Bolton Still Expect to Announce New Owner on Friday

  • June 13, 2019 | By Chris Mann
  • URL Short URL: http://b-ac.es/be3c4

Bolton Wanderers are on course to be under new ownership on Friday, after administrators informed a preferred bidder of their successful offer.

Wanderers have been in administration since May 13, when Paul Appleton and Asher Miller of David Rubin & Partners were placed in charge of club affairs and appointing a successor to outgoing chairman Ken Anderson.

Initial bids were being accepted until last Friday, June 7, while final offers from a shortlist of five were due to be received by 4pm on Wednesday.

Administrators have spent the past 24 hours analysing each bid in detail and have made a decision based upon, but not limited to: the highest bid for the club, proof and source of significant funding, ability to fund the club for a minimum of two years, ability to satisfy secured, football and unsecured creditors, as well as approval from the EFL board.

The preferred bidder has also agreed to pump £1million into club accounts with immediate effect, allowing management to begin contract discussions with players and make plans for the forthcoming season.

In an official statement, released at bwfc.co.uk, joint administrator Paul Appleton said: "I am delighted we have been able to reach a more than satisfactory outcome to this stage of the process and I am confident the preferred bidder has the ability to take Bolton Wanderers forward.

"We are now working towards a signed Heads of Terms agreement by close of play on June 14 and until that has been signed, we are still bound by the confidentiality agreement within the process.

"But I can assure all Bolton Wanderers fans that the preferred bidder has both the financial ability and the determination to turn around the fortunes of this great football club."

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