Bolton takeover: Trotters announce Laurence Bassini will NOT be buying the club

Janet May 31, 2020
Bolton takeover: Trotters announce Laurence Bassini will NOT be buying the club
Bolton have called off Laurence Bassini’s takeover of the club amid their financial struggles.Bassini, the former Watford owner, was required to provide the EFL with proof of funds within 48 hours of Tuesday – but the Trotters say there were no further meetings with them or the EFL.Bolton have released a statementGetty1
Bolton have released a statement
The British businessman’s takeover had been agreed, and he told talkSPORT earlier today that he was waiting for clarification on whether Bolton would be hit with a points deduction.But the club have now said they ‘consider his approach for the club at an end and no further discussions will be entered into on the matter with him’.A statement read: “We would like to confirm that despite repeated offers to allow his professional advisors to carry out due diligence in the club’s data room this work has never been undertaken so we are at a loss as to understand the comments regarding additional debt that he claimed to have discovered. “We can only assume the ongoing cash flow requirements for the next two seasons as required by the EFL for all potential acquirers of a club are what Mr Bassini refers to when talking about additional debt.“The potential issues the club faces following notification from the EFL are purely due to the Chairman allowing time for Mr Bassini to complete his takeover of the club. In hindsight this has not been helpful but we are sure supporters will understand his desire to give the possibility of a solvent deal every chance of success.

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“We will work with the EFL to answer the questions they have raised surrounding recent events.“Ken Anderson will now consult with his professional advisors and consider the best course of action as a matter of urgency.”It caps a chaotic time for cash-strapped Wanderers, who have already been been relegated to League One.Unpaid players have gone on strike amid the threat of administration, forcing the postponement of last weekend’s Championship clash with Brentford.Earlier today, the EFL said the Brentford game would be played on May 7, after the announcement on Wednesday that the players were available for Sunday’s clash with Nottingham Forest.
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