Bolton Wanderers will be deducted 12 points for next season should they enter administration after March 28.
The Championship club won a reprieve at the High Court in London on Wednesday, with Wanderers handed a fortnight to settle their debts, which include £1.2million in unpaid taxes.
2
Bolton have staved off the threat of administration
Bolton, issued with a winding-up petition by HMRC in February, faced administration or liquidation, but now have a fortnight to find a buyer.
Barrister Hilary Stonefrost, representing Bolton, told the court the club has a potential buyer lined up who “already owns a major stake in a high-level football club”.
She asked for a 14-day adjournment to give the club time to complete a sale and settle its debts.
Judge Clive Jones, sitting in the Insolvency and Companies Court in London, adjourned the case until April 3.
LATEST FOOTBALL NEWS
However, Bolton could still find themselves in serious trouble if the potential buyer pulls out of their deal for the club.
If Wanderers go into administration before March 28 they will be deducted points this season, but administration after that point would mean they are docked 12 points for next season.
Bolton are much more likely to want a points deduction this season, as they are already facing relegation from the Championship with eight points separating them from safety.
It is the sixth time in 16 months that Bolton have defended a winding-up petition due to unpaid tax and VAT.
2
Bolton are in serious financial trouble
They won a similar stay of execution in the High Court three years ago to allow previous owner Sports Shield BWFC to complete a last-minute takeover.
Current owner Ken Anderson bought a stake in the club during that buy-out and took majority control in 2017 after Sports Shield went into liquidation.
Bolton confirmed on Tuesday night that a potential buyer had pulled out of talks, but that there were still several other interested parties.
Timeline of Bolton's woes
17 March 2017 – Dean Holdsworth sold his stake to fellow co-owner Anderson a year after the pair took over at Wanderers.
6 July 2018 – Bolton were forced to cancel a scheduled friendly against St Mirren after their players went on strike over unpaid wages and bonuses.
12 September 2018 – Bolton escape the threat of administration and the possibility of an English Football League points deduction after they agree to settle a Å4.8million debt owed to BluMarble Capital Ltd.
27 September 2018 – More financial worry hits as the club is served with a winding-up petition by HMRC after missed payments, the fifth such petition in 14 months.
10 December 2018 – Anderson reached an agreement with the Professional Footballers’ Association to pay the club’s wages for November, but two days later announced he would fund the payments.
21 January 2019 – Kick-off was briefly held up at the University of Bolton Stadium in the Sky Bet Championship match against West Brom as fans protested against Anderson.
20 February 2019 – Bolton were hit with a sixth winding-up petition by the HMRC in less than 18 months, to be heard in the High Court in March.
24 February 2019 – Bolton announced that an agreement in principle has been reached for Anderson to sell all his shares in the club.
4 March 2019 – The Bolton News reported that the Trotters’ training ground closed due to a shortage of food and drink.
12 March 2019 – Anderson announced the club’s players were paid their overdue wages.
15 March 2019 – The proposed takeover that Anderson had revealed a few weeks previous, believed to be the Ventures (Whites) consortium, withdrew their interest after due diligence.
19 March 2019 – Talks with another party interested in taking over the club were mutually terminated 24 hours before their High Court date over their latest HMRC winding-up petition, while Forest Green confirmed they were taking legal action over the failed transfer of striker Christian Doidge.
20 March 2019 – A High Court hearing in London ruled that Bolton had two weeks to settle their debts and avoid a winding-up order.
Anderson, who owns 94.5 per cent of the club’s shares, has increasingly struggled to finance the running costs.
The players were paid their February salaries late and the training ground was closed for a day earlier this month, while there was doubt over a recent game against Millwall going ahead due to concerns over policing costs.
Bolton, currently second from bottom in the table, face a 12-point deduction if they fail to settle their debts. Aldershot were the last EFL club to go into administration in 2013.
Wanderers face further legal action from League Two side Forest Green, who have confirmed to Press Association Sport that they have started proceedings over the failed transfer of striker Christian Doidge.
Premier League's fastest players: Liverpool and West Ham
KDB BLOW De Bruyne suffered a suspected muscle injury a […] Manchester City star to miss Premier League clash vs Leicester, Pep Guardiola confirms - Fussboll Home
Kevin De Bruyne fears he could be out of Premier League title
6 hrs ago - Chelsea news: Eden Hazard turned down big offers from Premier League clubs, suggests Cesar Azpilicueta - TALKSPORT.COM; 7 hrs ago - Departing Chelsea ace wants to remain in the Premier League - READCHELSEA.COM; 8 hrs ago - Chelsea star Luiz reveals who is replacing Hazard at Stamford Bridge next season - ICFOOTBALLNEWS.COM
Chelsea in Europa League final with win on penalties against
Fraser, Nkunku in, Mkhitaryan out - The Arsenal transfer revolution that awaits Edu & Unai Emery. Arsenal transfer news includes the latest on what is set be a busy summer for the Gunners hierarchy
Mustafi among Arsenal players that will be put up for sale
Tottenham new stadium: Mauricio Pochettino says Spurs
The 2016-17 Premier League was the 25th season of the Premier League, the top English professional league for association football clubs, since its establishment in 1992. The season began on 13 August 2016 and concluded on 21 May 2017. Fixtures for the 2016-17 season were announced on 15 June 2016.
Liverpool Echo: Latest Liverpool and Merseyside news, sports
Joao Felix: 'No better than Marcus Rashford' - Manchester
Chelsea FC are planning to offer Callum Hudson-Odoi the number 10 shirt at Stamford Bridge in order to convince the teenager to sign a new deal, according to reports in the British media. The Daily Mail is reporting that the west London club are.. • Sports • One News Page: Sunday, 19 May 2019
Deal close!! Chelsea win as Callum Hudson-Odoi is close to
two to go There is still a lot to play for as we enter the final stages of the season Just two games remain in this season's Premier League and there is still a lot to be decided. One point separates Manchester City and Liverpool at the top of the table and any slip up could hand their rival the title.
Every Premier League club's run-in ranked - from hardest to
hollywoodadviser.com/every-premier-league-clubs-run-in-ranked-from-hardest-to-easiest-with-three-games-to-go/
Every Premier League club's run-in ranked - from hardest to easiest with three games to go. April 22, 2019 Hollywood Adviser. Share. Tweet. Pin +1. Share. 0
Every Premier League club's run-in ranked - fro | SportSpyder
ITALIAN JOB DONE Alexandre Lacazette's free-kick secured a 1-0 win over the Serie A giants and a 3-0 victory on aggregate to set up a semi-final clash with Valencia Arsenal reached the Europa League semi-finals for a second straight season with a deserved win over Napoli at the Stadio San Paolo.
Napoli 0-1 (agg 0-3) Arsenal: Unai Emery's men reach Europa
Read full articles, watch videos, browse thousands of titles and more on the "Real Club Celta de Vigo" topic with Google News.
Iago Aspas Juncal (Galician pronunciation: [ˈjaɣo ˈaspas
Real Madrid 'to officially announce £86m signing of Eden Hazard from Chelsea after the Europa League final' Real Madrid have been linked with a move for Chelsea's Eden Hazard all season
Real Madrid announce signing of Eden Hazard from Chelsea for
John Delaney offers to step aside from FAI executive vice
0 comments:
Post a Comment