Bolton Wanderers saved as takeover completed

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Bolton Wanderers have been saved.

Football Ventures (Whites) Limited have bought the 145-year-old club which was hours from being liquidated and expelled from the English Football League.

Fellow third-tier club Bury were not as lucky as Bolton, as the 134-year old team were expelled from the Football League on Tuesday after failing to meet several requirements.

Bolton’s new owners paid tribute to Bury’s fans in their statement announcing that the takeover had been completed.

One of the founding members of the English Football League, Bolton had been granted a 14-day extension on Tuesday for a deal to be completed to buy the club.

It took just one more day to seal the deal as the new owners released the following statement amid jubilation from Bolton’s fans and soccer fans across the world.

“The true spirit of this football club rests with the fans, it is nothing without them. The support shown to the players during this season’s opening fixtures has been overwhelming… Now the deal is complete, please be assured we intend to do all within our power to bring back a true sense of pride to Bolton Wanderers Football Club, which is the least the staff, fans, future generations of supporters and the community deserve.”

Joint Administrator, Paul Appleton, released the following statement on Wednesday.

“This has been one of the most complicated administrations I’ve been involved with but I’m delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures,” Appleton said. “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.

“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.”

Appleton went on to lambast former owner Ken Anderson, who had allowed the four-time FA Cup winners (Bolton were last in the Premier League in 2012, as they were relegated after a 10-year stay) to be on the brink of collapse.

“The Trust were forced to constantly compromise their position in the face of circumstances and demands which were wholly unreasonable,” Appleton continued. “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.”

Bolton sit bottom of the third-tier on -11 points after being reprimanded by the Football League due to their dire financial situation. They have no manager and have been forced to field their youth team for their games so far this season, with their most recent fixtures cancelled due to concerns over the health of the youngsters.

However, Bolton can now plan ahead and look forward to a future as the new owners revealed they hope to hire a new manager and sign new players in the coming days.