BREAKING NEWS

BREAKING NEWS

Bolton facing administration after debt talks fail, says owner

Now Reading:

Bolton facing administration after debt talks fail, says owner

Bolton facing administration after debt talks fail, says owner
@ Copyright :
ED SYKES(Reuters)
Text size Aa Aa

(Reuters) - Bolton Wanderers could face administration on Tuesday after the English Championship club's owner Ken Anderson said his offer to repay a loan to a finance company had been turned down.

Anderson said on the club's website on Monday that creditors BluMarble Capital Ltd had rejected his offer to pay back a four million pounds ($5.21 million) loan plus interest.

The Lancashire club, who narrowly avoided relegation from the second-tier last season, could be deducted 12 points if they go into administration and be handed a two-year transfer ban.

Bolton have made a good start to the season and are eighth in the standings with 11 points from their opening six games.

"I feel sure that they (BluMarble) will live to regret their actions..." Anderson said in a 'note from the chairman'.

"(BluMarble) will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.

"In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer."

($1 = 0.7677 pounds)

(Writing by Ken Ferris; Editing by Ian Ransom)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.