New Bolton Wanderers owner Dean Holdsworth has said that he "absolutely honoured" to take over the Championship side.

The 47-year-old, who spent six years with the Trotters during his playing career, has spearheaded a £7.5m takeover bid that will be officially completed in the coming days.

"It is a great day and I'm absolutely honoured to be a part of this club again," Holdsworth, who will serve as Bolton chairman, told The Bolton News.

"More importantly it lets the people who have been at this club through thick and thin look forward to the future.

"I can't put into words what a tough process this has been. We shouldn't have been talking about saving a football club but to do it makes this a very special thing for us."

Holdsworth's takeover with the Sport Shield Group Consortium prevents the club from entering administration and an automatic 12-point deduction that would effectively seal relegation to League One.

Earlier today the High Court granted the club a two-week extension to pay an outstanding £3m debt to HMRC, with interest accruing at a rate of £175,000 a week.