Monday 7 March 2016 17:52, UK
Bolton Wanderers' bid to avoid administration in the High Court has been adjourned until March 21.
The Sky Bet Championship club were in the High Court on Monday over an unpaid tax bill of £2.2m, they failure of which to settle could lead to the club placed into administration and deducted 12 points.
Solicitors representing Bolton outlined the current situation involving a buy-out of the club led by former striker Dean Holdsworth and Registrar Clive Jones refused to grand a winding-up petition from HMRC at this stage.
Bolton owner Eddie Davies said: "We're very grateful to the High Court for giving us an extra 14 days to complete the deal and we're hopeful of completing it this week. It'll definitely be this week.
"When that goes through, Sports Shield (Holdsworth's consortium) will be the new owners of the club. We said we would survive and we will survive; the club and the consortium have worked very hard to get this one over the line.
"We've had a lot of criticism in the local press but we've worked very hard to do this and it'll be done this week. We'll have the funds to see it through the end of the season."
Holdsworth's bid to save Bolton Wanderers from administration remains in the balance, with the Football League yet to ratify the sale of the club.
In February, Bolton owner Eddie Davies agreed to sell the club for £7.5m to Holdsworth's Sport Shield Group Consortium.
However, Sky sources understand the Football League is unhappy with the promise of future payments from the prospective owners to Davies, which are subject to Bolton's TV and sponsorship revenue over the next five years.
Bolton could be placed into administration - a penalty which would incur a 12-point deduction - if they are unable to agree an extension with HMRC or pay the bill outright.
A winding-up petition against the club was refused in February after Bolton's lawyers successfully made the case that the club was making an effort to sell shares and raise money.
