Bolton face liquidation after sale collapses

Bolton face liquidation after sale collapses

Bolton face liquidation later this week unless a deal to buy the club which collapsed over the weekend can be resurrected at the 11th hour.

Wanderers had been given until 5pm on Tuesday by the EFL for a takeover to be completed or face having their league membership revoked.

However, administrator Paul Appleton has revealed a deal collapsed on Saturday morning and despite “tentative dialogue” about salvaging it he said if there is no breakthrough “the process of closing down the company will commence on Wednesday”.

“In just over 24 hours, the club will have its membership of the EFL revoked,” said Appleton in a statement.

“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.

  • Aston Villa
  • Everton
  • Stoke
  • Blackburn
  • Preston
  • Accrington
  • Bolton
  • Burnley
  • Notts County
  • Derby
  • West Brom
  • Wolves

“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.”

While Appleton stressed there was no point in apportioning blame it appears the fault of not completing a sale to the Football Ventures consortium is being laid at the door of current owner Ken Anderson.

“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,” said Appleton in a statement.

“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.

“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.”

- Press Association

More on this topic

Two to be sentenced for Emiliano Sala mortuary footageTwo to be sentenced for Emiliano Sala mortuary footage

Clinical City make no mistake in UkraineClinical City make no mistake in Ukraine

Rio Ferdinand pens touching message about his childrenRio Ferdinand pens touching message about his children

Lindelof extends stay at Manchester UnitedLindelof extends stay at Manchester United


More in this Section

Shouldering the nation’s hopes: three players Ireland cannot afford to loseShouldering the nation’s hopes: three players Ireland cannot afford to lose

McIlroy off to nightmare start at WentworthMcIlroy off to nightmare start at Wentworth

Spurs slip-up as City bounce back – 5 things we learned from Champions LeagueSpurs slip-up as City bounce back – 5 things we learned from Champions League

Shakhtar are no pushovers and can still cause us problems at Etihad – GuardiolaShakhtar are no pushovers and can still cause us problems at Etihad – Guardiola


Lifestyle

Audrey's been sorting out Cork people for ages.Ask Audrey: C’mere, what’s the story with Chris O’Dowd thinking he’s better than Cork people

So, I put a link to a short story up for my students the other day. The story was by Michael Morpurgo and I was delighted to find an online copy. It can be challenging when you are relying on non-paper texts to teach.Secret diary of an Irish teacher: I love physical books and always will

Celebrated actress Siobhán McSweeney may have found fame starring in a TV series set at the other end of the country, but Cork is never far from her thoughts, writes Ciara McDonnellHome is where the art is for Derry Girls actress

There are literally hundreds of free events on offer this evening for kids and adults on Culture Night. Marjorie Brennan selects the best of them, in Cork and beyondCulture Night: Get out and make the most of it

More From The Irish Examiner