Cash crisis at English club Bolton escalates over tax debt

BOLTON, AP:

Bolton Wanderers, the English team of former Reggae Boy Ricardo Gardner, is suffering an even worse financial crisis. The crisis has deepened after Britain's tax authority requested the club be shut down over an unpaid bill.

Bolton did not pay its players for November, and HM Revenue and Customs rejected requests from the second-tier club to be given more time to conclude a sale.

Bolton had hoped to conclude a takeover this week, with owner Eddie Davies willing to forgo 185 million pounds ($280 million) in loans. However, with takeover discussions ongoing, HMRC acted to call in its November tax debt.

It raises the possibility of bankruptcy protection for the club, which would have its entire League Championship point total this season wiped out if it was to incur a 12-point deduction.