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Bolton Wanderers Scramble To Raise Funds Ahead of HMRC Winding Up Hearing

Bolton Wanderers Scramble To Raise Funds Ahead of HMRC Winding Up Hearing

Reviewed: 13th January 2016

Bolton Wanderers Football Club is looking to raise as much money as possible in an effort to stave off administration with a court hearing that could decide its fate a matter of days away.

The football club is understood to owe HM Revenues & Customs (HMRC) in the region of £2 million and has been hit by a winding up petition in relation to those arrears.

In an effort to repay some of its debts, the club has been listening to offers from rival clubs for some of its most valuable players but no fund-raising deals have yet been completed.

The winding up hearing is scheduled for Monday January 18th, with the club’s hierarchy apparently hoping that its longest-serving player Mark Davies and one of its best young players Zach Clough will be sold before that hearing takes place.

“We’re hoping if we get the capital in from the two players’ sale that might tide us over for Monday,” said Bolton’s beleaguered manager Neil Lennon.

On the prospect of seeing Zach Clough sold to a rival team, Lennon said: “He’s our prized asset. Obviously we don’t want to lose him but circumstances dictate that we have to probably. It’s for the good of the club in the long term.”

Bolton recently appointed football finance expert Trevor Birch as an advisor in an effort to find a new owner for the club.

However, with no deal having yet been done, the Wanderers are faced with the prospect of being forced into administration in the coming days.

Already rock bottom of the Skybet Championship, the second tier of England’s Football League structure, Bolton would face almost certain relegation if it did enter administration as a result of an automatic points deduction that would be triggered.

“We’re still optimistic that something could get done,” said Lennon in a recent statement. “The last thing we want is to be in administration, that’s for sure.”

Bolton’s team lost their latest match to Sheffield Wednesday by three goals to two on Tuesday evening despite twice coming from behind to level the score. Real Business Rescue provide director advice online, over the phone, or in-person at one of our 55 UK offices or a place of your convenience.

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