It's what happens when a prospective buyer doesn't want to pay what the seller expects and it becomes a matter of chicken.
I seem to recall a club which several years ago was on the verge of being liquidated having passed a series of deadlines for prospective buyers to come forward with their offers. At the 11th hour (apparently 55 mins before the liquidation was due to take effect and after which there is no turning back and the fire sale would start) a buyer who had been instrumental in placing the club in administration came forward with a knock-down offer which was accepted by the liquidator. Imo it was the buyer's own version of chicken. And the club survived and the club's creditors were royally stuffed! Years later that same person was lauded as being the saviour of the club with that phase in the club's history long forgotten by some fans.
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Most liked posts in thread: Bury FC
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Flying Duck Impact SubP.L.22/23 Entrant P.L.23/24 Entrant
It's embarrassing that two league clubs were on the precipice and now one has folded. Would be sick to my stomach if we we're Bury today. Feel for the fans, that's what it comes down to, your club just wiped out like that.
Glad Rahic wasn't sole owner of us, imagine that catastrophe.Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Allotment Bantam, WilsdenBantam, Idlebantam and 3 others like this. -
They're two sides to a fence:
1) An owner that buys a club on the cheap for a return but unable to manage debt.
2) An owner that loans a club money and then wants to pull out or want his money back.
The true way to measure owners in my eyes is if they're looking to improve the club by adding assets, making improvements, taking the community forward etc
If unable to do the above then they should sell up quickly. Parky was saying that Anderson should of sold Bolton when in the Championship and I agree. If you can't afford to run the club or take a hit in the pockets then you need to get out or seek investment ASAP.Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Bantamsteve, Onside, Hulmebantam and 2 others like this. -
Buryboy, The Original EB, Stafford Bantam and 2 others like this.
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Idlebantam Squad PlayerP.L.22/23 Entrant P.L.23/24 Entrant P.L. 20/21 Top 10
Feel for the fans today. I remember feeling sick to the pit of my stomach all day, when we nearly went under, and were saved at the very last hour.
Hope they are saved. One of the oldest clubs in the world, FA Cup winners twice, it would be sad for the Football League family to lose them, in my opinion. Of course, most fans that follow their Premiership neighbours, wont give a toss, which is sad.
I remember Avenue going under, not nice for their fans, or our City generally, at the time, despite no love lost between City and Avenue fans at the timeBronco, Onside, bantamdave41 and 1 other person like this. -
Of course, many people understand these problems and what needs doing about them. So why haven't they been resolved? The answer is in the Byzantine nature of the EFL's decision making on rule changes. And that is exacerbated by the 'turkeys not wanting to vote for Christmas' mentality. For example, the chairmen of all clubs have the final vote on rule changes via a very complex voting regime and if the chairmen collectively don't want to tighten up say the ownership criteria, it won't happen. That's what footie is up against ... the vested interests of the club chairmen.Wolfysmith, Interested Bystander, Allotment Bantam and 1 other person like this. -
Rogered Tart Regular StarterP.L.22/23 Entrant P.L.23/24 EntrantBigrod, Storck, Stoneski and 1 other person like this.
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Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Skyebantam, Petrov, Fordy117 and 1 other person like this.
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The EFL now need to stick with the deadline for both Bury and Bolton otherwise this is just silly. This is turning into a football brexit.
bantamdave41, Bantamsteve, Interested Bystander and 1 other person like this. -
43 out of 51 businesses Steve Dale has been associated with have been liquidated yet he was allowed to take ownership of Bury. Absolutely baffles me.
Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Idlebantam, Skyebantam, Botswana Bantam and 1 other person like this. -
WilsdenBantam Squad PlayerQatar 2022 Entrant P.L.22/23 Entrant P.L.23/24 Entrant Euro 2020
Such a shame but sadly coming for years, this hasn’t just jumped up out of nowhere. Finances in football have been shocking for a long time, this could easily have been us. Thankfully atm all we have to worry about is wanting the manager sacked after one league defeat, but any club is susceptible to this in the future it could be the first of many.
Feel for the fans, and it’s a shame as it’s an away day I’ve always enjoyed and made the effort to attend. Probably not play them again unless some Phoenix club does a Wimbledon.
Probably Bolton next unfortunately.Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Allotment Bantam, Skyebantam, Onside and 1 other person like this. -
In my view we sold our football soul when we allowed ie FA to split the PL and the Football League. Then the PL has been allowed to do virtually anything it wants, and the football league sit under the table waiting for the crumbs! Now we have a whole army of ‘entitled’ PL owners and fans who have no interest whatsoever in the effects of them having everything and throwing the rest the crumbs and be grateful oh and by the way there are conditions to the crumbs we let you have.
It is up to the fans and supporters of the football league to not only demand better governance of our league, but also transparency of the individual clubs accounts. It is alright ppl saying Bury Fans did nothing while the spending nilly willy on the credit card, went on, how are they suppose to call their owner out?
This is the shock wave for all football fans in this country, I have no idea how many clubs are in a similar position, but there will be a few.
My understanding of Bolton’s position regardless of the EFL decision to start the clock ticking, is the Administrator was saying there was no money left to operate from Wednesday, so unless somebody has put money in to keep it going while they find somebody to buy it, they could be liquidated today. My knowledge of this is sketchy, but the administrators have a duty to not allow any business to operate without funds.River_City_Bantam, WilsdenBantam, Tony Wilkinson and 1 other person like this. -
Stafford Bantam CaptainModerator P.L.22/23 Entrant P.L.23/24 Entrant Supporter P.L. 20/21 Top 30
The supporters' group running Bury AFC in the North West Counties League and the other supporters' group, who have the ground (Gigg Lane) + the rights to the name Bury FC, have both voted to merge back together.
They will now change the name of the team back to Bury FC and operate at Gigg Lane next season.
Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Aleman, NorthernMonkey, Bronco and 1 other person like this. -
Tony Wilkinson Squad PlayerP.L.22/23 Entrant P.L.23/24 Entrant Supporter P.L. 20/21 Top 10Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Bantamsteve, Bronco and NorthernMonkey like this.
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Idlebantam Squad PlayerP.L.22/23 Entrant P.L.23/24 Entrant P.L. 20/21 Top 10Berkshire-bantam, Offcomedun and Bronco like this.
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Stafford Bantam CaptainModerator P.L.22/23 Entrant P.L.23/24 Entrant Supporter P.L. 20/21 Top 30
I honestly believe the best way forward is for the EFL to try and bypass Steve Dale. They have no real legal way of getting rid of him as owner of the Club (unless he is willing to sell), so they should:
- Withdraw the 'Golden Share' from the Club and expel the Club from the EFL.
- Give other parties until, say, 31 March 2020 a chance to establish a replacement Bury Club (meeting the EFL's requirements), with the full backing of the supporters.
- If 2, above, is met, to readmit Bury to the EFL, in League Two, with effect from the 2020/21 season.
Of course, the EFL won't do this, they'll just expel Bury and punish the supporters as well.Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...Onside, Tony Wilkinson and Wolfysmith like this. -
I suspect that the Bury saga has now almost run its course. Having just read the detail of the three charges on the assets and future income of the club, I don't see the club getting out of this mess unless there is a sugar daddy waiting in the wings. The likes of Dale and Day and McCarthy(?) can fight over the remains but I doubt there will be much left to keep the club running as a going concern. There is supposedly a line of credit for several millions but the identity of who is providing this has yet to be supplied to the IP .. and therefore it's vapourware at the mo. Maybe unbeknown to the rest of us, it's somebody on here with deep pockets who drives a big Merc?
I only hope that the EFL now looks to itself and its own governance rules to understand what their inaction has done to create this situation. The rules as currently drafted are not just inadequate; they are unrelated to the modern world of business ownership and wouldn't stop another Bury from happening.
Two things have to happen to the current rules imo. Firstly, the 'Owners and Directors' test has to be widened from its prinicpal focus on a limited number of criminal convictions to a much broader one based on business and/or sporting competences. Secondly, the wishy washy requirement for clubs having to have sufficient funding for the season is a nonsense. Nobody and certainly not the EFL have really said what this means and anybody with an ounce of sense would drive a coach and horses through the current set-up. It's pointless at the moment. It needs a major overhaul about what it means and stonger sanctions for those clubs who do not meet the criteria. And I include in that greater openness and more clarity on the ownership not just of the club but also of its key assets. It might result in further Bury's in the short term but for the longer term good of lower level football it simply has to be done. Whether the turkeys who currently own the clubs would vote for an early Christmas in changing the ownership rules is highly questionable! I'm not holding my breath and unfortunately don't imagine changes will introduced in the near future.Onside, Offcomedun and Interested Bystander like this. -
Bantamsteve, Stafford Bantam and Onside like this.
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I think just 1 club would be relegated from league 2 .
I really hope Bury survive though feel for their fans and enjoyed away trips there.Bronco, Botswana Bantam and Stoneski like this. -
Onside, Ollylondonbantam and Rogered Tart like this.
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