clock menu more-arrow no yes mobile

Filed under:

Club takeover; a plea to the owners...

The takeover stalemate needs sorting; time is running out.

It's now 6 weeks since we gained promotion and just 3 weeks before the players report back for training on 03 Jul. The released and retained lists are shaping up well, cough apart from Dervite cough, cough and apparently Spearing, Morais, Clayton (maybe) and Ameobi are in talks.

However, we all know that to really kick on and have a chance next season, that bloody EFL transfer embargo needs lifting. With it in place, Bolton cannot pay transfer or loan fees, being limited to getting players in on frees or on loans with no upfront costs. If the embargo is still in place when the window opens on 01 Jul, Parky is on the back foot, unable to secure identified targets who then go elsewhere.

We also all know that one crucial factor for the embargo to be lifted, is for Bolton to have the latest FY15/16 accounts (for the year up to 30 Jun 16) completed and filed, now overdue for the second year running. However, just getting them filed is not enough to get that EFL approval. The filed accounts also need a directors report to state that funding is in place to cover club running costs for the 12 months going forward from the date they are filed AND an auditor report assessment backing up that fact, stating that the club has a qualified going concern status.

Simply put, unless the club can show they have the necessary funding in place for next season, the EFL transfer embargo stays. We badly need further investment, to both pay off outstanding and overdue debts AND to fund club running costs AND to bring quality players in. The £5-6m we will get for being back in the Championship just doesn't cover this requirement. For example, the overdue repayment of the Blumarble loan, plus interest, is estimated at just over £7m and that's just one debt.

In order to get this much needed investment, we need the ownership issue sorting and that's where this plea comes in.

Anderson has previously mentioned that to bring further investment in, he eants to have full control of the club. To do that he needs to buy Holdsworths SSBWFC company outright and to do that, the Blumarble loan dispute first needs resolving.

Anderson stated in a recent weekly chairmans note that "The Club does not have a loan from BluMarble - Sportshield does and it is currently in default." All true but the SSBWFC loan is guaranteed against a whole range of club assets. So the club can eventually be affected if this issue escalates.

Anderson went on to say "Inner Circle Investments recently acquired circa 30% of Sports Shield with a view to assisting in resolving their current issues with BluMarble. As it currently stands, BluMarble do not own any shares in the club and it is Sport Shield I am negotiating with on the shares." Also true but if SSBWFC get liquidated, Anderson could lose his 30% and all SSBWFC owned shares in the club could be Blumarbles to sell to the highest bidder.

The point I'm trying to make is that it is not in Andersons or the clubs interest to let SSBWFC go under. To stop that happening, the Blumarble debt needs paying. Today's court ruling has adjourned the SSBWFC winding up decision for a final four weeks. Coincidentally this takes us to a 10 Jul deadline, just ten days after the transfer window opens. By then, for the sake of our club, we need a takeover to complete and the other issues mentioned to be resolved. Whether it's an Anderson takeover, or if he hasn’t got the funding in place, a takeover through one of the 'number of potential investors' via Holdsworth and SSBWFC is irrelevant. What is relevant is that it has to be one or the other, the stalemate cannot continue.