A winding up petition has been issued against Bolton Wanderers over an unpaid £5m loan. The loan, from a finance company, was used to fund the takeover of the club. The case will be heard on May 22nd.
A winding up petition has been issued against Bolton Wanderers over an unpaid £5m loan. The loan, from a finance company, was used to fund the takeover of the club. The case will be heard on May 22nd.
It is understood that BluMarble lent Sports Shield – fronted by former Wanderers striker Dean Holdsworth – the money to complete a takeover with chairman Ken Anderson’s Inner Circle Investments last year.
But last month, Mr Anderson bought ex-Whites striker Holdsworth’s shares. In doing so, Mr Anderson become the majority owner of the club.
Promotion to the Championship will boost the club’s income by about £6m and help attract the investment Anderson is thought to be keen on. The club are believed to be still in debt to the tune of £25m, with £15m due to Eddie Davies as part of the terms of the takeover.
Davies wrote off £170m of £200m in debts when he sold up, but the club were still losing £800,000 a month at that stage.