Bolton given more time by High Court to finalise deal with new owner

3 April 2019

Bolton
Photo: Getty Images The judge at High Court gave Bolton Wanderers another month to reach an agreement with a new owner.

The potential new owner, former major shareholder at Watford, Laurence Bassini, was present today at the High Court in London

Bolton Wanderers’ barrister told press after court meeting that Bassini’s presence proved he was serious.

Kasper Kronenberg kk@offthepitch.com

Championship club Bolton Wanderers were once again given more time to find a buyer for the club, allowing The Trotters to escape a potential winding-up due to an unpaid tax bill of £1.2 million.

Bolton were granted an adjournment until 8 May after Hilary Stonefrost, the club’s barrister, told the court that another seven days were needed to complete the sale of shares of the club.

Although his name was not mentioned during the brief hearing, it was understood to be former Watford owner Laurence Bassini, and outside court Stonefrost said, according to The Bolton News:

"He would not be here if he was not serious."

Sky Sports reported that Bassini declined to comment before he was driven away from the court in a white Rolls-Royce.

Sale agreement had been reached

According to The Bolton News, Judge Mark Mullen, a senior insolvency judge, told all sides to return to court on 8 May after being convinced by Stonefrost that an agreement between the current owner, Ken Anderson, and the new owner could happen if more time was given.

The barrister said that since the last hearing, sale agreement terms had been reached in respect of the shares. However, she said further time was needed for due diligence and the "gathering together of some funds to recapitalise the company and enable it to pay the money owed to HMRC and other creditors.

"At least seven days is needed to finalise the last bits to this deal," she added.

Just two weeks ago the same court was told that a buyer was in place and the winding-up petition was therefore adjourned until today.