The only way is up for Bolton Wanderers as it was confirmed this afternoon that the club and its parent company have officially been placed into administration.
A statement was released on the club’s website to announce Wanderers’ fate. Paul Appleton and Asher Miller of London-based David Rubin & Partners have today been appointed as joint administrators to the club and will oversee financial matters for the foreseeable future.
The statement also confirms that Fildraw, working on behalf of the late Eddie Davies’s family were the ones to place the club into administration and not outgoing owner and chairman Ken Anderson.
Speaking to the club’s website, administrator Paul Appleton said:
Paul Appleton said: “This has obviously been a long-running situation and it is vitally important that we quickly establish the position of both the football club and the holding company.
“It has got to the stage where the Trust could not sit back and allow the club to go into liquidation. Decisive action had to be taken and the Trust believes the decision is in the best interests of Bolton Wanderers.
“Everybody at the club as well as the supporters need a sense of clarity and that is what I will be seeking to provide as quickly as possible.”
The news means that Wanderers are likely to face a 12-point deduction from next season’s League One points tally.
However, this does open the door for any potential suitors to make bids for the club, including the rumoured Chinese group of investors who are already the fans’ favourites to take over.
At the very least, the future of the club has been assured with liquidation avoided.