HOLLYWOODCARLENTINI

Bolton on verge of liquidation after sale breaks down

Home »  News »  Bolton on verge of liquidation after sale breaks down

Bolton on verge of liquidation after sale breaks down

On September 7, 2019, Posted by , In News, With No Comments

Administrator Paul Appleton says “the process of closing down” the club will start on Wednesday if a buyer for the League One side cannot be found

Bolton Wanderers face liquidation this week unless a deal to buy the club can be resurrected by 17:00 BST on Tuesday, according to joint administrator Paul Appleton.

The League One club had been given the deadline to complete a sale or offer “compelling” reasons for an extension by the English Football League (EFL).

However, Appleton revealed a deal to buy the club collapsed on Saturday and says “the process of closing down the company will commence on Wednesday” if the involved parties do not find a compromise.

Bolton – who were relegated from the Premier League in 2011-2012 – are second from bottom in League One only ahead of Bury, with both sides having received 12-point penalties for entering administration

They were thumped 5-0 by Ipswich Town on Saturday, conceding five for the third game running.

In a statement on the club’s official website, Appleton 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. 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.”

He added: “The EFL have made their position clear by insisting on a 17:00 BST 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.

Click Here: France Football Shop

“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.”

Leave a Reply

Your email address will not be published. Required fields are marked *