THE would-be buyer of Wanderers was at London’s High Court today for the renewed hearing of potential winding-up moves by the tax man over the club’s seven-figure debts.

Although his name was not mentioned during the brief hearing, it was understood to be former Watford owner Laurence Bassini and outside court the club’s barrister Hilary Stonefrost said: "He would not be here if he was not serious."


A judge at the High Court’s Insolvency and Companies Court for the second time in a fortnight granted an adjournment of the taxman's bid to get Bolton Wanderers Football & Athletic Company Ltd compulsorily wound up.

Judge Mark Mullen, a senior insolvency judge, told all sides to return to court on May 8 after being told by Ms Stonefrost that another seven days was needed to complete the sale of shares of the club.

HM Revenue & Customs' barrister still resisted the application for an adjournment but the judge went ahead and allowed the extra time requested.

It was just two weeks ago that the same court was dramatically told that a buyer had been found and the winding-up petition, brought over an unpaid tax bill of £1.2million, was adjourned until today.

Against a background of players and staff again not receiving their wages, at the hearing this morning Ms Stonefrost told the judge that since the last hearing sale agreement terms had been reached in respect of the shares.

However, she said further time was needed for due diligence and "gathering together of some funds to recapitalise the company and enable it to pay the money owed to HMRC and other creditors.

"At least seven days is needed to finalise the last bits to this deal," she added.

Ms Stonefrost pointed out to the judge that if the club, the major asset of the company, went into liquidation it would hugely affect the company's value.

One of the supporting creditors, Macron SPA, a sporting kit manufacturer, is owed around £290,000.

Its barrister told the judge today she was not instructed to object to the adjournment of up to 28 days for the sale of shares to proceed.

Owner Ken Anderson controls 94.5 per cent of the company shares.

HMRC issued this winding-up petition in February.