WANDERERS’ owners, Football Ventures, have confirmed an agreement has been reached with all unsecured creditors inherited from the deal to buy the club two years ago.

A statement released this morning states that all obligations laid down by the EFL were met, including the payment of administrators, David Rubin and Partners (now Begbies Traynor), and Quantuma, by the August 31 deadline.

That leaves Wanderers completely embargo-free with no prospect of a 15-point penalty, which would have been the punishment had Football Ventures failed to fulfil their duties on time.

A bill of around £10million in unsecured creditors – which included debts to HMRC, Bolton Council, St John’s Ambulance, local bakeries and travel companies – had been run up by the previous ownership.

EFL rules state that after taking a club out of administration, clubs must reimburse at least 25 pence in every pound owed over the course of 24 months if they are to avoid sanctions.

Wanderers chairman Sharon Brittan said: “After a very challenging two years we are absolutely delighted to confirm that the Club has reached agreement with its unsecured creditors.

“This ensures that we have met our obligations, satisfied the EFL requirements and are therefore free of any embargoes and penalties.

“I would like to thank our amazing colleagues who have worked tirelessly throughout this process over the past two years and also the creditors whose patience and understanding have not only been helpful but truly appreciated.

“I’d also like to place on record our gratitude to the EFL, Jason Elliott of Cowgill’s, Paul Appleton of Begbies Traynor Group and our former COO Andrew Gartside.

“As custodians of Bolton Wanderers the future now looks extremely bright and we can now continue delivering a high performance but sustainable football club led by the Board, our Manager Ian Evatt, CEO Neil Hart and our talented and hard-working colleagues.”