A business with assets of at least £4.5 million greater than its liabilities is not virtually bankrupt.
When an asset rich but cash poor business has a cash flow crisis and is unable to pay its current liabilities, it should not have to face bankruptcy, since it should be able to raise funds against the value of its assets without selling them.
A few years later the club really was close to bankruptcy, when after selling Fellows Park and using the proceeds to build on land that it did not own it was faced with another cash flow crisis, but this time it did not have assets worth millions. In fact, it had no real tangible assets at all because of the decision made by Barrie Blower, Bonser and the other directors.
But this was after all that had been done (helpfully I believe the club paid to clean up the land in the first place as part of building the ground even though they didn’t own it) and a stadium costing £4m to build was in place.
To sell for 200k just doesn’t make sense unless Severn Trent were forced sellers which is hard to believe, although admittedly land was not seen as an attractive investment in 1995, so bit of hindsight benefit on my part coming in to play if Im being super generous to Severn Trent.
Wasn’t there a historical connection with the people connected with Denglen/Davenmore and Severn Trent, hence the use of the Bescot site?
Also, with Bonser being part of the companies that went bump overnight, he would’ve had first hand knowledge of what was happening, snapping up shares for £1.
We’ve always been told there was no one else to save the club, which is questionable, when where was the availability advertised in the first place? Looks like a done deal.
Also, I note Barrie Blower has been getting a bad press lately. Why?
My understanding was, as a leading figure in SWAG, he was influential in bringing Ramsden to the club in the first place.
I always thought he then knew of all the shenanigans in the Bescot move, so was given the Honorary Club President role to keep schtum. Sadly, with his recent passing, that knowledge is now safely under wraps with others.
I have heard from quite a few people over the years, some who I trust that BB received a golden handshake and all of a sudden was wearing nicer suits and living a better lifestyle. I don’t know if it is true or not.
It is clear that Bonser had some helpers along the way who remained loyal. Money is one thing that can buy loyalty.
It’s not just questionable, it’s outright bollocks and I can prove it: There’s literally billions of people in the world, and investment in football clubs has always come pretty easily, despite what people say about them losing money. Just have a look how many clubs in the football league who have been A) Brought out in the last 30 years and B) How many extremely rich consortiums (including our own owners) now have a stake in British football all the way through the league. It’s not just oil barons winning trophies every year, there’s investment throughout every league.
So the thought Bonser was literally the only person on the planet capable of “saving” Walsall Football Club is beyond laughable.
He was the only person given the opportunity to buy the club - we went into administration and back out the same morning. All done and dusted before people even knew it was happening and other prospective purchasers were shut out.
