Bolton Wanderers have released a statement confirming the sale of the club to former Watford chairman Laurence Bassini, subject to approval by the English Football League (EFL).
Bolton Wanderers Confirm Laurence Bassini Takeover
Bassini was found guilty of misconduct and dishonesty over financial dealings during his time at Watford. As such, he was banned from holding any position of authority within a football club for three years in 2013.
The agreement of this deal sees him buy out current chairman Ken Anderson’s 94.5% stake in the club’s parent company, Burnden Leisure Ltd.
The statement on Bolton’s website said: “We are sure supporters will be very pleased to understand that as part of the transaction, all of the existing loans to the club will be settled in full and the associated charges removed, meaning the business will be debt free for the first time in many years.
“Prior to the ratification by the EFL, significant funds will be immediately be made available to the club enabling the payment of the outstanding wages to the players and coaching staff along with a number of the long term creditors.”
Outgoing chairman Anderson said he wished Bassini and “all of our supporters the very best for the future.”
On the Pitch
It looks as though any injection of money from the new owner is going to support Wanderers in League One, as they could be relegated from the Championship this Friday when they host Aston Villa at the University of Bolton Stadium.
A win for Rotherham United away at Swansea City and a loss for Wanderers against the Villains would see them return to the third tier having won promotion from League One as runners up in the 2016/17 season.
Off the Pitch
Full-time playing and non-playing staff at the club have still not been paid their March wages and it is the second month in a row that wages have been paid late, with playing staff having applied to the Professional Footballers’ Association for help.
Bolton say that prior to ratification from the EFL, “significant funds” will be immediately mad to enable the club to pay the outstanding wages of those staff along with a number of long-term creditors.
The club have twice appeared at the High Court this season over an unpaid tax bill, and in their last appearance, they were handed an adjournment until May 8th. They also said that “once completion has occurred, all the long-term debts to HMRC and suppliers will be settled.”
By Mark Hammond from London, England – Reebok Stadium, CC BY 2.0, Link