Former Watford owner saves Bolton Wanderers from administration

Whilst relegation from the Championship is all but guaranteed, Bolton Wanderers has secured safety from administration after Laurence Bassini stepped in to buy the club at the 11th hour.

Bolton, who could be relegated to the third tier on Friday, have had to endure a period of financial turbulence, having been saved from administration in September by former owner Eddie Davies.

The takeover, which remains subject to EFL approval, will also see the former Watford FC owner, Bassini take ownership of the hotel at the University of Bolton Stadium. The former Premier League side has also had to appear in court twice, because of an unpaid tax bill.

Furthermore, with the players yet to be paid for the March, the club emphasised in a statement that ‘significant funds’ would be made available to pay players’ wages.

Despite twice being twice declared bankrupt and having a previous three-year banning order from English football for financial misconduct, Bolton’s touted new Owner has been given the support of Shaun Harvey, the EFL chief executive, who stated his belief that there was “no reason” why he would not pass their owner and directors’ test.

Speaking to BBC Radio Manchester, Bassini stated: “We worked very, very hard to get the deal done. It was very close, to going to administration this morning. At the 11th hour, we did it, going through the night.

“Now we have to look to restructure and move the club back up to where it belongs.”

Potential new owner, Bassini has also underlined that current owner Anderson will have nothing to do with the club under his ownership.

Issuing a statement, Anderson said: “I am very pleased to hand over ownership of this great club to Laurence, I wish him and all of our supporters the very best for the future.”