|
|
Post by Trotter on Nov 23, 2015 19:06:35 GMT
Breaking news that Eddie Davies is to wipe out our £185m debt when he sells the club. WOW
|
|
|
|
Post by Trotter on Nov 23, 2015 19:17:35 GMT
Trevor Birch updates on the ongoing process at Bolton Wanderers
Trevor Birch, recently appointed as an advisor to the board and owner of Bolton Wanderers, updates on the current progress of his role at the club.
bwfc.co.uk: In buying the club, what would a new potential owner actually be getting? Who would own the stadium, training ground and academy?
TB: They would be buying everything; lock stock and barrel. The new owner would own all of the Burnden Leisure assets within the group, including stadium, training ground, academy and hotel.
bwfc.co.uk: What would happen to the money owed to Eddie Davies and any money owed to the bank - the debt?
TB: Eddie will be writing off his loans that currently sit in the accounts. He’s effectively gifting the club approximately £185million. There is no bank debt, other than a small loan on the hotel. The club has been financed by Eddie’s loan contributions.
bwfc.co.uk: How much is the club likely to be sold for?
TB: I wouldn't want to compromise the current negotiations, but Eddie is making it very attractive for an interested party to buy the club. There will also be some change of control payments to other parties that the new owners need to honour.
bwfc.co.uk: How much money has Eddie Davies put into the club during his time as owner?
TB: Since he bought the club he has invested a significant amount of money. In the summer, the interest and some other amounts that were owed to Eddie were waived. The loans can now be written-off or gifted to club under the terms of any sale. I have to say, I’ve heard people talk of the money Eddie has taken from the club in return for his investment, but even taking into account interest received on his loans in the early years Eddie’s net ‘loss’ is approaching £175million. A magnificent commitment as far as I’m concerned.
bwfc.co.uk: Will Eddie Davies have any involvement with the club after a potential takeover?
TB: In all likelihood, no, other than probably being given the title of President in recognition of the investment he has made in Bolton Wanderers over the years.
bwfc.co.uk: What will happen to Phil Gartside and the current board members after a takeover? Does that depend on who takes over?
TB: It very much depends on which party is successful in concluding a sale. Each group has a different profile with some having members with football experience and some not.
bwfc.co.uk: Is Neil Lennon likely to remain in charge of the first team and, if so, are funds likely to be made immediately available?
TB: Again, it’s very difficult to say as each interested group will have their own plans for the future. What I will say is that none of them have so far indicated that they would want an immediate change in management.
bwfc.co.uk: How does this process compare to what you have previously experienced at other clubs?
TB: Each club has had a its own unique set of circumstances but one common theme is that during these kinds of processes speculation and rumour are rife, some of which are true but a lot of which isn’t. As a football club, Bolton Wanderers has a fantastic pedigree and has everything in place for any purchaser wanting to buy a club with Premier League infrastructure and huge potential. We are talking to a number of interested parties, but nobody has yet got exclusivity and the door is certainly still open.
|
|
|
|
Post by davidm on Nov 23, 2015 19:24:20 GMT
At first glance, this statement is so positive.
As someone who was highly suspicious of the "soft loans" which Phil Gartside referred to often, I feel (hope) that I may need to eat my words which I am more than happy to do.
Saying as this statement is posted on the BWFC website, it must be credible.
Fingers crossed
|
|
|
|
Post by Trotter on Nov 23, 2015 19:45:49 GMT
Just checked my calendar thought it was Christmas Day - unbelievable news and cannot wait till the new owners are announced as they must be giving us transfer money to spend - coyw
|
|
|
|
Post by joanna on Nov 23, 2015 19:51:30 GMT
I hope all those who accused ED of selfishly lining his own pockets during his tenure are suitably ashamed and apologetic. He has bankrolled the club for years without having anywhere near the resources of an Abramovich. Running a club is easy with an unlimited chequebook.
Some of the hate, vitriol and one-eyed condemnation aimed at ED, PG, NL, Marc Iles and the players reflects very badly on those who perpetrate it. Fans' alternative suggestions for tactics and personnel are merely matters of opinion without any guarantee of improved success.
I see that Feeney is now being criticised for taking a penalty.....and scoring!! Words fail me!
Those who accuse the players and management of displaying no effort should hang their heads. The spirit is good, even if the skill level is not.
|
|
|
|
Post by OohMac on Nov 23, 2015 20:20:27 GMT
Very positive. I will wait until all the T's and I's have been crossed and dotted but if this is true I will certainly do a full U-turn and maybe even offer to buy Eddie Davies a pint. I always felt really sorry for Bill Kenwright at Everton. He took a lot of flack for selling Rooney, Arteta, Lescott but he got great offers and made sure that Everton were clearing all debts and financially sound. He probably could have flogged them to Thai owners but he didn't. In that sense I don't know why I was so cycnical about Davies. Same boat really.
|
|
|
|
Post by andyl on Nov 23, 2015 20:26:27 GMT
I hope all those who accused ED of selfishly lining his own pockets during his tenure are suitably ashamed and apologetic. He has bankrolled the club for years without having anywhere near the resources of an Abramovich. Running a club is easy with an unlimited chequebook. Some of the hate, vitriol and one-eyed condemnation aimed at ED, PG, NL, Marc Iles and the players reflects very badly on those who perpetrate it. Fans' alternative suggestions for tactics and personnel are merely matters of opinion without any guarantee of improved success. I see that Feeney is now being criticised for taking a penalty.....and scoring!! Words fail me! Those who accuse the players and management of displaying no effort should hang their heads. The spirit is good, even if the skill level is not. Para 1 agreed.See my post of yesterday under administration Para 2 very generalised. But re Neil he himself to his credit realises that 24th in the league raises questions about what he has done. If I agreed unreservedly with your comments in this para then they would be equally valid for those who condemned Freedman,Coyle and Megson. But I don't! re para 3 if that refers to my penalties thread then you have read it wrongly. I said the penalty was dreadful which it was and that the keeper should have saved it. But when I said that at least he took it I implied credit to him for stepping up at that moment. Re Feeney generally I have never criticised his character or effort on the field just his ability. I do not think he is worthy of continuous selection but he is a trier. I would prefer him on the bench and confined to the right wing when introduced. re para 4 I disagree . We are 24th . That invites criticism. And certain players have at times not contributed 100%. And I see no reason why fans should not point that out we are not out of the woods. We do not know the sale price. We are led to believe that the £5m loan carries on. The club apparently loses £1m a month. Attendances are declining But yes it is a great club, well worth purchasing and yes Eddie D. Has been brilliant for us! |
|
|
|
Post by riochforthereebok on Nov 23, 2015 21:18:03 GMT
If I've criticised ED I'll choke on my apology, don't think I have mind as most of my flack has been aimed at Gartside.
If this is true, this is unbelievably generous and proves he has the club firmly in his heart. Should rename the stadium after him
Still doesn't stop me giving Lennon flack though as he, along with those dead legs he bought and loaned in, is the reason we sit bottom and I fear that any changes cannot come quick enough for us to survive in this league
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Nov 24, 2015 14:30:11 GMT
I don't see any reason not to call ED and PG both are supposed to be business men and yet have let this club fall into this state ( almost bankrupt) if I or my partners were let our debts grow to almost 5 times our assets we would soon be in trouble , action should and could have been taken sooner and the club would have been sold by now ,as it is by the time due diligence has taken place we could be at the end of jan and miss the boat re transfers, as for looking after us Andy hit the nail right on the head with his remarks about play things , that's what Ed has been doing.
|
|
|
|
Post by OohMac on Nov 24, 2015 14:49:33 GMT
Quick question which will probably require a long answer. We're reportedly losing £1M a month? But is that including debt repayments? Or will they be cleared too? Will we pay stadium rent? and basically how are we losing so much?
AND
after all that being said a few fans are hopeful that we can give Neil Lennon a couple of million in January. To bring in who? We must want to get a better calibre of player but if we then start paying over the odds(and we will need too now because no one wants to come to the bottom of the championship unless we make it well worth it financially) are we not just making the same mistakes as what got us in the mess.
If Lennon was given a blank cheque we'd have a load of wingers and central midfielders each getting 1 game in 7.
|
|
|
|
Post by bonaparte on Nov 24, 2015 16:06:33 GMT
Can't answer your debt questions, but Trevor Birch has given some answers.
Re players, I agree we would finish up with a load of expensive (and useless) Feeneys with Lennon, unless TB can make hime see the error of his ways.
New owners might not want Lennon, that would solve it.
|
|
|
|
Post by andyl on Nov 24, 2015 16:14:42 GMT
Quick question which will probably require a long answer. We're reportedly losing £1M a month? But is that including debt repayments? Or will they be cleared too? Will we pay stadium rent? and basically how are we losing so much? AND after all that being said a few fans are hopeful that we can give Neil Lennon a couple of million in January. To bring in who? We must want to get a better calibre of player but if we then start paying over the odds(and we will need too now because no one wants to come to the bottom of the championship unless we make it well worth it financially) are we not just making the same mistakes as what got us in the mess. If Lennon was given a blank cheque we'd have a load of wingers and central midfielders each getting 1 game in 7. I read TB's comments as implying that current commitments will be carried over to new owners and would assume that the £5m loan which the club took out after ED had told them there was no more coming from him will carry over. We don't know the interest to be charged on a one year loan but it's unlikely to have been cheap. If 20% then we have to pay back £6m by the year end which suggests £500 K a month and explains part of the £1m. I'm not sure how PG thought we could pay it off? It is just possible that ED has paid it off but why would he? and if he has we are back to wondering about the £1m with no leads. |
|
|
|
Post by joanna on Nov 24, 2015 16:29:27 GMT
I don't see any reason not to call ED and PG both are supposed to be business men and yet have let this club fall into this state ( almost bankrupt) if I or my partners were let our debts grow to almost 5 times our assets we would soon be in trouble , action should and could have been taken sooner and the club would have been sold by now ,as it is by the time due diligence has taken place we could be at the end of jan and miss the boat re transfers, as for looking after us Andy hit the nail right on the head with his remarks about play things , that's what Ed has been doing. Maybe on a different thread, but I can't find any comment of Andy's here, referring to ED treating the club as a plaything; in fact, he says Eddie has been "brilliant for us". As far as I'm aware, he simply provides the cash to be spent as the chairman or manager wants, without interfering. A bigger fan and more generous benefactor you could not find. This latest gesture is utterly magnanimous. As usual though, we fans are having to guess at the exact details of the arrangement and particularly the reported £1million pcm loss. On the other hand, if you wanted to criticise PG for his mismanagement since Sam's times, I'd be right with you: a man of poor judgement and dubious honesty and integrity, it would appear. |
|
|
|
Post by andyl on Nov 24, 2015 17:20:47 GMT
I don't think I used that term. Certainly I don't think it in any pejorative sense. I laid out in some detail my view of ED's involvement on the administration thread. I hope also that you will not find me anywhere criticising Phil Gartside in personal terms. He is very personable and likeable to talk to, a keen fan undoubtedly and I have seen him be kind and generous with his time outside the strict confines of his job . I hope he can recover from illness
I do though have questions about whether Eddie D's benevolence led the board ( Phil included) into reckless overspending at at time when they thought the golden goose immortal. The £180 m has never been a major problem because it was owed to one man who was always going to write most of it off. I've often said this although acknowl;edging that the secrecy of it all had to raise doubts and the scale of debt had to be worrying.What for example would have happened had Eddie died suddenly? Ultimately Phil's stewardship of the money raises business questions and invites criticsm certainly in hindsight but there has been some bad luck along the way. Relegation came at avery bad time for the finances. Year in year out running at a loss and such a loss whether on a promise from Eddie or after his withdrawal seemed and seems ill advised? This last year all the emerging news has been worrying. The Birch clarification of Eddie's intentions is very very welcome.
I think also that questions can be asked about the trading efficiency. Why we didn't sell Elmander and Cahill earlier I can't imagine. Only Anelka has made us any money in recent times. In the past the likes of Gunlauggson, Eidur, Jensen, Thompson, Curcic were all developed and sold at a profit.. That hasn't happened for ages and the finances have suffered. Why did we splash out on Ngog and Sordell? Bad judgment!
I do think Eddie's largesse can be described or interpreted as a rich man's folly but that for me does not imply he was foolish to offer it. It's his money and he can do what he likes. Lucky for us he is a Bolton fan throuh and through and chose to give us a decade of almost unprecedented excitement and pleasure and a few years after that!
Eddie , I understand, opted to pull back from BWFC a couple of years ago. He could have sold out immediately. But he has beeen doing his utmost as has Phil to make sure that club goes to honest owners who will not asset strip it or ruin it. He will continue to do that if he can and if he can't the sale will be protracted.
|
|
|
|
Post by joanna on Nov 24, 2015 19:31:45 GMT
Agree with all of that, Andy!
It is upsetting, I think, to query one man's pure motives, just because few of us would ever consider doing something so similarly selfless.
There are no grounds for suspicions based on his actions, as far as I can see.
The seeds of suspicion come from our experience of how most of the human race behave.....especially those who should know better and who are in a position to be positive role models. Politicians, bankers, celebrities, Mourinho, the media etc turn us into cynics. It is sad to see mistrust spread to become a principle human trait.
|
|
