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Bolton announce administration

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  • 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.


    Is it an immediate 12 point deduction now If so I am sure that has gone up.

    Anyway will put them on -1
  • Be careful what you wish for. This is my big fear if we don't get a clean sale and Dushit still keeps his claws in.
  • Not sure why the chairman thought putting a picture of him smiling was a good idea!

    Bolton had £150m worth of debt a few years back so not a massive surprise.
  • Not sure why the chairman thought putting a picture of him smiling was a good idea!

    Bolton had £150m worth of debt a few years back so not a massive surprise.

    Yes, that was a strange photo to use! Incidentally, has anyone tried Carrs Pasties (the advert in the background)?
  • Be careful what you wish for. This is my big fear if we don't get a clean sale and Dushit still keeps his claws in.

    He's been called all sorts of things on here but I think Dushit is as good as any
  • "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"


    They'll still find a buyer before we do!
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  • It's early in the morning but isn't the chairman threatening administration and blaming the two named people IF it happens?

    Have they actually formally placed the club in admin yet?
  • It's early in the morning but isn't the chairman threatening administration and blaming the two named people IF it happens?

    Have they actually formally placed the club in admin yet?

    "Could be" put in to administration today. Does that mean it's imminent?

    Good to see they also appear to have some debenture holders that care more about the Clubs future than getting their money back.

    https://www.bbc.co.uk/sport/football/45479624
  • Ok, this is the press story the chairman is referring to in his statement

    "The Bolton News understands an administrator has been appointed by finance company BluMarble, who had set a deadline of 5pm today for club owner Ken Anderson to settle the dispute. No agreement was reached, and paperwork has now been filed by legal representatives at court.



    There is yet scope for the administration notice to be voluntarily revoked by BluMarble – but that would hinge on their demands being met overnight and funds cleared before they are filed at court in London by 10am.



    As a result of an insolvency event, EFL rules state Wanderers can be deducted 12 points in the Championship, which if triggered would leave them bottom of the table on minus one point.



    Debenture holders – former owner Eddie Davies, local businessman Michael James, Brett Warburton and Barclays Bank – were instructed of BluMarble’s intention to appoint an administrator on Friday and have negotiated unsuccessfully over the weekend and throughout today to try and avoid the worst case scenario.



    Wanderers’ current operating losses are around £6m a year but the club is expected to show a small profit in their next set of financial accounts, due largely to the sale of Gary Madine to Cardiff City.



    The funding gap for the next 12 months, taking into consideration only those debts which are due and outstanding bills, is thought to be close to £13m.



    It is understood BluMarble are prepared to fund administration for several months to allow a search for a credible buyer to take over the club.



    One of the bids being readied is believed to be from an American billionaire with an extensive interest in sports, media and entertainment.



    As of June 2015, it is also a legal requirement for an administrator to speak with the supporters’ trust and give them an opportunity to mount an offer.



    A formal statement from official receivers Quantuma, represented by Andrew Hosking, is expected to confirm their position on Tuesday morning.



    The BluMarble loan was taken out in December 2015 as Sports Shield were preparing their bid to takeover at Wanderers – although this was done before Anderson came aboard with Dean Holdsworth. The terms of the loan were renegotiated last year, with the due date moved to September 1, 2018.



    Speaking last month, Anderson has claimed in an interview with BBC Radio Manchester: “We are due to pay BluMarble at the beginning of next month and I don't see any reason why we won't be paying that.”



    Negotiations did not run as smoothly as anticipated however, and the chairman told The Bolton News this evening: “I offered to repay the actual monies they loaned to Sports Shield BWFC but my offer was declined, unfortunately. A full statement will be made when appropriate.”



    Anderson – and indeed the club – have the option of legal recourse and can appeal the penalties imposed but as things stand the club will be placed into administration within hours.



    The last professional club in England to fall into administration was Aldershot Town in 2013 after their relegation from League Two. After a rule change in 2015, no club has ever fallen foul on the EFL’s s automatic 12-point deduction."
  • Long but very informative twitter thread on the situation at Bolton leading up to today.

    Even the hotel is losing money (£10k per week) and they sold their car park.

  • The Bolton takeover always looked doomed from the start as I could not see where the money was. Parky has done a great job to have them promoted and keep them up. I guess they have a similar issue to us in terms of a very large fixed asset (stadium) which drives fixed costs of rates, and maintenance etc much higher than many outside the PL.

    I don’t see the appeal of them for a new owner save purely that they are one step from the PL and fear for their future as there did not seem to be a queue of buyers last time around despite the seller writing off all his debt and giving them away essentially iirc.
  • Ok, this is the press story the chairman is referring to in his statement

    "The Bolton News understands an administrator has been appointed by finance company BluMarble, who had set a deadline of 5pm today for club owner Ken Anderson to settle the dispute. No agreement was reached, and paperwork has now been filed by legal representatives at court.



    There is yet scope for the administration notice to be voluntarily revoked by BluMarble – but that would hinge on their demands being met overnight and funds cleared before they are filed at court in London by 10am.



    As a result of an insolvency event, EFL rules state Wanderers can be deducted 12 points in the Championship, which if triggered would leave them bottom of the table on minus one point.



    Debenture holders – former owner Eddie Davies, local businessman Michael James, Brett Warburton and Barclays Bank – were instructed of BluMarble’s intention to appoint an administrator on Friday and have negotiated unsuccessfully over the weekend and throughout today to try and avoid the worst case scenario.



    Wanderers’ current operating losses are around £6m a year but the club is expected to show a small profit in their next set of financial accounts, due largely to the sale of Gary Madine to Cardiff City.



    The funding gap for the next 12 months, taking into consideration only those debts which are due and outstanding bills, is thought to be close to £13m.



    It is understood BluMarble are prepared to fund administration for several months to allow a search for a credible buyer to take over the club.



    One of the bids being readied is believed to be from an American billionaire with an extensive interest in sports, media and entertainment.



    As of June 2015, it is also a legal requirement for an administrator to speak with the supporters’ trust and give them an opportunity to mount an offer.



    A formal statement from official receivers Quantuma, represented by Andrew Hosking, is expected to confirm their position on Tuesday morning.



    The BluMarble loan was taken out in December 2015 as Sports Shield were preparing their bid to takeover at Wanderers – although this was done before Anderson came aboard with Dean Holdsworth. The terms of the loan were renegotiated last year, with the due date moved to September 1, 2018.



    Speaking last month, Anderson has claimed in an interview with BBC Radio Manchester: “We are due to pay BluMarble at the beginning of next month and I don't see any reason why we won't be paying that.”



    Negotiations did not run as smoothly as anticipated however, and the chairman told The Bolton News this evening: “I offered to repay the actual monies they loaned to Sports Shield BWFC but my offer was declined, unfortunately. A full statement will be made when appropriate.”



    Anderson – and indeed the club – have the option of legal recourse and can appeal the penalties imposed but as things stand the club will be placed into administration within hours.



    The last professional club in England to fall into administration was Aldershot Town in 2013 after their relegation from League Two. After a rule change in 2015, no club has ever fallen foul on the EFL’s s automatic 12-point deduction."

    Isn’t that half our yearly losses?
    A club to look up I’d say....
  • You've got to worry when your profits for the year come entirely from the sale of Gary fucking Madine!!
  • Once in administration how do contracts work do they become null and void or is that only after liquidation?
  • Dirty palace seemed to do alright after administration
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  • Know more by lunchtime but looks like they have been saved.

    Update for those of you following the blog at work. I'm led to believe there has been extended deadline to noon for the legal paperwork to get done.

    A last-minute offer was made and provisionally accepted on proviso the funds are moved into the right areas.

    At lunchtime we should know for certain whether Wanderers are in administration
  • Would we have got big josh back as his contract would have been worth a w--k
  • Dirty palace seemed to do alright after administration

    Worked out well for Southampton too!
  • They are gonna be fine

    More and more encouraging news coming out of Wanderers at the moment that the worst case scenario has been avoided

    From what I can gather the BluMarble debt will be settled. So in that sense it is a step forward.
  • Dirty palace seemed to do alright after administration

    Worked out well for Southampton too!
    And Leicester
  • They are gonna be fine

    More and more encouraging news coming out of Wanderers at the moment that the worst case scenario has been avoided

    From what I can gather the BluMarble debt will be settled. So in that sense it is a step forward.

    You seem to give more of a shit about them than me, and I live ten miles from the stadium!
  • shirty5 said:

    Just think they could have been saved had they not spent all that money on Magennis...

    If they have paid our Belgium owner before this announcement
    I believe debts to other clubs get first call in administration.
  • They are gonna be fine

    More and more encouraging news coming out of Wanderers at the moment that the worst case scenario has been avoided

    From what I can gather the BluMarble debt will be settled. So in that sense it is a step forward.

    You seem to give more of a shit about them than me, and I live ten miles from the stadium!
    Leroy, have you gone into administration ? :smile:
  • Addickted said:

    It's early in the morning but isn't the chairman threatening administration and blaming the two named people IF it happens?

    Have they actually formally placed the club in admin yet?

    "Could be" put in to administration today. Does that mean it's imminent?

    Users of this forum should know better than most what "imminent" means.
  • They are gonna be fine

    More and more encouraging news coming out of Wanderers at the moment that the worst case scenario has been avoided

    From what I can gather the BluMarble debt will be settled. So in that sense it is a step forward.

    You seem to give more of a shit about them than me, and I live ten miles from the stadium!
    Leroy, have you gone into administration ? :smile:
    He’s gone into asda’s...
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Roland Out!