Bolton Face Liquidation Threat After Takeover Bid Fails

Channels Television  
Updated August 26, 2019

 

Bolton are facing the threat of liquidation this week after a deal to buy the troubled third tier club collapsed on Monday.

The English Football League had given cash-strapped Bolton until 1600 GMT on Tuesday for a takeover to be completed to avoid having their league membership revoked.

But Bolton administrator Paul Appleton revealed a mooted buy-out has fallen through and if there is no breakthrough “the process of closing down the company will commence on Wednesday”.

“In just over 24 hours, the club will have its membership of the EFL revoked,” Appleton said in a statement.

“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.

“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.”

Bolton, who enjoyed the riches of the Premier League as recently as 2012, entered administration in May, also incurring a 12-point deduction.

They had just three senior players available for a recent 5-0 defeat by Tranmere.

Wanderers manager Phil Parkinson resigned last week after citing welfare concerns for youth teamers being fielded in senior football.

Bolton then conceded five goals for the third game in a row against Ipswich on Saturday in front of 5,454 – the lowest attendance for a league game in the 22-year history of Wanderers’ stadium.

While Appleton stressed there was no point in apportioning blame it appears the fault of not completing a sale to the Football Ventures consortium is being laid at the door of current owner Ken Anderson.

“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,” Appleton said.

“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.”

AFP












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