Bolton avoid Bury's fate with club-saving sale

Third-tier club Bolton Wanderers, who faced being expelled from the English Football League if a takeover was not completed in two weeks, have been sold to Football Ventures (Whites) Limited, administrators said on Wednesday.

The sale comes just a day after fellow League One side Bury were expelled from the EFL with no possibility of appeal for reinstatement.

"We are excited to begin restoring this magnificent football club to its rightful position, securing its future for the fans, the loyal club staff, and the players," said Football Ventures (Whites) in a statement.

On Monday, Bolton administrators warned the club was on the brink of going out of business after the deal to sell the club hit a setback. The administrators added they were working on resurrecting a deal, but that the club was on the brink of liquidation with the business "not in a position to carry on trading."

"This has been one of the most complicated administrations I've been involved with but I'm delighted to say we have finally reached a satisfactory conclusion with the sale to Football Ventures," joint administrator Paul Appleton said in a statement on the club's official website.

After the EFL announced they were giving the club 14 days to find a solution, the club's administrators said they will "work through the night" to complete a deal.

EFL executive chair Debbie Jevans said in a statement: "On behalf of the EFL Board, I am pleased that the administrators appointed in respect of Bolton Wanderers Football Club have today concluded the transfer of assets with Football Ventures to place the Club under new ownership and out of administration.

"Having worked closely with the administrators since their appointment in May, the EFL has been focused on working through this difficult and complex period of uncertainty with all parties.

"Following the completion of the sale, the Club is no longer in administration and the notice of withdrawal issued as per the EFL's insolvency policy has been cancelled.

These past few months have undoubtedly been challenging and, at times fraught -- never more so in the past few days -- and I would like to thank all parties for their efforts in achieving the desired outcome.

"Everyone at the EFL is now looking forward to working with the new ownership during the 2019/20 campaign and beyond."

Bolton, four times FA Cup winners, were a Premier League club just seven years ago and played in the UEFA Cup as recently as 2008 with a team featuring several well-known internationals.

They took part in the first FA Cup final to be staged at Wembley in 1923, beating West Ham United 2-0 in a match which became famous when crowds surged onto the pitch and were cleared off the field by a policeman on a white horse.

Founder members of the Football League in 1888, Bolton, who have been in administration since May, started the season with a 12-point deduction and manager Phil Parkinson and his assistant Steve Parkin resigned last week.

Information from Reuters was used in this story.