Mon, 18 Jan 2016 | ADMINISTRATION
Championship football club Bolton Wanderers are set to put forward their plan to escape administration at the High Court in London today (Monday, 18 January).
Two men from the club will put the business plan forward to demonstrate how the club intends to repay some £3 million in debts.
If the plan is accepted, the club will be able to sell some assets immediately to continue operating in the short term. However, if it is rejected, it looks like they will be forced to enter voluntary administration.
The club is understandably keen to avoid administration as aside from the business problems its distressed status would bring, it would also mean that they would be hit with an instant 12-point deduction by the Football League.
Speaking to The Bolton News, manager Neil Lennon said: “We will endeavour to do everything we can to start winning games. That's our job. We believe in ourselves as a backroom team and we will keep going.”
The main creditor to the club is HMRC, which is owed £2.2 million, while it is thought a mixture of creditors are owed the remaining £800,000.
The paper also reported that the club is expected to tell the court that it is close to concluding its hunt for a new owner. However, the official line at the moment is still that the situation is ongoing.
Founded in 2013 with the vision to transform the recruitment experience for both the candidate and the hiring team. They wanted to bring the modern tech experience that we all currently enjoy; from hailing a taxi on an app & viewing it on a map to or...
Bring to the market this leasehold specialist car sales and servicing facility located in Horncastle, Lincolnshire. The trade was established as a limited company in 2005.
LEASEHOLD
The company is an online vehicle purchasing platform, providing a fast, hassle-free car-selling service for the end user. A competitor to the likes of webuyanycar.com and Motorway, the company is a well-established online vehicle purchasing platform...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.