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Wanderers claim Laurence Bassini has not produced the funds he has promised over the last few weeks – putting his takeover into jeopardy.
A statement issued on behalf of the club this morning claimed that the former Watford owner has not provided the short-term funding which was pledged on agreeing a Sale and Purchase Agreement on April 17.
A player strike has forced the postponement of this afternoon’s EFL Championship clash with Brentford – and the club claims Bassini has not honoured his financial commitments.
“Further to the statement made by Bolton Wanderers Football Club on Wednesday 17 April 2019, the club would like to further update supporters and stakeholders,” the statement read.
“As previously stated, a formal Sale and Purchase Agreement between Laurence Bassini and Inner Circle Investments Limited had been agreed and, subject to acceptance by the English Football League (EFL), the sale would have been completed as envisaged between the parties. Part of this agreement required Mr Bassini to undertake certain actions to ensure the club could operate during the approval process.
“The principal undertakings given by Mr Bassini confirmed he would supply the short-term funding required to ensure the business can continue whilst the requirements of the EFL are undertaken.
“Mr Bassini addressed the squad prior to the game against Aston Villa on Friday April 19. At this meeting he gave a commitment to arrange payment to the players and coaching staff who are still due their outstanding salaries from March by no later than Wednesday, April 24.
“Despite further promises made to both the team manager and senior representatives of the squad no funding has been made available to allow payment to the staff or players.
“Mr Bassini also failed to make the funds available, which he confirmed would be placed in the club’s account prior to the Aston Villa game. These funds were required to ensure the attendance of the emergency services under the stadium’s safety certificate.
“Mr Bassini gave assurance the monies required had been sent by Metro Bank on numerous occasions. Once it became clear that Mr Bassini had not transferred these funds Ken Anderson quickly sent the required amount to ensure the game could be played even though it was not his responsibility.
“During the past 10 days numerous further undertakings have been given by Mr Bassini but as of today no funds have ever been received.
“Given the broken promise Mr Bassini gave to the players that their wages will be paid by no later than Wednesday, April 24 the squad have informed the club that they will not make themselves available for selection for today’s game against Brentford. Given this decision the club had no alternative other than to postpone the fixture.
“The club will discuss the matter with both the EFL and Brentford and a further statement will be made to supporters in respect of any arrangements for playing this game.
“Ken Anderson wishes to make it absolutely clear to supporters, staff and all stakeholders that the agreement reached with Mr Bassini has not changed or has he in any way attempted to renegotiate the agreed terms of the signed agreement between the parties. Mr Bassini has not carried out, or made us aware, of any further due diligence on the business which would lead him to any change of mind and attempt to breach the agreement.
“The agreement between Inner Circle Investments and Mr Bassini would have resulted in a personal loss to Mr Anderson but he felt the deal offered by Mr Bassini was the best option to allow a quick and a solvent solution for the club, something that has been at the foremost of his thoughts during the process.
“Unfortunately Inner Circle Investments and Ken Anderson as the only director of the company cannot allow this process to continue and therefore he is now receiving independent advice from his professional advisors.
“A further announcement will be made once a final decision has been made.”
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A statement issued on behalf of the club this morning claimed that the former Watford owner has not provided the short-term funding which was pledged on agreeing a Sale and Purchase Agreement on April 17.
A player strike has forced the postponement of this afternoon’s EFL Championship clash with Brentford – and the club claims Bassini has not honoured his financial commitments.
“Further to the statement made by Bolton Wanderers Football Club on Wednesday 17 April 2019, the club would like to further update supporters and stakeholders,” the statement read.
“As previously stated, a formal Sale and Purchase Agreement between Laurence Bassini and Inner Circle Investments Limited had been agreed and, subject to acceptance by the English Football League (EFL), the sale would have been completed as envisaged between the parties. Part of this agreement required Mr Bassini to undertake certain actions to ensure the club could operate during the approval process.
“The principal undertakings given by Mr Bassini confirmed he would supply the short-term funding required to ensure the business can continue whilst the requirements of the EFL are undertaken.
“Mr Bassini addressed the squad prior to the game against Aston Villa on Friday April 19. At this meeting he gave a commitment to arrange payment to the players and coaching staff who are still due their outstanding salaries from March by no later than Wednesday, April 24.
“Despite further promises made to both the team manager and senior representatives of the squad no funding has been made available to allow payment to the staff or players.
“Mr Bassini also failed to make the funds available, which he confirmed would be placed in the club’s account prior to the Aston Villa game. These funds were required to ensure the attendance of the emergency services under the stadium’s safety certificate.
“Mr Bassini gave assurance the monies required had been sent by Metro Bank on numerous occasions. Once it became clear that Mr Bassini had not transferred these funds Ken Anderson quickly sent the required amount to ensure the game could be played even though it was not his responsibility.
“During the past 10 days numerous further undertakings have been given by Mr Bassini but as of today no funds have ever been received.
“Given the broken promise Mr Bassini gave to the players that their wages will be paid by no later than Wednesday, April 24 the squad have informed the club that they will not make themselves available for selection for today’s game against Brentford. Given this decision the club had no alternative other than to postpone the fixture.
“The club will discuss the matter with both the EFL and Brentford and a further statement will be made to supporters in respect of any arrangements for playing this game.
“Ken Anderson wishes to make it absolutely clear to supporters, staff and all stakeholders that the agreement reached with Mr Bassini has not changed or has he in any way attempted to renegotiate the agreed terms of the signed agreement between the parties. Mr Bassini has not carried out, or made us aware, of any further due diligence on the business which would lead him to any change of mind and attempt to breach the agreement.
“The agreement between Inner Circle Investments and Mr Bassini would have resulted in a personal loss to Mr Anderson but he felt the deal offered by Mr Bassini was the best option to allow a quick and a solvent solution for the club, something that has been at the foremost of his thoughts during the process.
“Unfortunately Inner Circle Investments and Ken Anderson as the only director of the company cannot allow this process to continue and therefore he is now receiving independent advice from his professional advisors.
“A further announcement will be made once a final decision has been made.”
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