Home
KEN Anderson claims the company responsible for placing Bolton Wanderers into administration will “live to regret” the decision.
It has emerged tonight via The Bolton News that BluMarble has appointed insolvency practitioners Quantuma to recover a debt of £4.8million.
Talks aimed at avoiding the worst case scenario, which carries with it a 12-point deduction, continued through this evening. But in the light of Anderson’s statement on the official website there now seems a very real danger that Wanderers will become the first Football League club in five years to slip into administration.
It is understood that Andy Hosking will be appointed as the administrator as of 10.30am tomorrow (Tuesday) unless an 11th hour solution can be found.
Anderson – in what could potentially be his final act as chairman – claims an offer to repay the debt plus interest was rejected by the finance company.
He also claims the EFL will saddle Wanderers with a two-year embargo as a result of the insolvency event – although that has been disputed by sources elsewhere.
“As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons as their actions do not make commercial sense,” Anderson said.
“They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.
“In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer.
“I would like to take this opportunity to thank the three debenture holders who all agreed to make concessions in order to try and reach a settlement with BluMarble, but unfortunately these were not accepted and they will all now play a major part in the administration discussions going forward.
“I will continue to do everything possible to help the club and have let the administrators know that l will do my best to assist them.”
BluMarble are understood to be willing to fund the club for sufficient time to find a new buyer and have already made contact with a wealthy US-based investor.
https://www.theboltonnews.co.uk/sport/16833238.bolton-wanderers-chief-confirms-club-heading-for-administration/
It has emerged tonight via The Bolton News that BluMarble has appointed insolvency practitioners Quantuma to recover a debt of £4.8million.
Talks aimed at avoiding the worst case scenario, which carries with it a 12-point deduction, continued through this evening. But in the light of Anderson’s statement on the official website there now seems a very real danger that Wanderers will become the first Football League club in five years to slip into administration.
It is understood that Andy Hosking will be appointed as the administrator as of 10.30am tomorrow (Tuesday) unless an 11th hour solution can be found.
Anderson – in what could potentially be his final act as chairman – claims an offer to repay the debt plus interest was rejected by the finance company.
He also claims the EFL will saddle Wanderers with a two-year embargo as a result of the insolvency event – although that has been disputed by sources elsewhere.
“As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons as their actions do not make commercial sense,” Anderson said.
“They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.
“In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer.
“I would like to take this opportunity to thank the three debenture holders who all agreed to make concessions in order to try and reach a settlement with BluMarble, but unfortunately these were not accepted and they will all now play a major part in the administration discussions going forward.
“I will continue to do everything possible to help the club and have let the administrators know that l will do my best to assist them.”
BluMarble are understood to be willing to fund the club for sufficient time to find a new buyer and have already made contact with a wealthy US-based investor.
https://www.theboltonnews.co.uk/sport/16833238.bolton-wanderers-chief-confirms-club-heading-for-administration/