Bolton have been granted a further stay of execution by the High Court, while controversial former Watford chairman Laurence Bassini has been confirmed as the club’s prospective buyer.
The Championship outfit were back in court on Wednesday facing a winding-up petition over an unpaid tax bill but the case has been adjourned until May 8 to allow the proposed sale of the club to proceed.
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Bolton have been given extra time to pay their debts
This is the sixth time in the last 18 months that Bolton have faced a winding-up order, which could result in administration or liquidation. The latest one was issued in February by HMRC over debts of £1.2million.
Current owner Ken Anderson had refused to name the prospective buyer, but on Wednesday it was revealed to be Bassini.
The club’s barrister Hilary Stonefrost told the court: “The prospective purchaser is here.”
She added that Bassini, whose controversial tenure at Vicarage Road lasted only 13 months, “has proof of funds”.
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Bolton chairman Ken Anderson is eager to sell the club
Mr Bassini appeared moments before Bolton’s predicament was due to be heard and disappeared immediately afterwards, only confirming his identity and intentions to talkSPORT as he got into a white Rolls-Royce.
A representative of Bolton Wanderers told the court seven days was needed for the deal to go through.
It means Bolton’s upcoming home matches against Ipswich and Middlesborough are still under threat.
Yesterday the EFL declared fans would be unable to attend the University of Bolton stadium as the club could not meet safety requirements.
Bolton’s representative told the judge he would be “aware of the effects of liquidation on a football club” and explained that in such an event its EFL membership would be lost and it would hold no attraction to a buyer.
Bassini was banned from holding a position of authority at an English Football League club for three years in 2013 for alleged financial misconduct.
He told the Telegraph he had been unfairly treated, saying: “Very shortly, I’m going to be naming and shaming and producing – that has taken me six years – the evidence to show how dishonest people were and how I was made to be a scapegoat.”
Bolton have already faced winding-up petitions over unpaid tax and VAT in the last 18 months.
They won a similar stay of execution in the High Court three years ago to allow previous owner Sports Shield BWFC to complete a last-minute takeover.
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Current owner Anderson bought a stake in the club during that buyout and took majority control in 2017 after Sports Shield went into liquidation.
The club̢۪s players went on strike this week for the second time in a year after staff were not paid in March.
It is the second month in a row that Bolton employees have not been paid on time.
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