OFFICIAL CLUB SOLD TO FV!!!!!

10 mins ago...

NIXON EXCLUSIVE: FOOTBALL VENTURES are close to sealing a deal to save Bolton Wanderers — thanks to superfan Mike James.

The protracted bid for the club and hotel is on the verge of going ahead, with insiders revealing James will become the leading backer of the FV offer.

Local property developer James, a secured creditor, will have his company’s debt of £5.5million returned from the sale of the club hotel.

And James is set to take out a £3.75m stake in FV — despite having preferred to stay a background figure in his years helping the club.

Football Ventures intend to take the hotel based on staged payments.
While a rival offer by a Manchester-based property tycoon is also on the table.

This group, who have former Preston player Brian O’Neil in charge of the football side of the bid, have yet to show proof of funds to the club administrators.

There is great distrust between O’Neil’s group and administrator Paul Appleton — who has been pushing the FV proposal despite its problems with finance and adding a PFA loan to fund the purchase.

Previous moves were blocked as FV were the preferred bidders — although talks resumed at the weekend — as yet without agreement.

Appleton threatened to start the liquidation process on Wednesday, yet that was badly received by some of the club’s creditors and he has since adjusted his stance.

Once bitten, twice shy (or should that be 10x bitten, twenty times shy)... But confident talk from [You must be registered and logged in to see this link.] that a deal for Football Ventures is most likely outcome.
Will that be tonight? Not sure.

— Marc Iles (@MarcIles) [You must be registered and logged in to see this link.]

Things must be bad if Magoo has shown his face again, welcome back!

It’s all getting pretty much boring all this now. 

It’s just a piss take.

Won't be tonight? But the deadline was 5pm?

Oh that was just another lie? You're joking!!!

Another extension it is then.

Hate to say I told you so? Night all.

It won't be an extension if the administrators start the liquidation process tomorrow though will it?

Same situation as Bury were in then

The EFL Board has therefore taken the decision to lift the suspension on the notice of withdrawal, which was issued as per the EFL’s insolvency policy when the Club entered administration in May 2019.
As per the League’s Articles of Association, this will now give the Club 14 days (11.59pm on 12 September, 2019) to meet all outstanding requirements of the League’s insolvency policy or its membership in the EFL will be withdrawn.
In respect of the situation at Bolton Wanderers, the administrators now have this period of time to successfully conclude a change of control with a preferred purchaser, or provide sufficient evidence that they are in a position to fund the Club for the remainder of the 2019/20 campaign.
EFL Executive Chair, Debbie Jevans CBE, said: “Despite repeated assurances, we are extremely disappointed that we are still not in a position to reach a successful resolution with the sale of Bolton Wanderers and have therefore taken the decision to lift the suspension on the notice of withdrawal. I again urge all parties to finalise the proposed takeover.
“The reality of this action is that there are now 14 days to secure the Club’s long-term future, and I sincerely hope we can find a way through these challenging circumstances for the benefit of all those who have an association with the Club.”

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Not sure we are Norpig.

There's two issues to address, the first if getting some money to keep the club going and the second is sort a sale out in two weeks.

The EFL seems to have given us the two weeks but we still haven't the money to last until then - in fact the Administrator said he was going to start liquidation tomorrow!

So unless someone's put some money into the pot (and at the moment it isn't clear to me that they have or not?) its the end of the club tomorrow.

Tbh I'm not sure what the EFL has said?

Basically when a club goes into Administration a clock is started giving them 14 days to get something going to get out of it.  Once action is being taken they stop the clock - has has been the case with us from day one.

If they think nothing much is happening they can start the countdown again and that is what they said they would do tonight if things hadn't moved on.

So if they think they have and suspended the notice and give us to the 12th Sept, then I read that of stopping the clock and if they are unhappy starting it again on the 12th (giving us the 14 days notice) - however I read their statement as saying we are going to be kicked out on the 12th - in which case the Notice hasn't been suspended at all???

All a moot point I guess as we might be liquidated tomorrow anyway and even if someone has put money in the pot this mess really needs to be sorted by the 12th.

They’re going to work through the night if necessary! Hopefully Bury being kicked out will stop any brinkmanship being played whoever it is holding the deal up.  I think we all know who this more likely is

I do not expect [You must be registered and logged in to see this link.]'s administrators to commence liquidation proceedings tomorrow morning, based chiefly on the fact they feel the deal is extremely close to being concluded. It would make no sense at all.

— Marc Iles (@MarcIles) [You must be registered and logged in to see this link.]

Hipster_Nebula wrote:Another extension it is then.

Hate to say I told you so? Night all.

You were right!

I doff my hat to you.

Well done!

It's NOT an extension people. Bury were given the same fourteen days just under three weeks ago. That got an extension to today because the deal was allegedly complete. When it collapsed and the clock ran out the EFL dropped the axe just as they said they would.

This is no cause for celebration especially given the fact the administrators have said they'll begin the liquidation process this week if no deal is reached.

Iles may not expect that to happen but I don't honestly see any other outcome unless something massive happens tonight or tomorrow.

Bury are gone. Unless there's something bordering on a miracle we're next.

I have been told there is no immediate action being taken. That should tell you something about how close they feel the deal is now.

— Marc Iles (@MarcIles) [You must be registered and logged in to see this link.]

Statement on Behalf of David Rubin & Partners, Administrators For Bolton Wanderers

We note the statement from the EFL lifting the notice of withdrawal of suspension and giving 14 days to find a solution and complete a deal for the sale of the club.

All parties have been in continuous dialogue throughout the day and are working closely together this evening in order to bring a deal to completion. We will continue to work through the night if necessary.

There will be a further update as soon as possible.

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The admin statements are more condescending and smug than Ken's ever were. 

There is no "work" you've either agreed it or you haven't you nob.

Sluffy wrote:

I have been told there is no immediate action being taken. That should tell you something about how close they feel the deal is now.

— Marc Iles (@MarcIles) [You must be registered and logged in to see this link.]

During the biggest hours in the club's history Iles managed to retweet a couple of tweets about bury. 

There comes a time when you have to ask about the value of a local reporter. 

I don't think the athletic are going to come knocking do you.

Don’t know if already mentioned but Anderson is reportedly holding out for a legal indemnity for his time as owner. Essentially meaning if he gets sued for anything during his time at the club we reimburse him for it.

Slime.