Ken Anderson Confirms Bolton Administration Fears

  • September 10, 2018 | By Chris Mann
  • URL Short URL: http://b-ac.es/78026

Ken Anderson has confirmed Bolton Wanderers are set to enter administration and receive an automatic 12-point deduction.

Reports on Monday evening suggested Wanderers had failed in their efforts to repay an outstanding loan of more than £5million to BluMarble Capital Limited, with the finance company instructing liquidators to press ahead with the legalities required to take control of the club.

Anderson, who inherited the loan from Dean Holdsworth upon taking full control of the Trotters in August 2017, believes the actions of BluMarble are not in the best interests of any party and ones which will only devalue the club in terms of future investment or takeover.

A statement, posted at bwfc.co.uk, read: "I am very disappointed that Stuart Wilson and Michael Henson of BluMarble Capital Ltd have decided to reject my offer to repay the loan they originally made to the club through Sports Shield Ltd and place the club in administration.

"The amount received by the club was £4m and l offered to repay this plus substantial interest. Unfortunately, this offer was rejected.

"As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons as their actions do not make commercial sense.

"As l understand it they are currently taking legal action against their own lawyers in respect of a negligence claim on the original transaction with Sports Shield Ltd  and are expecting to receive substantial compensation from the lawyers' PI insurance and this may explain their actions.

"They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.

"In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer.

"I would like to take this opportunity to thank the three debenture holders who all agreed to make concessions in order to try and reach a settlement with BluMarble, but unfortunately these were not accepted and they will all now play a major part in the administration discussions going forward.

"I will continue to do everything possible to help the club and have let the administrators know that l will do my best to assist them."

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