Bolton Could Be Liquidated as Takeover Collapses
Monday, 26th Aug 2019 10:49
Town’s 5-0 victory at Bolton Wanderers on Saturday could prove to be the Trotters’ last ever game with their takeover deal having collapsed on the morning of the match and the club appearing in real danger of being liquidated on Wednesday.
The takeover by Football Ventures was close to being completed on Friday but with no news the EFL issued a statement on Saturday evening outlining its concerns regarding the delay in the completion of the deal and giving all parties until 5pm on Tuesday to conclude the sale or put “credible plans in place for the club to continue the season in administration”.
A statement this morning from joint-administrator Paul Appleton says that as things stand the deal has broken down and the club is currently in no position to continue: “At 5pm on Friday 23rd August, the completion of the sale of the football club and the hotel had been agreed by all parties and undertakings had been issued by all solicitors except those of Ken Anderson.
“Devastatingly, on Saturday morning that deal collapsed. At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink.
“My team have spent the last 48 hours working around the clock, striving to get a deal back on track and trying to convince the parties still in conflict that the very fate of Bolton Wanderers depends on them finding a compromise.
“The EFL have made their position clear by insisting on a 5pm deadline on Tuesday for a deal to be completed or give compelling reasons for an extension. They have also written to everybody concerned in the process to underline that sense of urgency.
“On Sunday evening, there was some tentative dialogue but we are still some way from reaching a solution. Therefore, I am appealing to those parties whose position seems intractable to do everything to reach a compromise.
“In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.
“This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs. More than that, it will devastate a community for whom the football club is a beacon of hope and expectation.
“I reiterate, unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week.”
If that were to happen, Bolton’s results for the season would be expunged and the Blues’ 5-0 goal victory at the weekend would count for nothing with the division continuing with 23 teams, 22 if Bury were to succumb to their own financial problems.
As things stand Town would drop to seventh but with a game in hand over everyone above them bar Coventry.
The Shakers also have to meet a Tuesday deadline as they seek to complete a last-ditch takeover.
Photo: Action Images
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|dirtydingusmagee added 10:57 - Aug 26|
bad as well as sad, with all the cash swilling around in the Premiership, the life is being sucked out of football,the game is in self destruct mode. Money, money, money, We it seems will lose the points as a result too .
|billlm added 11:03 - Aug 26|
We will drop in the league as our competitors haven't played them, we will go again,Sad for there supporter's,
|hucks216 added 11:04 - Aug 26|
Bolton's slide can be traced to their years in the Premiership where they ran up debts of £150m just to tread water so in the long term they only have themselves to blame. Then Allardyce went and it has been downhill ever since.
We will drop down to 9th if they get expelled whereas Coventry, the only team to drop points against Bolton, will actually benefit by only losing one.
|BigHibbs added 11:14 - Aug 26|
Hucks is spot on here. People are too quick to blame the premier league and ask big clubs for bail outs. When the clubs themselves need to take responsibility and work within there means. For example Bournemouth (yes they spend fair sized transfer fees) but they don’t go over the top. The wage structure they have in place and the money they have been putting aside for the past 5 years mean that if they were to be related once or even twice they have plans and contingency in place. Sheffield United seem to be doing the same thing. Clubs need to take responsibility for the things they do to themselves. I feel sooooo sorry for those poor Bolton fans !
|Dog added 11:14 - Aug 26|
The problem for Bolton, in my opinion, was Allardyce. They signed players on freebies with no sell on, like djorkaeff and okocha to stay in premiership. It worked but there was no youth. As much as i malign Evans, this has to be our way forward.
Two matches lost at home as well.
|Nazemariner added 11:15 - Aug 26|
The blood of Bolton Wanderers FC is on the hands and of the EPL and all who endorse it.
|Mark added 11:43 - Aug 26|
To have two League One clubs potentially expelled/liquidated in the same week is a tragic failure of football in this country, at a time the game is awash with money. Most of the blame may well be with the here-today-gone-tomorrow owners of the clubs, but that doesn't help the fans and it could have been us. Something needs to be done to save Bolton and Bury and to put in place a system which safeguards fans and prevents clubs being wiped off the face of the earth.
|runningout added 11:58 - Aug 26|
a lot of us knew last game was not anything to be relishing. Sad times in football right now
|Gilesy added 12:12 - Aug 26|
Evans isn't so bad after all is he? Three or four people on here who seem to have some personal vendetta against Evans need to actually shut up now and realise that whilst Evans' choices might have seen us relegated to Division 3, he's also ensured we are financially stable and secure. He's the reason why we have a team to watch and enjoy. Those people need to stop spouting utter rubbish and ignoring the reasonable points raised by those more erudite amongst us. They need to stop with the complete fallacy that a successful businessman someone wants to lose money to reduce his tax liability. They need to get over the fact that just because he doesn't convert transfer fees in to transfer fees out, doesn't mean he's lining his pockets.
I don't know the guy, I don't agree with everything he does, but it's HIS money that means WE have a club and are probably going to have a fun season. I bet there isn't a single Bury or Bolton....or Coventry fan who wouldn't bite our hands off for the chance of someone like Evans to own their club.
|Welshblue72 added 12:13 - Aug 26|
It may drop us down but we will have a game in hand on whoever hasn’t played Bolton and played 5 games so not the end of the world. We should be thinking about the players and staff at Bolton who may be out of a job soon. Good luck Bolton I hope you get a last min buyer. ⚽️
|1psw1ch added 12:33 - Aug 26|
somebody jump in and save Bolton,,,sad times and feel sorry for their fans,,,big enough club back in the day and was great to beat them in the play offs back in 2000,,,
|Len_Brennan added 12:35 - Aug 26|
@Dog: I'm no great fan of Sam Allardyce the man, but to blame him for what's happening to Bolton at the moment is very harsh. He's gone out of there about 12 years at this stage. You could make a reasonable argument that the signings of Djorkaeff and Okocha etc. on frees were a masterstroke, as they were excellent additions to an average enough squad for no fee. The contracts were lucrative in terms of wages alright, but they were deliberately short-term in order to protect the club in the event of relegation. They had a great run in the Premier League for a number of years as a consequence which brought in massive revenue to the club.
|Radlett_blue added 12:48 - Aug 26|
Hucks - you are wrong. Yes, Bolton lived beyond their means, running up debts to owner Eddie Davies. But Davies made it clear that he never expected to see his money back. When Davies sold Bolton, it was debt free and it's the subsequent owners who have been unwilling or unable to keep putting in money to meet Bolton's ongoing operating losses. Will be the same at Town if Evans decided he's had enough.
|prebbs007 added 12:52 - Aug 26|
Utter trash Gilesy. Or are you Evans in disguise ? You’ve obviously never run a business in your life or managed tax affairs across a portfolio of companies. Evans does all he can go pay the smallest amount of tax possible. The president of the USA does exactly the same. It’s not illegal but It is immoral. Just because other owners have taken their clubs to the brink doesn’t make Evans some kind of saviour. His wealth has grown by over £50m in the time he has owned ITFC. I know the rose tinted glasses wearers will down mark this but they’re burying their heads in the sand and refusing to accept reality !!!! Very sad for the plights of Bury & Bolton but it’s not the fault of ITFC. A relatively small amount of money could save these clubs, basically the equivalent of a months wages for a top premier league player, that’s the problem with football, the richest become richer and the poor disappear. Eventually the big clubs will have nobody to play against.
|DurhamTownFan added 12:54 - Aug 26|
Please don't link this to Evans! What if he suddenly decided to call in his loans to the club? Then we'd be in the same position. Agreed, Radlett.
He is NOT a saviour: he owns the club and should be expected to treat it well. So far, he has done a poor job on the pitch and a 50-50 job off it. Bolton's plight is a very real wake-up call to everyone in this division.
|Gilesy added 13:15 - Aug 26|
Firstly, I do actually run a business. It's quite a good business. It employs a handful of people. It makes a profit. I feel I pay too much tax and I'm constantly onto my accountants about ways of paying less, particularly corporation tax. They've yet to suggest I lose money to save 19% of the loss on tax, so maybe I need to find some new ones!
As for Evans' personal wealth going up by £50m, I guess it would have gone up by £59m if he didn't keep us afloat. Selfish git!
|Dog added 13:43 - Aug 26|
Len - it is harsh i know, but it is where the rot started. A masterstroke yes, has it kept them in the premier league but to this cost.
Off of the top of my head, i cannot think of one player where they have commanded a significant transfer fee (profit)in 20 years. And for clubs like Town or Bolton you need them.
Very sad. The Bolton fans and community deserved better.
|terryf added 13:50 - Aug 26|
Sad to see a once great club and founder member of the football league this situtation.
The playoff semi-final at Portman Road still rates as one of favourite matches, although winning the FA Cup and the semi-final at Highbury against West Brom probably edge it for me.
As for us losing 3 points in reality we'll be no worse off than any other Team in the Division should Bolton Wanderers go into liquidation. Anyway I'd rather win the Division in style than because of some hollow victory last saturday.
|ronnyd added 14:42 - Aug 26|
Got to feel for the fans and employees of BWFC. The loss of three points is, at the moment, of very little consequence.
|jas0999 added 15:45 - Aug 26|
Very sad. Such a shame for a club of their size and stature to be in such a sorry mess.
Demonstrates yet again the importance of us bouncing back at the first attempt. Appreciate Bolton were relegated with us, but already had problems. Our financial position will be much worse next season if not back in the Championship.
|TractorRoyNo1 added 15:52 - Aug 26|
It's not the fault of anyone other than Bolton if you cant direct/manage/win/ you ho bust - bye!
|tetchris added 16:05 - Aug 26|
It’s a shame but it’s partly down to mis management and living outside your means. People moan about ME but if we owed a bank and not him we would have been bankrupt years ago!
|dirtydingusmagee added 16:07 - Aug 26|
agree Jas , but we only needed tweaking when Hurst came in, and we got got screwed by his appointment,We are where we are because of underfunding and poor managerial appointments.IMO
|Dozzells_Bobblehat added 16:10 - Aug 26|
Said it before , said it again, could easily be us if ME did as some on here suggest and just throw money at the squad . Yes it could work and we could bounce back and make up the shortfall but it's a hell of a risk if we don't .
|chopra777 added 17:40 - Aug 26|
First Peter Kay drops out of comedy now Bolton might drop out of football. There are enough millionaires around Bolton to save the club. We need someone to save Bolton and save our three points.
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