Bolton Wanderers saved after Football Ventures complete takeover deal
A day after the Football League pulled the plug on Bury’s current membership, Bolton Wanderers were able to announce a last-minute reprieve with the club administrators confirming the sale to Football Ventures Limited has been completed.
Bolton were on the verge of liquidation after four months of unpaid bills, postponed fixtures and unremunerated playing and safety staff led to a 14-day final deadline, with the administrator Paul Appleton told to either sell the League One club or prove it can be funded for the test of the season.
In a statement released at teatime on Wednesday Appleton said: “This has been one of the most complicated administrations I have been involved with, but I am delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures.”
As late as Monday Appleton had revealed there was no money left to fund the club after a takeover bid by the FV consortium had stalled, and though talks continued on Tuesday in an attempt to broker a deal before the 5pm deadline, the EFL still felt compelled to enforce a 14-day notice to withdraw Bolton’s membership.
The sticking point during talks was believed to be a dispute between Bolton’s most recent owner, Ken Anderson, and their biggest creditor, the family trust set up by millionaire businessman and benefactor Eddie Davies before his death last year.
Anderson was already struggling to meet expenses and keep the club afloat before the situation was complicated by a fresh takeover bid from Laurence Bassini, a controversial would-be owner who was briefly involved at Watford but has twice been declared bankrupt and was once banned for three years for financial misconduct.
Even when unpaid bills and an inability to complete fixtures through a
shortage of stewards and safety staff saw the club placed in administration, Appleton’s attempts to conduct a sale to preferred bidders Football Ventures were delayed by what the administrator referred to as “unhelpful” interventions by Bassini in an attempt to win over supporters and persuade the club he could come up with more money. The administrator reserved most of his scorn, however, for the departing owner Anderson.
Appleton said: “At times some of the hurdles appeared to be insurmountable and the frustration felt has been immense, not least by supporters who have had to endure too many weeks of uncertainty. I would like to pay particular tribute to the Eddie Davies Trust and their legal team, who throughout the whole process have been willing to do everything in their power to unsure Eddie’s incredible legacy was maintained and not sullied. Even at the 11th hour when other parties were content to renege on their agreements, the Trust realised the very existence of Bolton Wanderers was at stake and were willing to find compromise.
“It is testament to their unflinching determination that we were able to complete the deal, because some of the circumstances and demands they faced were wholly unreasonable, but they were not prepared to allow Eddie’s beloved Bolton to suffer any longer at the hands of Ken Anderson. Sadly Mr Anderson used his position as a secured creditor to hamper and frustrate any deal that did not benefit him or suit his purposes. Thankfully, with the assistance of the Trust and others, we were able to overcome this obstacle.”
Football Ventures said in a statement: “We remained focused on completion of the deal, even when at times it was difficult to keep our counsel, with further damage to the club being inflicted by delays outside of our control. Now we are excited to begin restoring this magnificent club to its rightful position, and securing its future for the fans, the staff and the players.”
Though there was obviously relief in the north-west that Bolton had not followed Bury into oblivion, there is still plenty to be done before anyone can start celebrating. Beginning the season with a 12-point deduction for going into administration, Bolton will be rooted to the bottom of League One for some time after taking only one point from their first four matches.
Last week the manager Phil Parkinson resigned with the situation at its bleakest, most of the club’s seasoned professionals are long gone, and an EFL punishment for failing to fulfil the final fixture of last season is still to be worked out.