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ADMINISTRATORS at Bolton Wanderers have warned that liquidation could be on the cards if last-ditch attempts to sell the club end in failure.
A statement released by Paul Appleton, acting on behalf of David Rubin and Partners, confirmed that a sale WAS agreed on Friday evening – only for it fall down at the last moment.
It is understood a commercial disagreement between former owner Ken Anderson and the Fildraw Trust, who act on behalf of the late Eddie Davies, is the reason for the impasse.
The EFL have given Wanderers until close of business tomorrow to prove the sale can be completed or they will consider issuing a ‘Notice of Withdrawal’ which will see the club expelled from the league in a fortnight.
The administrators’ statement read: “At 5pm on Friday August 23, the completion of the sale of the football club and the hotel had been agreed by all parties and undertakings had been issued by all solicitors except those of Ken Anderson.
“Devastatingly, on Saturday morning that deal collapsed. At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink.
“My team have spent the last 48 hours working around the clock, striving to get a deal back on track and trying to convince the parties still in conflict that the very fate of Bolton Wanderers depends on them finding a compromise.
“The EFL have made their position clear by insisting on a 5pm deadline on Tuesday for a deal to be completed or give compelling reasons for an extension. They have also written to everybody concerned in the process to underline that sense of urgency.
“On Sunday evening, there was some tentative dialogue but we are still some way from reaching a solution. Therefore, I am appealing to those parties whose position seems intractable to do everything to reach a compromise.
“In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.
“This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs. More than that, it will devastate a community for whom the football club is a beacon of hope and expectation.
“I reiterate, unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week.”
https://www.theboltonnews.co.uk/news/17860814.bolton-wanderers-facing-liquidation-warn-administrators/
A statement released by Paul Appleton, acting on behalf of David Rubin and Partners, confirmed that a sale WAS agreed on Friday evening – only for it fall down at the last moment.
It is understood a commercial disagreement between former owner Ken Anderson and the Fildraw Trust, who act on behalf of the late Eddie Davies, is the reason for the impasse.
The EFL have given Wanderers until close of business tomorrow to prove the sale can be completed or they will consider issuing a ‘Notice of Withdrawal’ which will see the club expelled from the league in a fortnight.
The administrators’ statement read: “At 5pm on Friday August 23, the completion of the sale of the football club and the hotel had been agreed by all parties and undertakings had been issued by all solicitors except those of Ken Anderson.
“Devastatingly, on Saturday morning that deal collapsed. At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink.
“My team have spent the last 48 hours working around the clock, striving to get a deal back on track and trying to convince the parties still in conflict that the very fate of Bolton Wanderers depends on them finding a compromise.
“The EFL have made their position clear by insisting on a 5pm deadline on Tuesday for a deal to be completed or give compelling reasons for an extension. They have also written to everybody concerned in the process to underline that sense of urgency.
“On Sunday evening, there was some tentative dialogue but we are still some way from reaching a solution. Therefore, I am appealing to those parties whose position seems intractable to do everything to reach a compromise.
“In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.
“This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs. More than that, it will devastate a community for whom the football club is a beacon of hope and expectation.
“I reiterate, unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week.”
https://www.theboltonnews.co.uk/news/17860814.bolton-wanderers-facing-liquidation-warn-administrators/