Bolton Wanderers, one of England’s oldest football clubs, received a reprieve in their fight for survival at a High Court hearing on Monday.
The Championship (second tier) club announced that they have been given a 14-day adjournment to conclude a takeover deal with the Sports Shield Consortium run by their former player, Dean Holdsworth.
Bolton, one of the Football League’s founders who have fallen on hard times and lie second-bottom of the Championship table, owe HM Revenue and Customs 2.2 million pounds, leading to tax officials asking for a winding-up order on Monday.
But lawyers representing Bolton told the Court that efforts were being made to raise money and another hearing will now take place next month.
The planned deal with the consortium, reported by British media to be worth 7.5 million pounds, could resurrect the ailing club. On Friday, it was announced the club’s training ground had been sold to Wigan Athletic.
“Whilst this continues to be a challenging time for everyone associated with the club, we are confident that this adjournment will give us the necessary time to conclude a transfer of ownership of the club, subject to approval from The Football League,” Trevor Birch, adviser to the Bolton board, said on the club’s website.
At the heart of the takeover is 47-year-old Holdsworth, the striker who made over 150 appearances for Bolton in a six-year spell and scored 39 goals.