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BOLTON have avoided administration after agreeing a deal to pay off their main creditor, chair Ken Anderson announced today.
Anderson had warned the Championship club faced administration after an initial offer to repay BluMarble Capital Ltd was rejected.
However, a revised offer was agreed at the 11th hour and Anderson confirmed Bolton had avoided administration and would not be subject to any points deduction.
He said: “I am pleased to confirm that the loan from Blu Marble Capital Ltd has been repaid.
“I am also pleased to be able to confirm that the loans to both PBP [Michael James] and Brett Warburton have been extended on better terms for the club and I am extremely grateful for the continued support, help and assistance of Michael and Brett.
“I was also able to reschedule and reduce a number of other club liabilities which in all have reduced future costs and liabilities by circa £1.5 million and will be of great assistance to the club going forward.
“As previously stated, I believe the club now has one of the lowest debt positions in the Championship. I am also pleased to confirm that the club did not go into administration and there are no points deductions or embargo implications.
“I fully appreciate and understand that the last couple of days have caused some consternation for you all and I would like to apologise for that, but the whole process has been very complex and far from easy.
“We can all now put this behind us and move onwards and get fully behind the team as they look to continue their excellent start to the campaign when they return to the University of Bolton Stadium on Saturday for the game against QPR.
“I would like to thank you all for your patience and we can all look forward to a season of progress both on and off the pitch.”
No English Football League club has had to go into administration since Aldershot in 2013.
Bolton, who only narrowly escaped relegation last season, have begun this campaign well with just one defeat in their first six Championship matches, leaving them eighth in the table.
