13-06-2019, 12:45
Bolton Wanderers' administrators have identified a preferred new owner to take over the League One club.
Final offers were received from five parties before Wednesday's 16:00 BST deadline.
The successful bid met the criteria outlined by the administrators, including proof of funds for the next two years and EFL approval.
Paul Appleton of administrators David Rubin & Partners hopes a heads of terms agreement will be signed by Friday.
The preferred bidder, who has been notified of their successful offer, has also agreed to inject £1m into the club in order to rebuild the playing squad.
"I am delighted we have been able to reach a more than satisfactory outcome to this stage of the process and I am confident the preferred bidder has the ability to take Bolton Wanderers forward," said Appleton.
"Until that (heads of terms agreement) has been signed, we are still bound by the confidentiality agreement within the process.
"But I can assure all Bolton Wanderers fans that the preferred bidder has both the financial ability and the determination to turn around the fortunes of this great football club."
Wanderers went into administration at the end of a tumultuous season which saw problems on and off the field, and culminated in relegation from the Championship.
A winding-up petition against the club over an unpaid tax bill was suspended by the High Court after the club went into administration, and an emergency food bank was set up to help out staff who had not been paid.
Bolton, who will start next season in League One with a 12-point deduction, have also released a list of the 14 players that remain contracted to the club, including goalkeeper Ben Alnwick and Northern Ireland striker Josh Magennis.
Blackpool hope to have new owners by the end of June as the process of moving the embattled League One club forward reaches its conclusion.
Receivers have run the club since February as former owner Owen Oyston's 31-year reign ended in the High Court.
Paul Cooper and David Rubin have almost finished going through formal bids, with an announcement due imminently.
The Tangerines went from Premier League to League Two in six seasons amid arguments between the Oystons and fans,
Fans went on to boycott matches in protest against the Oyston family, however the boycott came to an end after they were removed.
The former Manchester United and Inter Milan executive Michael Bolingbroke, who was appointed executive chairman in April as the bid process continued, feels the people of Blackpool can start feeling proud of their club again.
Blackpool: At least 59 expressions of interest to buy League One club
He told the BBC: "This club is such an important part of the community. It was vital to get it back on its feet."
Manager Terry McPhillips has recently stated he is still working on the same annual budget put in place when the Oystons were at the club.
However, that could change once the new owner is confirmed and Bolingbroke is optimistic about the future.
He said: "We can challenge towards the top end of the league with the squad as it is.
"Obviously, the more money you have to spend, provided you spend it wisely, the better you can do and, in time, we should be looking at the Championship.
"It is not just about the first team squad though. Investment is also required in the academy and on the training ground.
"I have really enjoyed it here. It is a very easy club to become emotionally invested in."
Final offers were received from five parties before Wednesday's 16:00 BST deadline.
The successful bid met the criteria outlined by the administrators, including proof of funds for the next two years and EFL approval.
Paul Appleton of administrators David Rubin & Partners hopes a heads of terms agreement will be signed by Friday.
The preferred bidder, who has been notified of their successful offer, has also agreed to inject £1m into the club in order to rebuild the playing squad.
"I am delighted we have been able to reach a more than satisfactory outcome to this stage of the process and I am confident the preferred bidder has the ability to take Bolton Wanderers forward," said Appleton.
"Until that (heads of terms agreement) has been signed, we are still bound by the confidentiality agreement within the process.
"But I can assure all Bolton Wanderers fans that the preferred bidder has both the financial ability and the determination to turn around the fortunes of this great football club."
Wanderers went into administration at the end of a tumultuous season which saw problems on and off the field, and culminated in relegation from the Championship.
A winding-up petition against the club over an unpaid tax bill was suspended by the High Court after the club went into administration, and an emergency food bank was set up to help out staff who had not been paid.
Bolton, who will start next season in League One with a 12-point deduction, have also released a list of the 14 players that remain contracted to the club, including goalkeeper Ben Alnwick and Northern Ireland striker Josh Magennis.
Blackpool hope to have new owners by the end of June as the process of moving the embattled League One club forward reaches its conclusion.
Receivers have run the club since February as former owner Owen Oyston's 31-year reign ended in the High Court.
Paul Cooper and David Rubin have almost finished going through formal bids, with an announcement due imminently.
The Tangerines went from Premier League to League Two in six seasons amid arguments between the Oystons and fans,
Fans went on to boycott matches in protest against the Oyston family, however the boycott came to an end after they were removed.
The former Manchester United and Inter Milan executive Michael Bolingbroke, who was appointed executive chairman in April as the bid process continued, feels the people of Blackpool can start feeling proud of their club again.
Blackpool: At least 59 expressions of interest to buy League One club
He told the BBC: "This club is such an important part of the community. It was vital to get it back on its feet."
Manager Terry McPhillips has recently stated he is still working on the same annual budget put in place when the Oystons were at the club.
However, that could change once the new owner is confirmed and Bolingbroke is optimistic about the future.
He said: "We can challenge towards the top end of the league with the squad as it is.
"Obviously, the more money you have to spend, provided you spend it wisely, the better you can do and, in time, we should be looking at the Championship.
"It is not just about the first team squad though. Investment is also required in the academy and on the training ground.
"I have really enjoyed it here. It is a very easy club to become emotionally invested in."
Why should a man go to work, if he has the health and strength to stay in bed?