Bolton Wanderers confirmed on Wednesday that the controversial former Watford owner, Laurence Bassini, had agreed a deal to buy the embattled Championship club.

The takeover is subject to approval by the English Football League (EFL) and Bassini has twice been declared bankrupt and was previously banned from football for three years for alleged financial misconduct.

But given that Shaun Harvey, the EFL chief executive, said earlier this month that there was “no reason” why Bassini would not pass their owner and directors’ test given that he has no active disqualifications, the buy-out seems likely to be ratified, despite widespread concern among supporters.

Bolton and Bassini were keeping tight-lipped about the specifics of the takeover on Wednesday but the club said in a statement that the prospective new owner would be settling all of their existing debts, including an unpaid tax bill to HMRC, as part of his purchase of current owner Ken Anderson’s 94.5 per cent stake in Burnden Leisure Ltd. Bolton’s debts are estimated to stand at £28 million.

They also confirmed that the outstanding March salaries owed to Bolton’s players and coaching staff, including manager Phil Parkinson, which were due last month, would also be paid.