Yesterday we were told how the EFL gave Bolton Wanderers an extension of 14 days, to complete a takeover or prove funds were viable for them to survive the full season, or expulsion from the league would commence.
We are now told that dramatically, and very rapidly, a deal has been made and the club are now rescued.
The Football Ventures consortium confirmed they finally finished what was a very complex purchase. In a statement on Football Ventures' behalf, their excitement at ''restoring this magnificent football club to its rightful position, securing its future for the fans, the loyal club staff, and the players'', was shared.
Now, the League One season for the trotters will continue and administration is no longer a risk. The two week warning of expulsion has been cancelled.
Debbie Jevans said: '' These past few months have undoubtedly been challenging and, at times fraught - never more so in the past few days - and i would like to thanks all parties for their efforts in achieveing the desired outcome.''
Joint Administrator, Paul Appleton said: ''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.'
Blame continues to be put towards Ken Anderson. Paul Appleton explains that he ''used his position as a secured creditor to hamper and frustrate any deal which did not benefit him or suit his purposes.''
The Eddie Davies Trust, a main creditor, was willing to find a compromise to save the club and no longer let Bolton Wanderers suffer in Ken Andersons hands. Many hurdles have been faced by the club but now there is a fresh start. The hope is that the club will run for the good of the supporters and community as a whole, whilst being under new hands.
Bolton Wanderers have become the next football club to need saving after a 'saviour' takeover deal collapses.
It was only on Friday 23rd August that Paul Appleton, administrator, announced the completion of the sale of Bolton Wanderers, being agreed by all parties and undertakings being issued, other than those of owner-chairman, Ken Anderson.
Unfortunately, by Saturday 24th August, the deal had collapsed, leaving the League One club to be again, facing liquidation.
The English Football League have given the club until 5pm on Tuesday 27th August, to re-establish the sale and complete a takeover or else their league membership will be revoked and closure of the company would occur, as fast as Wednesday. Over 150 jobs would be lost.
The EFL have written to everyone concerned in the process to highlight the urgency of finding a compromise.
“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.’’
Since 1888, the Trotters have been an EFL member, yet this membership is likely to be lost since the funds to carry on trading are unobtainable.
Ken Anderson is said to be to blame, though he states ‘’ there is little point in apportioning blame because that makes no difference to the staff, players, management, supporters and community who have once more seen their club taken back to the brink’’.
This is not the first sign of red for the club. Bolton FC has suffered both on and off the pitch. Last season the club was relegated from the Championship and then placed into administration, the club entered League One on minus 12 points. Bury FC has faced court numerous times due to winding up petitions and unpaid bills.
With players and management being poorly treated, particularly due to the late payment of wages, many have left over the summer. Due to this, the current squad is full of youth players.
Most recently, the team lost 5-0 to Ipswich in their League One Home Match on Saturday