pennews
www.pennews.net
Bolton Wanderers on the brink of liquidation
Sports

Bolton Wanderers on the brink of liquidation

Agency News

London, Aug 26: English League One side Bolton Wanderers' future as a football club is under threat as their latest takeover deal collapsed.

The historic club, based in Greater Manchester in the north-west of England, were relegated from the Championship, England's second tier, last season.

The side has until 1700 hrs BST on Tuesday to finalize a takeover deal or offer the English Football League (EFL) a reason for an extension to the deadline, or risk expulsion from the EFL and liquidation.

The club, which was founded 145 years ago, has found life tough since their relegation from the Premier League in 2012 and entered administration for the first time in 2015. One of the founders of the EFL, the club currently sits at the relegation zone in League One, a far cry from the European football they experienced just over a decade ago.

The four-time FA Cup winners have been told by administrators that the process of closing down the club and liquidation could begin on Wednesday if Wanderers are handed a 14-day notice for their expulsion from the league football.

Current owner Ken Anderson has been widely criticized for his financial mismanagement and incompetence by the clubs fans and players as well as the local media. This latest, perhaps final, setback has arisen due to Anderson and the Eddie Davies Trust - the consortium trying to save the club - could not agree a compromise of the seven million pounds owed by the club creditors. (UNI-Xinhua)