Football Trade Directory

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.

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