Bolton facing 12-point deduction after going into administration over unpaid £5m loan
The Trotters currently sit eighth in the Championship table having picked up 11 points in their opening six games
BOLTON WANDERERS are going into administration as loan company BluMarble bid to get their money back.
The Essex-based company are owed around £5million by Wanderers and have served notice for the outstanding amount to be paid.
BluMarble are Bolton’s main creditors and have a claim on the stadium as security against the cash they loaned when Ken Anderson and Dean Holdsworth took over the club.
Wanderers face a possible 12-point penalty by the Football League while BluMarble bring in administrators to get their cash.
There are several other creditors with various charges against Bolton but BluMarble have been the big problem for almost two years.
Bolton chairman Anderson : “The amount received by the club was £4m and l offered to repay this plus substantial interest. Unfortunately, this offer was rejected.
“I feel sure that they will live to regret their actions for what can only have been personal reasons. Their actions do not make commercial sense.
"As l understand it they are currently taking legal action against their own lawyers in respect of a negligence claim on the original transaction with Sportshield Ltd and are expecting to receive substantial compensation from the lawyers' PI insurance and this may explain their actions.
"They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.
"In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer."
MOST READ IN FOOTBALL
The club have had the BluMarble loan hanging over them since Holdsworth used their cash to keep the club going after they took over from previous owner Eddie Davies.
There are other loans at the club and those creditors, including Davies, now face a financial loss during the administration process.
BluMarble have no plans to run Bolton but will seek a buyer who makes them an offer that recovers their cash.
Anderson had been looking for around £25 million from buyers for Bolton in recent months. Now a new owner could pick it up for less as long as BluMarble are happy with the deal.