Bolton Wanderers could face being placed in to administration after a £4m loan repayment offer by current chairman Ken Anderson was rejected.
The Championship club now faces the prospect of a 12 point deduction and transfer embargo imposed by the EFL should they be placed in to administration.
In a statement released on the club’s official website, Anderson wrote: “I am very disappointed that Stuart Wilson and Michael Henson of Blu Marble Capital Ltd have decided to reject my offer to repay the loan they originally made to the club through Sportshield Ltd and place the club in administration.
“The amount received by the club was £4m and l offered to repay this plus substantial interest. Unfortunately, this offer was rejected.
“As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons as their actions do not make commercial sense.
“As l understand it they are currently taking legal action against their own lawyers in respect of a negligence claim on the original transaction with Sportshield Ltd, and are expecting to receive substantial compensation from the lawyers’ PI insurance and this may explain their actions.”
Sportshield BWFC Ltd, led by former Bolton striker Dean Holdsworth formed part of a takeover of the club in March 2016 but was wound up in August 2017, due to a petition lodged by BluMarble Capital Ltd over the non-repayment of the loan.
He continued: “In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer.”