Phil Gartside may have been the public face of Bolton but the money was put in by Eddie Davies. He put in around £200m and then agreed to write off a substantial part of those debts on the sale of the club. Looking back it's amazing how little we went bust for compared to many other clubs like Bolton.
[ QUOTE="Gordon Owen, post: 2099259, member: 7242"]It means they’ll be a drive thru in 12 months RIP SWFC.[/QUOTE] 36 mill in debt nivver got shut of em, cant see 21m shutting em darn. Good owd Co-op bank eh.
Interesting points for me are in note 14 which suggest net soend on players after 31 May 2017 was £1.885 million. Separately, regarding the takeover, we know the new owners hold shares in BFC Investment Company Limited (or higher up in any additional holding companies) which holds all the shares (2,000 in total) in Barnsley Football Club 2002 Limited. BFC Investment Limited was incorporated in Hong Kong so I don’t think we have access to it’s filings. However, note 14 states that as part of the takeover 1,000 shares in Barnsley Football Club 2002 Limited were allotted for £6,288.07 per share i.e £6.288 million in aggregate. This is cash that has actually gone into the club, suggesting we might have cash on the balance sheet of about £6.288m + £5.691m (existing cash as at 31 May) - £1.885m (net spend on players) = circa £10 million (although this ignores any other cash flow movements since 31 May). The £6.288 million is in addition to any consideration paid for PC’s shares. I’m only guessing here, but you’d imagine the consideration to PC was also £6.288 million (for the other 1,000 shares which were held by him, as opposed to being newly allotted). So did they pay circa £12.5 million in total, half of which went to PC and half of which went into strengthening the balance sheet?
36 mill in debt nivver got shut of em, cant see 21m shutting em darn. Good owd Co-op bank eh.[/QUOTE] Aye, no bank to bail them out this time. Their dictator's already got angry with them, wait til he asks for his money back.
I agree with this - in today’s social media driven world, NatWest would have got some right stick for it. It was totally uncalled for - some better dialogue with club and time to sort would have sorted it out.