Bolton Wanderers: EFL gives club 14-day expulsion threat

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Bolton Wanderers: EFL gives club 14-day expulsion threat

Postby dutchman » Tue Aug 27, 2019 11:45 pm

Bolton Wanderers have 14 days to find a buyer and address their administration issue or they will be expelled from the English Football League

The EFL suspended the withdrawal notice while Bolton, in administration since May, negotiated a proposed takeover by Football Ventures (Whites) Limited.

It appeared that sale collapsed on Saturday, while administrators said Bolton are on the brink of liquidation.

Bury were expelled from the EFL on Tuesday after a takeover collapsed.

Wanderers have lost four of their five League One and cup games this season, are without a manager and have only five outfield players available.

The EFL said administrators have until 11:59 BST on 12 September to provide evidence of required funds to complete the season, or complete the sale.

EFL executive chair Debbie Jevans CBE said: "Despite repeated assurances, we are extremely disappointed that we are still not in a position to reach a successful resolution with the sale of Bolton Wanderers and have therefore taken the decision to lift the suspension on the notice of withdrawal.

"I again urge all parties to finalise the proposed takeover.

"The reality of this action is that there are now 14 days to secure the club's long-term future, and I sincerely hope we can find a way through these challenging circumstances for the benefit of all those who have an association with the club."

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Re: Bolton Wanderers: EFL gives club 14-day expulsion threat

Postby dutchman » Tue Aug 27, 2019 11:46 pm

There won't be anyone left to play in League One at this rate! :tinfoilhat:
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Re: Bolton Wanderers: EFL gives club 14-day expulsion threat

Postby dutchman » Wed Aug 28, 2019 10:30 pm

Bolton Wanderers: Football Ventures completes takeover to save League One club

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Bolton Wanderers' survival has been secured after Football Ventures (Whites) Limited completed its protracted takeover of the club.

Administrators had warned the club could be placed into liquidation on Wednesday without a finalised takeover.

It looked to have collapsed on Monday, leading to bleak warnings about the future of the 145-year-old club.

"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."

"At times it has been difficult to keep our counsel but we took a decision to remain on the sidelines even when further damage was being inflicted by delays outside of our control," said a statement on behalf of Football Ventures.

"Now we are excited to begin restoring this magnificent football club to its rightful position, securing its future for the fans, the loyal club staff, and the players."

As a result of the takeover Bolton are now out of administration, with their place in the EFL no longer under threat.

"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 thank all parties for their efforts in achieving the desired outcome," said EFL executive chair Debbie Jevans.

Appleton praised one of the main creditors, the Eddie Davies Trust for being "willing to find a compromise to save the club" during the talks - but he was critical of the club's former owner Ken Anderson, who he said was responsible for the deal initially collapsing on Monday.

He added the Trust was determined "not to allow Bolton Wanderers to suffer any longer at the hands of Ken Anderson".

"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," he added.

"Thankfully, with the assistance of the Trust and others, we were able to overcome this obstacle."

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