Bolton escape bankruptcy protection

Josh Magennis (R) celebrates a goal for Bolton Wanderers Source: Getty Images

English Championship outfit Bolton Wanderers have avoided bankruptcy protection after creditors accepted a late offer of a loan repayment.

Bolton chairman Ken Anderson had warned on Tuesday (AEST) that the club were facing the prospect of insolvency and a points penalty after an initial offer to repay the financial company was turned down.

However, Anderson confirmed an agreement was reached and the club now has one of the lowest debt positions in the second division.

"Following on from all the speculation, I am pleased to confirm that the loan from BluMarble Capital Ltd has been repaid," Anderson told the club's official website.

"I am also pleased to be able to confirm that the loans to both PBP (Michael James) and Brett Warburton have been extended on better terms for the club and I am extremely grateful for the continued support, help and assistance of Michael and Brett.

"I believe the club now has one of the lowest debt positions in the Championship. I am also pleased to confirm that the club did not go into administration and there are no points deductions or embargo implications."

Bolton, who narrowly avoided relegation from the second-tier last season, have made a good start to the new campaign and are eighth in the standings with 11 points from six matches.

Source Reuters