Championship: Bolton reduce losses by over £40m, but overall debt rises
Bolton have announced losses of £9.1m though their overall debt rose again after they released their annual figures.
Net loss improved by £41.6million from last season, largely due to the prior year including a number of one-off exceptional items relating to balance sheet impairments and other accounting adjustments.
The year also saw staff costs reduced by £9million, primarily as a result of a number of players leaving the football club and making significant changes to overheads.
Bolton Whites Hotel became wholly owned by Bolton Wanderers Football Club, after previously being held in a joint venture with DeVere Venues.
The club however, has still had to borrow significantly from owner Eddie Davis, to whom they owe the majority of their money.
Chairman Phil Gartside said: “There’s no doubting that the transition to the Football League, following a sustained period in the Premier League, has been a challenging one.
“Eddie Davies continues to provide a humbling level of support to the football club, and as a wider business we are continuing to develop our non-footballing operations.
“We continue to move towards a self-sustainable future, demonstrated by the club successfully meeting the Financial Fair Play criteria.”
Bolton are currently 17th in the Championship, and look to have steered away from relegation trouble under manager Neil Lennon, currently ten points above the drop zone.