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Author Topic: The "it could actually be worse" thread ....  (Read 444288 times)
horlock07

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« Reply #360 on: Tuesday, April 30, 2019, 15:06:25 »

I like the way the EFL have been taking pot shots at the club for not fulfilling it's fixture with Brentford and then not scheduling it this week.  What are they supposed to do - the current owner has all but done a runner and the accounts are frozen with an adjourned Winding-Up order hanging over the business.  The proposed new owner should pass a fit for anything test and the EFL can't sign him off in time anyway, the players and staff have not been paid for nearly two months now, the club doesn't have a safety certificate for the ground, or any players being paid to play the match.

They just seem paralysed by the fear f having to expunge Bolton's results for the season, throwing the promotion and relegation races into potential chaos.  There is a real chance Bolton don't play either of their remaining fixtures as a minimum here.

Power Out.

I cannot be bothered to do the maths, but there is a suggestion that if Bolton's resulted are expunged it could be very good news for West Brom? 

The scary thing is that we have made much of how vital it is for viability that a club owns its ground and has further sources of non football income, yet Bolton own the ground, and a bloody hotel and its come to this....
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« Reply #361 on: Tuesday, April 30, 2019, 15:08:00 »

We all know this isn't staff and fans fault, but surely the EFL have to come down on Bolton the FC like a ton of bricks over this.

They've at the very least been spending money they don't have. At worst they won't fulfill their fixtures.

I actually have a lot of sympathy, could be us again one day. But...
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RobertT

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« Reply #362 on: Tuesday, April 30, 2019, 15:13:24 »

The "view' is that money may well have been shifted around a lot - so while it is undoubtedly got some grounding in over spending vs. income, there is likely an issue with where the cash has been going that does come in.  HMRC is always an interesting one - basic accounting is that you should be able to pay that one - you take money on behalf of the Government, so banking on using it for anything other than paying your tax bill is pretty bad practice to begin with.  Not being able to pay wages would have little to do with long term debt, so again suggests things are being paid in the wrong order at the very least.  At worst, someone is doing ok out of this and might have other businesses that needed some cash, or for personal reasons.
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pauld
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« Reply #363 on: Tuesday, April 30, 2019, 15:21:04 »

The scary thing is that we have made much of how vital it is for viability that a club owns its ground and has further sources of non football income, yet Bolton own the ground, and a bloody hotel and its come to this....
Well yes it is, but you still need to run the business properly. You can have all the assets in the world, but if you run the business like a twat, problems may well ensue.... We were probably better off not owing our own ground in our period of prolonged twattery.
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« Reply #364 on: Tuesday, April 30, 2019, 15:36:51 »

The "view' is that money may well have been shifted around a lot - so while it is undoubtedly got some grounding in over spending vs. income, there is likely an issue with where the cash has been going that does come in.  HMRC is always an interesting one - basic accounting is that you should be able to pay that one - you take money on behalf of the Government, so banking on using it for anything other than paying your tax bill is pretty bad practice to begin with.  Not being able to pay wages would have little to do with long term debt, so again suggests things are being paid in the wrong order at the very least.  At worst, someone is doing ok out of this and might have other businesses that needed some cash, or for personal reasons.

I suppose in those circumstances the FC may well be considered the victim (fraud or whatever) and the FA/EFL may take a kinder view if the individuals are removed.
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horlock07

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« Reply #365 on: Tuesday, April 30, 2019, 15:58:03 »

I suppose in those circumstances the FC may well be considered the victim (fraud or whatever) and the FA/EFL may take a kinder view if the individuals are removed.

But the FC is owned by the owners if that makes sense, so not sure how one can separate the two, its like when people babble on about Power fucking off, seeming to miss that as it stands whether we like it or not Power and STFC are one and the same in commercial entity terms.

It could have so nearly been us previously but I fear it does need a reasonably big club to crash and burn spectacularly before something actually gets done!  No
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Ardiles

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« Reply #366 on: Tuesday, April 30, 2019, 16:02:41 »

We all know this isn't staff and fans fault, but surely the EFL have to come down on Bolton the FC like a ton of bricks over this.

I did start to feel a smudge of sympathy, and then I remembered John McGinlay.
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« Reply #367 on: Tuesday, April 30, 2019, 16:04:22 »

The way I think of it is the FC is the corporate entity that the owner  (or shell company) owns.

The owner can fleece his own company. Hence the company is a victim.

pah, probably nonsense. you're right.
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The Artist Formerly Known as Audrey

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« Reply #368 on: Tuesday, April 30, 2019, 16:05:26 »

I did start to feel a smudge of sympathy, and then I remembered Wanker John McGinlay.
Corrected for you. Must give him his full name.
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RobertT

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« Reply #369 on: Tuesday, April 30, 2019, 16:18:57 »

The EFL just gave Blackpool a lifeline because they determined that the issue was a personal one between two sets of people using the football club as a pawn, and that case a Judge had to find the Oyston's had indeed been funneling money away from another shareholder.  Bolton doesn't look quite the same but it does look possible that the majority shareholder has been moving money about his own personal businesses.  Nothing confirmed, but that is the potential allegation it seems.  You also Diamond Mike types, you charge Consultancy fees or ensure contracts end-up in the right places.

At Bolton - the Hotel has actually also been served with a Winding Up order - it looks like it will get messy for them, whatever happens.
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pauld
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« Reply #370 on: Tuesday, April 30, 2019, 16:19:33 »

The way I think of it is the FC is the corporate entity that the owner  (or shell company) owns.

The owner can fleece his own company. Hence the company is a victim.
Legally, you're correct. Directors (even when they are also owners) still have a duty of care to run the company properly and within the law. Which is how our own Mikey D came to be "asked to step aside from being a director for a while" (as he put it - or "banned for 10 years" as the law put it).
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chalkies_shorts

« Reply #371 on: Tuesday, April 30, 2019, 16:31:47 »

I did start to feel a smudge of sympathy, and then I remembered John McGinlay.
And don't forget that cunt mcateer. In the semi up there he elbowed one of ours and got away with it when it should have been red.
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pauld
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« Reply #372 on: Wednesday, May 1, 2019, 07:56:51 »

Macclesfield rocking the "Town under Diamond Mike" look, late paying players for 3rd month in a row:

https://www.bbc.co.uk/sport/football/48113251
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horlock07

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« Reply #373 on: Wednesday, May 1, 2019, 08:20:16 »

The EFL just gave Blackpool a lifeline because they determined that the issue was a personal one between two sets of people using the football club as a pawn, and that case a Judge had to find the Oyston's had indeed been funneling money away from another shareholder. 

Funny you mention Blackpool, its being suggested that Oyston is close to getting the cash together via 3rd party funding to retain a 20% holding in the company so not entirely out of the woods yet.
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reeves4england

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« Reply #374 on: Wednesday, May 1, 2019, 08:45:05 »

Funny you mention Blackpool, its being suggested that Oyston is close to getting the cash together via 3rd party funding to retain a 20% holding in the company so not entirely out of the woods yet.
Largely being dismissed as bollocks here on the Fylde but I suppose you never know. Andrew Pilley seems to be the favoured choice amongst Blackpool fans, if he can somehow get around the whole conflict of interest thing. He's currently chairman and owner of Fleetwood but is rumoured to have handed over to a family member.
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