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Bury FC Courtcase

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Re: Bury FC Courtcase

Postby Tippy Tappy Football » Sat Aug 24, 2019 11:05 pm

It's still going to be a massive struggle for Bury's takeover to be concluded by 5pm on Tuesday 27 August 2019. The buyers are not going to have time to carry out all the necessary checks and due diligence and are going to have to gamble handing over £3-£4 million for a total basket case. They have already said that it is a very complex deal and that there are a number of serious issues to be addressed. Their main legal adviser is also unavailable until Wednesday! They are also bound to start trying to lower the price as they start uncovering things and Steve Dale will then not agree to sell as he does not really want to. He still thinks his plan is the right way to save Bury.

Statement from C&N Sporting Risk:
"It is disappointing the EFL have chosen to go for such a short extension especially given this is a bank holiday weekend and our main legal adviser is unavailable until Wednesday. Meeting with her and the solicitors is absolutely fundamental to some serious contractual matters that need addressing and our overall decision making process. We made the EFL explicitly aware of this and the timeline we required. While meetings with legal advisors have taken place prior to this point, only late in the day yesterday did we obtain a clearer picture as to the overall state of the club, hence this request for the extension. We will however seek to gain answers to the main outstanding questions in the short time available but this does make the task much more challenging. It would be a huge pity if the club were to fold because of lack of time to do the due diligence necessary for such a complicated scenario."
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Re: Bury FC Courtcase

Postby chip63 » Sun Aug 25, 2019 1:03 am

Lack of time to conclude a sale ???
It's going to be so unfair for the 7/8 clubs who have to try and fit these games in somewhere.
I'm sure a solicitor can be found somewhere to look at the books in 30 mins and say no way.
He's loving the limelight and being on the news but I'm sure he only has one agenda.
It's time to get a Bolt on and Bury this in a deep Black pool.
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Re: Bury FC Courtcase

Postby part time pete » Sun Aug 25, 2019 6:31 am

If Bolton and Bury both get thrown out then there is no relegation from League Two this season.
Those accustomed to privilege may feel that equality is oppression.
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Re: Bury FC Courtcase

Postby Spiritater » Sun Aug 25, 2019 6:33 am

So we're safe then.:D
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Re: Bury FC Courtcase

Postby part time pete » Sun Aug 25, 2019 6:37 am

Spiritater wrote:So we're safe then.:D


Some will say Dempster is a lucky boy.
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Re: Bury FC Courtcase

Postby NorthLondonStag » Sun Aug 25, 2019 7:59 am

Whilst the relegation position may be correct (and good if we were otherwise in it, which I would doubt), if this did happen it’s going to have a huge effect on the competitive nature of our league. One of the reasons things stay ‘interesting’ for most of the season for the lower half is because there remains the possibility of pushing for the playoffs or the fear of relegation.

If there’s only 1 (or no) relegation places then teams in the bottom 6 (and their fans) will lose interest for the last third of the season. That’s bad for everyone as it affects results higher up. It will be like the old days when no one really went down and the bottom team was ‘re elected’ by a vote. It will be especially the case if one team is well adrift and there’s just one relegation spot.
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Re: Bury FC Courtcase

Postby jr senior » Sun Aug 25, 2019 8:04 am

The EFL board should resign en bloc over their two faced treatment of Bury and Bolton.

They've bent over backwards for months not to expel Bury who've broken so many rules (so far!) from the league. I have little doubt the Tuesday 'deadline' will be extended yet again siting the BH as a reason

As for Bolton, yes they're in big trouble, but they accept that and have knowingly fielded weakened teams to fullfill their fixtures (OK midweek excepted) to their disadvantage. Now they're threatened with imminent league explusion.
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Re: Bury FC Courtcase

Postby I am Spartacus » Sun Aug 25, 2019 8:19 am

According to the Mail on Sunday one of the major hang ups with this take over is that C & N have asserts of £180K and debts of £344K. So how on earth are they going to find the sum, up to £2.7 million to service the debts and provide the necessary finance for the season?

C & N, by publicly stating that one of their problems is that their solicitor is away till Wednesday, sound like the whiney child at school who is getting his excuses in early for not doing his homework prior to the handing in date.

The EFL have not covered themselves in glory over the sorry saga but the owners of the clubs, successive ones with their relentless quests for riches and glory through duplicity and naivety have brought it upon themselves. Always remember that in all of this the supporter, community and history mean absolutely in any of this as none of the affection, passion and history can appear on a balance sheet.

RIP Bury & Bolton (though I hope I am wrong)
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Re: Bury FC Courtcase

Postby stag861 » Sun Aug 25, 2019 8:30 am

I presume that whatever punishment Bolton get for cancelling a game Bury will get seven or more fold.
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Re: Bury FC Courtcase

Postby Spiritater » Sun Aug 25, 2019 9:52 am

I am Spartacus wrote:According to the Mail on Sunday one of the major hang ups with this take over is that C & N have asserts of £180K and debts of £344K. So how on earth are they going to find the sum, up to £2.7 million to service the debts and provide the necessary finance for the season?

C & N, by publicly stating that one of their problems is that their solicitor is away till Wednesday, sound like the whiney child at school who is getting his excuses in early for not doing his homework prior to the handing in date.

The EFL have not covered themselves in glory over the sorry saga but the owners of the clubs, successive ones with their relentless quests for riches and glory through duplicity and naivety have brought it upon themselves. Always remember that in all of this the supporter, community and history mean absolutely in any of this as none of the affection, passion and history can appear on a balance sheet.

RIP Bury & Bolton (though I hope I am wrong)

Thought this a little odd myself. You'd have thought she'd have cut short the Bank hol weekend in Ingoldmells wi t'kids for something so pressing and potentially catastrophic.
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Re: Bury FC Courtcase

Postby NorthLondonStag » Sun Aug 25, 2019 10:57 am

Someone once said to me that when you are selling a football club you get 20 offers and 21 of them are
Withdrawn when you ask to see their proof of funds.

And it’s the worst possible time in the yearly cycle to buy a club. All the season ticket holders have renewed and you can’t charge them again and that money has been spent.
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Re: Bury FC Courtcase

Postby Tippy Tappy Football » Sun Aug 25, 2019 11:32 am

The National League should make an offer to the EFL to accept Bolton and Bury in the National League next season in return for an extra promotion place for the National League. It would give Bolton and Bury the chance to start again at Step 1 or 2 of non-league instead of at Step 5 if they have to reapply to join the football pyramid.
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Re: Bury FC Courtcase

Postby Sandy Pate Best Stag » Sun Aug 25, 2019 5:38 pm

Tippy Tappy Football wrote:The National League should make an offer to the EFL to accept Bolton and Bury in the National League next season in return for an extra promotion place for the National League. It would give Bolton and Bury the chance to start again at Step 1 or 2 of non-league instead of at Step 5 if they have to reapply to join the football pyramid.


Is that fair on the clubs who have been working diligently away trying to climb the leagues without overspending? Sounds a bit Billy Bigboots to me.
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Re: Bury FC Courtcase

Postby scotsstag » Sun Aug 25, 2019 9:26 pm

part time pete wrote:
Spiritater wrote:So we're safe then.:D


Some will say Dempster is a lucky boy.

And some will be fools.
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Re: Bury FC Courtcase

Postby Amber Andy » Mon Aug 26, 2019 7:20 am

Sandy Pate Best Stag wrote:
Tippy Tappy Football wrote:The National League should make an offer to the EFL to accept Bolton and Bury in the National League next season in return for an extra promotion place for the National League. It would give Bolton and Bury the chance to start again at Step 1 or 2 of non-league instead of at Step 5 if they have to reapply to join the football pyramid.


Is that fair on the clubs who have been working diligently away trying to climb the leagues without overspending? Sounds a bit Billy Bigboots to me.

I agree. Whilst I feel for the fans, I think the EFL have been too lenient with both clubs, especially with Bury.

If either fold, they should start again further down the pyramid like others have had to do.
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Re: Bury FC Courtcase

Postby robbingdog » Mon Aug 26, 2019 9:22 am

my question would be Why have they left it so late to try and buy Bury?

They cant complain when they have left it till the 11th hour

All is not as clear as it seems me thinks
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Re: Bury FC Courtcase

Postby Jimstag » Mon Aug 26, 2019 9:27 am

I’m sure I read somewhere that they’d been trying to buy the club for 10 weeks. If so the delay is about 1 man, he’s pretty much taken the club for ransom from both the local community and EFL. It’s only the EFL losing patience that has forced the issue and not soon enough in my opinion
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Re: Bury FC Courtcase

Postby Tippy Tappy Football » Mon Aug 26, 2019 10:00 am

Sandy Pate Best Stag wrote:
Tippy Tappy Football wrote:The National League should make an offer to the EFL to accept Bolton and Bury in the National League next season in return for an extra promotion place for the National League. It would give Bolton and Bury the chance to start again at Step 1 or 2 of non-league instead of at Step 5 if they have to reapply to join the football pyramid.


Is that fair on the clubs who have been working diligently away trying to climb the leagues without overspending? Sounds a bit Billy Bigboots to me.


I agree Sandy but the National League would love to have three promotion places and the current situation might give them something to negotiate with. EFL owners though will never vote to give the National League another promotion place though as turkeys don't vote for Christmas. The FA would also have to agree to any deal and the National League's own insolvency rules are also far tougher than the EFLs.
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Re: Bury FC Courtcase

Postby Tippy Tappy Football » Mon Aug 26, 2019 10:07 am

Bolton Wanderers to be closed down from Wednesday - Statement by Administrators

"In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday."

https://www.bwfc.co.uk/news/2019/august ... 6g.twitter
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Re: Bury FC Courtcase

Postby chip63 » Mon Aug 26, 2019 10:28 am

Tippy Tappy Football wrote:Bolton Wanderers to be closed down from Wednesday - Statement by Administrators

"In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday."

https://www.bwfc.co.uk/news/2019/august ... 6g.twitter


I found this upsetting to read. Gutted for all the supporters and staff.
Sad days for football.
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Re: Bury FC Courtcase

Postby one f in mansfield » Mon Aug 26, 2019 10:47 am

Tippy Tappy Football wrote:Bolton Wanderers to be closed down from Wednesday - Statement by Administrators

"In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday."

https://www.bwfc.co.uk/news/2019/august ... 6g.twitter


https://www.bwfc.co.uk/news/2019/august ... anderers5/
Don,t believe everything you read on the internet --William Gladstone 1872
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Re: Bury FC Courtcase

Postby chip63 » Mon Aug 26, 2019 10:52 am

one f in mansfield wrote:
Tippy Tappy Football wrote:Bolton Wanderers to be closed down from Wednesday - Statement by Administrators

"In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday."

https://www.bwfc.co.uk/news/2019/august ... 6g.twitter


https://www.bwfc.co.uk/news/2019/august ... anderers5/


Not quite understanding that? Does it mean they won't be kicked out?
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Re: Bury FC Courtcase

Postby Jamie » Mon Aug 26, 2019 10:52 am

Its upsetting for fans and staff but this is the real world and both Bury and Bolton (from what I understand) are masters of their own downfalls and need to be removed ASAP.

The FA/EFL need to get on with kicking both out and as far down the pyramid as necessary. Every day they extend or fail to act is another nail in the wider football coffin.

The FA need a long hard look at this. It simply cant be right that a team spends money it doesn't have. They should ban loans from owners / banks that aren't for capital projects, have much tighter control and powers to act when clubs finances arent stacking up. If they want to help football then do something positive and proactive to avoid other clubs dying like this. While they continue to bend over, turn a blind eye, extend deadlines all it does it show weakness and wont ditter other clubs.

Bury cheated their way to promotion. The sooner they are removed the better.
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Re: Bury FC Courtcase

Postby Jamie » Mon Aug 26, 2019 10:56 am

chip63 wrote:
one f in mansfield wrote:
Tippy Tappy Football wrote:Bolton Wanderers to be closed down from Wednesday - Statement by Administrators

"In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday."

https://www.bwfc.co.uk/news/2019/august ... 6g.twitter


https://www.bwfc.co.uk/news/2019/august ... anderers5/


Not quite understanding that? Does it mean they won't be kicked out?


If there is no buyer or money by tomorrow, the EFL will lift the suspension on issing the withdrawal notice. Its worded badly but means the EFL have not yet issued notice to withdraw them (giving them time to find a solution) but the club cant afford to keep running past Tuesday so will start to liquidate and the EFL will serve notice to withdraw them tomorrow if no money comes forward.
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Re: Bury FC Courtcase

Postby Dan » Mon Aug 26, 2019 10:58 am

Jamie wrote: They should ban loans from owners.


Then us & probably most of L1 & L2 will cease to exist.
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