BOLTON, England (AP) — Six years after losing its place in the Premier League, English club Bolton is set to enter bankruptcy protection after plunging into more financial difficulties.
The northwestern club, which is in the second-tier League Championship, is facing a 12-point penalty and a two-year transfer embargo.
Bolton chairman Ken Anderson says creditors have rejected his offer of a loan repayment of 4 million pounds ($5.2 million) plus interest and that this 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.”
Bolton is in eighth place in the Championship with 11 points. It narrowly escaped relegation last season.
The club has been targeted by Britain’s tax authorities over the last two years and players refused to play a preseason friendly in July because of unpaid wages.