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Post by andyl on Aug 27, 2015 7:33:58 GMT
Can anyone offer reassurance that being turned down by banks and taking such a loan is anything other than deeply worrying?
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Post by davidm on Aug 27, 2015 9:03:18 GMT
Really worrying.
It looks just like a Wonga or QuickQuid loan.
We are not far from selling off the family silver or have we already started.
There is, as yet, absolutely no explanation as to the thinking behind this - just a basic statement of the facts. Shouldn't the Bolton News be asking questions? If they are asking and getting no reply, they should be reporting that back to the readers. As usual, the fans are really kept in the dark.
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Post by riochforthereebok on Aug 27, 2015 10:17:12 GMT
I suppose there's no point in mentioning Kevin Nolan's return to his 'home' if we're that skint we need a borra!!!!
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Post by westandlower on Aug 27, 2015 11:00:54 GMT
Rioch - Was that to borrow Kevin Nolan or to borrow the £5M from Kevin? btw he's just left West Ham by mutual consent so is available for free.
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Post by westandlower on Aug 27, 2015 11:17:34 GMT
On the subject of the loan from Nucleus. Whether it is good or not depends on the terms: i.e. the interest rate and length of the loan. Look on it a bit like an interest only mortgage.
If I went to the bank for an overdraft, the interest rate would probably be higher than if I took out a personal loan. The bank can demand repayment of the overdraft at any time but the loan term is fixed.
With an overdraft you have the facility to pay it back in full or part when you want and interest is charged only on the outstanding amount. With a loan you pay a set amount of interest for the whole term but there maybe the facility to pay it back early if you also pay an early redemption fee.
My guess is that the interest rate on the loan is less than the overdraft was, but we are virtually committed to paying for longer so in the long term it will be more costly. On balance I don't think it is any big deal. I would be more concerned if it was a loan of £50M or more.
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Post by OohMac on Aug 27, 2015 11:52:43 GMT
Really worrying. It looks just like a Wonga or QuickQuid loan. We are not far from selling off the family silver or have we already started. There is, as yet, absolutely no explanation as to the thinking behind this - just a basic statement of the facts. Shouldn't the Bolton News be asking questions? If they are asking and getting no reply, they should be reporting that back to the readers. As usual, the fans are really kept in the dark. Marc Iles seems like he struggles to switch a laptop on. His interview with Gartside at the end of last year was an embarrassment. They need to get someone in who knows the facts and has a background who won't be shrugged off by Gartsides pre-planned "answers" and find out what's gone wrong? How this has been allowed to happen and what is in place to secure the future of the club. We're doing a Leeds but think of how many players Leeds actually bought to get that Champions League spot. When we got in Europe the first time how many players did we sign for over £1M? |
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Post by beenheresince53 on Aug 28, 2015 11:26:41 GMT
 It's not looking good according to an article by Alan Nixon In the mirror, Mr Ed Davis is will now accept £30 million for the Wanderers. The writings been on the wall for some time with a reported debt albeit to Mr Davis of £180 million. I know it's the same old question but how was this debt allowed to escalate as it appears our assets don't cover the debt, any other business and you know who would have been shown the door a long time ago. Selling one of the car parks recently and this new loan calls for real concern unless Mr Davis finds a buyer and wipes away the outstanding debt to him. |
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Post by realtrottersforever on Aug 28, 2015 11:47:17 GMT
Surely ED can't be willing to right off £150 million. If that's the way he runs his businesses it's no wonder we are in the state we are!!
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Post by whitesince63 on Aug 28, 2015 16:52:30 GMT
Well selling off assets like the car parks, (land) is only going to make the club less sellable to a potential buyer whilst the reduced price of £30m looks good value if true. Given the money on offer in the PL it surely makes us a pretty good investment for someone so let's hope the stories true. It's clear now that ED has completely lost interest in Wanderers and just wants out so let's hope something happens soon. As for the loan, let's just hope there's no default otherwise we really are in the do do.
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Post by andyl on Aug 28, 2015 17:37:09 GMT
I don't think Eddie D has lost interest. He has reasons to sell up and one reason has to be the financial considerations. But he remains a fan and wants to get a buyer with the club's interests paramount.
The financial situation is extremely serious and clearly covering committed running costs from income is impossible.. We must hope for a televised cup run or Zach to up his value or a benevolent owner or better business management or a combination of all..
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