Fri, 04 Dec 2015 | ADMINISTRATION
Bolton Wanderers FC are on the brink of administration, but manager Neil Lennon has said that he is confident the club will escape this fate as multiple buyers consider making a move.
Should a sale of the club not be agreed by the end of the weekend it is reported that Bolton Wanderers will plunge into administration. Sources state that neither the manager nor the players have been paid recently, which illustrates the hard financial times the Championship side has fallen on.
But Mr Lennon said on Thursday (3 December) that he is confident that will stave off administration and that a new owner will emerge in the next 48 hours. Failure to do so would leave the club with little option but to enter voluntary administration, which would bring with it a 12-point deduction and almost inevitable relegation to League One.
The manager said: "I am pretty confident that something will get done and obviously you are hoping that the people who do come in have got the future of the club at heart. I’m sure they do. I’m sure it will not be a short-term fix or anything like that."
Owner Eddie Davies is asking the potential buyers, of which there are supposedly four groups, to provide rigorous proof they will be able to fund the club in the longer term. One of the commitments they must make is an immediate £10 million cash injection into the club.
According to The Independent, potential buyers include possibly two parties from the Middle East, as well as Sports Shield Consortium, a group including the former Bolton forward Dean Holdsworth and another including former midfielder Stelios Giannakopoulos.
View businesses in administration.
A very reputable, award winning, day spa offering a selection of rejuvenating treatments is available in the bustling city of Manchester. Offers invited.
This is a longstanding automotive repair business in Gloucestershire, now available for an interested buyer to purchase. Offers invited.
A remarkable opportunity has emerged to acquire an established precision engineering business which has cemented solid foundations since it began trading in 1998. Offers invited.
Early stage advanced data analysis company Rinocloud has bee...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources