Bolton administrators call for patience as takeover nears completion

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Bolton's joint administrator has called for patience as the club edges closer to being sold.

Bolton’s joint administrator has called for patience as the club edges closer to being sold.

A suitable offer for the north-west outfit, relegated from the Sky Bet Championship at the end of last season, has been received.

However, the identity of the prospective buyer has not yet been revealed.

Bolton went into administration in May after a takeover bid by former Watford chairman Laurence Bassini collapsed.

Joint administrators David Rubin and Partners had stipulated any parties interested in the club would need to prove they had at least 25million available.

This test was passed by the successful bidder, who then had to submit a final offer before a deadline on Wednesday.

The interested party, who meets EFL approval, also intends to inject 1million into the club to enable its immediate running, while they have also proved financing for a minimum of two years and can satisfy outstanding creditors.

Joint administrator Paul Appleton knows everyone wants the matter resolved as quickly as possible, but stressed the proper timescale must be adhered to for all stages to be completed.

‘I want to keep Bolton fans up to speed with the process in terms of revealing the preferred bidder for the club as I’m aware of the uncertainty of the situation as far as supporters are concerned,’ Appleton said in a statement on the club website.

‘We are very close to finalising the ‘heads of terms’ agreement and are working towards a completion date of next week.

‘But, as everybody must be aware, this is a hugely important deal in the history of the club and it is vital that nothing is hurried or overlooked.

‘ Appleton added: ‘Lawyers from all sides are fine-tuning the agreement and I would expect to be able to make a fuller statement in the very near future.

‘Until then, supporters can rest assured we are doing everything in our power to ensure the future of Bolton Wanderers is secured.’

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