Eddie Davies steps down as a director

[Jimbo]

On Christmas eve apparently.

BOLTON sugar-daddy Edwin Davies resigned from the club's board on Christmas Eve, in a move which many Trotters fans will regard as another reason to be fearful.

Davies, who made his money in kettle technology, has spent more than £100m since taking the reins in 2003.

His resignation is puzzling. Without him — or a new owner just as generous — the club would go bust.

http://www.thesun.co.uk/sol/homepage/sport/football/4027028/Dan-King-BBC-set-to-keep-League-show.html

This is the first I've heard! What does this mean for our future?

Enter turmoil...?

[Jimbo]

From Nixon:

Eddie Davies standing down as director. Tax reasons. Totally committed to club. Fear not.

[H. Pedersen]

Well that was a terrifying 2 minutes.

[Wiggy]

I need a kettle for my new flat,think he would help me out ?

[Manny]

A little surprised this hasn't been mentioned by the club. He may be stepping down as a director but surely he's the head of directors as owner of the club.

That would mean we would appoint a new head of directors, who will be the main man when it comes to making the big decisions. Davies may still own the club but, given his age, I wouldn't be surprised if this is the start of the end of Davies' ownership of the club.

[hjd]

I hope this doesn't mean he is resigned to relegation and all the financial implications it would have for him and is now trying to get out.
It also doesn't bode well for any prospective new signings in Jan. 

[mr_bridger]

on the plus side he's a bolton man and long-term fan so don't think he will walk away (completely), but at the end of the day business is business...

[mr_bridger]

"the Group meets its day to day working capital requirements with short term loans from Moonshift Investments
Ltd and is reliant on these loans being continually renewed."

[xmiles]

From Nixon:

"tax reasons"?! I don't see how him resigning as a director can be due to "tax reasons". Very few aspects of either his or the club's tax affairs are likely to be affected by whether or not he is a director.

[Squidgy]

I'd of thought a football club would be the perfect way of writing off a load of tax due to them never making any money.

[bigsamsarmyusa]

Here is part of an article from the Bolton News:

Although the £110m debt published a few months ago illustrates just how much it has cost to keep the club dining at the top table – Coyle gets annoyed when the figure is used lazily to compare Bolton with recent financial disaster cases such as Portsmouth and Leeds United.
 
“Everyone at the football club is indebted to Eddie,” he said. “You only have to look and see the facilities we have, the stadium, the Academy, the first team training base.
 
“Yes, people go on about this debt because it's easy to throw out but what they don't understand is that, whether it's equity or anything else, it's all owed to one man. Not a bank.
 
“The only person who's owed money is our owner and he's done that because he loves the football club, he's passionate and wants the club to progress.
 
...Coyle is likely to be given the full £7m proceeds from the sale of Gary Cahill, and more should the right player come up next month..."

http://www.theboltonnews.co.uk/sport/wanderers/wanderersnews/9445684.Davies_factor_is_crucial_for_Whites/

[DaveBWFC]

“The only person who's owed money is our owner

I think everyone knows that. What would happen if he decided he wanted his money back though? Or if he should die? Somebody is going to want the £110million I suspect.

[bangerhard]

Here is part of an article from the Bolton News:

Although the £110m debt published a few months ago illustrates just how much it has cost to keep the club dining at the top table – Coyle gets annoyed when the figure is used lazily to compare Bolton with recent financial disaster cases such as Portsmouth and Leeds United.
 
“Everyone at the football club is indebted to Eddie,” he said. “You only have to look and see the facilities we have, the stadium, the Academy, the first team training base.
 
“Yes, people go on about this debt because it's easy to throw out but what they don't understand is that, whether it's equity or anything else, it's all owed to one man. Not a bank.
 
“The only person who's owed money is our owner and he's done that because he loves the football club, he's passionate and wants the club to progress.
 
...Coyle is likely to be given the full £7m proceeds from the sale of Gary Cahill, and more should the right player come up next month..."

http://www.theboltonnews.co.uk/sport/wanderers/wanderersnews/9445684.Davies_factor_is_crucial_for_Whites/

Welcome back bigsamsarmyusa  :-)

[Big_Sharps]

Welcome back bigsamsarmyusa  :-)

You're like a dog on heat this morning Christopher.

[bigsamsarmyusa]

I think everyone knows that. What would happen if he decided he wanted his money back though? Or if he should die? Somebody is going to want the £110million I suspect.

Hopefully he has a Last Will and Testament stating that the debt is null and void.  Otherwise we are done for.

 

[DaveBWFC]

I doubt that would happen tbh.

But who knows.