Bolton Administrators Set New Takeover Date Target

  • June 27, 2019 | By Chris Mann
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Administrators for Bolton Wanderers have issued a statement to supporters, expressing hope that a takeover of the club could be completed in the coming days.

Paul Appleton, joint administrator for David Rubin & Partners, stated last week that a preferred bidder - understood to be Football Ventures (Whites) Limited - were working towards a completion date of this past Monday.

Supporters have grown frustrated as the week has progressed, with many fearing a potential collapse of talks, but administrators have moved to quash speculation and have set a revised target of next week for all outstanding paperwork to be signed.

An official statement, seen by Burnden Aces, read: "I wanted to give all the fans an update on the sale process and exactly where we stand this evening.

"I hope that we are now very close to agreeing and signing the Heads of Terms, which will lead to a Sale and Purchase Agreement being entered into and subsequent completion of the deal.

"However, while all parties are working around the clock, there are still some details to finalise.

"To give fans some idea of the timescale, the sale process of a football club would generally take anywhere between four to five months. We are looking at a timeframe of six to seven weeks because of the urgency of the situation the club finds itself in.

"All going well, these details will be finalised before the end of the week with a completion date of early next week for the sale to be completed.

"I fully understand the frustration of fans - and I share in that frustration - but all parties are working tirelessly to get the deal done and I hope to provide a further update very soon."

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