League Championship club Bolton Wanderers agreed to a £7.5M ($10.6M) takeover by the Sport Shield consortium, headed by former striker Dean Holdsworth, according to the BBC. It follows the High Court's decision to grant Wanderers until March 7 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." Bolton board adviser Trevor Birch 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 ($17.7M) over the next five years (BBC, 2/22). SKY SPORTS reported Bolton owes an outstanding debt of around £3M ($4.2M) to U.K. tax authority HMRC, which is "currently gaining interest" of £175,000 ($247,600) a week. The club still faces "the prospect of entering administration should this debt be unpaid at the end of the two-week deadline." Holdsworth, who made 158 appearances for the Trotters, is expected to become the club's new chair. He said, "There's been a hell of a lot of work gone in behind the scenes. We're still subject to Football League ratification. That's the key point to this -- today was a poignant moment for the club because no one wants to see a club like Bolton go into administration." Holdsworth is "hoping that news of the adjournment will help Bolton in the fight against relegation." He added, "It's definitely do-able, it's not mathematically impossible" (SKY SPORTS, 2/22). In Bolton, Marc Iles wrote it "ends a long chase for the 47-year-old whose bid has been by far the most durable in a saga that has stretched on for several months." Holdsworth: "It is a great day and I’m absolutely honored to be a part of this club again. More importantly it lets the people who have been at this club through thick and thin look forward to the future." Former Wanderers captain Kevin Davies said, "It seems like it is the end of a long saga. I think we have to look forward and see what this group has to offer now. I think the new owners have a big job of convincing the fans and getting the trust back from everybody" (THE BOLTON NEWS, 2/22).
