Bolton Wanderers Given More Time to Avoid Winding-up
January 19 2016
Bolton Wanderers could sell players to raise funds this month, admits boss Neil Lennon. The troubled club are in debt and received a winding-up petition from HMRC last month and have paid their players and staff late.
Championship side Bolton Wanderers have been spared a winding-up order until at least 22 February after their case was adjourned. The Championship side, owe in the region of £600,000 in unpaid taxes and need to find £900,000 monthly running costs after failing to pay their players in November. Eddie Davies currently owns Bolton through company Burden Leisure PLC, which announced debts of £172.9m in April, after losses of £9.1m for 2014. The High Court has allowed extra time for the club to either secure a takeover or raise sufficient funds from asset sales, such as first-team players.
Financial advisor Trevor Birch reportedly had this to say:
“The club’s position is increasingly perilous and new investment is needed quickly, we are continuing to negotiate with interested parties but unfortunately no one party has demonstrated all the requisite elements needed to conclude a deal.”
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