THE Bolton Wanderers Supporters Trust say they are making progress in their attempts to launch a community-led takeover of the club – but that they are being delayed by red tape.

After making representations to owner Eddie Davies the trust is waiting to hear if it will receive preferred bidder status, based on a number of high net worth individuals and businesses that have expressed an interest in funding them.

Setting up an established hierarchy has proved difficult, however, and their attempts have been slowed by paperwork, in particular that which will allow them to create a community bank account to enable the process of membership fees.

The topic of elections has also caused some concern, with the trust now launching a separate steering group to ensure they are set up as quickly as possible.

Concern has been raised from a section of supporters over exactly how the takeover will be funded, and which individuals will be involved.

But in a statement released today, the trust insisted they would not work with anyone who did not “support its aims”.

“We are still awaiting news on the preferred bid status from the club, but we are still in constant dialogue with them,” it said.

“We have also continued speaking to a number of local institutions and businesses who have expressed an interest in our community-led takeover offer. When speaking to all of these potential partners, we have made it abundantly clear that this is a scheme to bring BWFC back into the heart of the Bolton community. We will not be working with anyone who is not committed to this fundamental aim.

“We appreciate that people will want to know who we are speaking to, but due to commercial sensitivities and confidentiality at this stage we are unable to list who they are. However, again we reiterate that we will not be working with anyone who does not support and is willing to sign up to the aims of the Trust.

“The lack of a credible takeover from the numerous other parties who have expressed an interest in our club has driven us to prepare this offer, albeit far sooner than any of us had envisaged. We are deeply concerned that time is running out and we do not want to see our club stripped of its prized assets, including the stadium, hotel and our best young players if the worst were to happen if the winding up petition was to be enforced later this month.

“We believe that we can offer an alternative for the club which is focused on the community. Working together with like-minded institutions, business and individuals we can put our club back at the heart of our community.”