Struggling Football Club facing action over Debts

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Less than a week after debt Ridden Northampton Town narrowly avoided going bust, Lancashire based Championship Football Club Bolton Wanderers are expecting some bad news over the next coming day with an expected winding up petition from the Inland Revenue over an unpaid tax bill of around £600,000

Bolton, a former Premiership club are currently sat bottom of the championship reportedly have debts of around £172m

Senior Football players were not paid during the month of November and it is estimated that running costs of 15m are needed just to get them to the end of the season.The Championship’s bottom club did not pay senior players in November and need £15m to get to the end of the season.

Ongoing take over talks with 4 parties increased in urgency but unless a deal is brokered very quickly, the threat of administration is very real and this will bring about a 12 point deduction and most probably a guarantee of being relegated to League 1.

A interested consortium is said to involve former Bolton & Wimbledon striker player Dean Holdworth who still resides in the area.  His party is thought to be the preferred bidder, although the deal on offer is said to be very complex and is speculated to include a high level of borrowing.

Official Club chairman Phil Gartside understood to be gravely ill which has slowed proceedings somewhat however it is said that Gartside’s family have requested privacy for obvious reasons.

As recent as 2012 Bolton were relegated from the Premiership and in 2008 reached the last 16 of the UEFA Cup. High players wages and contracts are believed to be the major contributor to their financial collapse with some players on huge contracts.

 

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