Wednesday, October 18, 2017

Bolton granted final two-week adjournment on winding-up order

SoccerNews in General Soccer News 7 Mar 2016

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Bolton Wanderers have had a winding-up petition against them adjourned for a third and final time to allow the Sports Shield Group can complete their proposed takeover of the struggling Championship club.

The High Court has granted an extension of 14 days, meaning Bolton are now next due in court on March 21 in relation to £2.2million in unpaid tax and VAT owed to HM Revenue and Customs.

The Sports Shield consortium is led by former Bolton striker Dean Holdsworth and the Football League has given approval for them to complete a £7.5m purchase of the club, although Holdsworth’s group must still prove they have the funds available to complete the deal with owner Eddie Davies.

A statement released by Bolton read: “Bolton Wanderers can announce that the club has been granted a third and final adjournment of 14 days by the High Court at today’s hearing in respect of the winding up petition in order to allow the owner to complete a sale of the controlling interest in the club.

“The club have received conditional approval to the transfer of ownership from the Football League. The board would again like to thank all staff at the club for their loyalty and unfaltering commitment to the cause through this incredibly difficult period.”

Bolton, who announced debts of £172.9m last year and are also under a transfer embargo for breaking the Football League’s Financial Fair Play rules, are bottom of the Championship and 10 points from safety following Saturday’s 2-1 loss at Leeds United.

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