Okocha’s Former Club, Bolton, Escape Liquidation, EFL Relegation
Femi Solaja with Agency report
It was air of relief for fans of former Super Eagles’ Captain, Austin ‘Jay Jay’ Okocha’s former English Premiership club, Bolton Wanderers, as it has been confirmed they have struck a deal over the sale of the club to Football Ventures (Whites) Limited and in turn avoided going into liquidation and been removed from the English Football League.
The club confirmed on Monday that their initial takeover bid had collapsed and they had until 5pm on Tuesday to finalise a deal or their EFL status would be revoked.
However, an extended deadline was set to allow the club to find a solution, allowing them to continue trading.
THISDAY gathered from the club’s official site on Wednesday evening that the initial fears are now things of the past after the deal was announced. This has saved the club from dropping out of the Football League.
An excerpt reads: “This has been one of the most complicated administrations I’ve been involved with but I’m delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures,” said Joint Administrator, Paul Appleton.
“At times, some of the hurdles appeared insurmountable and the frustration felt has been immense, not least by the supporters who have had to endure too many weeks of uncertainty. “I would like to pay particular tribute to the Eddie Davies Trust and their legal team who, throughout this whole process, have been willing to do everything in their power to ensure Eddie’s incredible legacy was maintained and not sullied.
“It is a testament to their unflinching determination to do what was best for Bolton that we are able to complete the deal today. I would especially like to thank both my team and my lawyers who worked around the clock to find solutions to problems which certainly threatened to derail the whole process.
“I have every sympathy for the staff, players and fans who have been forced to stand by while their club was taken to the brink. I am delighted their loyalty, dedication and patience have finally been rewarded. Of course, there will be difficult times ahead while the club gets back on its feet but there are too many people with Bolton close to their hearts for it not to be successful once more.
“Now there can be a fresh start with owners who, I believe, will run the club for the good of the supporters and the community as a whole. “For everything the fans have had to endure, they deserve nothing less.”
Ever since late 2015, the now League One Bolton have been dealing with severe financial problems. Despite putting off administration with tireless work since then, the club were unfortunately forced to enter such status earlier this summer, with the new takeover deal meaning they will retain their league status and continue trading.
After years of doing all they could to avoid the worst possible outcome, the club were forced to enter administration earlier this summer.