John Christensen ■ The Offshore Game: Bolton Wanderers on the brink

The Offshore Game: Bolton Wanderers on the brink

John Christensen

Published:

21 January 2016

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Category:

Financial secrecy ↘

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A team with a great history, but what future?

This sad story, featuring a company registered in the British Virgin Islands and an offshore trust in Bermuda, is cross-posted from our partners at The Offshore Game.

Bolton Wanderers were in court yesterday defending a winding up order. The company, founded in 1895 and one of the founding members of the football league was just moments away from execution. HMRC is owed £2.2m in unpaid taxes and are seeking to liquidate the club. In the end the judge granted an adjournment until 22nd February. The case continues and Bolton’s future hangs by a thread.

In the media commentary about the club a lot is made of how poor performance on the pitch has led to Bolton’s financial woes. But that is only part of the story. Clubs can of course survive in the lower leagues. After all, if being bottom of the Championship led to bankruptcy, then there would be no League One, or League Two.

We take a look at the money and how Bolton managed to put itself on the hook to a mysterious offshore creditor.

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The author

John Christensen

Trained as a forensic auditor and economist, John has worked in many countries around the world, including a period of working in offshore financial services with Touche Ross & Co. For 11 years he was economic adviser to the government of the British Channel Island of Jersey.In 2003 he became what the Guardian has described as “the unlikely figurehead of a worldwide campaign against tax avoidance.” His research on offshore finance has been widely published in books and academic journals, and John has taken part in many films, television documentaries and radio programmes.John can be contacted on +44 (0) 7979 868302.

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