Bolton Confirm They Remain in Takeover Talks in Attempt to Avoid Liquidation

Bolton Wanderers have confirmed that they remain in negotiations with a potential buyer, as they fight to avoid liquidation. The club confirmed on Monday that

Bolton Wanderers have confirmed that they remain in negotiations with a potential buyer, as they fight to avoid liquidation.

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, which would ultimately force the club to cease trading.

📰 Statement on behalf of Paul Appleton, Joint Administrator for Bolton Wanderers.

👉🏻 https://t.co/8YNmXcGjWm#BWFC 🐘🏰

— Bolton Wanderers (@OfficialBWFC) August 27, 2019

Fortunately, they have now taken to their official website to post a statement from joint administrator Paul Appleton, in which he claims to still be working on a solution before the deadline on Tuesday.

Appleton said: "Following my statement of yesterday morning, I am glad to report there is continuing dialogue between the parties whose positions will ultimately decide the fate of the club. 

"Myself and my team will continue to do everything possible to facilitate a deal and we will work tirelessly to get this finalised for the club, fans, staff and wider community. 

"The future of Bolton Wanderers is still in doubt but I have to believe there can be a positive outcome before today’s 5pm deadline set by the EFL."

Appleton had confirmed in an earlier statement that Football Ventures have 'satisfied the criteria' of the sale process, and they have also passed the EFL's Owners and Directors Test to prove their funding is legitimate.

Bolton are fighting to preserve the storied history of the club which dates back to 1874, but their recent financial difficulties have left the club in a dire situation which also forced manager Phil Parkinson to resign.

Gareth Copley/GettyImages

Ever since December 2015, Bolton have been dealing with financial problems. After years of doing all they could to avoid the worst possible outcome, the club were forced to enter administration earlier this summer, and they must now finalise a takeover deal in the coming hours if they are to continue trading.