Bury | Page 64 | Vital Football

Bury

clanfordimp

Vital Squad Member
This might sound a bit harsh but if Bury are allowed to fulfill their fixtures after all this I hope they receive another points deduction to ensure they are relegated at the end of the season.
Bury now wont give a monkeys how many points they are deducted. Deduct them a 100 points if you like the only things they will be interested in is 1.surviving and 2. staying in the EFL and will of already accepted that if they can survive they will be a League 2 club next season.
 
Good article in Daily Mail about Bury saga:

https://www.dailymail.co.uk/sport/f...-fixtures-unpaid-wages-leaves-Bury-brink.html

The really ugly point this makes is this:
Bury entered a Company Voluntary Arrangement (CVA) last month and speculation swirls around the club that Dale might own as much as £7.6million of the debt — more than half of that purchased privately, cut-price, from Day. In that case, he would stand to earn £1.9m if new owners paid off unsecured creditors at 25p on the pound, as per the CVA.
 

Scotimp

Vital Football Legend
Good article in Daily Mail about Bury saga:

https://www.dailymail.co.uk/sport/f...-fixtures-unpaid-wages-leaves-Bury-brink.html

The really ugly point this makes is this:
Bury entered a Company Voluntary Arrangement (CVA) last month and speculation swirls around the club that Dale might own as much as £7.6million of the debt — more than half of that purchased privately, cut-price, from Day. In that case, he would stand to earn £1.9m if new owners paid off unsecured creditors at 25p on the pound, as per the CVA.
Dale bought Bury FC as a business, not a football club; more specifically, he bought it as an ailing business, an opportunity for someone with his particular field of expertise. He had no intention whatsoever of sustaining it in any way.

In an interview with the BBC this week, he said: "The club has got to sustain itself. If someone comes in to buy a club, they've got to realise that there are bills with the club. The previous owner doesn't take those with them, they're theirs [the new owner's]. So the £3.2m that's needed for the CVA needs to be met by the new owner, not me. They've got to take the responsibility of it off me."

So he arranged for the CVA with no intention of supplying any money for it. In fact, he is one of the major creditors now. This is why he has been unable to provide the required financial information to the EFL - he doesn't have the money and cannot therefore demonstrate adequacy of funds. He has to sell it to do that. So unless he can find someone deranged enough to pay an eye-watering sum of money for a poorly-supported football club with huge debts, Bury are goners.
 
I was once told, even at very low league levels clubs are obliged to produce an accurate /complaint team - sheet (amount and distribution unknown).
Yes even at North East Counties (Non League Step 6) you need a programme and have to send a copy to the league as evidence. Many people would probably rather download a pdf these days - always seems a bit daft.
 
Dale bought Bury FC as a business, not a football club; more specifically, he bought it as an ailing business, an opportunity for someone with his particular field of expertise. He had no intention whatsoever of sustaining it in any way.

In an interview with the BBC this week, he said: "The club has got to sustain itself. If someone comes in to buy a club, they've got to realise that there are bills with the club. The previous owner doesn't take those with them, they're theirs [the new owner's]. So the £3.2m that's needed for the CVA needs to be met by the new owner, not me. They've got to take the responsibility of it off me."

So he arranged for the CVA with no intention of supplying any money for it. In fact, he is one of the major creditors now. This is why he has been unable to provide the required financial information to the EFL - he doesn't have the money and cannot therefore demonstrate adequacy of funds. He has to sell it to do that. So unless he can find someone deranged enough to pay an eye-watering sum of money for a poorly-supported football club with huge debts, Bury are goners.
There is also the suspicion that this has potentially been his end game all along and that this won't be the first time he has made a significant profit out of a failing business that he has then run into the ground.

There was a thread on the Bury forum a good while ago describing him as a 'professional asset stripper', only on this occasion the asset for him is seemingly the debt. A £1.9 million return on a £1 investment...... as many have suggested he has put none of his own money into this.
 

NottyImp

Vital Football Legend
Crassus, the richest man in late-Republican Rome, used to send his fire-men to stand outside burning buildings (which were quite common in the city). He'd offer to put the fire out - but only if the owner sold him the insula at a knock-down price.

Suspicions were aired that the fires were not always entirely accidental.
 
Good article in Daily Mail about Bury saga:

https://www.dailymail.co.uk/sport/f...-fixtures-unpaid-wages-leaves-Bury-brink.html

The really ugly point this makes is this:
Bury entered a Company Voluntary Arrangement (CVA) last month and speculation swirls around the club that Dale might own as much as £7.6million of the debt — more than half of that purchased privately, cut-price, from Day. In that case, he would stand to earn £1.9m if new owners paid off unsecured creditors at 25p on the pound, as per the CVA.
"75% of the creditors, by value, who voted need to support the proposal. Once the proposal has been approved then all* unsecured creditors are bound by the arrangement."

now it is possible to see how Dale [as Bury owner] was able to get the CVA passed, by Dale [as major creditor] voting for it.
as long as he buys debt for less that 25% of its value he makes a profit. i wonder how much he was paying to take over that debt?

risky, as he makes nothing if there is no buyer of the club.
and if the efl kick bury out of the league, a sizeable offer to buy will be much less likely.
no wonder he has been stalling with the paperwork.
 
Crassus, the richest man in late-Republican Rome, used to send his fire-men to stand outside burning buildings (which were quite common in the city). He'd offer to put the fire out - but only if the owner sold him the insula at a knock-down price.

Suspicions were aired that the fires were not always entirely accidental.
The connection between fires and money reminds me of the story of Stafford Heginbotham, allegedly, in the people's republic of west Yorkshire in the early 1980s.
 
The connection between fires and money reminds me of the story of Stafford Heginbotham, allegedly, in the people's republic of west Yorkshire in the early 1980s.
Wasn't it the Donny Chairman who hired someone to burn their stand down and the numpty left his phone or some other identifiable means at the scene of the crime. Same guy who was involved in dodgy horse racing - Flockton Grey? or something wasn't it.
 

plumbob

Vital 1st Team Regular
Wasn't it the Donny Chairman who hired someone to burn their stand down and the numpty left his phone or some other identifiable means at the scene of the crime. Same guy who was involved in dodgy horse racing - Flockton Grey? or something wasn't it.
Yep. He lumped on his 2 year old horse that was replaced by a 3 year old, rated around 3 stones better than the others, in a 2 year old only race.