Written by: Keith Tully
Reviewed: Wednesday 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.
The football club became the subject of a winding up petition after failing to settle a debt of £1.2 million owed to HMRC.
Speaking as the case was heard at the Insolvency and Companies Court in London, a barrister representing Bolton Wanderers said that a potential buyer for the club is in place.
The potential buyer was described as being someone who “already owns a major stake in a high level football club”.
Given that information, the judge in the case decided to adjourn the hearing on the matter and reconvene on April 3rd.
Bolton Wanderers has repeatedly found itself in serious financial difficulty in recent years and has been forced to defend itself against winding up petitions on numerous occasions.
The club’s current owner Ken Anderson has been struggling to fund its operations of late, with its professional players being paid their salaries for February late and their training ground having had to be briefly closed down due to cost issues in early March.
Statements given on behalf of the club on Tuesday March 19th explained that talks with one of the parties potentially interested in buying the club were recently terminated on a mutual basis.
However, discussions with other potential buyers were said to be still ongoing, with statements given the wake of the High Court’s adjournment ruling seeming to indicate that a takeover deal could now be concluded in the near future.
“We are pleased to get the adjournment today, which will allow the club to make progress with the interested party,” the club has said.
Bolton Wanderers currently sit 23rd, or second from bottom, of the second tier of English football known officially as the EFL Championship.
If the club were to enter into administration at any stage they would face the prospect of being docked 12 points in the league table by the relevant football authorities.
18th July 2019
The UK economy is likely to be plunged into recession in the aftermath of a No Deal Brexit, according to the Office for Budget Responsibility (OBR).Read More
9th July 2019
British Airways (BA) is facing the prospect of being fined more than £183 million for failures in relation to data protection laws.Read More