Stay of execution for Bolton Wanderers
CRISIS football club Bolton Wanderers have received a stay of execution with a winding up order in the High Court postponed unil February 22.
The up-for-sale Championship basement club which has estimated debts of about £3m were given extra time to find a rescuer at a hearing in London today.
The winding up petition was brought as a result of £2.2m in unpaid VAT and PAYE. It is understood the club owes other creditors a further £800,000.
An adjournment of the winding up petition presented by HMRC was granted by the High Court.
Wanderers have been given until February 22 to complete a deal with one of at least three potential buyers of the club or raise enough short-term cash from asset sales.
Trevor Birch, adviser to the owner (Eddie Davies) and board at Bolton Wanderers, said: “HMRC takes a very strict approach towards football clubs.
“Despite the club putting forward a solution, utilising funds generated from its assets that would have enabled repayment of its debt in full over a period of a few months, HMRC refused to agree to an adjournment to give effect to the plan.
“With that in mind, it is pleasing that the High Court rejected its wish to liquidate the club and that it has given the club time either to raise funds and or conclude a sale.”
The club has been looking to raise funds through the sale of assets such as its training ground Euxton near Chorley, with Wigan Athletic seen as a possible purchaser.
