EFL statement re- Bolton, Coventry,Blackpool, Charlton

[Exiletyke]

Isn't a 12 point deduction the penalty for going into administration? I don't think Bolton have done so.

EFL chose not to impose 12 point rule in the case of Blackpool. So the rules are somewhat fluid
According to EFL regulations, any club that become subject to an insolvency event, including the appointment of a receiver, could be deducted 12 points. [/quote]

[KerrAvon]

EFL chose not to impose 12 point rule in the case of Blackpool. So the rules are somewhat fluid
According to EFL regulations, any club that become subject to an insolvency event, including the appointment of a receiver, could be deducted 12 points.

Rule 12.3.1 states: If any Club becomes subject to or suffers an Insolvency Event, that Club shall be deducted 12 points.

The only get out to 12.3.1 is under 12.3.10 which gives the league a discretion not to impose a deduction if the event was caused by a Force Majeure i.e. an event outside of normal business risks over which the club had no control.

The Blackpool decision was made upon the basis that the club had not suffered an insolvency event.

[Exiletyke]

So the appointment of a Receiver is not an insolvency event ?
Fair enough

[KerrAvon]

So the appointment of a Receiver is not an insolvency event ?
Fair enough

It depends upon whether the receiver was appointed because of insolvency, I would have thought.

[CASPER-64-FRANK]

It depends upon whether the receiver was appointed because of insolvency, I would have thought.

In the case of Blackpool it wasn't insolvency.
EFL classed it as a ' special case '.

Totally different to what is happening at Bolton.

[mellowmiller]

Isn't a 12 point deduction the penalty for going into administration? I don't think Bolton have done so.

Bassini claimed to have uncovered an insolvency event that could lead to a 12 point deduction which is why he approached the EFL for an assurance that it wouldn't happen if he took control of the club.
Bolton have denied there has been an insolvency event.
Something is rotten in the state of Burnden......

[Nardendee]

Official statement from Bolton website :

Further to the club statement made on Tuesday 30 April 2019 we would like to update supporters on the current position.

Following the request from Mr Bassini to allow him a further 48 hours to complete his funding package and present this to the EFL, we can now confirm that no subsequent meeting took place and nothing further has been presented for the board of the EFL to consider.

Given the urgency of the situation, which has been expressed to Mr Bassini, we now consider his approach for the club at an end and no further discussions will be entered into on the matter with him. We thank him for his efforts on behalf of the club and wish him well with any future interests to return to football following his previous brief spell at Watford.

The club would not wish to get into detail in respect of a number of comments attributed to Mr Bassini; however, we would like to confirm that despite repeated offers to allow his professional advisors to carry out due diligence in the club's data room this work has never been undertaken so we are at a loss as to understand the comments regarding additional debt that he claimed to have discovered. We can only assume the ongoing cash flow requirements for the next two seasons as required by the EFL for all potential acquirers of a club are what Mr Bassini refers to when talking about ‘additional debt’.

The potential issues the club faces following notification from the EFL are purely due to the Chairman allowing time for Mr Bassini to complete his takeover of the club. In hindsight this has not been helpful but we are sure supporters will understand his desire to give the possibility of a solvent deal every chance of success. We will work with the EFL to answer the questions they have raised surrounding recent events.

Ken Anderson will now consult with his professional advisors and consider the best course of action as a matter of urgency.

Once any further information is available we will make supporters aware through the club's media channels.

[mellowmiller]

Official statement from Bolton website :

Further to the club statement made on Tuesday 30 April 2019 we would like to update supporters on the current position.

Following the request from Mr Bassini to allow him a further 48 hours to complete his funding package and present this to the EFL, we can now confirm that no subsequent meeting took place and nothing further has been presented for the board of the EFL to consider.

Given the urgency of the situation, which has been expressed to Mr Bassini, we now consider his approach for the club at an end and no further discussions will be entered into on the matter with him. We thank him for his efforts on behalf of the club and wish him well with any future interests to return to football following his previous brief spell at Watford.

The club would not wish to get into detail in respect of a number of comments attributed to Mr Bassini; however, we would like to confirm that despite repeated offers to allow his professional advisors to carry out due diligence in the club's data room this work has never been undertaken so we are at a loss as to understand the comments regarding additional debt that he claimed to have discovered. We can only assume the ongoing cash flow requirements for the next two seasons as required by the EFL for all potential acquirers of a club are what Mr Bassini refers to when talking about ‘additional debt’.

The potential issues the club faces following notification from the EFL are purely due to the Chairman allowing time for Mr Bassini to complete his takeover of the club. In hindsight this has not been helpful but we are sure supporters will understand his desire to give the possibility of a solvent deal every chance of success. We will work with the EFL to answer the questions they have raised surrounding recent events.

Ken Anderson will now consult with his professional advisors and consider the best course of action as a matter of urgency.

Once any further information is available we will make supporters aware through the club's media channels.

Thanks for that Nardendee.
The plot thickens and it looks like Bolton are back to square one. Having said that, who in their right mind would trust either of the main protagonists in this unsavoury saga?

[CASPER-64-FRANK]

How not to do business.
Admin is looming.

Forest game is on.
Brentford game is Tuesday, however if Bolton go into admin EFL won't insist on it being played.

[Silly-miller]

https://www.bbc.co.uk/sport/football/48140125

Bolton takeover fails