As much as it is terrible to see, the club needs to face the consequences of being in so much debt. Its terrible for the fans, but there has to be consequences, otherwise the EFL loses any credibility as a competition. Football really is in a mess.
People in glass houses...
Isn't that the point? No stones seem to be thrown by anyone. The status quo is maintained.
A few have suffered badly like Stockport, Luton and Darlington.
Some have had a moderately bad time, like Bradford/Coventry/Pompey/Leeds. But then others, like Palace, Soton, Leicester, Bournemouth, QPR have gone into admin (sometimes multiple times) survived, gambled again and got lucky.
Maybe it's time to enforce a rule about clubs having a separate account for wages that must be accounted for before the season starts. So that account must have all the wages present for the whole season before the season starts, and include it for the Jan transfer window so theirs transparency over how much wages are available.
Maybe it's time to enforce a rule about clubs having a separate account for wages that must be accounted for before the season starts. So that account must have all the wages present for the whole season before the season starts, and include it for the Jan transfer window so theirs transparency over how much wages are available.
Tell me what other business has all the cash for the wages for a whole year already set aside upfront in a bank account ready to pay?
Maybe it's time to enforce a rule about clubs having a separate account for wages that must be accounted for before the season starts. So that account must have all the wages present for the whole season before the season starts, and include it for the Jan transfer window so theirs transparency over how much wages are available.
Tell me what other business has all the cash for the wages for a whole year already set aside upfront in a bank account ready to pay?
Maybe it's time to enforce a rule about clubs having a separate account for wages that must be accounted for before the season starts. So that account must have all the wages present for the whole season before the season starts, and include it for the Jan transfer window so theirs transparency over how much wages are available.
Tell me what other business has all the cash for the wages for a whole year already set aside upfront in a bank account ready to pay?
I'll give you a clue. There isn't one.
Most business won't have wages set aside but a lot will have capital in the bank to cover losses for a medium period of time. Secondly doesn't the elf fit and proper test require proof of funds so why not for force clubs put aside a proportion for those funds for the season.
Maybe it's time to enforce a rule about clubs having a separate account for wages that must be accounted for before the season starts. So that account must have all the wages present for the whole season before the season starts, and include it for the Jan transfer window so theirs transparency over how much wages are available.
Tell me what other business has all the cash for the wages for a whole year already set aside upfront in a bank account ready to pay?
I'll give you a clue. There isn't one.
Most business won't have wages set aside but a lot will have capital in the bank to cover losses for a medium period of time. Secondly doesn't the elf fit and proper test require proof of funds so why not for force clubs put aside a proportion for those funds for the season.
I don't think that is the way. What happens if the club does not have the funds at the start of the season- they get kicked out at that point? Imagine fans reaction to that. Far better would be to say that PL clubs have their money reduced by £15M per club (bottom of the Pl would still get £85m ffs), 15m x 20 clubs is £300m, divide equally between 72 league clubs gives about £4m each club. At that point the efl says all your fixed costs per club are covered, the only reason debts accrue is because you are gambling on success and we bring back FFP rules to stop that. Wont happen though
Statement from the outgoing Bolton owner..........
As expected Bassini is a total fucking joke and i'm amazed people even entertained talks with him, given his past.
Following on from the club statement made earlier today, l consider it appropriate to update everyone on recent events.
Over the last three weeks several senior staff and l have found working with Mr Bassini to be a daily draining challenge and to be honest bares no comparison with the previous discussions and negotiations with the other earlier interested buyers, which were at all times professional and remained confidential.
Unfortunately, we never really know what Mr Bassini’s true intentions are, as they constantly change and following his recent statements to the media, l consider it necessary to respond to a number of his comments.
Despite numerous promises and assurances to the playing staff, management, non-playing senior staff and myself, Mr Bassini has continuously failed to provide any financial funding whatsoever.
I note that he has gone on record and stated that he transferred £1 million yesterday to the club, but as far as l am aware all he did was to get a relation to transfer £1million to the family solicitor. This would not enable him to pay the player salaries that he has been promising to pay every day for the last week.
During my dealings with Mr Bassini he has constantly changed his lawyers and l believe we are now talking to the fourth or fifth firm of lawyers, which does not help matters progress.
From the outset, Mr Bassini has continuously assured me that he had sufficient personal funding to take the club forward to the next level. Over the last three weeks it has become patently obvious that this may not be the case. Indeed, earlier this week he provided a conditional offer of funding from a broker which the EFL have confirmed is not acceptable in its present format. I must also mention that at this stage, Mr Bassini has still not been approved by the EFL under the OADT, although l accept that may or may not be forthcoming in the future.
We received a letter yesterday from one of Mr Bassini’s lawyers stating that Mr Bassini had paid Paul Aldridge the token consideration required under the Sale and Purchase Agreement. Mr Aldridge has categorically denied that any monies were paid to him and of course the consideration cannot be paid until the EFL have sanctioned the change of ownership. The Lawyer also stated earlier in the week that Mr Bassini would be providing details of the person to be appointed a director of the group companies. To date, this information has still not been received. Furthermore, l categorically deny that l have told Mr Bassini that I want to stay on as a director, as has been reported in the Bolton News today. However, l am unable to resign until a new director is appointed.
I was also surprised to listen to Mr Bassini during his Sky Sports News interview discuss the two offers he had received by the previously interested parties that I had held discussions with that would have given him a £20million profit, but he had declines their offers. I find it difficult to believe that they made any such offers and was quite frankly concerned to learn of the comments made and despite Mr Bassini’s assurances that the game would go ahead as we all now know that has not happened.
There is a great deal more that l could say but in an effort to try and progress matters and bring everything to a conclusion, l have decided to give Mr Bassini until close of play on Monday to complete the outstanding matters, or l will have to consider exercising the alternative options available to me. The ball is now firmly in Mr Bassini’s court.
"Fit & Proper" shouldn't just mean that you haven't been bankrupt before (as that is all it seems they measure against). No way should Bassini be taking over at Bolton. EFL are a joke. Just wish Bolton last 2 games were against top 6 sides.....that would have made things interesting.
"Fit & Proper" shouldn't just mean that you haven't been bankrupt before (as that is all it seems they measure against). No way should Bassini be taking over at Bolton. EFL are a joke. Just wish Bolton last 2 games were against top 6 sides.....that would have made things interesting.
Seems to me that there's no such thing as a ‘fit and proper’ test. Shaun Harvey was on talksport not so long ago and whilst not using the actual words, he pretty much implied that if an owner wants a club and has proof of funds he gets it.
What's bizarre about Bassini is that as well as his past record, he doesn't even seem to have proof of funds!
I would have thought that Bolton will get a massive fine and points deduction greater than the 10 / 12 points for administration. What was the situation at Luton, didnt they start a season with minus 30 points
I would have thought that Bolton will get a massive fine and points deduction greater than the 10 / 12 points for administration. What was the situation at Luton, didnt they start a season with minus 30 points
EFL approve takeover from guy with no money. Guy with no money can't pay players. Players say if they're not being paid, they won't play. EFL dock Bolton loads of points.
I would have thought that Bolton will get a massive fine and points deduction greater than the 10 / 12 points for administration. What was the situation at Luton, didnt they start a season with minus 30 points
EFL approve takeover from guy with no money. Guy with no money can't pay players. Players say if they're not being paid, they won't play. EFL dock Bolton loads of points.
Total shit show.
Guy with money is "told off" for buying his players a fast food meal after a game as it's seen as a bonus.
There will be a way through it for them. Not sure if it’s just my perception but it feels as though so many clubs have gone through this sort of thing over the past 15 years, yet liquidation never seems to happen unless it’s at non-league level.
It does feel as though Football League clubs are seemingly indestructible, no matter how bad their finances are. Portsmouth for example - I don’t recall a situation as dire as that. There were threats of winding up orders every 5 minutes, but it never actually happens.
Comments
Few extra places for Brentford will mean greater prize money
A few have suffered badly like Stockport, Luton and Darlington.
Some have had a moderately bad time, like Bradford/Coventry/Pompey/Leeds. But then others, like Palace, Soton, Leicester, Bournemouth, QPR have gone into admin (sometimes multiple times) survived, gambled again and got lucky.
The whole thing gets more and more crooked.
Tell me what other business has all the cash for the wages for a whole year already set aside upfront in a bank account ready to pay?
I'll give you a clue. There isn't one.
if they haven’t, they can always print some more😀
Most business won't have wages set aside but a lot will have capital in the bank to cover losses for a medium period of time. Secondly doesn't the elf fit and proper test require proof of funds so why not for force clubs put aside a proportion for those funds for the season.
As expected Bassini is a total fucking joke and i'm amazed people even entertained talks with him, given his past.
Following on from the club statement made earlier today, l consider it appropriate to update everyone on recent events.
Over the last three weeks several senior staff and l have found working with Mr Bassini to be a daily draining challenge and to be honest bares no comparison with the previous discussions and negotiations with the other earlier interested buyers, which were at all times professional and remained confidential.
Unfortunately, we never really know what Mr Bassini’s true intentions are, as they constantly change and following his recent statements to the media, l consider it necessary to respond to a number of his comments.
Despite numerous promises and assurances to the playing staff, management, non-playing senior staff and myself, Mr Bassini has continuously failed to provide any financial funding whatsoever.
I note that he has gone on record and stated that he transferred £1 million yesterday to the club, but as far as l am aware all he did was to get a relation to transfer £1million to the family solicitor. This would not enable him to pay the player salaries that he has been promising to pay every day for the last week.
During my dealings with Mr Bassini he has constantly changed his lawyers and l believe we are now talking to the fourth or fifth firm of lawyers, which does not help matters progress.
From the outset, Mr Bassini has continuously assured me that he had sufficient personal funding to take the club forward to the next level. Over the last three weeks it has become patently obvious that this may not be the case. Indeed, earlier this week he provided a conditional offer of funding from a broker which the EFL have confirmed is not acceptable in its present format. I must also mention that at this stage, Mr Bassini has still not been approved by the EFL under the OADT, although l accept that may or may not be forthcoming in the future.
We received a letter yesterday from one of Mr Bassini’s lawyers stating that Mr Bassini had paid Paul Aldridge the token consideration required under the Sale and Purchase Agreement. Mr Aldridge has categorically denied that any monies were paid to him and of course the consideration cannot be paid until the EFL have sanctioned the change of ownership. The Lawyer also stated earlier in the week that Mr Bassini would be providing details of the person to be appointed a director of the group companies. To date, this information has still not been received. Furthermore, l categorically deny that l have told Mr Bassini that I want to stay on as a director, as has been reported in the Bolton News today. However, l am unable to resign until a new director is appointed.
I was also surprised to listen to Mr Bassini during his Sky Sports News interview discuss the two offers he had received by the previously interested parties that I had held discussions with that would have given him a £20million profit, but he had declines their offers. I find it difficult to believe that they made any such offers and was quite frankly concerned to learn of the comments made and despite Mr Bassini’s assurances that the game would go ahead as we all now know that has not happened.
There is a great deal more that l could say but in an effort to try and progress matters and bring everything to a conclusion, l have decided to give Mr Bassini until close of play on Monday to complete the outstanding matters, or l will have to consider exercising the alternative options available to me. The ball is now firmly in Mr Bassini’s court.
But as long as the U18s play the Brentford first team, that is OK.
Trouble is are there any grounds for them to refuse based on their current flimsy rules?
What's bizarre about Bassini is that as well as his past record, he doesn't even seem to have proof of funds!
as if he's going to spend 12-15m on a league one side! Can't even pay the staff wages!
Guy with no money can't pay players.
Players say if they're not being paid, they won't play.
EFL dock Bolton loads of points.
Total shit show.
It does feel as though Football League clubs are seemingly indestructible, no matter how bad their finances are. Portsmouth for example - I don’t recall a situation as dire as that. There were threats of winding up orders every 5 minutes, but it never actually happens.