Football Ventures have saved Bolton Wanderers from liquidation and expulsion from the English Football League following a last-minute nine million pounds (11 million US dollars) takeover.
The club had been in administration following mounting debts accrued by former owner Ken Anderson.
Administrator Paul Appleton described the situation at Bolton as “one of the most complicated administrations I’ve been involved with.”
He went on to add, “I’m delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures.”
“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.”
Following the successful takeover by Football Ventures, the EFL announced that the club is no longer in administration. However, the club still has a very small squad comprised mainly of youth team players, after many of last season’s senior players left during the summer after their wages went unpaid.
Bolton started the season on minus 12 points and were given a 14-day deadline on Tuesday to complete the sale or risk being expelled from the league.
News of Bolton’s takeover comes one day fellow League One side Bury FC were expelled from the league, with that club now facing likely liquidation.