Football club on edge of seat after administration threat

Blog

Bolton Wanderers is to face administration next week if a last-ditch attempt to boost cash flow does not succeed, reports say.

The football club’s chairman Ken Anderson says he has struck a deal in principle with former director of football Dean Holdsworth to buy his 40 per cent shareholding in the club.

Mr Anderson says the club can avoid serious financial problems should the deal go ahead, promising to bring in fresh investment and to submit a business plan to the Football league in a meeting this Thursday.

This morning, the club confirmed that it does not have “adequate” resources to pay salaries or creditors in December under the current arrangement.

Mr Holdsworth is said to be unhappy at the prospect of doing a deal but will not risk the future of the club.

Meanwhile, Mr Anderson said he is considering the worst-case scenario.

“It would be a last resort,” he said.

“But if we do not reach an agreement there would be no alternative but to appoint an administrator.

“If I don’t put the money in, or Dean, then the club won’t get to the end of next month. Creditors and salaries are due.

“If there is an agreement, we carry on trading as normal.

“It is such a shame to be talking like this when everything else is going so well.”

Earlier this year, the club were saved from administration after making four visits to the High Court over an unpaid tax bill.

Share this:Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInEmail this to someone
SHARE THIS ARTICLE: