Ken Anderson Confirms End of Bolton Funding

  • April 17, 2019 | By Chris Mann
  • URL Short URL: http://b-ac.es/c7604

Ken Anderson has confirmed he has ceased financing Bolton Wanderers, with all outstanding debts relying solely on club funds.

Anderson, who is actively seeking a sale of his 94.5% shareholding in the club, has been absent from the University of Bolton Stadium since December and is understood to be in the United States at present.

The chairman admits mistakes have been made during his tenure but believes his efforts have gone unnoticed by many, who he cites as his reason for withdrawing his support.

In an official statement, posted at bwfc.co.uk, Anderson said: "Following the protests and vile abuse posted on social media towards me and my family and subsequently in December the police advising me it was not safe to attend matches, like my predecessor the late Eddie Davies, I reluctantly decided enough was enough and stopped funding the businesses apart from the February salaries.

"All payments due now have to be met through the club's own limited cash flow, which is now becoming even more difficult because of the bank accounts being effectively frozen and validation orders having to be obtained.

"I do wonder how many of my critics would continue to fund the businesses, if they were advised not to attend the matches or the stadium, hotel and training ground, for fear of their safety, as well as the constant abuse encountered?

"In any event, it has been made very clear that I was not wanted at the club, so why would I continue to fund it? No doubt, something similar prompted the decision that the late Eddie Davies also came to in 2015.

"As I have previously stated, I had agreed to accept a lower amount than I actually paid for my shares from several of the potential buyers and even then they wanted and I agreed to defer some of the payment due to me as did the other secured creditors.

"The reality is they were probably hoping it would go into administration and they would then acquire it for substantially less, albeit with a points deduction, but a significant saving on creditors.

"I hope the above has given everyone a better understanding of the reality of the club's financial position today, but the most important thing to appreciate is that this club cannot survive, let alone prosper on its current revenue streams in any division outside the Premiership without the benefit of substantial and continued financial support from a wealthy benefactor.

"This is clearly the case with virtually every other club in the Championship and maybe that's why both the late Eddie Davies and I have struggled to find a buyer to take the club forward, as in reality there are not that many wealthy benefactors out there who are prepared to bank roll clubs as has been clearly seen with a number of owners making their clubs available for sale in recent years.

"For my part, I have always done the best I am able to do, but obviously that is not good enough or sufficient to please a number of our supporters."

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