Bolton sale edges closer as agreement reached with preferred bidder

Bolton’s joint administrator has confirmed a ‘heads of terms’ agreement has been signed with the preferred bidder as the club edges closer to being sold.

Wanderers, relegated from the Sky Bet Championship at the end of last season, went into administration in May after a takeover bid by former Watford chairman Laurence Bassini collapsed.

Joint administrators David Rubin and Partners had stipulated any parties interested in the club would need to prove they had at least £25million available.

A suitable offer for the club has since been received. However, the identity of the prospective buyer has not yet been revealed.

The interested party, who meets EFL approval, also intends to inject £1million into the club to enable its immediate running, while it has also proved financing for a minimum of two years and can satisfy outstanding creditors.

Joint administrator Paul Appleton understands everyone wants the matter resolved as quickly as possible, but stressed the proper timescale must be adhered to as the club look towards a fresh start under new ownership.

“For legal reasons, I cannot name the preferred bidder until Monday. But I realise just how important it is Bolton fans are given confidence we are now a major step closer to the sale of the club and securing its future,” Appleton said in a statement issued via the Bolton website on Saturday afternoon.

“This has not always been a straightforward process owing mainly to the need to condense what would normally be a four to five-month timeframe into closer to seven weeks.

“But there has been a willingness on all sides to work tirelessly to ensure the survival of the club and, in particular, I’d like to thank the Eddie Davies Trust who have shown a deep and true understanding of what Bolton Wanderers means to the fans and the wider community.

“Again, I’d like to reiterate my regret at not always being able to keep the supporters completely up to speed with the progress of the deal, but the important thing is the club is now a further step forward to being saved. Now begins the rebuilding process.

“With the Heads of Terms having been signed, we move towards a Sale and Purchase Agreement and completion of the transaction at the earliest possible stage.”

Appleton feels Bolton will soon be able to put a difficult spell behind them.

“This club has suffered greatly but I would like to pay tribute to all the staff who, under the most dire of circumstances, have shown their loyalty and devotion to Bolton Wanderers. They deserve days like this after all they have been through,” he added.

“The next step is a completion of the deal and the start of a new era for the club. There will be a further update in due course.”

Stay updated with the latest news, gossip and football stories by following us @Football_P

identicon
Football Paradise Staff Reporter

Serving quality football news from around the globe. No click-bait.