Championship: Bolton Wanderers avoid winding up petition as court date is adjourned
Bolton Wanderers have been granted an adjournment to the winding up petition presented by HMRC by the High Court.
The club now has until February 22 to either close a deal with one of the potential buyers of the club or raise sufficient short-term funds from asset sales.
This would enable the club to trade and make payments on the debts owed to HMRC, which stands at £2.2m, and other creditors. overall the club are £172.9m in debt and were recently placed under a transfer embargo for breaches of Financial Fair Play.
During that period the club will have to find a longer term solution to its financial problems in order to prevent HMRC from winding up the club at the adjourned hearing.
In a statement on the club's official website, Trevor Birch, advisor to the owner and board at Bolton Wanderers, said: “HMRC takes a very strict approach towards football clubs. Despite the club putting forward a solution, utilising funds generated from its assets that would have enabled repayment of its debt in full over a period of a few months, HMRC refused to agree to an adjournment to give effect to the plan."
Wanderers are currently bottom of the Championship and seven points from safety, having won just one of their last ten league games.
They were also held by non league side Eastleigh in the Fa Cup Third Round with the replay to be played this week, with a Fourth Round tie against Leeds United awaiting the winner.