Bolton Takeover on Verge of Completion

  • June 29, 2019 | By Chris Mann
  • URL Short URL: http://b-ac.es/3005f

The ongoing ownership saga at Bolton could soon come to an end, after the administrators' preferred bidders signed a Heads of Terms agreement.

The agreement, which sets out the final terms of a commercial transaction such as the takeover of a business, should bring a close to the negotiation process and shift focus to a Sale and Purchase Agreement.

That next step would see the preferred bidders - understood to be Football Ventures (Whites) Limited - take control of the 94.5% shareholding in Wanderers which was taken out of the hands of outgoing chairman and owner Ken Anderson.

Announcing the latest update, joint administrator Paul Appleton said: "For legal reasons, I cannot name the preferred bidder until Monday. But I realise just how important it is Bolton fans are given confidence we are now a major step closer to the sale of the club and securing its future.

"This has not always been a straightforward process owing mainly to the need to condense what would normally be a four to five month timeframe into closer to seven weeks.

"But there has been a willingness on all sides to work tirelessly to ensure the survival of the club and, in particular, I'd like to thank the Eddie Davies Trust who have shown a deep and true understanding of what Bolton Wanderers means to the fans and the wider community.

"Again, I'd like to reiterate my regret at not always being able to keep the supporters completely up to speed with the progress of the deal but the important thing is the club is now a further step forward to being saved. Now begins the rebuilding process.

"With the Heads of Terms having been signed, we move towards a Sale and Purchase Agreement and completion of the transaction at the earliest possible stage.

"This club has suffered greatly but I would like to pay tribute to all the staff who, under the most dire of circumstances, have shown their loyalty and devotion to Bolton Wanderers. The deserve days like this after all they have been through.

"The next step is a completion of the deal and the start of a new era for the club. There will be a further update in due course."

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Pos Team Pld Pts
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22 AFC Wimbledon 10 3
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