Independent Leyton Orient Forum

Feel so sorry for Bury FC, it was almost us a while back, is there no chance of a Knight in shining Armour to come galloping over the hill to rescue them. Any company that ends up taking a loan at 138% though has serious problems, the guys in charge are stark raving mad or just asset stripping, my book is on the latter

According to the Guardian, current owner Steve Dale, who bought the club for £1, has a history of taking over insolvent companies and making money by selling their assets. Makes you wonder how he passed the EFL "Fit and proper person test".

How about somre Man City players buying the club? Bury's just up the road and Man U players have done a great job for neighbours Salford C.

Apparently, he wants £810,000 for the club, which has up to £15 m worth of debts
43 of the 51 companies Dale has been associated with have been liquidated.
The EFL are useless IMO.
We all know what it felt like when our beloved Orient was in the high court with winding up orders being banded about...I hope for Burys fans, someone comes forwards to buy that club, and keep it in existence

Forty-Niner wrote: ↑Fri Aug 23, 2019 11:55 am According to the Guardian, current owner Steve Dale, who bought the club for £1, has a history of taking over insolvent companies and making money by selling their assets. Makes you wonder how he passed the EFL "Fit and proper person test".

He hasn't apparently

ComeOnYouOs wrote: ↑Fri Aug 23, 2019 12:01 pm Apparently, he wants £810,000 for the club, which has up to £15 m worth of debts
43 of the 51 companies Dale has been associated with have been liquidated.
The EFL are useless IMO.
We all know what it felt like when our beloved Orient was in the high court with winding up orders being banded about...I hope for Burys fans, someone comes forwards to buy that club, and keep it in existence

The EFL legally can do virtually nothing regarding the ownership of a club.

All they can do is what they are threatening to do tonight- ie kick out a club if they don't approve of their owner.

The EFL have no power to stop someone buying a club. That is governed by Companies Act - ie parliamentary legislation

spen666 wrote: ↑Fri Aug 23, 2019 12:17 pm

ComeOnYouOs wrote: ↑Fri Aug 23, 2019 12:01 pm Apparently, he wants £810,000 for the club, which has up to £15 m worth of debts
43 of the 51 companies Dale has been associated with have been liquidated.
The EFL are useless IMO.
We all know what it felt like when our beloved Orient was in the high court with winding up orders being banded about...I hope for Burys fans, someone comes forwards to buy that club, and keep it in existence

The EFL legally can do virtually nothing regarding the ownership of a club.

All they can do is what they are threatening to do tonight- ie kick out a club if they don't approve of their owner.

The EFL have no power to stop someone buying a club. That is governed by Companies Act - ie parliamentary legislation

How are you on Company Law?

If Bury do go tonight, what will happen regarding promotion and relegation from that league come next April?
Perhaps an extra club will be promoted from our league?

Seems like Dale will receive about £2.1 mil if Bury go into administration

ComeOnYouOs wrote: ↑Fri Aug 23, 2019 12:22 pm If Bury do go tonight, what will happen regarding promotion and relegation from that league come next April?
Perhaps an extra club will be promoted from our league?

The EFL has said that there will be 3 relegated teams from league one, and the usual 4 from league two. It probably means that only one team will be relegated from League two.

Could get even messier if Bolton go too.

I really can't see Bolton going bust, there is just to much history attached to that club. Someone or a syndicate will take them over.

Notice of Withdrawal deadline is 11.59 PM on Friday 23 August 2019

And the owner is putting out the begging bowl at the 11th hour...

https://www.telegraph.co.uk/football/20 ... ters-must/

With hours to go until Bury are thrown out of the professional game, Dale took the airwaves to confirm the amount of money needed for them to survive.

And, despite previously insisting he had given the EFL sufficient proof of funds for them to start the season, he said it was “up to the fans” to save the club if the league stuck to its pledge to expel them in the absence of further evidence or an 11th-hour sale by Dale.

“The fans have got to chip in,” Dale told talkSPORT.

Blackadder II wrote: ↑Fri Aug 23, 2019 1:54 pm I really can't see Bolton going bust, there is just too much history attached to that club.

Not so sure. There are to all intents and purposes a League Two club and if they cancel any more fixtures they could be out of the EFL altogether with no guarantee of where they would end up in the football pyramid. Could be so low that it won't be a going concern as a professional football club. And only reason to buy them would be to get the ground and the hotel.

spen666 wrote: ↑Fri Aug 23, 2019 12:17 pm

ComeOnYouOs wrote: ↑Fri Aug 23, 2019 12:01 pm Apparently, he wants £810,000 for the club, which has up to £15 m worth of debts
43 of the 51 companies Dale has been associated with have been liquidated.
The EFL are useless IMO.
We all know what it felt like when our beloved Orient was in the high court with winding up orders being banded about...I hope for Burys fans, someone comes forwards to buy that club, and keep it in existence

The EFL legally can do virtually nothing regarding the ownership of a club.

All they can do is what they are threatening to do tonight- ie kick out a club if they don't approve of their owner.

The EFL have no power to stop someone buying a club. That is governed by Companies Act - ie parliamentary legislation

That needs to change then.

I'm sure its been pointed out somewhere in this humungous thread that Bury was the team we beat when we confirmed promotion to the top flight in 1962. It would be such a tragedy to see them vanish.

I well remember the day when we beat Bury 2 - 0, and with other results going our way, sent us up to the old Division One as it was.
Such a shame it has come to this. Here's hoping that, at the 11th hour, the club is saved.

Just read this: https://www.theguardian.com/football/20 ... e-daughter

So the company that bought the £7.1m debt for £70k and therefore had the clout to vote through the Bury CVA is owned by Dales' daughter's partner.

I'm sure that's all fine & completely above board.

Manchester United offer Bury FC help as club faces extinction.

https://www.msn.com/en-gb/sport/footbal ... spartanntp

Why do Bury owe £7m to a property company? That dodgy loan?

If someone pays up, Dale profits right? And if nobody pays up his son in law gets the ground?

The property company belongs to Stewart Day, the previous owner - money pumped into Bury by him was loaned via his property company. (It's the same way LOFC ended up owning "Leyton Orient Holdings Ltd" a load of money under the previous regime.)

The terms of the CVA are that non-football creditors get 25% of their debts paid up. (That would be the CVA that has to be passed by the majority BY DEBT of the creditors. So the company holding the £7.1m debt was influential in getting those terms voted through, even though that debt actually cost them £70k. Also, the people voting on a CVA are not supposed to be connected to or influenced by the debtor offering the CVA.)

So if the club is sold before the deadline & the CVA paid down by the new owner, Dale gets whatever the purchase price is & his daughter's partner gets £1.75m.

But, as I say, I'm sure that's all fine & above board.

So why would Day sell £7m of debt for just 70k?

Steve Dale says he has got a buyer according to Beeb latest.

Prestige Worldwide wrote: ↑Fri Aug 23, 2019 10:08 pm So why would Day sell £7m of debt for just 70k?

As per the 6th para in the article - he didn't. The property company is in administration; the administrators sold the debt.

Prestige Worldwide wrote: ↑Fri Aug 23, 2019 10:08 pm So why would Day sell £7m of debt for just 70k?

He didn't. The Administrator of his company did. Presumably because there is little prospect of ever recovering it because of the debts Bury has.

The ground has a charge over it because it has been mortgaged by the previous owner to another company. A company called Capital Bridging Finance Solutions Ltd. No apparent link to Dale.