Bolton Wanderers owner on brink of placing club into administration

Bolton Wanderers owner Ken Anderson has said he has no alternative but to put the club into administration, on the day it faced action by HMRC in the High Court over £1.2m of unpaid taxes.

It comes after the proposed takeover by former Watford owner Laurence Bassini appears to have collapsed.

In a message to fans on the Championship side’s website this morning, Mr Anderson said: “Regrettably his continued time wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike and now leave the Eddie Davies Trust and I with little or no choice other than for one of us to place the businesses into administration, as any likelihood of finding any resolution the High Court hearing not possible (sic).

“This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses.

“But I have been left with no alternative, as this course of action will preserve the football club and all of its proud history.”

The club has been relegated to League One next season, and could face a 12 points deduction through the administration process.

In a previous hearing, on April 3, the High Court allowed the HMRC case to be adjourned until today.

Mr Anderson said the stay of execution would enable him to finalise a deal for the sale of his shares.

The latest ruling following today’s hearing was that the case against Bolton would be adjourned until May 22, to allow the club enough time to appoint an administrator.

Mr Anderson said, prior to the ruling: “When Dean Holdsworth and l first got involved with the club three years ago, l recall the late Eddie Davies telling me that ‘he had over 50 expressions of interest, mostly from dreamers and tyre kickers, who had indeed wasted a great deal of everyone’s time.’

“Unfortunately, three years on and nothing seems to have changed.

“Mr Bassini has failed to provide any adequate and acceptable proof of current and future funding to the EFL (English Footall League), the other secured creditors or me, despite him keep (sic) telling the media, and anyone else that listens, that he has the ability to perform since early March when first discussions were held with him and his advisors.

“His failure to perform has actually caused far greater hardship to the staff than would have occurred if he had not given undertakings he clearly cannot honour. For this I am deeply sorry and offer my apologies to the hard working staff of both the football club and Whites Hotel.”

He said he decided to deal with Mr Bassini as “the only alternative was to place the business in to administration”.

He added: “I felt giving him the opportunity to complete the deal was worth the risk of delaying this process by a few days, which unfortunately became weeks.”

He concluded: “I wish nothing but the very best for everybody connected with this football club and I have no doubt whatsoever that this great football club will once again stand shoulder to shoulder with the giants of the game.”