Football: Bolton facing administration after debt talks fail, says owner

Football: Bolton facing administration after debt talks fail, says owner

Championship - Bolton Wanderers v Birmingham City
FILE PHOTO: Soccer Football - Championship - Bolton Wanderers v Birmingham City - University of Bolton Stadium, Bolton, Britain - August 22, 2018 Bolton Wanderers' Will Buckley celebrates scoring their first goal with team mates Action Images/Ed Sykes

MANCHESTER: Bolton Wanderers could face administration on Tuesday (Sep 11) after the English Championship club's owner Ken Anderson said his offer to repay a loan to a finance company had been turned down.

Anderson said on the club's website on Monday that creditors BluMarble Capital Ltd had rejected his offer to pay back a £4 million (US$5.21 million) loan plus interest.

The Lancashire club, who narrowly avoided relegation from the second-tier last season, could be deducted 12 points if they go into administration and be handed a two-year transfer ban.

Bolton have made a good start to the season and are eighth in the standings with 11 points from their opening six games.

"I feel sure that they (BluMarble) will live to regret their actions..." Anderson said in a "note from the chairman".

"(BluMarble) will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.

"In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer."

(US$1 = 0.7677 pounds)

(Writing by Ken Ferris; Editing by Ian Ransom)

Source: Reuters/na

Bookmark