Bolton SAVED as League One club announce they have been sold to Football Ventures Limited with EFL notice of withdrawal cancelled
- Bolton Wanderers have been saved after the club announced a sale was agreed
- Football Ventures (Whites) Limited have finalised a deal to purchase the club
- The EFL was ‘pleased’ and said they have cancelled the notice of withdrawal
Bolton Wanderers look set to avoid expulsion from the Football League after the cash-strapped League One club announced they have been sold.
On a day when local rivals Bury were expelled from the Football League by the EFL, Bolton learned they had 14 days to provide proof of funds or they too would be removed.
But 24 hours later and the club has delivered news to supporters that will provide the club with a future beyond the next two weeks after it was purchased by Football Ventures Limited.
Bolton Wanderers have been saved after it was announced the sale of the club was finalised
Joint Administrator, Paul Appleton, said: ‘This has been one of the most complicated administrations I’ve been involved with but I’m delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures.
‘At times, some of the hurdles appeared insurmountable and the frustration felt has been immense, not least by the supporters who have had to endure too many weeks of uncertainty.
‘I would like to pay particular tribute to the Eddie Davies Trust and their legal team who, throughout this whole process, have been willing to do everything in their power to ensure Eddie’s incredible legacy was maintained and not sullied.
Fans gather outside the University of Bolton stadium on Tuesday to show their support
A defiant Bolton fan shows her colours during the defeat by Ipswich last weekend
‘Even at the 11th hour when other parties were content to renege on their agreements, the Trust realised the very existence of Bolton Wanderers was at stake and were willing to find a compromise to save the club.
‘It is a testament to their unflinching determination to do what was best for Bolton that we are able to complete the deal today.’
The protracted sale of the club appeared to have collapsed earlier this week, with staff and supporters braced for the worst with talk of liquidation for the 145-year-old club.
A statement released on the club’s official website cited former owner Ken Anderson as the main reason the sale had become so difficult to achieve.
‘Sadly, Mr Anderson has used his position as a secured creditor to hamper and frustrate any deal that did not benefit him or suit his purposes,’ Appleton added.
‘Thankfully, with the assistance of the Trust and others, we were able to overcome this obstacle.’
Unlike Bury, who face a seriously uncertain future after exiting the Football League, Bolton continued to fulfill matches by turning to youth players as they looked to build on their -12 point start to the campaign having entered administration.
The club, who are one of the 12 original founding members of the Football League, have earned one point from their opening four games.
Bolton have a rich history and are one of the 12 founding members of the Football League
Following the announcement that Football Ventures (Whites) Limited had agreed to buy the club, the EFL’s executive chair Debbie Jevans confirmed the notice of withdrawal has now been cancelled.
‘On behalf of the EFL Board, I am pleased that the administrators appointed in respect of Bolton Wanderers Football Club have today concluded the transfer of assets with Football Ventures to place the Club under new ownership and out of administration,’ a statement read.
‘Having worked closely with the administrators since their appointment in May, the EFL has been focused on working through this difficult and complex period of uncertainty with all parties.
‘Following the completion of the sale, the Club is no longer in administration and the notice of withdrawal issued as per the EFL’s insolvency policy has been cancelled.
‘These past few months have undoubtedly been challenging and, at times fraught – never more so in the past few days – and I would like to thank all parties for their efforts in achieving the desired outcome.
‘I would also like to place on record my grateful appreciation and thanks to the players, former and present management, staff and supporters for their patience and understanding in allowing us to get to this point.
‘Everyone at the EFL is now looking forward to working with the new ownership during the 2019/20 campaign and beyond.’
Bolton have been playing the youth team so far this season, as the crisis off the pitch plays out