Football Ventures complete long-awaited takeover of Bolton to end liquidation fears
Football Ventures have completed a takeover of Bolton.
The Trotters were at serious risk of being removed from the Football League after takeover attempts from Laurence Bassini fell through during the summer.
But after being granted an extension by the EFL to complete a takeover, Football Ventures ended Bolton fans’ liquidation fears on Wednesday.
Unfortunately, League One club Bury were not taken over before Tuesday’s deadline and were booted from the Football League.
Now, Bolton’s new owners will look to appoint a successor to manager Phil Parkinson, who left the club last week.
The Trotters started the season on -12 points after going into administration.
Joint-administrator Paul Appleton, who warned he would be closing the club down on Wednesday if a takeover had not been finalised, revealed it had been ‘the most complicated administrations I’ve been involved in’.
He told : “I'm delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures.
"At times, some of the hurdles appeared insurmountable and the frustration felt has been immense, not least by the supporters who have had to endure too many weeks of uncertainty.
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"I would like to pay particular tribute to the Eddie Davies Trust and their legal team who, throughout this whole process, have been willing to do everything in their power to ensure Eddie's incredible legacy was maintained and not sullied.
"Even at the 11th hour when other parties were content to renege on their agreements, the Trust realised the very existence of Bolton Wanderers was at stake and were willing to find a compromise to save the club.
“It is a testament to their unflinching determination to do what was best for Bolton that we are able to complete the deal today.”
Appleton continued his praise of the Eddie Davies Trust, while condemning former Bolton owner Ken Anderson.
He said: "The Trust were forced to constantly compromise their position in the face of circumstances and demands which were wholly unreasonable.
“This says much about their determination not to allow Eddie's beloved Bolton Wanderers to suffer any longer at the hands of Ken Anderson.
"Sadly, Mr Anderson has used his position as a secured creditor to hamper and frustrate any deal that did not benefit him or suit his purposes. Thankfully, with the assistance of the Trust and others, we were able to overcome this obstacle.
"I would especially like to thank both my team and my lawyers who worked around the clock to find solutions to problems which certainly threatened to derail the whole process.
"I have every sympathy for the staff, players and fans who have been forced to stand by while their club was taken to the brink. I am delighted their loyalty, dedication and patience have finally been rewarded.
"Of course, there will be difficult times ahead while the club gets back on its feet but there are too many people with Bolton close to their hearts for it not to be successful once more.
"The EFL and PFA have both played a major part in the club's survival. They have understood the complexities of the process and have stood strong in the fight to save Bolton, helping to drive this deal over the line.
"Now there can be a fresh start with owners who, I believe, will run the club for the good of the supporters and the community as a whole.
"For everything the fans have had to endure, they deserve nothing less."
EFL executive chair Debbie Jevans released a statement thanking all parties for ensuring a takeover was completed.
She said: “On behalf of the EFL Board, I am pleased that the administrators appointed in respect of Bolton Wanderers Football Club have today concluded the transfer of assets with Football Ventures to place the club under new ownership and out of administration.
“Having worked closely with the administrators since their appointment in May, the EFL has been focused on working through this difficult and complex period of uncertainty with all parties.
“Following the completion of the sale, the club is no longer in administration and the notice of withdrawal issued as per the EFL’s insolvency policy has been cancelled.
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“These past few months have undoubtedly been challenging and, at times fraught – never more so in the past few days – and I would like to thank all parties for their efforts in achieving the desired outcome.
“I would also like to place on record my grateful appreciation and thanks to the players, former and present management, staff and supporters for their patience and understanding in allowing us to get to this point.
“Everyone at the EFL is now looking forward to working with the new ownership during the 2019/20 campaign and beyond.”