Bolton must be placed into administration, says owner Ken Anderson
Laurence Bassini still has not given up hope of completing Bolton takeover
Last Updated: 08/05/19 4:35pm
Bolton chairman Ken Anderson has announced he will be forced to place the club in administration at a High Court winding-up hearing.
The club's winding-up petition has been adjourned for a fortnight, a High Court hearing ruled on Wednesday.
Wanderers had hoped to complete a takeover deal with Laurence Bassini, but the former Watford owner has failed to provide proof of funding.
"Mr Bassini, regrettably his continued time wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike and now leave the Eddie Davies Trust and I with little or no choice other than for one of us to place the businesses into administration, as any likelihood of finding any resolution (in) the High Court hearing (is) not possible," Anderson said in a statement on the club's official website.
"This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses. But I have been left with no alternative, as this course of action will preserve the football club and all of its proud history."
Bolton have been given more time to sort out their financial affairs by a judge in a specialist court.
Judge Clive Jones adjourned an application to wind up the club at an Insolvency and Companies Court hearing in London on Wednesday.
The judge has heard that Bolton owe the taxman more than £1m and said the case would be reconsidered on May 22.
Bassini, meanwhile, has not given up hope of completing a takeover of Bolton, insisting he is continuing to put things in place to ensure a deal goes through
"Thanks to the judge we still have the time to put the final pieces of the jigsaw together," he said.
"I am working hard to do that and it will mean the club can be saved from administration."