Bolton Wanderers are set for a change of ownership after announcing the sale of the club to former Watford owner Bassini has been agreed.
Outgoing chairman Ken Anderson announced today he had reached a deal to sell his stake in Burnden Lesiure Ltd, the entity behind Wanderers to Mr Bassini.
The deal will give him "full control" of the club and the Whites Hotel business at the University of Bolton Stadium, they said today in a statement.
No price has been revealed with the club saying "the financial terms of the transaction will remain private and confidential between the parties."
However it added: "We are sure supporters will be very pleased to understand that as part of the transaction, all of the existing loans to the club will be settled in full and the associated charges removed, meaning the business will be debt free for the first time in many years."
The sale must be ratified by the English Football League (EFL) before it can formally be completed.
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Mr Bassini was in charge of Watford for a year between 2011 and 2012 before selling it to current owners the Pozzo family.
In 2013 he was banned from being having a position of authority at any football league club for three years after he was found to have been "dishonest in his dealings with the league and with his fellow directors" over a "forward funding deal."
Watford were also handed a transfer emabrgo.
However Bolton said today, even before EFL ratification "significant funds will be immediately be made available to the club enabling the payment of the outstanding wages to the players and coaching staff along with a number of the long term creditors."
Outgoing Chairman Ken Anderson said: "I am very pleased to hand over ownership of this great club to Laurence, I wish him and all of our supporters the very best for the future."
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Bolton have staved off two winding up petitions over an unpaid tax bill in recent weeks, as their future hung in the balance.
The club currently sit second from bottom ten points adrift of safety and going into administration could have seen them start next season with a 12 point deduction.
