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Bolton Wanderers on the brink of liquidation

Bolton Wanderers v Stoke City - Premier League
Bolton Wanderers v Stoke City - Premier League
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Modified 26 Aug 2019, 17:15 IST
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Bolton Wanderers are facing a renewed threat of liquidation after the impending takeover collapsed in recent hours, the club have announced on their official website.

A deal to sell the club has collapsed and unless a new one can be struck, the process of closing down the company will commence on Wednesday, the club's administrators have announced.

The League One outfit released a statement on behalf of Paul Appleton, joint administrator of the club confirming the situation and reiterated that barring a dramatic change of heart from any of the parties involved, the process of closing down the club and will begin this week.

"At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink."

Bury FC also faced a similar fate but it has been reported that a takeover has been successful, thereby preventing the club from liquidation.

Bolton have been granted permission by the FA to complete the sale of the club or provide credible plans to do so before Tuesday's 17:00 BST deadline.

Failure to do so would lead to the club's EFL license being revoked and the process of closing down the company could reluctantly begin as early as Wednesday.

"My team have spent the last 48 hours working around the clock, striving to get a deal back on track and trying to convince the parties still in conflict that the very fate of Bolton Wanderers depends on them finding a compromise."

In an elaborate statement, it has been confirmed that Bolton Wanderers could cease to exists in the coming days and could lead to the loss of over 150 jobs.

"Unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week."

Barring a last-minute twist, Bolton Wanderers will face expulsion from the EFL that will eventually lead to the liquidation of the club in the coming days.

Published 26 Aug 2019, 17:15 IST
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