Bolton Wanderers have confirmed that former Watford owner Laurence Bassini has today agreed a deal to change ownership of the club.

Bassini, who was found guilty of misconduct and dishonesty over financial dealings on behalf of Watford and banned him from being involved in a position of authority with any Football League club for three years in 2013, now has an agreement in place to buy Ken Anderson’s 94.5 per cent stake in Bolton Wanderers’ parent company, Burnden Leisure Ltd.

Bassini, is expected to pay a small fee to Ken Anderson for the shares up front and has promised to clear up the bills which have built up at Bolton in recent months.

Anderson, who is currently in the US, confirmed today he is no longer funding the club and is believed to have seriously considered placing the business into administration earlier this week.

This afternoon Bolton Wanderers released the following statement on the club's official website.

"Bolton Wanderers Football Club are delighted to announce that a sale and purchase agreement has been signed which will see Ken Anderson's shareholding in Burnden Leisure Limited being sold to Mr Laurence Bassini.

"This agreement will give Laurence Bassini full control of Burnden Leisure Limited and of course both Bolton Wanderers Football Club and Whites Hotel.

"The change of ownership requires approval by the English Football League before the deal can be finalised. The financial terms of the transaction will remain private and confidential between the parties.

"We are sure supporters will be very pleased to understand that as part of the transaction, all of the existing loans to the club will be settled in full and the associated charges removed, meaning the business will be debt free for the first time in many years.

"Outgoing Chairman Ken Anderson said: "I am very pleased to hand over ownership of this great club to Laurence, I wish him and all of our supporters the very best for the future."

"Prior to the ratification by the EFL, significant funds will be immediately be made available to the club enabling the payment of the outstanding wages to the players and coaching staff along with a number of the long term creditors.

"Once completion has occurred, all the long terms debts to HMRC and suppliers will be settled.

Further comments including an interview with Mr Bassini will follow in due course."