Bolton Wanderers avoid administration, and reduce financial costs

Bolton Wanderers

Bolton Wanderers have avoided administration, and the 12-points deduction and two-year player transfer embargo that would have entailed.

Yesterday the Championship club feared it could be placed into administration over a dispute with its creditor, BluMarble Capital.

Club owner Ken Anderson revealed he had offered to repay BluMarble its £4m loan, plus interest, but said his offer had been rejected, which could have led to administrators being called in, and the consequences that would have involved by breaching league rules.

However, this afternoon, (September 12) Mr Anderson delivered the news that all Bolton fans had been praying for when he confirmed that the loan from BluMarble has been repaid.

He also revealed that loans to other parties have been extended, on better terms for the club, and he has managed to reschedule and reduce a number of other club liabilities which, he said, have reduced future costs and liabilities by around £1.5m that will be “of great assistance to the club going forward,” he added.

Mr Anderson said: “I believe the club now has one of the lowest debt positions in the Championship.

“I am also pleased to confirm that the club did not go into administration, and there are no points deductions, or embargo implications.”

He added: “I fully appreciate and understand that the last couple of days have caused some consternation for you all, and I would like to apologise for that, but the whole process has been very complex and far from easy.

“We can all now put this behind us and move onwards and get fully behind the team as they look to continue their excellent start to the campaign when they return to the University of Bolton Stadium on Saturday for the game against QPR.”

He said: “I would like to thank you all for your patience and we can all look forward to a season of progress both on and off the pitch.”

Bolton currently sits at eighth in the Championship, on 11 points.

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