International

Bolton given 2 weeks to avoid winding-up order, settle debt

2019-03-20 15:36
Bolton Wanderers (Supplied)

London - Troubled Championship club Bolton have been given two weeks to settle their debts and avoid a winding-up order after a High Court hearing in London on Wednesday.

Bolton were issued with a winding-up petition by British Revenue and Customs in February over an unpaid tax bill of £1.2 million, leaving them in danger of going into administration or liquidation.

They now have two weeks to find a buyer and barrister Hilary Stonefrost, representing the four-time FA Cup winners, told the court the club have a potential buyer lined up.

She asked for a 14-day adjournment to give the club time to complete a sale and settle its debts.

In financial turmoil since their 2012 relegation from the Premier League, this is the sixth time in 16 months that Bolton have defended a winding-up petition due to unpaid tax and VAT (value-added tax).

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 paid his players' February salaries late and the training ground was closed for a day earlier this month because there was no food or drink. 

Angry Bolton fans clashed with police during a 5-2 defeat at Wigan last weekend, with Anderson reportedly advised to stay away for his own safety.

Second-bottom Wanderers sit eight points from safety with eight games remaining and are facing relegation to third-tier League One, which would effectively be confirmed if they are hit with the 12-point deduction that comes with a period in administration.

Coventry were the last English professional team to go into administration six years ago.

Read more on:    bolton  |  soccer

 

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