BOLTON Wanderers’ owners, Football Ventures, say they are on course to repay a £3.5million-plus creditor bill by next summer to avoid a potential 15-point penalty.

As part of the club’s takeover 12 months ago, the consortium is required by league regulations to reimburse 35 per cent of the money owed to unsecured creditors by next August, or face heavy sanctions.

A bill of more than £10m in unsecured creditors had been run up by the previous ownership, including many local companies, Bolton Council, energy firms and emergency services.

The administration process cost Bolton an instant 12-point penalty, hindering their chances of survival last season also placing them into a two-year EFL transfer embargo, which expires next summer.

Football Ventures have tackled football creditor debts, which included unpaid player wages, and struck a deal with administrators to pay their fees over a staggered length of time.

The arrangement with Quantuma, who oversaw the administration of the Bolton Whites Hotel, and David Rubin and Co, who undertook the football club administration, has been secured with club assets. It also included an agreement with Quantuma to defer some payments during lockdown while the hotel was not in operation, with the process set to resume shortly at a reported cost of £59,000 a month.

Responding to an inquiry by The Athletic, a club statement read: “Following the protracted administration process, we remain in dialogue with the joint liquidators of BWFC2019 Limited (old company) regarding the liquidation of Old Co and the obligation to settle the unsecured creditors.

“Significant progress has been made in this regard and several larger claims have been settled by mutual agreement.

“In accordance with the sale terms, all remaining claims will be settled before August 2021.

“As we have stated previously, agreements regarding the payment of associated professional fees have been reached and, notwithstanding some deferred payments which were agreed amicably as a result of the pandemic, those agreements have been fully adhered to.”

The club has also confirmed that the restructuring exercise of the academy and hotel businesses is likely to involve job losses.

It was revealed last month that Jimmy Phillips has stepped down from his role as head of academy and several coaching staff remain on furlough, including David Lee and Julian Darby.

“The club has previously announced that the academy would be changed from a category 2 to a category 3 academy,” the club statement read.

“Unfortunately, this inevitably means not all jobs can be retained.

“In addition, due to the effects of the pandemic on the hospitality industry, the hotel, like many other businesses, is going through a restructuring process.

“It would be inappropriate for the club/hotel to make any further comment whilst these processes continue.”