Generic clubs in financial crisis Thread

[From Despair To Where?]

Bolton's whole business model in the Premier League was "Stay on the gravy train at all costs otherwise we're fcuked".

The only surprise with their current predicament is that despite dozens of red flags and a number of second chances over the past decade, it's taken so long for the chickens to finally come home to roost. The real tragedy is that as per usual, the fcukers responsible will walk away from the mess relatively scott free, leaving someone else to clear up the mess.

[Sutekh]

The remaining 2 games are meaningless therefore the FL are not going to compromise next season’s league structures by expelling Bolton unless Bolton have actually folded. So it’ll be a fine of some sort to Bolton and if the games aren’t played by whatever date the FL set, the award of points to Bolton’s opponents.

[East Grinstead Royal]

A fine... An interesting penalty for a club so skint that it can't pay its players!

[From Despair To Where?]

It's got to be a points deduction for next season. 138 seems reasonable.

[Sutekh]

Think the issue at Bolton currently is that the incoming owner is still wanting to complete the relevant accounting audits to be sure the money he puts into the club goes where he thinks it will go rather than finding any nasty surprises. From what I’ve seen in the media there he’s wants to put “forensic accountants” in tomorrow which may well be perfectly normal when taking over a business that is in such a financial position.

I have no doubt that further talks with the players, management and FL will finally resolve the issues in the next 48 hours with wages for the club staff being the priority for one and all.

[Mid Sussex Royal]

So the PFA have again loaned money to Bolton to cover outstanding wages so games will go ahead.

There's something wrong about all of this, Bassini turns up at EFL yesterday to prove he has funds for the takeover but obviously cannot as the deadline has been extended.

I really hope the EFL throw the book at them but I doubt it somehow.

[10539.4 Miles Away]

The whole Bolton thing is a shambles with so many opposing stories coming out.

Seems that the EFL wanted Bassini to show he had enough cash to cover 2 years of wage payments and running costs in advance and he failed to do this so his takeover is dead in the water. Few stories around that the debts Bolton have are far greater than was previously known. Gut feeling is this will be the end of them.

[Stranded]

The whole Bolton thing is a shambles with so many opposing stories coming out.

Seems that the EFL wanted Bassini to show he had enough cash to cover 2 years of wage payments and running costs in advance and he failed to do this so his takeover is dead in the water. Few stories around that the debts Bolton have are far greater than was previously known. Gut feeling is this will be the end of them.

The story about larger debts come from Bassini but Bolton claim he hasn't even completed full due diligance so unclear how he would know. Shame that any club can get pulled apart like this but wouldn't surprise me if they go into admin today as at this point if they end up in front of the judge again on Weds, I don't see it ending well.

The most shocking thing about this is that Bassini was even allowed anywhere near a club again in the first place. If the EFL have given him some hurdles to clear that he has been unable to do then they should get a little credit for that at least.

[Old Man Andrews]

Bassini has now come out to say he has assumed control of the club. What the hell is going on there? And we thought we had it bad earlier in the season!

[genome]

The 6 year old kid in me who was devastated by the 1995 playoff final is having a good chuckle at this

[10539.4 Miles Away]

The whole Bolton thing is a shambles with so many opposing stories coming out.

Seems that the EFL wanted Bassini to show he had enough cash to cover 2 years of wage payments and running costs in advance and he failed to do this so his takeover is dead in the water. Few stories around that the debts Bolton have are far greater than was previously known. Gut feeling is this will be the end of them.

The story about larger debts come from Bassini but Bolton claim he hasn't even completed full due diligance so unclear how he would know. Shame that any club can get pulled apart like this but wouldn't surprise me if they go into admin today as at this point if they end up in front of the judge again on Weds, I don't see it ending well.

The most shocking thing about this is that Bassini was even allowed anywhere near a club again in the first place. If the EFL have given him some hurdles to clear that he has been unable to do then they should get a little credit for that at least.

41 million quid in outstanding debt. Mental.

The 6 year old kid in me who was devastated by the 1995 playoff final is having a good chuckle at this

Also guilty as charged,

[Sutekh]

Latest from The Bolton News

https://www.theboltonnews.co.uk/sport/1 ... wanderers/

[Old Man Andrews]

Just shut up shop and rebuild the club, Bassini sounds like a complete crook and his track record of bankruptcy and failure would send a shiver down my spine if I were a Bolton supporter. Sometimes you just have to start again and come back stronger than ever.

[Stranded]

The whole Bolton thing is a shambles with so many opposing stories coming out.

Seems that the EFL wanted Bassini to show he had enough cash to cover 2 years of wage payments and running costs in advance and he failed to do this so his takeover is dead in the water. Few stories around that the debts Bolton have are far greater than was previously known. Gut feeling is this will be the end of them.

The story about larger debts come from Bassini but Bolton claim he hasn't even completed full due diligance so unclear how he would know. Shame that any club can get pulled apart like this but wouldn't surprise me if they go into admin today as at this point if they end up in front of the judge again on Weds, I don't see it ending well.

The most shocking thing about this is that Bassini was even allowed anywhere near a club again in the first place. If the EFL have given him some hurdles to clear that he has been unable to do then they should get a little credit for that at least.

41 million quid in outstanding debt. Mental.

Owed to who though is the key thing. I red an article by Marc Iles earlier this week where he made it clear that the debt isn't the problem in itself, it is the lack of ready cash meaning the club just can't pay it's way.

[John Madejski's Wallet]

Bolton's whole business model in the Premier League was "Stay on the gravy train at all costs otherwise we're fcuked".
.

And being the cheerleaders of the plan to "close" the prem so there was no relegation

[King Coppell]

Bolton could be in for a -20 points deduction next season.

-12 for administration which is rumoured could be filed tomorrow and funded by the Davies Foundation, and there could be -8 for not fulfilling their fixture against Brentford.

Popcorn time!

[Stranded]

Bolton could be in for a -20 points deduction next season.

-12 for administration which is rumoured could be filed tomorrow and funded by the Davies Foundation, and there could be -8 for not fulfilling their fixture against Brentford.

Popcorn time!

Ouch - admin is pretty much a given today, as I don't think the court would be overly charitable if the club end up back there tomorrow.

If the do start on -20 then to avoid relegation (based on this season) they would need to get the equivalent of 71 points. To make the play-offs they would need to get more than the 94 points Luton have collected this year.

I doubt the Bolton fans will care though, as long as they have a club next season.

[Sutekh]

Bolton could be in for a -20 points deduction next season.

-12 for administration which is rumoured could be filed tomorrow and funded by the Davies Foundation, and there could be -8 for not fulfilling their fixture against Brentford.

Popcorn time!

Ouch - admin is pretty much a given today, as I don't think the court would be overly charitable if the club end up back there tomorrow.

If the do start on -20 then to avoid relegation (based on this season) they would need to get the equivalent of 71 points. To make the play-offs they would need to get more than the 94 points Luton have collected this year.

I doubt the Bolton fans will care though, as long as they have a club next season.

Today's latest

https://www.theboltonnews.co.uk/sport/1 ... ourt-date/

[Victor Meldrew]

Just shut up shop and rebuild the club, Bassini sounds like a complete crook and his track record of bankruptcy and failure would send a shiver down my spine if I were a Bolton supporter. Sometimes you just have to start again and come back stronger than ever.

That's all very well but what about the creditors?
I have seen first hand down here both in Bournemouth and Portsmouth what effect non-payment of debts has had on predominantly small businesses when football clubs don't pay their dues.
For their sake I hope the white knight does turn up.

[Stranded]

The Bolton saga continues: Just minutes after the High Court session commences, he releases a statment saying that he is left with no choice but to put the club in Admin. No view on if the application has actually been made - seems the likely outcome but possible the court may have just had enough as well and look to liquidate.