Written by: Keith Tully
Reviewed: Tuesday 11th September, 2018
Bolton 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.
21st March 2019
A significant proportion of small businesses around the UK lack the resources or the capacity to prepare themselves for the potential ramifications of a No Deal Brexit.Read More
20th March 2019
Bolton Wanderers Football Club has been told by a High Court judge that it has two weeks in which to settle its debts or it could be issued with a winding up order and sent out of business.Read More