Bolton Wanderers have narrowly escaped entering administration after paying off an outstanding loan debt, worth a reported £4.8million, at the eleventh hour.
The Championship club faced the prospect of insolvency and a 12-point penalty after chairman Ken Anderson said he had failed to come to an agreement with financiers BluMarble Capital.
However, a revised offer was made prior to Tuesday morning’s administration notice deadline. Anderson confirmed on Wednesday that Bolton had avoided insolvency and would not face EFL punishment.
“Following on from all the speculation, I am pleased to confirm that the loan from BluMarble Capital Ltd has been repaid,” he told the club’s official website.
Anderson added: “I am also pleased to confirm that the club did not go into administration and there are no points deductions or embargo implications.
“I fully appreciate and understand that the last couple of days have caused some consternation for you all, and I would like to apologise for that, but the whole process has been very complex and far from easy.
“We can all now put this behind us and move onwards and get fully behind the team as they look to continue their excellent start to the campaign when they return to the University of Bolton Stadium on Saturday for the game against QPR.”
Anderson said that the club had extended loans to two others creditors, Michael James and Brett Warburton, and claimed Bolton now have “one of the lowest debt positions in the Championship”.
Bolton would have become the first Football League club to fall into administration in five years, following Aldershot Town’s insolvency in 2013.
Phil Parkinson’s side narrowly escaped relegation to the third tier last season and, despite an impressive start to the new campaign, would have found themselves bottom of the table had the 12-point penalty been applied.
Bolton’s financial difficulties date back to relegation from the Premier League six years ago. Despite Wednesday’s announcement, a winding-up petition catering company Heathcote and Co and outstanding payments to playing staff still need to be resolved.
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