Bolton Wanderers have been saved from liquidation
after Football Ventures completed its takeover of the troubled third-tier
English soccer club.
Bolton had been on the brink of folding after
warnings from their administrators, David Rubin & Partners. The situation
looked bleak after protracted negotiations between the club and Football
Ventures, who were named as preferred bidders on 1st July, looked to have
collapsed on 26th August.
The English Football League (EFL) subsequently gave
Bolton 14 days to find a buyer or prove they could fund themselves for the
reminder of the season. If not, the club would be removed from the competition.
But with the takeover by Football Ventures finally
completed, the club have secured their immediate future.
"I'm delighted we've finally reached a
satisfactory conclusion with the sale," said joint administrator Paul
Appleton.
"I have every sympathy for the staff, players
and fans who have been forced to stand by while their club was taken to the
brink. I am delighted their loyalty, dedication and patience has finally been
rewarded."
Appleton also went on to thank the Eddie Davies
Trust and its efforts to save the club, while also criticising former owner Ken
Anderson for hampering the deal.
"Even at the 11th hour when other parties were
content to renege on their agreements, the Trust realised the very existence of
Bolton Wanderers was at stake and were willing to find a compromise to save the
club," he said.
“Sadly, Mr Anderson has used his position as a
secured creditor to hamper and frustrate any deal that did not benefit him or
suit his purposes.
"Thankfully, with the assistance of the Trust
and others, we were able to overcome this obstacle.
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