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That’s a fair old debt, even with promotion to the PL it’s hard to see how a debt like that could ever be cleared.
Eleven years in the Big league’Not much of a promiss land on their behalf.(greed league).it could be worse what if it was us. ;)
Another reason why Whelan should be applauded (debt /equity swap a couple of years back). Putting WAFC back on a more sound financial footing ….
Bowton were already 110+M in debt when they went down – not all brought on by relegation. They already were in fairly direr straits at the time.
They continue to pay the likes of D Ngogg 35k weekly apparently.And you wonder why some clubs have financial problems … :dry:
The name Peter Ridsdale (Leeds) spark any memories ?
If you owe the bank £150, then you have a problem. If you owe the bank £150 million, then the bank has a problem.
Wanderers owe Gartside £150 million. Surely he’s prepared not to see it again. I hope he’s had his money’s worth.
If you owe the bank £150, then you have a problem. If you owe the bank £150 million, then the bank has a problem.Wanderers owe Gartside £150 million. Surely he’s prepared not to see it again. I hope he’s had his money’s worth.
It’s not Gartside, it’s that yank fella. I don’t think Gartside doesn’t have £150m to lend to anyone, I bet he wishes he did!
If you owe the bank £150, then you have a problem. If you owe the bank £150 million, then the bank has a problem.
Wanderers owe Gartside £150 million. Surely he’s prepared not to see it again. I hope he’s had his money’s worth.
It’s not Gartside, it’s that yank fella. I don’t think Gartside doesn’t have £150m to lend to anyone, I bet he wishes he did![/quote]
Eddie Davies owns BWFC. He’s reported as being worth £40m – Whelan £190m – so I think he’s in no position to write off £150m. Should he decide to call in the debt BWFC will have the problem.
As long as their owner is happy enough with them owing him the money, there is no problem.
They are virtually debt free (£11m)and in no worse a position than most clubs if the owner writes it off or doesn’t demand repayment.The £150m will be owed to the bank and the club will be paying the interest on that. As soon as the bank are no longer prepared to let that debt increase – on the basis that the loan will never be repaid – they have a big problem.
I think relegated clubs get 16m for the first two seasons after relegation and then that drops to about 8m the two seasons after that. Bolton lost 50m last year so with the parachute payment dropping next season things will only worsen for them….. Just a matter of time me thinks :)
The £150m will be owed to the bank and the club will be paying the interest on that. As soon as the bank are no longer prepared to let that debt increase – on the basis that the loan will never be repaid – they have a big problem.The owner, not the bank is owed £151.3m out of the total debt of £163.8m.
If their owner owes a bank the money, or BWFC fail to pay any debt repayments that may be in place to the owner then there would be a problem.
As long as the owner is happy with the debt, and the bank, if indeed he owes the bank money or any other creditors are getting regular repayments then their only other worry is the balance of £12.5m, which in football terms is nothing out of the ordinary.
Obviously if the owner or his creditors if there are any, decide enough is enough and decide they want their £151m then problems will arise, but I don’t think this is likely in this case.The £150m will be owed to the bank and the club will be paying the interest on that. As soon as the bank are no longer prepared to let that debt increase – on the basis that the loan will never be repaid – they have a big problem.
The owner, not the bank is owed £151.3m out of the total debt of £163.8m.
If their owner owes a bank the money, or BWFC fail to pay any debt repayments that may be in place to the owner then there would be a problem.
As long as the owner is happy with the debt, and the bank, if indeed he owes the bank money or any other creditors are getting regular repayments then their only other worry is the balance of £12.5m, which in football terms is nothing out of the ordinary.
Obviously if the owner or his creditors if there are any, decide enough is enough and decide they want their £151m then problems will arise, but I don’t think this is likely in this case.[/quote]If the man is worth an estimated £40m how can BWFC owe him, personally, £150m? He must have borrowed it from the bank so they will call the shots.
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