Bolton administrators identify preferred bidder for League One club
By Rory O'Callaghan
Last Updated: 13/06/19 10:33am
Administrators for Bolton Wanderers have confirmed that a preferred bidder for the club has been identified and notified of their successful offer.
More than 30 parties expressed an interest in buying the club after a previous takeover bid by former Watford chairman Laurence Bassini collapsed last month.
Bolton owe more than £1m to HM Revenue & Customs, and will start next season in League One with a 12-point deduction as a consequence of going into administration.
Administrators received best and final offers for the club from five parties before the 4pm deadline on Wednesday.
They have confirmed a preferred bidder has been identified after submitting the highest bid for the club, and that the potential new owners have provided proof and source of funding for the bid.
The preferred bidders have obtained EFL approval after providing evidence of their ability to fund the club for a "minimum of two years", as well as their ability to "satisfy secured, football and unsecured creditors".
The bidder has also agreed to immediately invest £1m into Bolton to fund the "running of the club and the rebuilding of the playing squad" ahead of the 2019-20 season.
A statement released by joint administrator Paul Appleton 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.
"But I can assure all Bolton Wanderers fans that the preferred bidder has both the financial ability and the determination to turn around the fortunes of this great football club."