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Football Ventures named as preferred buyer for Bolton

Football Ventures (Whites) Limited has been named as the preferred buyer for Bolton.

Wanderers have been searching for a new buyer and saw a takeover bid by former Watford chairman Laurence Bassini collapse in May.

Bolton’s joint administrators have now confirmed the preferred buyers for the Sky Bet League One side.

Paul Appleton, on behalf of administrators David Rubin & Partners, said in a statement: “We undertook a comprehensive bidding process where all interested parties were given an opportunity to make their best and final offer for the club.

“Football Ventures made the highest offer by a substantial margin and were also able to show absolute proof and source of funding to match the requirements of the process.

“They were also able to show the viability of a minimum two-year business plan for the club which was of the utmost importance.

“With the heads of terms agreement signed, we now move towards a sales and purchase agreement and the completion of the deal.”

Bolton went into administration at the end of last season, having been relegated from the Sky Bet Championship.

The Trotters will start next season with a 12-point deduction after going into administration.