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Bolton agree £7.5m takeover deal
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Bolton agree £7.5m takeover deal

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Nat Lofthouse statue at the Macron Stadium

Championship club Bolton Wanderers have agreed a £7.5m takeover by the Sport Shield consortium, headed by former striker Dean Holdsworth.

It follows the High Court’s decision to grant Wanderers until 7 March to settle an unpaid tax and VAT bill.

Paperwork was signed on the takeover agreement, which is subject to Football League ratification, minutes before Monday’s winding-up hearing in London.

The court heard in January that Bolton owed £2.2m to HM Revenue & Customs.

Trevor Birch, advisor to the Bolton board, said in a statement: “While this continues to be a challenging time for everyone associated with the club, we are confident that this adjournment will give us the necessary time to conclude a transfer of ownership of the club, subject to approval from the Football League.”

Although the initial takeover fee is £7.5m, the consortium is expected to pay a further £12.5m over the next five years, with Holdsworth becoming chairman.

Dean Holdsworth<!–

Wanderers had sold off their training ground and stadium car park to raise funds following the initial adjournment, which gave them time to sell the club or assets.

The club are £172.9m in debt, and also under a transfer embargo for breaking Financial Fair Play regulations.

Bolton are currently second-from-bottom of the Championship, six points from safety, following Saturday’s 1-1 home draw with Queens Park Rangers.

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