Struggling Wanderers edging closer to having new owners

Bolton Wanderers

Struggling Bolton Wanderers are edging closer to having a new owners.

The club went into administration last month and the search has been on for new owners.

The administrators say they have identified a preferred new owner to take over the League One club.

Offers had been received from five parties before this week’s deadline.

Anyone interested in buying the club had to meet a number of criteria set down by the administrators including proof of funds and approval from the Football League.

Paul Appleton of administrators David Rubin & Partners is confident a deal could be struck soon.

The preferred bidder has agreed to inject £1m into the club to rebuild the playing squad.

Paul Appleton said: “I am delighted we have been able to reach a more than satisfactory outcome to this stage of the process and I am confident the preferred bidder has the ability to take Bolton Wanderers forward.

“Until that (heads of terms agreement) has been signed, we are still bound by the confidentiality agreement within the process.

“But I can assure all Bolton Wanderers fans that the preferred bidder has both the financial ability and the determination to turn around the fortunes of this great football club.”

Wanderers went into administration following a difficult season which ended in relegation..

The club has also been struggling to pay a tax bill and players went on strike over unpaid wages.

Wanderers will start next season in League One with a 12-point deduction.

 

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