Bolton Wanderers given more time to avoid winding-up order

The Trotters were relegated from the Premier League in 2012 after a golden era of success in the top flight but face a drop into League One this year amid financial uncertainty

A view of Bolton's Macron Stadium (GETTY IMAGES)

Championship side Bolton Wanderers have been spared a winding-up order until at least 22 February after their case was adjourned.

The North West outfit, who reached the last-16 of the Uefa Cup in 2008, reportedly owe in the region of £600,000 in unpaid taxes and need to find £900,000 monthly running costs after failing to pay their players in November.

Eddie Davies currently owns Bolton through company Burden Leisure PLC, which announced debts of £172.9m in April, after losses of £9.1m for 2014.

The High Court has allowed the club extra time to either secure a takeover or raise sufficient short-term funds from asset sales, such as first-team players. £2.2m is owed to HMRC.

Takeover talks continue in earnest with four parties interested in striking a deal but the threat of administration and a subsequent 12-point deduction remains a real possibility.

Should that fate fall upon Neil Lennon’s side this season, they would be plunged into even deeper relegation mire – 19 points adrift of safety rather than seven. The Trotters were relegated from the Premier League in 2012 after a golden era of success in the top flight.

Neil Lennon said he hoped the club’s potential buyers were not ‘tyre-kickers’ but had money (Reuters)

Chairman Phil Gartside remains gravely ill and has requested privacy while financial adviser Trevor Birch, brought in by Davies to lead discussions, has described the situation as ‘increasingly perilous’.

“The club's position is increasingly perilous and new investment is needed quickly," said Birch. “We are continuing to negotiate with interested parties but unfortunately no one party has demonstrated all the requisite elements needed to conclude a deal.”

Former Bolton and England striker Kevin Davies believes the club has been ‘totally mismanaged from the top’ and became ‘heavily reliant’ on one benefactor.

“They must have known this day was going to come,” he said.

“He's obviously not putting any money in now and there's no money anywhere else. You have to question who is doing the budgeting.”

Bolton have won just two matches in 27 since the beginning of the current Championship campaign and most recently lost 3-0 away to Nottingham Forest.