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Club News

A note from the Chairman

10 September 2018

I have of course seen this evening's Bolton News article and I am very disappointed that Stuart Wilson and Michael Henson of Blu Marble Capital Ltd have decided to reject my offer to repay the loan they originally made to the club through Sportshield Ltd and place the club in administration.

The amount received by the club was £4m and l offered to repay this plus substantial interest. Unfortunately, this offer was rejected.

As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons as their actions do not make commercial sense.

As l understand it they are currently taking legal action against their own lawyers in respect of a negligence claim on the original transaction with Sportshield Ltd  and are expecting to receive substantial compensation from the lawyers' PI insurance and this may explain their actions.

They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.

In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer.

I would like to take this opportunity to thank the three debenture holders who all agreed to make concessions in order to try and reach a settlement with Blu Marble, but unfortunately these were not accepted and they will all now play a major part in the administration discussions going forward.

I will continue to do everything possible to help the club and have let the administrators know that l will do my best to assist them.

Kind regards

Ken


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