Bolton Wanderers have been saved after Football Ventures (Whites) Limited completed its protracted takeover of the club.
The League One outfit have been in administration since May and there were fears that discussions had collapsed on Monday, but a solution has finally been found.
On Tuesday, Bolton were warned that they had to find a buyer in 14 days or face expulsion from the English Football League.
‘I’m delighted we’ve finally reached a satisfactory conclusion with the sale,’ joint administrator Paul Appleton said.
‘I have every sympathy for the staff, players and fans who have been forced to stand by while their club was taken to the brink.
‘I am delighted their loyalty, dedication and patience have finally been rewarded.’
Appleton accused Bolton’s former owner Ken Anderson of purposely ‘frustrating’ the deal earlier this week.
‘This says much about the determination of the Eddie Davies Trust not to allow his beloved Bolton Wanderers to suffer any longer at the hands of Ken Anderson,’ Appleton said.
‘Sadly, Mr Anderson has used his position as a secured creditor to hamper and frustrate any deal that did not benefit him or suit his purposes.
‘Thankfully, with the assistance of the Trust and others, we were able to overcome this obstacle.’
On Tuesday, Bury became the first club since 1992 to be expelled from the EFL after a takeover bid from C&N Sporting Risk fell through.
Debbie Jevans CBE, EFL Executive Chair, said: ‘Today is undoubtedly one of the darkest days in the League’s recent history.
‘The EFL has worked determinedly and tirelessly to avoid this outcome and it is with a heavy heart that this situation has been forced upon us.
‘The EFL has to place the integrity of our competitions at the heart of every decision we make, and we simply cannot allow this unacceptable situation to continue or countenance the prospect of postponing further fixtures.
‘I understand this will be a deeply upsetting and devastating time for Bury’s players, staff, supporters and the wider community.
‘There is no doubt today’s news will be felt across the entire football family.
‘No one wanted to be in this position but following repeated missed deadlines, the suspension of five League fixtures, in addition to not receiving the evidence we required in regard to financial commitments and a possible takeover not materialising; the EFL Board has been forced to take the most difficult of decisions.’
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