Bolton Wanderers could go into administration after owner Ken Anderson failed to reach an agreement for a loan repayment.
A loan repayment for the £4m loan Bolton borrowed from finance company BluMarble couldn’t be agreed and Anderson says the company rejected his last-minute offer.
Bolton could be deducted 12 points and placed on a two-year transfer embargo. Sky Sports reports.
“As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons, as their actions do not make commercial sense,” Anderson said in a statement.
“As l understand it, they are currently taking legal action against their own lawyers in respect of a negligence claim on the original transaction with Sportshield Ltd, and are expecting to receive substantial compensation from the lawyers’ PI insurance, and this may explain their actions.
“They 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.”