Cash-strapped Bolton Wanderers sell car park

Bolton will have a validation order heard on as they try to push through a deal to sell a car park to raise funds.

Bolton Wanderers

Source: Getty Images



Wanderers' non-playing staff were not paid their salaries on Friday, just three days on from a High Court hearing that had granted them a five-week extension to remedy their financial problems after HM Revenue and Customs had served them with a winding-up petition over an unpaid tax bill of $3.41 million.

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It is understood the English Championship club are confident they can sell a car park at the Macron Stadium, which is adjacent to the Middlebrook Retail Park, but they need to purchase a small piece of land before offloading that as part of a bigger deal.

As accounts are frozen whenever a winding-up petition is filed, Bolton will need to get permission to proceed with that property deal at Friday's hearing which could then pave the way for the sale of the car park, which is seen as critical after deals to transfer Mark Davies and Zach Clough fell through.

That would then allow them to pay both their staff and players for this month and ease their money troubles slightly ahead of another High Court date on February 22.

"Bolton Wanderers can confirm that a third validation order hearing has been set for Friday 22 January," A Bolton statement said.

"The granting of the order would then allow the club to take further steps towards resolving the immediate and longer term funding issues.

"Every effort continues to be made by the board of directors and its advisers to pay staff their due salaries for the month of January and the club again thanks all its staff for their continued support and commitment at a most challenging time."


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2 min read
Published 22 January 2016 at 12:42am
Source: PA Sport