Bolton in "critical financial position" as taxman petitions for winding up
Restructuring expert and Bolton Wanderers owner Trevor Birch pushes for sale and fundraising as HMRC petitions for winding up order
CHAMPIONSHIP CLUB Bolton Wanderers has confirmed that it faces a winding up petition from the taxman.
The club, currently bottom of the Sky Bet Championship, is understood to owe HM Revenue & Customs £600,000 in unpaid PAYE and VAT. It is also believed to have debts totalling £173m.
In a statement, the club said it had asked HMRC for more time to either sell up or raise additional funds – but the petition was served.
Trevor Birch, adviser to the board and owner at Bolton Wanderers, said: “Quite clearly the club remains in a critical financial position. We will continue to try and finalise a sale or alternatively raise some short term funds needed to give the club a breathing space and time in which to consider its options.”
Birch was called into the club in recent weeks, and is a well-known turnaround expert with much experience of football matters. He was called into Leeds United in 2003 during the period that it entered insolvency in the first instance. He also held managing roles at Everton and Chelsea before returning into practice with Deloitte, Palladium Partners, and subsequently BDO. Birch was, at one time, linked with the FA chief executive role.
A number of parties are interested in a takeover of the business, according to reports, with former players Dean Holdwsorth and Stelios Giannakopolous linked to potential bids.