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Exclusive: Twice-bankrupt former Watford owner Laurence Bassini agrees deal to buy Bolton
Bolton Wanderers confirmed on Wednesday that the controversial former Watford owner, Laurence Bassini, had agreed a deal to buy the embattled Championship club.
The takeover is subject to approval by the English Football League (EFL) and Bassini has twice been declared bankrupt and was previously banned from football for three years for alleged financial misconduct.
But given that Shaun Harvey, the EFL chief executive, said earlier this month that there was “no reason” why Bassini would not pass their owner and directors’ test given that he has no active disqualifications, the buy-out seems likely to be ratified, despite widespread concern among supporters.
Bolton and Bassini were keeping tight-lipped about the specifics of the takeover on Wednesday but the club said in a statement that the prospective new owner would be settling all of their existing debts, including an unpaid tax bill to HMRC, as part of his purchase of current owner Ken Anderson’s 94.5 per cent stake in Burnden Leisure Ltd. Bolton’s debts are estimated to stand at £28 million.
They also confirmed that the outstanding March salaries owed to Bolton’s players and coaching staff, including manager Phil Parkinson, which were due last month, would also be paid.
“We are sure supporters will be very pleased to understand that as part of the transaction, all of the existing loans to the club will be settled in full and the associated charges removed, meaning the business will be debt free for the first time in many years,” Bolton said in a statement.
“Prior to the ratification by the EFL, significant funds will be immediately be made available to the club enabling the payment of the outstanding wages to the players and coaching staff along with a number of the long term creditors.”
Bassini has talked about appointing former Premier League chairman, Sir Dave Richards, and former Blackburn Rovers and West Bromwich Albion chief executive John Williams to his board of directors. However, Telegraph Sport understands that Sir Dave would only join the club if given assurances that he would have complete running of operations.
Bassini wants to get Bolton back into the Premier League in three years but with the club facing almost certain relegation to League One and a squad in need of serious reinforcements, many fans believe that is an absurd target. He has also said he plans to rename a stand at the stadium after the club’s late former owner, Eddie Davies. “That’s the least the man deserves,” Bassini said.
Bolton were again in London’s High Court on Wednesday and granted more time to settle debts owed by the Bolton Whites Hotel Ltd, which adjoins the University of Bolton stadium. The case was adjourned until May 8, the same day as Bolton are due to return to the High Court over a winding-up order from HMRC. “I will be getting things sorted before May 8,” Bassini said.