Saturday 29 June 2019 18:46, UK
Bolton have signed a 'Heads of Terms' agreement with the preferred bidder for the sale of the League One club, the joint administrator has confirmed.
Paul Appleton of David Rubin & Partners described the Heads of Terms agreement as a "major step closer to the sale of the club and securing its future".
Bolton, relegated from the Sky Bet Championship at the end of last season, went into administration in May after a takeover bid by former Watford chairman Laurence Bassini collapsed.
The bidder, who meets EFL approval, cannot be revealed until Monday because of legal reasons.
Appleton said in a statement: "This has not always been a straightforward process owing mainly to the need to condense what would normally be a four to five-month time frame into closer to seven weeks.
"Again, I'd like to reiterate my regret at not always being able to keep the supporters completely up to speed with the progress of the deal, but the important thing is the club is now a further step forward to being saved. Now begins the rebuilding process.
"With the Heads of Terms having been signed, we move towards a Sale and Purchase Agreement and completion of the transaction at the earliest possible stage."
Administrators announced on June 13 that they had identified a preferred new owner from five final offers.
Bolton will begin the new campaign in the third-tier of English football with a 12-point deduction and Appleton is optimistic the club can prosper in the future.
"This club has suffered greatly but I would like to pay tribute to all the staff who, under the most dire of circumstances, have shown their loyalty and devotion to Bolton Wanderers," he added.
"They deserve days like this after all they have been through.
"The next step is a completion of the deal and the start of a new era for the club. There will be a further update in due course."
