Creditors Accept Bolton Administrator's Proposal

  • July 23, 2019 | By Chris Mann
  • URL Short URL: http://b-ac.es/168c3

Efforts to conclude a takeover of Bolton Wanderers have been handed a boost, after creditors voted overwhelmingly in favour of the administrator's proposal.

In a document soon to become publicly available at Companies House but previously seen by Burnden Aces, a total of 294 creditors - 290 unsecured and four secured - were owed a combined £25.6million by the club.

Upon receipt of the proposal document, creditors were given the opportunity to accept or reject the offer of David Rubin & Partners - in collaboration with prospective owners Football Ventures (Whites) Limited - with the majority voting in favour of repayment terms and values.

Failure to strike a deal with creditors wouldn't necessarily have proved a cause for concern, but receiving the backing of a majority clears the path for a smooth takeover and transitionary period as Wanderers look to become debt free for the first time in over a decade.

Reports that new ownership is imminent continue to surface on social media, with the Football Ventures consortium said to be working in partnership with insurance broker and equity specialist Keith Morris, following Parminder Basran's decision to step down from a directorship role within the company.

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