Bolton given 35 days to agree with HMRC after High Court hearing adjourned

Bolton have been given 35 days by the High Court to reach an agreement over their outstanding debt with HMRC.

The Championship club appeared in the High Court in London on Monday and the hearing was adjourned until February 22. 

The plan is to repay the creditors by selling an asset - namely the car park next to the stadium - to give the Inland Revenue a chunk of money before repaying the outstanding debt over the next three to four months.

At present, Bolton still owe approximately £2.2m to HMRC and £185m to their owner Eddie Davies. The plan is designed to give the club breathing space in order to move forward with a potential takeover; to inject cash into the business so that the sum needed to invest in the club is reduced.

The greatest fear over being wound up, however, was that HMRC would want to send a message to football that, after so many clubs have fallen foul of bad financial management, they cannot continue in this way. But they have instead decided to grant Bolton time.

Bolton's debt and subsequent winding up order has arisen because they didn't pay their PAYE for a month, nor VAT for a quarter. They are hopeful that, because they haven't missed a previous payment for 20 years, their good previous record will work in their favour.

There are four parties interested in a takeover but talks are described as "tentative" at this stage, and none are seen as being a better option than any other. Ultimately, Bolton owner Eddie Davies will decide who to sell to, and a supporters-trust-style takeover could be an option further down the line.

Everything at the club remains up for sale including players, the car park, and the training ground at Euxton, which has been the subject of negotiations with two other clubs involved.

It is understood Bolton will be able to remain at Euxton for the rest of the season but they also have other training facilities at Lostock, close to the stadium. Bolton are understood to be 'very confident' the sale of the car park will go through sooner rather than later.

The club recently admitted players will be sold during the transfer window to bring in revenue, and it one of the reasons they were granted an adjournment until Mr Registrar Briggs further than February 1, which was petitioned for by HMRC.

Midfielder Mark Davies is understood to be close to a move to Sheffield Wednesday, but a deal to take Zach Clough to Bristol City has fallen through.

Regardless, the figure of £15m that Bolton needed to get them through to the end of the season has already been greatly reduced.