Bolton Wanderers have been saved from liquidation after Football Ventures completed its takeover of the troubled League One club, reports, www.sportspromedia.com/.

Bolton had been on the brink of folding after warnings from their administrators, David Rubin & Partners. The situation looked bleak after protracted negotiations between the club and Football Ventures, who were named as preferred bidders on 1st July, looked to have collapsed on 26th August.

The English Football League (EFL) subsequently gave Bolton 14 days to find a buyer or prove they could fund themselves for the reminder of the season. If not, the club would be removed from the competition.

But with the takeover by Football Ventures finally completed, the club have secured their immediate future.

"I'm delighted we've finally reached a satisfactory conclusion with the sale," said joint administrator Paul Appleton.

"I have every sympathy for the staff, players and fans who have been forced to stand by while their club was taken to the brink. I am delighted their loyalty, dedication and patience has finally been rewarded."

Appleton also went on to thank the Eddie Davies Trust and its efforts to save the club, while also criticising former owner Ken Anderson for hampering the deal.

"Even at the 11th hour when other parties were content to renege on their agreements, the Trust realised the very existence of Bolton Wanderers was at stake and were willing to find a compromise to save the club," he said.

"Sadly, Mr Anderson has used his position as a secured creditor to hamper and frustrate any deal that did not benefit him or suit his purposes.

"Thankfully, with the assistance of the Trust and others, we were able to overcome this obstacle."

A statement from Football Ventures added: 'At times it has been difficult to keep our counsel but we took a decision to remain on the sidelines even when further damage was being inflicted by delays outside of our control.

'Now we are excited to begin restoring this magnificent football club to its rightful position, securing its future for the fans, the loyal club staff, and the players.

'It is now imperative that we commence the process of appointing a manager and strengthening the team with the right players to take the club forward.'

The takeover takes Bolton out of administration and removes the threat of EFL expulsion.