League One crisis: Administrators warn Bolton Wanderers could face liquidation if sale does not go ahead

Administrators have warned Bolton Wanderers could face liquidation if a sale does not go ahead.

Monday, 26th August 2019, 11:39 am
Bolton Wanderers.

Bolton, who have also been handed a 12-point penalty, face the renewed threat of expulsion from the Football League if a sale does not go through by Tuesday afternoon.

A damning statement on behalf of Paul Appleton, Joint Administrator For Bolton Wanderers, said: “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.

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“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.”

Bury have until 5pm Tuesday to secure their future, with current owner Steve Dale in talks with data analytics company C&N Sporting Risk.