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Bolton Wanderers Future Secured After Football Ventures Takeover Is Completed

Bolton Wanderers Future Secured After Football Ventures Takeover Is Completed

The future of Bolton Wanderers has been secured following the completion of a takeover by Football Ventures.

A takeover of Bolton Wanderers has been completed. Credit: PA
A takeover of Bolton Wanderers has been completed. Credit: PA
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In a statement, Paul Appleton, joint administrator for Bolton Wanderers, said: "This has been one of the most complicated administrations I've been involved with but I'm delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures.

"At times, some of the hurdles appeared insurmountable and the frustration felt has been immense, not least by the supporters who have had to endure too many weeks of uncertainty.

"I would like to pay particular tribute to the Eddie Davies Trust [named after the club's former chairman, from 2003-2016] and their legal team who, throughout this whole process, have been willing to do everything in their power to ensure 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 a compromise to save the club. It is a testament to their unflinching determination to do what was best for Bolton that we are able to complete the deal today."

On Saturday, the English Football League gave the 145-year-old club until its 5pm meeting on Tuesday to complete its sale or demonstrate 'credible plans' it could complete the season.

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Failing to meet this deadline meant the club had activated a 14-day notice period, by the end of which the club would have to prove it had the funds to survive the season or face losing its place in the league.

Fellow League One side Bury also failed to meet this deadline after a proposed takeover by C&N Sporting Risk fell through less than 90 minutes before the deadline.

It previously looked as though Football Ventures may complete a takeover of Bolton Wanderers, however, the sale of the club looked to collapse on Saturday.

Mr Appleton subsequently said in a statement that the club would most likely begin closing down this week, resulting in the loss of more than 150 jobs.

The club was founded 145 years ago. Credit: PA
The club was founded 145 years ago. Credit: PA

However, Mr Appleton seemed to indicate there may be hope for the club in a statement on Monday.

The club was relegated from the Premier League in 2012 and was taken over by consortium Sports Shield in 2016, which was fronted by former Bolton striker Dean Holdsworth. However, Sports Shield was liquidated the following year and chairman Ken Anderson acquired its shareholding.

A proposed takeover of the club fell through at the weekend. Credit: PA
A proposed takeover of the club fell through at the weekend. Credit: PA

Wanderers were relegated to League One in May and placed in administration. A court order blocking Football Ventures proposed takeover was then adjourned, though the sale collapsed at the weekend.

The club's financial woes have inevitably impacted the team on the pitch. Wanderers have conceded five goals in each of their last three games. They also postponed their match against Doncaster Rovers due to concerns for the welfare of their youth players, with only three senior players having played in their previous match against Tranmere Rovers.

Manager Phil Parkinson resigned on Thursday, telling The Bolton News: "It was the right time to go."

Featured Image Credit: PA

Topics: News, uk news, Football

Jake Massey

Jake Massey is a journalist at LADbible. He graduated from Newcastle University, where he learnt a bit about media and a lot about living without heating. After spending a few years in Australia and New Zealand, Jake secured a role at an obscure radio station in Norwich, inadvertently becoming a real-life Alan Partridge in the process. From there, Jake became a reporter at the Eastern Daily Press. Jake enjoys playing football, listening to music and writing about himself in the third person.

 

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