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Bolton given extra time to settle tax debts, avoid liquidation

Bolton Wanderers v Wigan Athletic - FA Cup Third Round

BOLTON, ENGLAND - JANUARY 03: A general view outside the ground prior to the FA Cup Third Round match between Bolton Wanderers and Wigan Athletic at the Macron Stadium on January 3, 2015 in Bolton, England. (Photo by Paul Thomas/Getty Images)

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Bolton Wanderers have been given an additional five weeks to settle the club’s unpaid tax debt of $1.6 million and avoid going out of business.

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One of 12 founding members of England’s Football League in 1888, Bolton have been threatened with liquidation six times now in the last 18 months.

Lawyers for the Championship side were in the High Court in London on Wednesday and the case was adjourned until May 8, at which point the expectation is that a sale of the club will be complete and the debt will have been cleared.

Former Watford chairman and prospective buyer Laurence Bassini has shown proof of funds to complete the purchase, Bolton’s lawyers told the court. Bassini was banned from holding a position of authority at an English club for three years in 2013 for alleged financial misconduct.

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Outside the courtroom, Bolton’s players are currently on strike in support of club staff whose wages were not paid on time for the second straight month. Bolton, who were in the Premier League prior to relegation in 2012, currently sit 23rd of 24 teams in the Championship, five points adrift of safety.

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