Thu, 09 May 2019 | ADMINISTRATION
Relegated professional football club Bolton Wanderers FC is set to go into administration following an appearance in High Court over an unpaid £1.2 million tax bill.
The court case has been adjourned until 22 May 2019 to give the club sufficient time to appoint administrators.
News of the administration comes after a takeover bid from Laurence Bassini, the former Watford FC owner, failed to materialise. The English Football League had given Bassini 48 hours to prove he had the funds to support the takeover, but revealed on Monday, 6 May, that the deal was on the verge of collapsing.
As a result of the administration, Bolton Wanderers will be subject to a 12-point penalty in the following season, and have been relegated from the Championship to play in the third tier League One for the 2019-20 season.
Ken Anderson, the owner of Bolton Wanderers, commented on the administration: “This has been a massive disappointment to me as I understand the serious implications administration will bring to the business.
“[The decision has left] the Eddie Davies Trust and I with little or no choice other than for one of us to place the business into administration, as any likelihood of finding any resolution in the High Court hearing is not possible.”
In addition to the club entering administration, the adjoining Bolton Whites Hotel (attached to the University of Bolton Stadium which is also owned by Bolton Wanderers) is also facing a winding-up petition, with its case also adjourned until 22 May.
It is anticipated that with the appointment of administrators, a new owner will be sought for the football club.
For more news stories about administrations click here. For all our administrations listings, click here.
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Potential buyers eye-up administration-threatened Bolton Wanderers | ADMINISTRATION
Bolton Wanderers FC are on the brink of administration, but ...
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