Plans to liquidate Bolton have been placed on hold while administrators attempt to finalise a takeover.
Wanderers are facing expulsion from the English Football League after the League One club was given 14 days to find a buyer or prove their financial viability.
Administrator Paul Appleton revealed on Monday there was no money left to fund the club after a takeover bid by the Football Ventures consortium had stalled.
Talks continued on Tuesday and there was optimism Bolton would meet the 5pm deadline to announce a deal had been approved, but progress came too late to stop the EFL enforcing a 14-day notice to withdraw the club’s membership.
In response, Bolton’s administrators said: “All parties have been in continuous dialogue throughout the day (Tuesday) and are working closely together this evening in order to bring a deal to completion.
“We will continue to work through the night if necessary. There will be a further update as soon as possible.”
However, it’s now understood that, following overnight talks, the main issues that had halted the completion of Football Ventures’ takeover have been resolved.
It is also understood that an internal message was circulated among club staff on Wednesday morning to ease growing concerns that administrators could be about to close the business.
“All parties have been in continuous dialogue throughout the day and are working closely together (on Tuesday) evening in order to bring a deal to completion,” Appleton said yesterday.
The sticking point is understood to be a dispute between the club’s most recent owner Ken Anderson and their biggest creditor, the family trust set up by Bolton businessman and benefactor Eddie Davies before his death last year.
EFL executive chair Debbie Jevans said: “Despite repeated assurances, we are extremely disappointed that we are still not in a position to reach a successful resolution with the sale of Bolton Wanderers and have therefore taken the decision to lift the suspension on the notice of withdrawal. I again urge all parties to finalise the proposed takeover.”
Additional reporting by PA
