Football Ventures Bails Out Bolton With Last-Minute Takeover
A day after the English Football League "pulled the plug on Bury’s current membership," League One side Bolton was "able to announce a last-minute reprieve," with club administrators confirming a sale to Football Ventures. The club was "on the verge of liquidation after four months of unpaid bills." Administrator Paul Appleton said in a statement, "This has been one of the most complicated administrations I have been involved with, but I am delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures." As late as Monday, Appleton had revealed there was "no money left to fund the club after a takeover bid by the FV consortium had stalled" (PA, 8/28).
EFL Exec Chair Debbie Jevans said in a statement, "Following the completion of the sale, the Club is no longer in administration and the notice of withdrawal issued as per the EFL's insolvency policy has been cancelled." Bolton was in the EPL "just seven years ago." The club has "been in administration since May" (ESPN.com, 8/28).