Mon, 18 Jan 2016 | ADMINISTRATION
Championship football club Bolton Wanderers are set to put forward their plan to escape administration at the High Court in London today (Monday, 18 January).
Two men from the club will put the business plan forward to demonstrate how the club intends to repay some £3 million in debts.
If the plan is accepted, the club will be able to sell some assets immediately to continue operating in the short term. However, if it is rejected, it looks like they will be forced to enter voluntary administration.
The club is understandably keen to avoid administration as aside from the business problems its distressed status would bring, it would also mean that they would be hit with an instant 12-point deduction by the Football League.
Speaking to The Bolton News, manager Neil Lennon said: “We will endeavour to do everything we can to start winning games. That's our job. We believe in ourselves as a backroom team and we will keep going.”
The main creditor to the club is HMRC, which is owed £2.2 million, while it is thought a mixture of creditors are owed the remaining £800,000.
The paper also reported that the club is expected to tell the court that it is close to concluding its hunt for a new owner. However, the official line at the moment is still that the situation is ongoing.
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