It still seems pretty ropey. These buyers seemingly not ready to complete immediately but want more time to inspect the books in detail. I really don’t see how the EFL can (or should) allow a longer delay, with more games postponed, unless it’s a done deal. This could just be another false dawn. It’s not fair on others in L1, though I think those clubs should have the casting vote.
The FL have said it needs to be ratified in the next 48hrs haven’t they? I suspect they’ll be watching it very closely to see if it’s just Dale playing for time. It’s very tricky. Steven Dale says he bought the club with a load of hidden debt - totally his fault for not due diligence. And I think he’s clearly strung the subsequent situation along to the 11th hour - it may be difficult for the other clubs in L1 and for the FL themselves to swallow but it is fair if a genuine buyer wants a bit of time to study what they’re buying, if only to stop them doing what Dale claims he was victim of. If the FL hurry this through, Bury could end up in just the same situation again but with a different name above the door. But you’re right - it can’t go on endlessly.
Dale is linked in some way to the previous owner, so I doubt he went in totally clueless about the state of the club’s finances. The EFL’s concern has to be the integrity of its competition. What state are almost certainly already relegated Bury going be come next spring when they’re have to play catch up with all these missed fixtures? It could directly impact on the promotion or other relegation fights if they turn up somewhere and roll over because they’re on their 4th game in a week. Plus the new buyers say they want to ‘forensically’ go through the finances. Though I doubt they mean it literally, they’re going to be on the hook for millions of debt so I get why they’re cautious. Can they really do that in 48hrs? I bet they’re asking for a couple more weeks.
Did Steven Dale really think he was buying a football club for a £1 if it seems to cheap to be true it obviously is, no it came with lots of debt!, he has subsequently taken all summer to try and sell the club whilst creaming off as much as he can for himself! It appears the sums don't add up, hence no buyers, goodness knows if the latest ones will go through but really they are no different from any off the other " fallen by the wayside ones "
He's saying he's agreed a deal to sell. He hasn't actually sold. DD needs to be done by someone who sounds like they know what they're talking about. I'm sure the FL will agree to extend for the process to complete but based on what i hear about the guy, i'd be surprised if he's not hidden some of the bad news in order to try to keep the price up. I think this is still in the balance personally. EDIT sorry posted this before seeing the last half dozen posts.
They've been given a final extension to 5pm on Tuesday to complete the deal or Bury are no more. The extension seems to apply only to the current prospective buyers - if they pull out, Bury are also done.
Same applies for Bolton too. If Bolton are sold before the window closes and are able to strengthen the squad (as in, actually have 11 footballers), surely the integrity the competition comes into question. It can’t be fair that some teams would have faced Bolton kids early in the season and picked up an easy 5/6 goal win, while others may face a Bolton side that is far stronger. It’s madness the EFL let these teams start the season when there’s a question whether they’d make it to the end.
I think you're being unfair to Petchey. At the time, Petchey was financially capable of sustaining Watford at the level they existed (2nd tier) and the gulf up to the top division was not that great, financially. From my reading, it was a purely personal reason that Petchey stopped investing in players. I think he took fans calling him names personally and, presumably, being somewhat of a curmudgeon with a fragile ego, just totally stopped allowing managers to buy anyone. I remember a story about Roeder having a deal lined up to buy a striker (Tor Andre Flo I think) but petchey just refused to reply to correspondence to seal the deal. We went on to finish 7th that season with an enviably mean defence, but a powderpuff attack. Hard to see that Flo instead of Moralee wouldn't have got is into the play offs at least. If you remember, petchey did use funds to invest in the infrastructure, building two new stands in his time here. He was also smart enough to ensure that debts that the club had taken out to EJ, rather than being written off, as seemingly Reg intended, were passed into his benefit, so when the club was sold again, he was owed money by a board including EJ that EJ had loaned the club. Still spat on his statue in portugal when I saw it.
Surely he could create some sort of trust or beneficial ownership. Pledge money and take the club out of private ownership. I do think, however, when you see the sort of intellect of the average fan, that ownership by fans would be spectacularly unsuccessful.
Time to bury Bury? Their supporters were out this morning at Gigg Lane polishing the seats in a (probably futile) act of defiance. It's all really, really sad. That asset-strippers and various other forms of bottom-feeding chancers can be allowed to strip away one of the things that unites a community in the name of greed. Mark my words, this trend will not end well. Not well at all.
SSN reporter from outside the ground says the buyers pulled out as there are far too many issues at the club. It goes too deep. Rumour is that the issues would swamp any buyer with even decent resources and would need someone very wealthy indeed. Very wealthy people don't want to buy clubs like Bury.
Not a surprising development at all. Any sensible business people would steer well clear of what is no doubt now a toxic mess. It's time the government stepped in and brought in laws to limit the damage owners can do to football clubs (and other sports clubs) by leveraging them for debt.
I hate to see things like this happen and there needs to be some rules put in place to make owners liable. I suspect there a lot more clubs like Bury. I find the whole thing leaves a bad taste in my mouth when Bury and very possibly Bolton go out of business while at the same time players get offered £1m a week.
So if Bury are expelled (let’s hope Bolton are not) then I presume only 3 down in League One this season and one less relegated in League Two to ensure we have 92 league clubs next season? If Bolton go, then only 2 down in League One and no relegation from the Football League.
Confirmed. Bury have been expelled from the EFL - which likely means they will be liquidated in their current form. Disgraceful from everyone who’s had their fingers in the till down there. But shameful in this and age that the governing body haven’t got structures in place to prevent this. Bolton have missed their deadline - FL have given them 14 days to complete the sale of the club. Caveat to that is the Administrator has said he will start liquidation tomorrow.
Does Bassini still have his bad smell around Bolton . Tragic news for Bury - think their next game would have been against Bolton !
Dreadful state of affairs. Apparently Championship clubs operate with 106% wages to revenue! The owner of Bury has never provided proof of funds,according to a member of 'Bury 2002'. Shame on the owner and EFL and Debbie Jevans,a former tennis player (and Leeds fan). So sad for their fans.
Disgraceful that any football club owner can run a club into the ground and then allow it to die like a cornershop if they don't get what they consider to be a good enough offer to sell.
It would have only taken a few retired multi-millionaire ex-Prem footballers (or even current ones) to get together to save Bury with a fraction of their huge savings. Give something back to the game they got massively overpaid for.
A large part of the problem - owner borrowed outrageously to buy a promotion capable team. Hence limited sympathy from other clubs. https://www.theguardian.com/football/2019/aug/27/bury-historic-club-football-league-financial-ruins
