Bolton Wanderers are facing going into liquidation by Wednesday following their latest takeover deal collapsed on Saturday, it has been confirmed.
The Sky Bet League One outfit has been given until 17:00 BST on Tuesday (27th August) to complete the sale of the club or offer reasons for an extension or face expulsion from the English Football League.
The Administrators say that Wanderers aren’t in a position to carry on trading, which would lead to liquidation and a loss of over 150 jobs.
In a statement Paul Appleton, joint administrator for Bolton Wanderers, said the deal collapsed on Saturday, and despite working around the clock they have yet reached a solution.
The full statement from Paul Appleton read:“At 5pm on Friday August 23rd, 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.”
It would be a sad time if Bolton were to go into liquidation with the club being around for 145 years. Originally called Christ Church FC from 1874, they changed their name to Bolton Wanderers in 1877.
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