| How to run a football club ??? 20:20 - Feb 9 with 4921 views | robbowood |
From the Bolton News
FEARS over the financial stability of Bolton Wanderers have been raised again as the publication of the club’s accounts spilled over into a bitter boardroom row.
Auditors Deloitte predicted continued annual losses of £11m and refused to pass judgement on their ability to meet ongoing costs.
Phil Parkinson’s team currently stands third in the League One table and forecasts made in today’s accounts underline the urgent need for promotion, which would be worth around £5-6m.
It has been revealed a £5.5million loan from Prescot Business Park Ltd was due last month.
And the uncertainty has been magnified by a feud between co-owners Ken Anderson and Dean Holdsworth, which has spilled over into the public domain.
Both men traded statements today and are now threatening legal action against the other.
Holdsworth described Anderson’s allegations as “false and defamatory” and has vowed to take his argument to the Football League.
At the heart of the dispute is a high interest loan secured by Holdsworth’s Sports Shield company from BluMarble finance, which funded their takeover in March.
Anderson maintains that the amount loaned was £4million but that guarantees were supplied for £5m, while Holdsworth maintains the £5m was loaned in full, with £4m going into the club itself and £1m used to pay-off fees associated with the takeover.
Holdsworth says the terms were agreed in a Share Purchase Order signed in March, with a second SPA signed in May which “enriched” Anderson’s position as chairman and gave him the deciding vote in the boardroom.
Anderson admits there is a threat to the club if the finance company opts to call-in the debt, which had been due to be paid by March 26 this year but is now due in March, 2018. He has also pledged to take his argument to the court.
He said that there had been a failure to inform them that the loan obtained from BluMarble to Sports Shield on or about March 10, 2016, was repayable on March 26, 2016, only 16 days later.
He added that he believed that had subsequently changed to April 24, 2016, at an interest rate of 30 per cent, per annum.
He said that he did not know at the time about a subsequent side letter that he said had been signed with BluMarble.
Holdsworth responded in a statement to The Bolton News this afternoon.
It reads: “It is wrong of Ken Anderson to use the club’s website as his private mouthpiece to publish false and defamatory allegations about me.
“WI will not dignify his absurd accusations with a response in public. I am seeking legal advice on my options and am considering complaining to the Football League about Ken’s behaviour which is undoubtedly damaging the image and integrity of the club and the league.”
The accounts showed Anderson has committed £3.5m in interest free funding since the takeover but has also withdrawn exactly the same amount — leaving his net spend at zero.
Another major detail to emerge included the fact Wanderers received £5,350,000 in player sales — the majority of which came from Rob Holding, who moved to Arsenal in the summer, and Zach Clough, who signed on January 31 for Nottingham Forest.
The Bolton Wanderers Supporters’ Trust voiced their concern at today’s events and announced they would be meeting with chairman Anderson next Tuesday to put them to him in person.
“Whilst we are currently examining accounts and will make comments to our members as soon as possible, we are shocked and dismayed at the club owners’ public statements over the last 48 hours.
“This open conflict can only result in placing the club in a more precarious position than currently exists.
“We have a pre-arranged meeting with Mr Anderson on February 14 at which we hope to be able to obtain some further clarification on matters. We can make no further comment at this stage.” |  | | |  |
| How to run a football club ??? on 20:24 - Feb 9 with 4901 views | since58 |
Oh dear whod a thowt it. | | | |
| How to run a football club ??? on 11:00 - Feb 10 with 4505 views | watford_dale |
| How to run a football club ??? on 20:24 - Feb 9 by since58 |
Oh dear whod a thowt it. |
The auditor reported:
they couldn't guarantee the club would be operating in 12 months - going concern issue
they refused to sign off on the directors forecast (this is where you need the Tesco audit team to sign off on forecasts).
even worse is that the auditors were unable to determine if proper accounting records had been kept.
To have one of the above on your accounts is shocking but to have all 3, that takes skill!
This is why we really appreciate the board we have in place and how well run the club is. | | | |
| How to run a football club ??? on 11:39 - Feb 10 with 4440 views | BarryStrange |
Nice to know it isn't just us.
In fairness, did any of them think Dean Holdsworth taking over the club was going to end well? | | | |
| How to run a football club ??? on 14:19 - Feb 10 with 4215 views | PDIDDY |
How much are they charging you on Tuesday? Heard cat a is £30 , I won't be going if that's what we have to pay |  |
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| How to run a football club ??? on 14:34 - Feb 10 with 4198 views | dingdangblue |
| How to run a football club ??? on 14:19 - Feb 10 by PDIDDY |
How much are they charging you on Tuesday? Heard cat a is £30 , I won't be going if that's what we have to pay |
£26 |  |
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| How to run a football club ??? on 15:01 - Feb 10 with 4146 views | aleanddale |
| How to run a football club ??? on 14:19 - Feb 10 by PDIDDY |
How much are they charging you on Tuesday? Heard cat a is £30 , I won't be going if that's what we have to pay |
£30 is too much didds agree.
Even £26 is pushing it.
Anyhow hoping for a good display and we register our third double on Tuesday night. | | | |
| How to run a football club ??? on 15:50 - Feb 10 with 4066 views | dingdangblue |
| How to run a football club ??? on 15:01 - Feb 10 by aleanddale |
£30 is too much didds agree.
Even £26 is pushing it.
Anyhow hoping for a good display and we register our third double on Tuesday night. |
£4 extra for the extra police. | |
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| How to run a football club ??? on 17:28 - Feb 10 with 3982 views | ColDale |
Mate of mine is a Bolton fan and he reckons that there has been very genuine interest from the Middle East of a buy out. However, Anderson wants Houldsworth to relinquish his interest before concluding that deal. Houldsworth knows that he is entitled to his share of a big payday if that sale goes through so isn't going to just give way. |  | | |
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| How to run a football club ??? on 00:03 - Feb 11 with 3711 views | DiddyDave |
Sadly though,because these idiots don`t,can`t,won`t run a football club properly,"foreign investers" come in and buy them,a la the chicken blokes at Blackburn,etc,and are equally hopeless,they just pay off the debts and start all over again. Dave Jones said it the other day and I hope I`m not around if/when Dale get bought out by a Japanese whale blubber business,or a big Chinese takeaway franchise. Thank god we`ve got people behind the scenes who know what they`re doing and don`t let their hats get away from their heads as Al Capone once said.
Maybe things like this are part of the major changes to the FA that the government want to bring in? | | | |
| How to run a football club ??? on 08:26 - Feb 11 with 3607 views | PDIDDY |
| How to run a football club ??? on 15:01 - Feb 10 by aleanddale |
£30 is too much didds agree.
Even £26 is pushing it.
Anyhow hoping for a good display and we register our third double on Tuesday night. |
Fiver at charlton and still I'm not tempted | |
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| How to run a football club ??? on 09:07 - Feb 11 with 3573 views | nordenblue |
| How to run a football club ??? on 08:26 - Feb 11 by PDIDDY |
Fiver at charlton and still I'm not tempted |
If it was free Didds it would be too expensive tbf to watch that shower...... | | | |
| How to run a football club ??? on 10:18 - Feb 11 with 3513 views | PDIDDY |
| How to run a football club ??? on 09:07 - Feb 11 by nordenblue |
If it was free Didds it would be too expensive tbf to watch that shower...... |
Charlton aren't that bad | |
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| How to run a football club ??? on 14:56 - Feb 11 with 3366 views | Yorkshire_Dale |
| How to run a football club ??? on 10:18 - Feb 11 by PDIDDY |
Charlton aren't that bad |
We'll find out next Saturday. | | | |
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