Former Watford owner Laurence Bassini has agreed a deal to buy Bolton Wanderers subject to English Football League approval.
Bassini is understood to have paid a nominal amount to Ken Anderson for shares in Burnden Leisure up front and has vowed to clear up outstanding bills, including players and coaching staff wages.
Anderson, who is in the US, had considered placing the business into administration this week.
The agreement will also give Bassini full control of the hotel at the University of Bolton Stadium.
'Significant funds' will be made available to pay outstanding wages and long-term creditors, a statement said.
In 2013, Bassini was given a three-year ban from being involved in a position of authority with any EFL club.
A club statement said: 'Bolton Wanderers Football Club are delighted to announce that a sale and purchase agreement has been signed which will see Ken Anderson's shareholding in Burnden Leisure Limited being sold to Mr Laurence Bassini.
'This agreement will give Laurence Bassini full control of Burnden Leisure Limited and of course both Bolton Wanderers Football Club and Whites Hotel.
'The change of ownership requires approval by the English Football League before the deal can be finalised. The financial terms of the transaction will remain private and confidential between the parties.
'We are sure supporters will be very pleased to understand that as part of the transaction, all of the existing loans to the club will be settled in full and the associated charges removed, meaning the business will be debt free for the first time in many years.'
Outgoing chairman Ken Anderson said: 'I am very pleased to hand over ownership of this great club to Laurence, I wish him and all of our supporters the very best for the future.'
isolationh
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Would not wish this man on my worst enemy. Bad day for bolton
Whilst I accept his tenure at Watford didn't go well we need to give him a chance. We should know soon enough as we build again from Division 1. If he can pay the bills and allow a new proven manager to build a team that can ultimately get us back he has my vote. No comment on Anderson but Parkinson has mismanaged the team he has. They are not bad players. Parkinson has not developed a team or a style of playing this year instead preferring to try to nullify the opposition and changing the team on a weekly basis. We might have got thumped a few more times against the better teams but we would have more points on the board and more pleasing and consistent performances. Let's get behind the new man we have nothing to lose and are already 12 point better of than we could have been
Chinyerers
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Anyone but Anderson
Brucellosis
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It's got disaster written all over it
dossier
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Hope everything works out for Bolton. From an Evertonian.
jealousy
1
This man is a con artist and a liar. He doesn't have any money and is clearly just the front man for whoever is putting up the cash. His time in charge of Watford was bank-rolled by the Russo brothers, and he ended up being taken to court by them (just google Bassini Russo brothers). He asset stripped the club, landed them a transfer ban over the Danny Graham saga (again, Google it), and the story of the Watford employee who hid the safe keys from him as he tried to plunder the money once he knew his game was up is now part of Watford folklore. He feigned illness on multiple occasions when he was due to appear in front of the supporters at various arranged meetings, and was back in court in May 2017 after defaulting to the tune of £8k on rent for a flat that he couldn't pay (for a third time, just Google it for clarification). This will only end one way. Bolton fans - do what you can to save your club from this charlatan.
Missouri
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I've a soft spot for Bolton and PNE, from a City fan....
shiaweek
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Fit and proper persons test in full swing as usual. The EFL is a joke.
typhoone
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This guys history asks more big questions about the FA's fit and proper persons test.
Brandonwe
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Good ..they have to much heritage to go to the wall.
Rose01
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Sounds like a fit and proper person. This will not end in tears at all...
yusuon
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How on Earth can this man be deemed ¿fit and proper¿? Twice bankrupt, banned from football for three years in 2013 for financial irregularities when in charge of Watford and still owes millions to various people.
opposite
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Would not wish this man on my worst enemy. Bad day for bolton