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Post by northwestman on Aug 12, 2019 21:36:21 GMT 1
UPDATED STATEMENT FROM STEVE DALE:
“Due to the agenda with the EFL, my health and recent events at the Club I can confirm I am happy to pass the Club on to the next custodian, for an agreed consideration and them being the right fit for Bury.”
Seems to have removed the emotive 'treachery and deceit' observation!
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Post by Stowmarket Shrew on Aug 12, 2019 22:25:22 GMT 1
If this was the plot to a soap opera we'd all be howling at the tv at how ridiculous it was becoming. This needs concluding one way or another, and quickly. I strongly suspect we'll only be playing 44 games in the league this season.
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Post by The Shropshire Tenor on Aug 12, 2019 22:59:23 GMT 1
“An agreed consideration”, a legal term for a payment. Obviously he expects someone to pay him to take on this money pit.
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Post by northwestman on Aug 13, 2019 9:07:52 GMT 1
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Post by Mortgagehound on Aug 13, 2019 9:13:27 GMT 1
The deadline of 9.00 am this morning to prove how creditors will be paid has now passed.................
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Post by Deleted on Aug 13, 2019 9:27:50 GMT 1
I wonder what form of censure they'll face for having 2 league games suspended along with the cup game?
Possible further points deduction?
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Post by northwestman on Aug 13, 2019 9:30:38 GMT 1
The deadline of 9.00 am this morning to prove how creditors will be paid has now passed................. There was a 6 hour delay the last time the EFL set Bury a deadline before anyone found out what they were doing.
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Post by northwestman on Aug 13, 2019 9:44:59 GMT 1
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Post by El Huracán!!!! on Aug 13, 2019 10:00:14 GMT 1
They want rid of Dale so bad, but no Bury fans have a CLUE who this new owner is!
Yet they are petitioning to for him to take the offer.
Its less Risky that folding under Dale, but the change of a bright new dawn might just be the start of a whole new set of issues.
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Post by frankwellshrews on Aug 13, 2019 10:06:56 GMT 1
Who the hell do they think is going to pay to take this club on? Surely it's another sale for £1 job?
Also how many chances are they going to be given? You'd like to think that whoever takes it on will be vetted to within an inch of their life by the fit and proper person test as any further shenanigans at this club will seriously undermine confidence in the league authorities. Based on prior form though I've no confidence in thst happening.
Need to be seeing further points deductions I think also for delaying/not fulfilling fixtures. If this season comes out as anything less than a comfortable relegation for Bury it's a travesty.
Ultimately though I think the right thing to do is call time on this farce at both Bury and Bolton. Call it a 42 game season with 2 relegated from the division. As others have pointed out it's easy points (although Cov msnaged to chuck 2 away) for the teams that have played Bolton so far, it can't be right for them to.suddenly sign a team of pros halfway through the season.
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Post by northwestman on Aug 13, 2019 10:21:15 GMT 1
They want rid of Dale so bad, but no Bury fans have a CLUE who this new owner is! Yet they are petitioning to for him to take the offer. Its less Risky that folding under Dale, but the change of a bright new dawn might just be the start of a whole new set of issues. There was a post on the Bury Board (probably from a Rochdale fan) that the Vaughans might be interested!
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Post by El Huracán!!!! on Aug 13, 2019 10:23:17 GMT 1
They want rid of Dale so bad, but no Bury fans have a CLUE who this new owner is! Yet they are petitioning to for him to take the offer. Its less Risky that folding under Dale, but the change of a bright new dawn might just be the start of a whole new set of issues. There was a post on the Bury Board (probably from a Rochdale fan) that the Vaughans might be interested! exactly, whats to stop these new owners being just as vamperic and seeing a way to get a club on the very cheap and then do there own asset stripping and land deals... The MP seems confident but even he admits hes no idea who the new prospective owners are!
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Post by northwestman on Aug 13, 2019 10:45:24 GMT 1
My suspicions are that this all has to do with the land at Gigg Lane.
The amount owing to the Company who has a charge on Gigg Lane is ostensibly £3.6 million. But Dale is on record as saying that as far as he's concerned, only £140k is owed. This charge is not part of the CVA.
So suppose a new 'owner' takes over the CVA, pays all football related creditors 100% of what they are owed and everyone else is paid 25 pence in the pound. Meanwhile, Dale separates the Club from the ground and somehow successfully establishes that it is in fact only £140k owed. He's moved practically everything else of significant value that Bury owns into separate Companies. What's to stop him from renting the ground to the new owners? Indeed, the rent he receives could be used to pay off the remainder of the charge, however much that might be.
And once the charge has been satisfied, he'll own a ground on which there is a covenant similar to the one at Gay Meadow. But as we all know, covenants can be moved!
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Post by gainsparkshrew on Aug 13, 2019 11:27:58 GMT 1
And once the charge has been satisfied, he'll own a ground on which there is a covenant similar to the one at Gay Meadow. But as we all know, covenants can be moved! Problem with that is that it's the Council who have to agree to the removal of a covenant and its placement elsewhere, as per our case. Bury Council are owed over £100k in unpaid Council Tax and are highly unlikely to agree to it unless each councilor wants to lose his seat at the next local election. A poster named Steve Entwhistle posted his theory recently on the Bury board and despite some mistakes I think that he may well be close to the truth. It's a scam, there are underworld links to this, Stewart Day was the acceptable "face" of the whole thing and once he realised that his Mederco Group was on the point of going under he quickly sold to Dale for a £1 with the instruction to close Bury F.C down. Dale is good at this, he is an assett stripper by trade! Once Bury are liquidated paperwork can just disappear, eg no accounts produced for 2 years? too late to do anything about it now ! The fact that loans were taken from P2P companies, who had guilable and greedy investors happy to hand over money for 10% interest per annum ( banks are paying what? 1%) suggests that they have prayed on a lot of individuals who were prepared to sacrifice the protection of government legislation for a higher return on their investment ! There are a lot more people involved in this scam than we know about, it will take years to unravel it all and start prosecutions. But it's all too late for Bury F.C
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Post by northwestman on Aug 13, 2019 15:50:00 GMT 1
Interesting statement from Simon Jordan. Says he spoke to Dale last week and asked him that if he has assurances of funding, why doesn't he show them to the EFL?
Apparently the answer he got from Dale was "I shouldn't need to, I've got a viable business plan."
Jordan offered to have a look at the proof of funds. Dale has so far failed to send this to him.
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Post by South Stand Salopian on Aug 13, 2019 16:02:19 GMT 1
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Post by venceremos on Aug 13, 2019 16:04:30 GMT 1
Interesting statement from Simon Jordan. Says he spoke to Dale last week and asked him that if he has assurances of funding, why doesn't he show them to the EFL? Apparently the answer he got from Dale was "I shouldn't need to, I've got a viable business plan." Jordan offered to have a look at the proof of funds. Dale has so far failed to send this to him. If that's true, it's like asking a company's auditors to approve the accounts without auditing them, or asking a lender to approve a mortgage without proof of earnings. Anyone can put together a "viable business plan" but it doesn't mean your assumptions will be proved correct. If a business plan isn't available for questioning and stress testing, then viable it ain't.
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Post by venceremos on Aug 13, 2019 16:07:04 GMT 1
If Dale is both ignoring potential buyers and refusing to release his business plan for scrutiny, is he concerned about what a due diligence exercise might reveal? You can't help but wonder.
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Post by northwestman on Aug 13, 2019 16:07:05 GMT 1
And their game against Rotherham next Tuesday also looks unlikely to take place.
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Post by Deleted on Aug 13, 2019 16:16:20 GMT 1
There must be some further punishment (like it or not) heading Bury's way for again failing to play a fixture. The EFL should be saying enough is enough.
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Post by South Stand Salopian on Aug 13, 2019 16:22:30 GMT 1
Well in another 10 days they’ll be out of their misery. Can’t help but think Dale is trying to hide something here - Has he actually sent the ‘evidence’ to the EFL or is he just claiming to have evidence? Especially as he didn’t even send it to Jordan who is trying to help him out. Seems like a complete waste of time to me.
Just can’t see anything changing. A fourth game and dead cert to be a fifth on Thursday leaves them with a severe fixture backlog as well as potential postponements. This has gone on long enough.
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Post by Deleted on Aug 13, 2019 16:33:34 GMT 1
The latest BBC article is suggesting that the expulsion order could be suspended. This could end up dragging on it September 😯
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Post by cheggersdrinkspop on Aug 13, 2019 16:36:31 GMT 1
So if for the poor old Shakers did get expelled, or something of the like, would only 3 teams get relegated at the end of the season or would it be the normal 4?
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Post by Mortgagehound on Aug 13, 2019 16:41:06 GMT 1
The EFL can wait for as long as they like, but its clear that there are no funds available to guarantee football at Gigg lane this season.
The EFL appear to have no backbone whatsoever
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Post by shrewblue on Aug 13, 2019 16:42:04 GMT 1
EFL are seriously failing football here and sending totally the wrong message to other clubs who have shall we say not been prudent with their finances
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Post by gainsparkshrew on Aug 13, 2019 16:46:03 GMT 1
So if for the poor old Shakers did get expelled, or something of the like, would only 3 teams get relegated at the end of the season or would it be the normal 4? Only 3 would go down. I'm not sure how it would affect the bottom of L2, would only one get relegated to the Wrexham division or would they allow two automatic promotion places from the Conference and a third place for the play off winners (This would possibly give our Welsh friend Notorious some hope ! )
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Post by Exkeeper on Aug 13, 2019 16:50:33 GMT 1
Is there still a points penalty for not fulfilling a fixture? Bolton and Bury are both on minus 12 for going into administration but neither have yet been deducted further points for not turning up for games - in Bolton’s case, it happened sack in early May.
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Post by gainsparkshrew on Aug 13, 2019 16:58:40 GMT 1
Is there still a points penalty for not fulfilling a fixture? Bolton and Bury are both on minus 12 for going into administration but neither have yet been deducted further points for not turning up for games - in Bolton’s case, it happened sack in early May. I understand that the EFL won't announce what sanction they are imposing against Bolton,for not fulfilling the last game of last season, until their sale is complete. I'm sure that it is 3 points. Therefore Bolton will be on -14. As for Bury? well lets be honest, sadly they're dead in the water..and if not they will kick off on -24 with more to follow if more matches are postponed.
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Post by ssshrew on Aug 13, 2019 18:18:18 GMT 1
The EFL can wait for as long as they like, but its clear that there are no funds available to guarantee football at Gigg lane this season. The EFL appear to have no backbone whatsoever And never have had. They are a complete non funny joke. It really bugs me that they bend over backwards to help these clubs with rotten to the core owners and yet clubs like us, Accrington and many others get no recognition whatsoever. I’m absolutely sick of the whole thing and the EFL.
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Post by gainsparkshrew on Aug 13, 2019 18:33:58 GMT 1
The EFL have re-affirmed that 23rd August is the deadline for Bury to provide the information required or they will be expelled from the league. The pressure is on Dale to provide proof that funds are available, it's patently obvious that they are not ! I would suggest that anyone who is interested in the full story, and Bury fans opinions of Dale, to view their forum www.gigglane.com
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