PA Sport

Prospective Bolton buyers must show £25million proof of funds

Prospective Bolton buyers must show £25million proof of funds
By PA Sport

23/05/2019 at 06:46Updated 23/05/2019 at 08:56

The Championship outfit have been placed into administration.

Anyone wishing to buy Bolton will need to prove they have at least £25million to take control of the club.

Wanderers have been placed into administration after a takeover by former Watford chairman Laurence Bassini collapsed earlier this month.

The stipulation was made by administrators David Rubin and Partners, who have set the parameters for a potential sale.

Interested parties will also have to pay a non-refundable deposit of £25,000 and sign a non-disclosure agreement.

Joint administrator Paul Appleton said in a statement issued via the club’s website: “There has been substantial interest from the moment of our appointment on May 13. Over 30 parties have approached us and we will now begin the process of selecting those best positioned to make a serious offer for the club.

“Speed is of the essence in this process and we are advising all those with a serious interest to provide information concurrently to the EFL in respect of their owners’ and directors’ test in order to satisfy those demands.

“Hilco (Global, agents of the administration) have an outstanding reputation in this market and I am confident that we will soon have whittled down the list of potential buyers in order to find the best purchaser for the club and restore the standing of Bolton Wanderers.”

Bolton were relegated from the Championship and will start next season in League One with a 12-point deduction as a consequence of going into administration.

Players have not been paid since February, leading to them receiving support from the Professional Footballers’ Association, while non-football staff are yet to receive their April salaries. A food bank has been set up at the club to help those affected.

A winding-up petition against the club was suspended on Wednesday. The club owe more than £1million to HM Revenue and Customs.