English second-tier soccer club Bolton Wanderers have avoided administration after settling their loan repayment with creditors BluMarble Capital.
Chairman Ken Anderson has issued a statement confirming the club have avoided administration and will not be subject to penalties from the English Football League (EFL).
On Tuesday, Anderson had said that the club were due to be hit by a 12-point penalty and fines after failing to repay a loan taken out with BluMarble. It is likely that the Championship club would also have been restricted from buying players for two years.
A settlement offer of UK£4 million plus substantial interest was rejected earlier this week by BluMarble, which left the club resigned to entering administration. It appears a deal has now been reached with the creditors but financial details have been disclosed.
A statement from the chairman read: ‘I am pleased to confirm that the loan from Blu Marble Capital Ltd has been repaid. I am also pleased to confirm that the club did not go into administration and there are no points deductions or embargo implications.
‘We can all now put this behind us and move onwards and get fully behind the team as they look to continue their excellent start to the campaign when they return to the University of Bolton Stadium on Saturday for the game against QPR.’
Anderson also considers the club to now have one of the lowest debts in the Championship – the second tier of English soccer.
The news will be a relief to Bolton’s fans, who would have seen the club drop to the bottom of the league table with a negative points tally, whereas the club can now look to build on a promising start to the season following last season’s dramatic survival from relegation.