Bolton won't cash in on January sales

Bolton chairman Phil Gartside believes the club now has the financial muscle to resist any bids for Jay-Jay Okocha.

Businessman Eddie Davies, based in the Isle of Man, has injected a further £2.25m (€3.2m) into his hometown club.

That has boosted his shareholding in the parent company, Burnden Leisure plc, from 29.7% to 94.5%, making him effectively the new owner.

There were fears if the proposal had been voted down by shareholders at the annual meeting, Bolton could have been forced to sell players – including influential captain Okocha – next month.

Instead Gartside says they are now in a position to offer him a new contract when his current deal ends in the summer.

“We are not looking to sell anyone,” he told BBC GMR. “That has been our position all along.

“What has happened now makes it easier to turn people away who come in with an offer. We are looking to secure Jay-Jay’s services for a longer period. I am confident we can do that.”

Davies had previously made £14m (€19.9m) available to the club since being appointed a non-executive director four years ago.

Gartside said: “Without Ed’s support we would be watching a very different standard of football.

“He has increased his shareholding, so he has got control. That’s all it is.

“We still have 6,000 shareholders. He is the majority shareholder.

“That’s where he wanted it, in terms of consolidating his support in financial terms and making sure we can control what went on here.

“We are determined to establish ourselves as one of the premier clubs in England. The whole team at the Reebok deserves praise for their combined efforts over the last few years.”

Gartside is looking to talk the bank about restructuring the finances of the parent company.

“You have to remember at the Reebok we have got hotel, offices, and other commercial activities,” he said. “It is not strictly a £38million football debt.

“Hopefully now after what Ed has done will give the bank more confidence to perhaps deal with us in a more lenient way.

“It might give us a chance to put a long-term debt into the football club.”

The injection of cash will help pay off a loan of £1.7million, which is due to the Co-operative Bank next month.