TOPIC: Will anybody bail out Bolton

.............continuing the watery theme..............or are they up the creek without the proverbial paddle
Winding up Order served!

-15 points or whatever it is. Start again in League one. Be a new ground for us to visit in a year or two.

Bit more serious than Administration tho isn`t it - Winding up

Been here before (loads of times) Leeds, Portsmouth, Rotherham etc... What's the worst that happened? Points deduction. Can only think of tiny clubs in our league that had to fold.

They'll get away with getting docked a few points.

I went to the Bolton game on sat for my weekend football fix . Talking to a couple of season ticket holders there, they seem to think someone is lined up to buy now the money man has wiped of the 170m debt.

What goes around comes around. It wasn't that long ago when they were in the prem that their horrible chairman called for relegation to be scrapped from the top flight to keep that closed shop. Bet he has changed his tune now.

Gartside is allegedly 'gravely ill' and his family don't wish for him to be bothered...

How they've ran up £176m should be investigated. Utterly ridiculous...

Jerome Anderson.

Eddie Davies also let it get to that daft amount really, gave loads but enough is enough for him clearly now.

seesaw50 wrote:
No. It could well lead to administration though, if the winding up order gets as far as the courts.

I hear they owe the HMRC somewhere over £600,000. I actually take the HMRC view on this (I don't agree with them often - it's my job not to), that money is part of the club's wages bill and should be paid right away. If a club can't afford the full wages of a player, then he should not be signed at that level of salary.

Has Dean Holdsworth and his backers pulled out?

Think Davies wants 15 million paid up front for the Club but they ain't willing to do that. Some good articles about from over the years if you do some ratching regarding how they have ended oweing so much but mainly to Davies. Sure Davies was adding interest to what he was lending them. Makes Jenkins and Story input money look like loose change really but also was an almighty gamble from Davies.

No wonder Gartside was always appealing for the PL to be a closed shop with no promotion/relegation to and from it. Well up shit creek now with that horrible chunt of a manager.

What a shame.

Be horrible if they went defunct, as it would be if any Club in the north did.

Dean Holdsworth will probably say he's going to buy it, get his picture taken on the team photo then pull out and buy Brentford instead

Moorlad wrote:
not a large amount in the scheme of things is it HMRC who have forced the winding up..........is only a debt if they can`t repay........they must have been leaned on before now.

What they need is a mystery Billionaire

Wind em up. It's about time some the 'big boys' feel the real consequences of living beyond their means.
They've been living in fantasyland long enough, It's time for em to wake up.

Costing a load of jobs for folk who are down to earth, great idea.

What about the hard working folk, who are down to earth and running their businesses in an orderly fashion that they're not paying?
Not to mention the taxpayers, which football clubs have screwed over for millions.
They need reigned in, held to account and shown they don't get a free pass just because it's football. (You'd be screaming if it was a company in 'the city').


£176m = -15pts, it's a [censored] joke.

Who?

seesaw50 wrote:
Yes it is HMRC who have issued the order. PAYE had to be paid by the 19th November and wasn't, I'm assuming this isn't the first time they have been late, because the order would only be issued for a serious and serial late (or non) payer. I believe the players haven't been paid for November yet either, but that doesn't mean the salaries haven't been processed so there'll be another amount coming up for HMRC too. Unless somebody takes over quickly this order will end up in the courts with HMRC getting very little of what they're owed anyway.

Good Comments
Whilst we probably do not owe HMRC any money, technically CUFC are insolvent as our total liabilities exceed our current assets
The FA are very strict on clubs submittting yearly accounts for clubs and i am suprised that they never stepped in earlier to warn Bolton
Looks like they have differnt laws for bigger clubs
I have no sympathy for Bolton but feel sorry for their supporters

Olly the FA and the League really don't care that much, so long as they have assurances from clubs that they are going to have the cash to continue, they are likely to let things go.

I have mentioned the going concern note on the club's accounts regularly in the past, and it has relevance, as you say liabilities are massively bigger than assets on our balance sheet, and the auditors are obliged to point this out, and to include their findings in the auditor's report. The directors give the auditors the assurance that they will be able to continue to trade, and that's it. I imagine there are many football clubs with this kind of balance sheet.

As Laffy has pointed out many times though, it is money that makes the mare run. Cash is the key to everything in football, however getting it in loans from a benevolent individual is not the ideal way to go. That can be seen at a huge level in the Bolton case, and to a much smaller extent with us. This is exactly the sort of situation Laffy's proposal was trying to avoid.

Thing is, the fa/football league are meant to verify payments are made to HMRC on a monthly basis.
Remember it from when Bates took Leeds into admin.
Just shows how ridiculous this financial fair play is - loses £20M a year for 10 years and still allowed to carry on regardless

I don't know how they can do that though, what are they doing,ringing every club on the 19th of each month and asking if they've paid their PAYE?

Moorlad wrote:
Maybe ring HMRC or have a procedure where HMRC contact them?. Maybe have points deductions for non payment on a sliding scale for repeat offenders. Would maybe make some clubs get their houses in order.

Think its self certification, so either they lie or it has not been sent.
It came about when a spate of teams owed shedloads of cash to HMRC.
It may have ceased for all I know

Dancingbear wrote:
Have you ever tried ringing HMRC, or even worse getting them to contact you? There is no way that could possibly work.

ollytown wrote:
Insolvency is not being able to pay your debts as they fall due. Lots of companies have total liabilities exceeding their assets but continue to trade as their liabilities are long term and they have enough cash to continue operating.

Leeds should have been wound up years ago.

Nowt to do with their finances or owt though.

Bolton likewise mainly for the rankest pie I've ever had at a football match (and I've had a few) at Burnden Park in the early 80s. I never forget.