Davies takes over Bolton
Moderators: Moderator Team, phpBB2 - Administrators
-
VINDAVE
Davies takes over Bolton
Bolton are hoping to hold on to their best players in JanuaryDavies takes over Bolton
BBC SPORTS 29/12/04
Businessman Eddie Davies has taken control at Bolton after investing a further £2.25m into the club.
The move boosts Davies' shareholding in the parent company, Burnden Leisure plc, from 29.7% to 94.5%.
Davies - who has already invested £14m in the club - is credited as a major reason for the club's continued Premiership status despite debts in the region of £38m.
Shareholders agreed to the proposal at the Annual General Meeting on Monday.
In the short term, the cash injection will enable the club to pay off a loan of £1.7m to the Co-operative Bank next month while also alleviating fears that the club would be forced to sell during the transfer window.
Good luck to the man if he is prepared to put money into BWFC
From Aggy White
Have your say on 606
"Without Ed's support we would be watching a very different standard of football," said Wanderers chairman Phil Gartside.
"He has increased his shareholding, so he has got control. That's all it is.
"We still have 6,000 shareholders. He is the majority shareholder.
"That's where he wanted it, in terms of consolidating his support in financial terms and making sure we can control what went on here.
"We are determined to establish ourselves as one of the premier clubs in England.
"The whole team at the Reebok deserves praise for their combined efforts over the last few years."
He added: "We can now sit down with the banks and have serious talks about restructuring our debts.
"Hopefully the banks will be kinder to us now."
A club statement confirmed: "Eddie Davis has effectively become the new owner of Burnden Leisure plc with a 94% shareholding.
"[The move] secures the financial future of Bolton Wanderers Football Club and parent company Burnden Leisure plc."
