Out of the frying pan into the fire? | Vital Football

Out of the frying pan into the fire?

T

The Roone

Vital Squad Member
I am pleased Bolton appear to have been saved, but the new owner is Laurence Bassini, former bankrupt owner of Watford.
 
The Roone said:
I am pleased Bolton appear to have been saved, but the new owner is Laurence Bassini, former bankrupt owner of Watford.
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Its not him. His attempt failed and they were bought by another party.

That said, he nearly managed to buy them. I dont think the fa/efl would have stopped him.

Despite having gone bankrupt twice, taking 1.5m from watford in financial irregularities - a loan he never paid back, losing a huge court case to the russo brothers (the same ones scally lost a case to i think), and also being banned by the efl themselves from being in a position of power at any football league club for 3 years. Baffling that they would let him come in again, but i guess shows they are between a rock and a hard place. If a club is about to collapse, and a dodgy fucker comes in and has the funds to save the club, are the EFL really going to stand in his way and determine that the club will collapse?
 
alphabet_king said:
If a club is about to collapse, and a dodgy fucker comes in and has the funds to save the club, are the EFL really going to stand in his way and determine that the club will collapse?
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That's what happened at Bury, I think, because Dale was 'rescuing' the club. Clearly the EFL has to be independent and not a co-operative of self-serving club chairmen.
 
alphabet_king said:
Its not him. His attempt failed and they were bought by another party.

That said, he nearly managed to buy them. I dont think the fa/efl would have stopped him.

Despite having gone bankrupt twice, taking 1.5m from watford in financial irregularities - a loan he never paid back, losing a huge court case to the russo brothers (the same ones scally lost a case to i think), and also being banned by the efl themselves from being in a position of power at any football league club for 3 years. Baffling that they would let him come in again, but i guess shows they are between a rock and a hard place. If a club is about to collapse, and a dodgy fucker comes in and has the funds to save the club, are the EFL really going to stand in his way and determine that the club will collapse?
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Yes, it's the same Russo's.... just as slippery tbh. They loaned Bassini the money to buy some of their Watford equity which they all then tried to cash flow using parachute payments.
 
Worth noting that Bury had one loan at payday loan rate of 138%. We solemnly discuss bank debts and mortgages on grounds and overall debt levels but in the real world intricate nests of nonsense spread out over continents. Some of the debt of Bury FC relating to mortgages is tied up in a Maltese company, which is in turn part owned by entities in the Virgin Islands.

Many of those lending to football clubs do so on loan shark terms with punitive interest for overdue payment. Some attempt to blame fans for fuelling over ambition but in reality the blame lies with those, who mismange finances and will don anything to cover their tracks.

We talk of transparency and due diligence but most last ditch sales of clubs involve secrecy and deception. When it goes wrong very few owners want to admit just how wrong it has been. A new ownership model, a new stadium, new investment rarely reveal even a fraction of what has gone on indeed that's rather the point.
 
I massively feel sorry for Bury's fans and have only disdain for their Chairman/owner and others responsible for their plight. I also daresay the EFL and footballing authorities aren't without blame. However, I don't think the EFL had any choice, but to expel them. Bury's and Bolton's plight were starting to affect the rest of the league, other teams and fans in terms of fulfilling fixtures, the table etc., so deadlines need to be set for these things to be sorted. Hopefully, Bolton are through the worst of it now, but there should be further repercussions for them on the playing front and I am sure there will be.
 
I fear that Boltons problems will continue for some time, until the next crisis.
The takeover company only appear to have the money to keep the club running in the short term.
 
shotshy said:
I fear that Boltons problems will continue for some time, until the next crisis.
The takeover company only appear to have the money to keep the club running in the short term.
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Well, i read yesterday that they'd got the main creditor to take 30p in the pound for their debts. I.e. agree a 5m repayment rather than 15m that was owed, to be paid off gradually. Lucky them. Id imagine with a good attendance and a modest budget like we operate on they could really start to pay that off. Of course they wont. Theyll more likely gamble and try to get promotion and spend more money rather than paying off the debts.
 
SteveTreacle said:
I also daresay the EFL and footballing authorities aren't without blame.
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Almost totally to blame - not for the wrong doings of respective chairmen at the club but not blowing the whistle when players, staff, contractors and suppliers were not being paid. Such action would've thrown light on the problem much sooner.
 
I agree Wayne, but not paying bills on time even after 90 days, is common practice in a lot of companies . How do the EFL determine between can't pay and won't pay just yet.
 
The Roone said:
I agree Wayne, but not paying bills on time even after 90 days, is common practice in a lot of companies . How do the EFL determine between can't pay and won't pay just yet.
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I concur with you regarding payment of suppliers and at times the bigger companies are the worst offenders. We don't know the whole story but maybe some suppliers were happy to give the Club time. That said, non-payment of wages should've been an immediate flag to the EFL and a need to investigate.
 
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