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WANDERERS have confirmed they will not be going into administration after reaching a deal to repay a loan to finance company BluMarble.
The club will not be deducted points or suffer any embargo implications from the EFL as a result of events over the last 36 hours.
An official statement on the club’s website has revealed agreements to extend loans from other debenture holders, Michael James and Brett Warburton, are also in place.
“Following on from all the speculation, I am pleased to confirm that the loan from Blu Marble Capital Ltd has been repaid,” said chairman, Ken Anderson.
“I am also pleased to be able to confirm that the loans to both PBP (Michael James) and Brett Warburton have been extended on better terms for the club and I am extremely grateful for the continued support, help and assistance of Michael and Brett.
“I was also able to reschedule and reduce a number of other club liabilities which in all have reduced future costs and liabilities by circa £1.5m and will be of great assistance to the club going forward.
“As previously stated, I believe the club now has one of the lowest debt positions in the Championship.”
Anderson has offered his apologies to supporters who were concerned about the club’s fate.
“I fully appreciate and understand that the last couple of days have caused some consternation for you all, and I would like to apologise for that, but the whole process has been very complex and far from easy,” he said.
“We can all now put this behind us and move onwards and get fully behind the team as they look to continue their excellent start to the campaign when they return to the University of Bolton Stadium on Saturday for the game against QPR.
“I would like to thank you all for your patience and we can all look forward to a season of progress both on and off the pitch.”
https://www.theboltonnews.co.uk/sport/16837497.escaped-wanderers-avoid-administration-and-points-penalties/
The club will not be deducted points or suffer any embargo implications from the EFL as a result of events over the last 36 hours.
An official statement on the club’s website has revealed agreements to extend loans from other debenture holders, Michael James and Brett Warburton, are also in place.
“Following on from all the speculation, I am pleased to confirm that the loan from Blu Marble Capital Ltd has been repaid,” said chairman, Ken Anderson.
“I am also pleased to be able to confirm that the loans to both PBP (Michael James) and Brett Warburton have been extended on better terms for the club and I am extremely grateful for the continued support, help and assistance of Michael and Brett.
“I was also able to reschedule and reduce a number of other club liabilities which in all have reduced future costs and liabilities by circa £1.5m and will be of great assistance to the club going forward.
“As previously stated, I believe the club now has one of the lowest debt positions in the Championship.”
Anderson has offered his apologies to supporters who were concerned about the club’s fate.
“I fully appreciate and understand that the last couple of days have caused some consternation for you all, and I would like to apologise for that, but the whole process has been very complex and far from easy,” he said.
“We can all now put this behind us and move onwards and get fully behind the team as they look to continue their excellent start to the campaign when they return to the University of Bolton Stadium on Saturday for the game against QPR.
“I would like to thank you all for your patience and we can all look forward to a season of progress both on and off the pitch.”
https://www.theboltonnews.co.uk/sport/16837497.escaped-wanderers-avoid-administration-and-points-penalties/