Bolton are on the verge of liquidation after the English Football League gave their administrators 14 days to either sell the League One club or prove they can fund them for the rest of the season.
The EFL announced on Tuesday evening they had lifted the suspension on the notice of withdrawal of Bolton’s
membership, giving the club 14 days to secure their long-term future.
Administrator Paul Appleton already revealed there is no money left to fund the club without a takeover by the Football Ventures consortium, making the EFL verdict look terminal.
But in a statement released at 11.05pm, the EFL said: “Despite further exchanges with the administrators over the course of the Bank Holiday weekend, and right up until today’s deadline of 5pm, a resolution to ongoing impasse in negotiations regarding a completion of sale at Bolton Wanderers has not yet been found.
“The EFL board has therefore taken the decision to lift the suspension on the notice of withdrawal, which was issued as per the EFL’s insolvency policy when the club entered administration in May 2019.
“As per the league’s articles of association, this will now give the club 14 days (11.59pm on September 12, 2019) to meet all outstanding requirements of the league’s insolvency policy or its membership in the EFL will be withdrawn.”
Bolton issued a statement that read: “We note the statement from the EFL lifting the notice of withdrawal of suspension and giving 14 days to find a solution and complete a deal for the sale of the club.
“All parties have been in continuous dialogue throughout the day and are working closely together this evening in order to bring a deal to completion. We will continue to work through the night if necessary.
“There will be a further update as soon as possible.”
Bolton had started the season on -12 points after being placed in administration before the start of the campaign, the club also lost large numbers of senior players and fielded the club’s youngest-ever side this season against Coventry.
Manager Phil Parkinson and assistant manager Steve Parkin resigned from their positions and the team lost Saturday’s home League One match to Ipswich 5-0.