The takeover of Championship side Bolton Wanderers looks to have taken a step closer as owner Eddie Davies is prepared to write off loans worth around £185 million, in order to speed up the sale to a consortium led by former striker Dean Holdsworth, reports The Telegraph. 

Holdsworth leads the Sports Shield Consortium who are in negotiations with Davies to buy the club as the Bolton owner is prepared to let the club go for £20 million.

A lifelong Bolton fan, Davies is prepared to write-off £185m that is owed to him in order for the takeover to be completed sooner rather than later, and leave the club in better health to the potential new owners.

The Trotters, managed by former Celtic player and manager Neil Lennon, currently sit four points adrift at the bottom of the Championship table with just one win from their first 17 matches.

With Davies prepared to write off the loans, it will leave the consortium with no bank debt but there is a small loan on the hotel that is integrated within the Macron Stadium.

The consortium, if the takeover is completed before the January transfer window, will have to invest money into the playing squad after Lennon was left to make signings that were available on a free or on loan.

Lennon himself admitted his future is uncertain if the club finds new owners given Bolton's poor start to the league campaign.

Bolton currently sit rock bottom of the Sky Bet Championship, having amassed a mere 11 points from 17 league games this season.

The side have only managed to win one game all season, and this is something Lennon will need to sort out as soon as possible, otherwise they will find themselves cut off from safety in the division.

What do you make to the news Bolton fans? Glad the club is in the process of a takeover? Let us know in the comments below!