All smoke and mirrors with shell companies and subsidiaries I think. The official records probably show Steve Dale doing all he can to save Bury. 'spoke to a representative from our largest creditor this morning, SD holdings limited, about an offer to repay the debt, unfortunately the representative, one Mr Dale was adamant that he would only accept payment in full.'Sounds like that to me (I'm no financial expert, mind).
Seems daft to me that it's illegal to force a business into liquidation yet it's perfectly legal for someone to be able to sit back and wait for it to go in to liquidation and show no signs of trying to rescue it.
That is a stunning request from Dale on the radio. We don’t need the money but if Bury fans would have a whip round for £2.7 million that would be fine and dandy thanks very much.
I can see no option than losing your golden share, starting again and hoping that Dale does not get to keep the ground.
They could in the short term but will come under increasing pressure if time drags along with the stadium site remaining unused and planning applications for alternative uses being batted away. With your situation it was always a realistic possibility that AFCW would acquire the land, an application would be recieved for a football stadium and one would be built. If Gigg Lane ends up in the hands of property developers they will be more than happy to just sit on the land for decades if needs be until the council caves.
It's called land-banking and it's something developers have done ever since the planning system became a thing. Buy up land you would like to build housing on, profitable prime locations that aren't currently allocated for housing; also buy up land the council would like to see housing built on, usually not as profitable since it's already allocated for housing and therefore more expensive, but don't build any housing.
Now the balance of power is in your favour, nobody else can build housing in the area because you own all the land required to do it. There might be a couple of other developers but they're doing the same thing as you. The council come under pressure from local people who need housing and from central government to meet housing targets. Central government starts to penalise the council financially and eventually a majority of the planning committee caves and lets the developer build where they want, or the developer wins an appeal by arguing the council's holding out for a football stadium is unrealistic.
I can imagine a similar situation would have unfolded at Plough Lane if it were in the hands of a property developer who weren't willing to sell it to you.
Unfortunately it is usually only the fans of clubs that have been through this that really understand. Never thought supporting my club would involve the need to understand administration rules, CVAs, football and non football creditors, insolvency and all the many ways of splitting parts of your club.The number of Premier League fans who know fuck all about the situation demanding that United and City "help out" Bury is infuriating. Do your bloody research.
The number of Premier League fans who know fuck all about the situation demanding that United and City "help out" Bury is infuriating. Do your bloody research.
I can see no option than losing your golden share, starting again and hoping that Dale does not get to keep the ground.
Let's be honest if bury and Bolton come out of this some how.. Lesson's will not be learnt and it will happen again to some other club.
There are too many Shithouse owners looking at clubs as a cash cow.
Its the same in business. Companies going under every single day.
Thr efl cannot vet them all.
However this dick smurf or whatever he is called sounds a right bell end and should be avoided.
I saw a report online stating that there's a covenant on the land Gigg lane stands on saying it has to be used for recreation. If he's after the land, surely that would stop him building on it? Then again, it didn't stop the rovers from trying to build a supermarket on their ground.
Good luck Bury, be it as you are or as a 'phoenix' club.
Sad times.
Councils tend to be open to lifting a covenant like that if there's a guarantee that a replacement stadium will be built, and then the covenant is transferred, as you say. Sincil Bank has a covenant tahg says it must be for sporting/recreation use only (I think a condition of the council selling the ground back to us after they bought it to help us out). Suggestion is that if we want to move the covenant could be lifted to allow us to sell the land for development, providing we have a new home.The Manor Ground used to have a covenant but this was solved by the covenant effectively switching to the Kassam Stadium.
I think it's highly unlikely such a covenant could be removed without a replacement ground being in place. Then again, councils can be awful.
It's not what you want to hear, but the EFL cannot do anything about overspending.
They could have banned Steve Dale from taking over the club though, which they would have been in their rights to do seeing as 43 of his 51 previous companies have been liquidated.
That might have helped...
Well to be honest, I was not aware of this. That is shocking if that is the case - are they all voluntary liquidations however? I’m a company director myself; if i involuntary liquidate a company twice I believe I am banned from being a director of one.They could have banned Steve Dale from taking over the club though, which they would have been in their rights to do seeing as 43 of his 51 previous companies have been liquidated.
That might have helped...
He asset strips them first and most are voluntary, it is like how he's owed money from Bury via another of his companies.Well to be honest, I was not aware of this. That is shocking if that is the case - are they all voluntary liquidations however? I’m a company director myself; if i involuntary liquidate a company twice I believe I am banned from being a director of one.
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