Bolton Wanderers have escaped the danger of liquidation following the completion of their club acquisition by Football Ventures (Whites) Limited.
On Tuesday, the League One side was informed they had 14 days to prove resources or they would follow Bury to be removed from the English Football League.
A deal to sell the club to Football Ventures appeared to have collapsed over the weekend, but Bolton Wanderers said in a statement on Wednesday an agreement is now in place.
Joint administrator Paul Appleton said to the official website of Bolton: “This was one of the most complex administrations I’ve been engaged with, but I’m pleased to say that we eventually reached a satisfactory conclusion with the sale to Football Ventures.
“At times, some of the hurdles appeared insurmountable and the frustration felt has been immense, not least by the supporters who have had to endure too many weeks of uncertainty.
“It is a testament to [the Eddie Davies Trust’s] unflinching determination to do what was best for Bolton that we are able to complete the deal today.
“The Trust were forced to constantly compromise their position in the face of circumstances and demands which were wholly unreasonable. This says much about their determination not to allow Eddie’s beloved Bolton Wanderers to suffer any longer at the hands of Ken Anderson.
“Sadly, Mr Anderson has used his position as a secured creditor to hamper and frustrate any deal that did not benefit him or suit his purposes. Thankfully, with the assistance of the Trust and others, we were able to overcome this obstacle.
“I have every sympathy for the staff, players and fans who have been forced to stand by while their club was taken to the brink. I am delighted their loyalty, dedication and patience have finally been rewarded.
“Of course, there will be difficult times ahead while the club gets back on its feet but there are too many people with Bolton close to their hearts for it not to be successful once more.
“The EFL and PFA have both played a major part in the club’s survival. They have understood the complexities of the process and have stood strong in the fight to save Bolton Wanderers, helping to drive this deal over the line.
“Now there can be a fresh start with owners who, I believe, will run the club for the good of the supporters and the community as a whole. For everything the fans have had to endure, they deserve nothing less.”
The EFL welcomed the takeover news in a statement. Executive chair Debbie Jevans said: “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.”