It has been revealed that Bolton Wanderers will not being going into administration.
Recently, the club failed to agree a deal with creditors BluMarble Capital to repay a loan debt of £4.8million.
However, after a very nervous time for Trotters fans, news came out after 10:00am yesterday that owner Ken Anderson had until noon to fulfil the offer he made to BluMarble. A figure was agreed and the legal work was being done.
It means they now avoid being deducted 12 points by the EFL as well as two-year embargo on player transfers.
The news was confirmed in a statement this afternoon. See what the owner said below…
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📰 A note from the Chairman. Ken Anderson offers an update on various topics in his latest column on https://t.co/oVVl0dtnLo.
— Bolton Wanderers FC (@OfficialBWFC) September 12, 2018
The club statement:
Following on from all the speculation, I am pleased to confirm that the loan from Blu Marble Capital Ltd has been repaid.
I am also pleased to be able to confirm that the loans to both PBP (Michael James) and Brett Warburton have been extended on better terms for the club and I am extremely grateful for the continued support, help and assistance of Michael and Brett.
I was also able to reschedule and reduce a number of other club liabilities which in all have reduced future costs and liabilities by circa £1.5m and will be of great assistance to the club going forward.
As previously stated, I believe the club now has one of the lowest debt positions in the Championship.
I am also pleased to confirm that the club did not go into administration and there are no points deductions or embargo implications.
I fully appreciate and understand that the last couple of days have caused some consternation for you all, and I would like to apologise for that, but the whole process has been very complex and far from easy.
We can all now put this behind us and move onwards and get fully behind the team as they look to continue their excellent start to the campaign when they return to the University of Bolton Stadium on Saturday for the game against QPR.
I would like to thank you all for your patience and we can all look forward to a season of progress both on and off the pitch.
The news has caught the attention of the football world, Bolton fans have still demanded the Ken Anderson needed to go, others are just relieved – check out all of those tweets on the next page.
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