Accountancy Firm David Rubin and Partners has revealed a deal to save Bolton Wanderers from administration is “still in doubt”, but added it “has to believe” there can be a positive outcome before today’s (27 August) 5pm deadline.
Bolton Wanderers, one of the founder members of the Football League, must find an owner by the deadline today or cease operations, after a bidding consortium failed to win the required support for its offer.
The firm were appointed in May, after the club went into administration following relegation from the Championship. Football Ventures consortium had agreed a deal to buy the club and an associated hotel complex in July.
At the time, joint administrator Paul Appleton, said: “We undertook a comprehensive bidding process where all interested parties were given an opportunity to make their best and final offer for the club.
“Football Ventures made the highest offer by a substantial margin and were also able to show absolute proof and source of funding to match the requirements of the process.”
Earlier this month, Laurence Bassini, who had bid to buy the club before administration, was awarded a court order blocking the sale, the court order was adjourned, and the work on the takeover continued.
Appleton announced the collapse of the deal on Monday (26 August), after it had been agreed by all parties and undertakings had been issued by all solicitors, except those of owner Ken Anderson.
Appleton said: “Devastatingly, on Saturday morning that deal collapsed. At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink.”
Football Ventures is the only party to have “satisfied the full criteria of the sale process”, and as of today talks between the club and the consortium are ongoing.
Appleton added: “The future of Bolton Wanderers is still in doubt but I have to believe there can be a positive outcome before today’s 5pm deadline set by the EFL.”