English Football League (EFL) side Bolton Wanderers football club face liquidation unless a deal to buy the club is sorted before Tuesday deadline. Wanderers had been given until 5pm on Tuesday by the EFL for a takeover to be completed or face expulsion from the English Football League.
The League One club have been in administration since May.
They are the subject of a takeover bid by Football Ventures but the EFL are “concerned” by ongoing delays.
“The current situation cannot continue,” the EFL said in a statement.
“If a successful conclusion to a sale is not found or there are no credible plans for the club to continue the season in administration by the planned board meeting at 17:00 BST on Tuesday 27 August 2019, then the EFL board will consider lifting the suspension on the notice of withdrawal of the club’s membership of the league.”
Fellow League One side Bury were earlier given the same deadline to complete the sale of their club.
The proposed takeover of Bolton by Football Ventures has been beset with problems for weeks and is still waiting to be completed.
Laurence Bassini, who failed with his own bid to buy the club before it went into administration, was awarded a court order blocking the sale on 8 August.
Paul Appleton, administrator at Bolton Wanderers has revealed a deal collapsed on Saturday morning and despite “tentative dialogue” about salvaging it he said if there is no breakthrough “the process of closing down the company will commence on Wednesday”.
“In just over 24 hours, the club will have its membership of the EFL revoked,” said Appleton in a statement.
“Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.
“This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs.
“More than that, it will devastate a community for whom the football club is a beacon of hope and expectation.
“I reiterate, unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week.”
While Appleton stressed there was no point in apportioning blame it appears the fault of not completing a sale to the Football Ventures consortium is being laid at the door of current owner Ken Anderson.
“At 5pm on Friday August 23, the completion of the sale of the football club and the hotel had been agreed by all parties and undertakings had been issued by all solicitors except those of Ken Anderson,” said Appleton in a statement.
“Devastatingly, on Saturday morning that deal collapsed. At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink.
“My team have spent the last 48 hours working around the clock, striving to get a deal back on track and trying to convince the parties still in conflict that the very fate of Bolton Wanderers depends on them finding a compromise.”
The club started the season on -12 points before entering administration, have endured a difficult time on the pitch as a consequence of the ongoing financial crisis.
Bolton manager, Boss Phil Parkinson and his assistant Steve Parkin quit their roles midweek before Bolton were beaten 5-0 at home to Ipswich on Saturday in front of 5,454 attendance, the lowest for a league game in the stadium’s 22 years history.
