• BluMarble Capital Ltd had initially rejected Wanderers’ offer • Bolton chairman confirms that loan has now been repaid

This article is more than 2 years old

This article is more than 2 years old

Bolton have avoided administration after agreeing a deal to pay off their main creditor, Wanderers’ chairman has announced.

Ken Anderson had warned the Championship club faced administration after an initial offer to repay BluMarble Capital Ltd was rejected. But he issued a statement on Wednesday afternoon which read: “I am pleased to confirm that the loan from Blu Marble Capital Ltd has been repaid.

“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.

“I was also able to reschedule and reduce a number of other club liabilities which in all have reduced future costs and liabilities by circa £1.5m.”

The club were facing an automatic 12-point deduction had they gone into administration. Phil Parkinson’s side, who only narrowly escaped relegation last season having been promoted the year before, have begun this campaign well with just one defeat in their first six Championship matches, leaving them eighth in the table.