Historic football club put up for sale by administrators

Bolton Wanderers

One of the oldest football clubs in the country has been put up for sale.

Bolton Wanderers went into administration earlier this month and the for sale signs have now gone up.

The sale marks the end of a miserable season for the historic club which has had to deal with a relegation, cancelled games and court hearings over an unpaid tax bill.

The administrators have now announced that the club is being marketed for a sale.

Hilco Global has been appointed as agents of the administration and will contact all parties who have so far expressed an interest in buying the club.

However, there are several conditions which have to be met before any access to financial information can be disclosed.

These include a non-refundable deposit of £25,000, which will have to be paid purely to access the data room.

Also, proof of funds amounting to not less than £25m, which will take into account those parties also interested in acquiring Whites Hotel.

Potential purchasers must also sign a Non-Disclosure Agreement for the duration of the sale process.

Joint administrator Paul Appleton said: “There has been substantial interest from the moment of our appointment on May 13.

“Over 30 parties have approached us and we will now begin the process of selecting those best positioned to make a serious offer for the club.

“Speed is of the essence in this process and we are advising all those with a serious interest to provide information concurrently to the EFL in respect of their Owners’ and Directors’ Test in order to satisfy those demands.

“Hilco have an outstanding reputation in this market and I am confident that we will soon have whittled down the list of potential buyers in order to find the best purchaser for the club and restore the standing of Bolton Wanderers.”

Paul Appleton and Asher Miller of David Rubin & Partners were brought in to both Bolton Wanderers Football & Athletic Club (BWFC) and Burnden Leisure Limited (BLL), on May 13.

The club said the administrators had officially been appointed in a bid to “ensure the continued existence” of the side, which has been relegated to League One.

It followed the apparent collapse of a proposed takeover by former Watford owner Laurence Bassini.

Staff had not been paid wages while the takeover issue had rumbled on, but Paul Appleton, the joint administrator for Bolton Wanderers, has confirmed that all non-football related staff will receive their salaries for the period following the joint administrators’ appointment.

Bolton Wanderers are the first English Football League side to go into administration since Aldershot Town in 2013.

The move will mean that the club will docked points at the start of next season.

Bolton Wanderers was formed in 1874 and was one of the 12 founding members of the Football League in 1888.

 

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