Bolton to begin liquidation this week after deal to sell the club collapses leaving them ‘back on the brink’ with EFL set to kick them out of the Football League on Tuesday
- A deal to buy out Bolton Wanderers has collapsed, leaving the club in turmoil
- The English Football League have set a Tuesday deadline for the deal to be done
- Bolton will officially begin liquidation if a takeover cannot be completed late on
- Just over 10 years ago the club competed in the Premier League and Europe
Bolton Wanderers will officially begin liquidation this week after a deal to sell the football club dramatically collapsed, leaving the former Premier League side in a perilous position.
A deadline of 5pm on Tuesday, August 27 was set down by the English Football League (EFL), for a deal to be completed for the takeover of the club, or for ‘compelling reasons’ to be put forward for an extension.
After the collapse of the move, the football club is set to have its membership of the EFL revoked, it was confirmed on Monday. This will go through unless a deal to save the club can be resurrected at the eleventh hour, and a buy-out completed.
Bolton Wanderers will officially begin liquidation and have their EFL membership revoked
A statement was issued on the club’s official website on behalf of Paul Appleton, joint administrator For Bolton Wanderers, outlining to supporters what would be happening next.
‘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 [chairman] Ken Anderson, the statement read.
‘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.
‘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.
‘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.’
Just over 10 years ago the club was at the peak of its powers, playing regularly in the Premier League and competing on a European level.
In 2008 Wanderers reached the last 16 of the then UEFA Cup, following a run which saw a 2-2 draw with Bayern Munich at the Allianz Arena in the group stage.
The north west club, then under the guidance of Gary Megson, also eliminated Spanish giants Atletico Madrid in the round of 32.