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.
News list for liverpool line up bumper pre-season including big game in geneva and emotional trip to fenway park / Liverpool have lined up a high-profile friendly against Lyon in Geneva with the European Champions on the verge of formalising their pre-season plans.
Liverpool freeze ticket prices for the fourth successive year
mutual consent Gattuso had earlier announced his decision to leave following an 18-month spell with the club Gennaro Gattuso has left his role as AC Milan manager by mutual consent. If follows Milan's failure to qualify for the Champions League again as they finished Serie A in fifth place.
AC Milan confirm Gennaro Gattuso has left the Serie A giants
newsleak24.com/ac-milan-confirm-gennaro-gattuso-has-left-the-serie-a-giants-after-they-fail-to-qualify-for-champions-league/
Brexit Party MEP Brian Monteith lives in south of France; Amber Rudd rules herself out of Tory leadership race and hints she could work with Boris Johnson
Gennaro Gattuso steps down as AC Milan head coach after
League Two play-off final: LIVE and exclusive talkSPORT coverage of Newport vs Tranmere - preview, match details and team news All you need to know about the showpiece Wembley clash LIVE ON
~ League One play-off final: LIVE and exclusive talkSPORT
Liverpool boss Jurgen Klopp set to be turfed out of his house… by former Reds manager Brendan Rodgers The German has rented the luxurious home in Formsby from the now Leicester City boss ever
Liverpool boss Jurgen Klopp set to be turfed out of his house
sportsalert.org/2019/06/07/liverpool-boss-jurgen-klopp-set-to-be-turfed-out-of-his-house-by-former-reds-manager-brendan-rodgers/
Jurgen Klopp will still be on cloud nine after winning his first trophy - the Champions League - since becoming Liverpool boss. However, it looks increasingly likely he'll be on the search for a new home soon, as the German is reportedly set to be booted out from his Merseyside mansion - by landlord Brendan Rodgers.
Liverpool boss Jurgen Klopp set to be turfed out of his house
Frustration is growing within the Tottenham faithful at the lack of activity in the transfer market. Manager Mauricio Pochettino admitted at the end of last season that he wanted to get deals done early, but with less than two weeks to go before the summer transfer window shuts, Spurs are one of just two Premier League teams still yet to make a summer signing.
NewsNow: Spurs News, Tottenham Transfers News & Rumours
Roberto Firmino not fit to start Champions League semi-final with Trent Alexander-Arnold and Jordan Henderson also benched. Barcelona vs Liverpool
Barcelona vs Liverpool: Roberto Firmino not fit to start
"I pushed him onto a plane!" Harry Redknapp recalls his most dramatic transfer story - and it's absolutely hilarious "When we used to do shooting practises I used to ring Southampton airport
Spurs manager Harry Redknapp claims Portsmouth star Kanu is
Manchester United are reportedly set to withdraw their interest in Borussia Dortmund and England attacker Jadon Sancho. As per a report from the Daily Mail, Manchester United have decided to call
Manchester United transfer news: Jadon Sancho No 1 summer
Whether it's the very latest transfer news from the Camp Nou, quotes from a Barca press conference, match previews and reports, or news about Barcelona's progress in La Liga or the Champions League, we've got it covered - breaking news from each site is brought to you automatically and continuously 24/7, within around 10 minutes of publication.
CELTIC and Rangers have both been fined £7,500 for failing to control their players at the end of the Old Firm match at Parkhead at the end of March. Players of both Glasgow clubs squared up to each other on the park after the Ladbrokes Premiership game, which Neil Lennon's side won 2-1. The Ibrox
Celtic and Rangers both fined £7,500 by SFA after Old Firm
Eden Hazard is reportedly considering handing in a transfer request at Chelsea in order to force a move to Real Madrid. The Belgian looks set to depart Stamford Bridge for the Bernabeu this summer
Hazard 'considering transfer request' to force Real Madrid move
Former Liverpool midfielder Dietmar Hamann feels the club will be better off in the long term without Luis Suarez, a player he believes "can't be trusted". Suarez was the Reds' star man last
Full text of "Michael Cox The Mixer" - archive.org
The fight for a top-four finish and Champions League football next season continues to rumble on, with Tottenham Hotspur and Manchester United laying down a marker. Tottenham hit four past relegated Huddersfield Town in the early kick off, while the late game saw United advance past West Ham courtesy of two first-half penalties.
Manchester United - Premier League
No comments:
Post a Comment