A preferred bidder has been selected in the takeover of Bolton Wanderers, as reported by the club’s official website.
The stricken club have lurched from one crisis to the next, suffering relegation to League One and a points deduction for next season, but it seems there is now light at the end of the tunnel as they move towards a takeover.
Ken Anderson’s poisonous reign at the club has brought about severe financial difficulty, but finally there is some good news for the Trotters fans to savour.
‘Best and final’ bids had to be submitted by yesterday’s 4 pm deadline and the administrators have revealed that one bid ‘ticks all the boxes’ as they look to move forward.
There were several criteria to satisfy; highest bid for the club, proof and source of significant funding, ability to continue to fund the club for a minimum of two years, ability to satisfy creditors and EFL approval. It seems all of those have been met.
Not only that, but the bidder has also committed to putting £1m into the club immediately to fund the day to day running and rebuilding for next season.
Paul Appleton of administrators David Rubin and Partners said: “I am delighted we have been able to reach a more than satisfactory outcome to this stage of the process and I am confident the preferred bidder has the ability to take Bolton Wanderers forward.
“We are now working towards a signed Heads of Terms agreement by close of play on June 14 and until that has been signed, we are still bound by the confidentiality agreement within the process.”
Finally, some light at the end of the tunnel for the stricken club. They had a terrible time last season, relegation being the very least of their worries. it seemed for a short while there might not even be a Bolton Wanderers to support this season.
The bid has now been identified and the successful party notified and whilst there is a long way to go, it does seem that the future is looking better for Trotters fans.
It’s no less than they deserve, it’s always the supporters who lose out when a club endures financial meltdown, as they have in recent seasons.