Since Wanderers‘ administrators announced they had chosen a preferred bidder to buy the club on June 13, fans have had to wait very patiently for any sort of takeover update.
For the past 15 days, we been reassured that the deal is being worked on behind the scenes, it’s just taking a long time to complete.
Due to the long period of time, several fans began to worry that the takeover had collapsed. That was until Bolton’s administrators released a statement last night that confirmed what we all really thought.
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Statement from administrators
It was after 8pm last night by the time the statement from administrators was sent out to patiently-waiting Bolton fans and the media.
However, the statement sent out by Paul Appleton of Rubin and Partners offered up little we didn’t already know.
The statement sent out by Appleton reads: “I wanted to give all the fans an update on the sale process and exactly where we stand this evening.
“I hope that we are now very close to agreeing and signing the Heads of Terms, which will lead to a Sale and Purchase Agreement being entered into and subsequent completion of the deal.
“However, while all parties are working around the clock, there are still some details to finalise. To give fans some idea of the timescale, the sale process of a football club would generally take anywhere between four to five month. We are looking at a timeframe of six to seven weeks because of the urgency of the situation the club finds itself in.
“All going well, these details will be finalised before the end of the week with a completion date of early next week for the sale to be completed.
“I fully understand the frustration of fans – and I share in that frustration – but all parties are working tirelessly to get the deal done and I hope to provide a further update very soon.”
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Where Wanderers stand after takeover update
As predicted, we’re going to have to wait a little longer for the takeover deal itself to be completed.
The takeover update from Wanderers’ administrators does sound promising as they revealed their hopes of signing a Head of Terms by the end of this week before getting the deal fully completed early next week.
Of course, this leaves Bolton’s fans in the exact same position they have occupied for the last fortnight, waiting patiently for news of the impending takeover.
The update from Paul Appleton is definitely a welcome one, especially to calm the nerves of anxious fans who just want the best for their club.
We just have to hope now that there no more speedbumps in the road until Wanderers officially have themselves a new owner.