Bolton Wanderers have been given a two week adjournment to settle their debts or risk going into administration.
We reported earlier this week that Bolton were at risk of going into Administration. It is the latest in a long line of court cases and winding up petitions.
Ken Anderson (the owner of the club) has apparently agreed terms with a new buyer. This is despite the deal with a Cheshire based consortium falling apart recently.
HMRC has been getting tough over Football clubs unpaid tax bills, and has taken Bolton Wanderers to court 6 times in just over a year over its tax affairs.
If Bolton cannot complete on the deal and clear their debts, they will be placed into administration on the 3rd of April. The automatic 12 point deduction would go into next season.
A club hasn’t been in administration in the EFL since Aldershot and Coventry back in 2013. A 12 point deduction makes it incredibly difficult for the club to attract the players and coaches they will need in League One.
Starting the season on negative 12 points, and would make Bolton Wanderers favourite for relegation before a ball is kicked.
Money in the EFL isn’t like the Premier League, each club receives the same ‘basic award’ plus a ‘solidarity payment’ from the Premier League. With a Championship Wage bill and the club now being taken to court by Forest Green over the fiasco over Christian Doidge, relegation from League One would push the club to breaking point.
Basic award across the EFL:
Championship – £2.084m.
League 1 – £677,000.
League 2 – £472,000.
Premier League Solidarity payment across the EFL:
Championship – £4.3m
League 1 – £645,000.
League 2 – £430,000.