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Bolton Wanderers Football Club Heading for Administration

Written by: Keith Tully

Published: 11th September 2018

Bolton Wanderers Football Club Heading for AdministrationBolton Wanderers Football Club is poised to enter administration after an apparent breakdown in relations between the club’s owner and its chief creditor.

Administrators are expected to be appointed to the Championship football club on Tuesday September 11th.

Owner Ken Anderson issued a statement on the Bolton Wanderers website saying that he had offered to repay loans worth £4 million to the club’s main creditor, Blue Marble Capital, along with “substantial interest”.

“Unfortunately, this offer was rejected,” he wrote. “l feel sure that they [Blue Marble Capital] will live to regret their actions for what can only have been personal reasons as their actions do not make commercial sense.”

Mr Anderson went on to say that he understands Blue Marble Capital is taking legal action against its own lawyers and is expecting to receive substantial compensation on the basis of relevant insurance claims.

He said this “may explain their actions” in terms of refusing to accept Mr Anderson’s offer of loan repayments.

Heading into administration is certain to be bad news for Bolton Wanderers from the perspective of its position in the second tier of English football, with 12 points to be deducted from its tally in the league table as a minimum punishment.

A two-year transfer embargo will also be handed to the club as per the current rules on administration and insolvency within the Football League.

Mr Anderson noted in his recent statements that the inevitable footballing penalties will be very likely to have the effect of reducing the value of the Bolton Wanderers as a business asset and could make it more difficult to attract investments or new owners going forward.

“I would like to take this opportunity to thank the three debenture holders who all agreed to make concessions in order to try and reach a settlement with Blu Marble,” Mr Anderson said.

“I will continue to do everything possible to help the club and have let the administrators know that l will do my best to assist them,” he added.

Bolton Wanderers has been among the most heavily indebted professional football clubs in England in recent years and has repeatedly been faced with winding up petitions from HMRC and other creditors at various points during that time.

Keith Tully

Keith Tully

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Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

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