Western Morning News (Saturday)
Bolton free of any embargoes and penalties after settling debts
BOLTON Wanderers have announced they have settled their debts to creditors to avoid further English Football League sanctions.
The club’s owners, Football Ventures, were required to repay 35 per cent of the club’s debts to unsecured creditors this summer under EFL rules when they completed their takeover in 2019.
A statement on the club’s official website said: “Bolton Wanderers FC is delighted to confirm that it has now met its obligations and agreed settlement arrangements with its unsecured creditors pertaining to Football Ventures (Whites) Ltd acquiring the club from the administrators two years ago.
“From the outset, the process has been led by chairman Sharon Brittan and it now allows the club to focus on an exciting future ahead.”
Brittan said: “After a very challenging two years we are absolutely delighted to confirm that the club has reached agreement with its unsecured creditors.
“This ensures that we have met our obligations, satisfied the EFL requirements and are therefore free of any embargoes and penalties.
“I would like to thank our amazing colleagues who have worked tirelessly throughout this process over the past two years and also the creditors whose patience and understanding have not only been helpful but truly appreciated.”
Bolton were placed in administration in May 2019 with reported debts of more than £10million and began the following season in Sky Bet League One with a 12-point deduction and were also placed under a two-year transfer embargo.
The club were relegated to League Two in 2020, but won automatic promotion back to the third tier under manager Ian Evatt last season.