Bolton Wanderers Facing Liquidation as Takeover Bid Collapses
Bolton Wanderers could have their EFL status revoked as early as Tuesday evening, the club releasing a statement confirming that takeover negotiations have once again collapsed at the final hour.
The club are currently in administration and have been served with a 12-point deduction, their only hope of survival comes in the form of a takeover bid from Football Ventures.
While it had seemed as if negotiations were finally making progress, the club's joint-administrator Paul Appleton released a statement on Monday confirming that the deal has once again reached an impasse, and appealed to all parties involved - including incumbent owner Ken Anderson - to compromise and find a way forward with the club's livelihood at stake.
"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," the statement reads.
"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.
"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."
