Bolton Wanderers Football Club can today, Monday 18 January, confirm that that the High Court has granted an adjournment to the winding up petition presented by HMRC.
The High Court has given the club until February 22 to either close a deal with one of the potential buyers of the club or raise sufficient short-term funds from asset sales. This would enable the club to trade and make payments on the debts owed to HMRC and other creditors.
During that period the club will have to find a longer term solution to its financial problems in order to prevent HMRC from winding up the club at the adjourned hearing.
Trevor Birch, advisor to the owner and board at Bolton Wanderers, said: “HMRC takes a very strict approach towards football clubs. Despite the club putting forward a solution, utilising funds generated from its assets that would have enabled repayment of its debt in full over a period of a few months, HMRC refused to agree to an adjournment to give effect to the plan.
“With that in mind, it is pleasing that the High Court rejected its wish to liquidate the club and that it has given the club time either to raise funds and or conclude a sale.”