Administrators: Bolton 48 Hours from Liquidation

  • August 26, 2019 | By Chris Mann
  • URL Short URL: http://b-ac.es/e2bc1

Administrators will begin liquidation proceedings against Bolton Wanderers on Wednesday, unless a deal to purchase the club can be concluded beforehand.

Paul Appleton, joint administrator at David Rubin & Partners, released a statement on Monday morning confirming weekend reports that an agreement had been reached between the Football Ventures consortium and outgoing owner Ken Anderson as of 5pm last Friday.

On Saturday, however, it emerged a snag in the paperwork at Anderson's end had potentially scuppered a takeover - hours before the EFL made their position clear that the club's league membership could be revoked should they fail to provide satisfactory evidence that they can continue to trade beyond 5pm on Tuesday.

A statement, posted at bwfc.co.uk, has cast doubt over the very existence of Wanderers, though, with Appleton calling for all parties to thrash out a takeover in the next 24 hours or face the very real prospect of liquidation - putting the club out of business.

"At 5pm on Friday August 23, the completion of the sale of the football club and the hotel had been agreed by all parties and undertakings had been issued by all solicitors except those of Ken Anderson.

"Devastatingly, on Saturday morning that deal collapsed. At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink.

"My team have spent the last 48 hours working around the clock, striving to get a deal back on track and trying to convince the parties still in conflict that the very fate of Bolton Wanderers depends on them finding a compromise.

"The EFL have made their position clear by insisting on a 5pm deadline on Tuesday for a deal to be completed or give compelling reasons for an extension. They have also written to everybody concerned in the process to underline that sense of urgency.

"On Sunday evening, there was some tentative dialogue but we are still some way from reaching a solution. Therefore, I am appealing to those parties whose position seems intractable to do everything to reach a compromise.

"In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.

"This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs. More than that, it will devastate a community for whom the football club is a beacon of hope and expectation.

"I reiterate, unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week."

Football betting site Betway

Sky Bet League One Standings

Pos Team Pld Pts
19 Rochdale 34 36
20 AFC Wimbledon 35 35
21 Tranmere Rovers 34 32
22 Southend United 35 19
23 Bolton Wanderers 34 14
View Full Standings >>

Poll

Who is Bolton's 2018/19 Player of the Year?
34.62% Gary O'Neil
19.38% David Wheater
18.92% Pawel Olkowski
9.27% Joe Williams
5.33% Jason Lowe
4.13% Sammy Ameobi
2.85% Josh Magennis
2.75% Mark Beevers
1.19% Jack Hobbs
1.01% Ben Alnwick
0.28% Andrew Taylor
0.28% Craig Noone