Dean Holdsworth’s Sports Shield deal could save Bolton Wanderers today

[ian1964 10,761]

BOLTON Wanderers are aiming to avoid a winding-up order at the High Court today by naming Dean Holdsworth’s Sports Shield as the group set to take control of the club.

 

Last night the finishing touches were being put to legal work that will pave the way for the former footballer to take the reins at the Macron Stadium from Eddie Davies, subject to approval from the Football League in a £20 million deal.

 

That will provide the basis of the argument for Wanderers as they look to fend off a request from HMRC to liquidate them over an unpaid £3 million tax and VAT bill.

 

Bolton Wanderers granted reprieve in High Court as takeover steps closer

 

Wanderers will request a short-term adjournment to enable them to complete the takeover, but there are no plans at present to pay the debt before the hearing, despite cash being raised recently with the sale of the training ground, car park land and offices at the Macron.

 

The club were preparing to go into voluntary administration before this morning’s hearing if they felt the agreement with Sports Shield had not advanced sufficiently.

 

But though sources at the Macron were ruling out that possibility last night as contracts were exchanged and a share purchase agreement mooted, they did not rule out the possibility a shorter adjournment could be called to enable the club to file for administration.

 

The Bolton News has learned this morning that steps have been taken by the club's existing board in preparation for administration.

 

But Sports Shield remain confident a deal will be done. Mr Holdsworth and his recommended board must still pass the relevant checks from the league, as must his business plan to fund the Whites for the next 12 months.

 

Mr Davies demanded further proof from Mr Holdsworth that he can foot the bills for up to five years with his current business plan before he would wipe out about £185 million of loans accrued in his 13 years as owner.

 

The fee up front is around £7.5 million, which clears director and shareholder loans secured against club assets, plus outstanding wages.

 

The majority of the money that has been locked in by Sports Shield comes in the form of future funds – with lifelong supporter Mr Davies keen to ensure the club’s short-term future was secured.

 

The Isle of Man businessman has nevertheless found his legacy tarnished somewhat in the past few months as staff and players at the club went without pay and the lack of funds available to manager Neil Lennon became painfully evident on the pitch.

 

As financial details continue to emerge, the sheer scale of the money haemorrhaged by the club continues to provide shocking reading, which illustrates the size of the challenge now facing Mr Holdsworth and his group.

 

Losing £1 million a month, Wanderers currently spend £10 million a year on player wages and the same amount again on non-playing staff, services and so-called corporate costs.

 

The Bolton News has learned that Mr Davies will continue to gain an income even after his departure via fixed payments from TV and central Football League funding for every season Wanderers spend in the Championship or Premier League for the next five years.

 

Another term of the deal will guarantee the Isle of Man-based owner his place in the directors’ box and use of a suite, which is to be renamed after him, in the future.

 

http://www.theboltonnews.co.uk/news/bolton/14292704.Holdsworth___s_Sports_Shield_deal_could_save_Wanderers_today/

[Scott7 6,170]

Hope it comes right for the Trotters.

[pete 2,499]

They were taken over for 7.5 million and have until 7th March to pay the tax office 3 million'They still have 172 million in debt above that though.

Edited February 22, 2016 by pete