BOLTON Wanderers could be admitted to the government early this morning after the last trench talks to pay off a loan of nearly £ 5 million do not bear fruit.
The Bolton News understands that an administrator has been appointed by the financial company BluMarble, who yesterday set a deadline of 17 hours for club owner Ken Anderson to settle the dispute. No agreement was reached and paperwork has now been submitted by legal representatives at court.
There is still room for the administrative notification to be voluntarily withdrawn by BluMarble – but that would depend on their demands being met and the money is cleared before they are submitted to the court in London before 10 am.
As a result of an insolvency event, the EFL rules state that Wanderers can be deducted 12 points in the championship, which if activated will leave their bottom of the table at minus one point.
Holders of bonds – former owner Eddie Davies, local businessman Michael James, Brett Warburton and Barclays Bank – were given the assignment to appoint Blumarble's intent to appoint an administrator and negotiated in vain last weekend to try worst case scenario.
Wanderers' current operating losses are around £ 6 million per year, but the club is expected to show a small profit in their next set of financial accounts, largely as a result of the sale of Gary Madine to Cardiff City.
The financing gap for the next 12 months, taking into account only debts owed and outstanding accounts, is assumed to be close to £ 13 million.
It is clear that BluMarble is prepared to finance the administration for a few months to enable a search for a credible buyer to take over the club.
One of the bids being prepared is supposed to come from an American billionaire with an extensive interest in sports, media and entertainment.
From June 2015 it is also a legal requirement for an administrator to speak with the trust of the supporters and to give them the opportunity to make an offer.
A formal statement from official recipients, Quantuma, represented by Andrew Hosking, is expected to confirm their position on Tuesday morning.
The BluMarble loan was taken out in December 2015 when Sports Shield prepared their takeover bid for Wanderers. This happened, however, before Anderson came on board with Dean Holdsworth. The terms of the loan were renegotiated last year, with the date of expiration until 1 September 2018.
Anderson said in an interview with BBC Radio Manchester last month: "We are due BluMarble at the beginning of next month and I see no reason why we will not pay that."
However, the negotiations did not go as smoothly as expected, and the chairman told The Bolton News tonight: "I offered to refund the actual monies that they had lent to Sports Shield BWFC, but my offer was unfortunately rejected. a full statement will be made. "
Anderson – and indeed the club – have the possibility to act legally and can challenge the imposed penalties, but in the current circumstances the club will be taken care of within a few hours.
The last professional club in England to be in administration was Aldershot Town in 2013 after their relegation from League Two. After a change in policy in 2015, no club ever went wrong on the automatic 12-point deduction of the EFL.