45 »

The consortium trying to take over Bolton have asked for a loan from the PFA to pay players:

https://www.theboltonnews.co.uk/sport/17778415.bolton-takeover-question-football-ventures-seek-pfa-loan/



So they have the money but don't want to use it to settle debts immediately, again its not clear how they pass the FPP test in this case as doesn't that need proof of funds both now and going forward to evidence capability to run the club?
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RobertT


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« Reply #658 on: Friday, July 19, 2019, 13:55:55 »

A CVA normally occurs when people don't pay the bills as a rescue mechanism to keep the business alive and secure at least some payment for those owed money which is better than the nowt they would get were the company liquidated, so in this case that's entirely normal, what is less clear is where the money to make these payments is coming from as they have apparently been skint for a couple of months, no I assume that some assurances have been made to pacify the HMRC and the football creditors but no idea what.

Ass for the FPP tests etc that's something for the FL to sort out as again one would assume that for HMRC to agree the CVA they must be comfortable that there will be someone running the club to honour the CVA.

I suspect there is a hell of a lot more to this than meets the eye.

The CVA also usually provides a payment period covering multiple installments and I think quite a bit of the debt was due immediately, so it gives them time to pay down the remainder through normal operating income.  They have offloaded a load of staff recently and only have 6 contracted players, so I'd imagine they've been able to show a considerable drop in operating expenses as a result.

It would not surprise me to see it fail in a couple of years though, especially if they get themselves into a Leyton Orient style slide from here.
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pauld


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« Reply #659 on: Friday, July 19, 2019, 15:06:04 »

So they have the money but don't want to use it to settle debts immediately, again its not clear how they pass the FPP test in this case as doesn't that need proof of funds both now and going forward to evidence capability to run the club?
Given what happened at Bury, it would appear that the League don't always actually bother with these small details  Roll Eyes
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