Bolton's future looking brighter
BOLTON, England -- Businessman Eddie Davies has taken control of Bolton by injecting a further 2.25 million pounds ($4m) into the English Premiership club.
His shareholding in the parent company, Burnden Leisure plc, has increased from 29.7 to 94.5 percent as a result.
Davies has already invested 14 million pounds ($24.8m) in the club and his latest commitment is a boost for a business with estimated debts of 38 million pounds ($67m).
Shareholders agreed to the proposal at the Annual General Meeting on Monday, and club chairman Phil Gartside confirmed: "Eddie Davies has increased his shareholding, so he has got control. That's all it is."
The new funds provided by Davies will help pay off a bank loan of 1.7 million pounds ($3m) while the takeover also quelled speculation that Bolton could be forced to sell top players, including Jay-Jay Okocha, when the transfer window opens next month.
"It pays off the short-term debt, which is the most important thing, and then from there we can look at restructuring the debt," Gartside said. "We can now sit down with the bank and have serious talks about restructuring.
"You have to remember at the Reebok we have got hotel, offices, and other commercial activities. It is not strictly a 38 million pound football debt.
"The extra support that Ed has given to us means we can talk to the bank at a level where we might have a chance."
Davies, who is based on the Isle of Man, was appointed a non-executive director of Bolton four years ago.
