Net losses at £9.1million for financial year ending June 2014

Details surrounding the club's annual statutory accounts for the financial year ending June 2014
Bolton Wanderers have filed their annual statutory accounts for the financial year ending June 2014.

Net loss improved by £41.6million, down to £9.1million year on year, 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 hotel continues to build on its reputations for quality and service as a major regional venue for conferences and banquets.

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.”

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WANDERERS have significantly curbed losses but still saw net debts increase to £172.9million, according to the latest set of financial results.

The club submitted their latest accounts to Companies House yesterday which reveal a massive reduction in losses - £9.1m as opposed to £50.7m recorded in December 2013.

Staff costs have been reduced by £9million. And while exact details are yet to be released, that is likely to mean the wage bill now stands at £28.4m after the sales of big earners such as David Ngog and Marvin Sordell.

The recent accounts take into consideration the club wholly purchasing the Bolton Whites Hotel, having previously operated it in a joint venture with De Vere Venues.

“There’s no doubting that the transition to the Football League, following a sustained period in the Premier League, has been a challenging one,” said in a statement issued by Wanderers.

“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.”

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A snapshot of the accounts, but without an indication of the likely future income from non-football investments it's impossible to say whether or not further cuts on the playing side are required.
Difficult to imagine Lennon will have much of a budget for the summer though.

it's good losses have been slashed but the overall debt just keeps getting bigger and bigger and i'm still none the wiser on what happens when Eddie pops his clogs or decides to sell up.

fucking hell, thanks owen!

Doesn't make any sense to me - and hasn't done for years now.

If you're £160 odd million in debt already, then why piss up the wall another £10 million just to keep the thing going?

How does anybody believe we have assets anything like £172 million to cover the debt?

Does anybody REALLY believe that anybody is stupid enough to put over £150 million of their own money into a play thing like Bolton Wanderers?  Yes if you had untold wealth like Abramovich, or the UAE Royal family at City, perhaps - but some bloke who made kettle parts for a living - get real!

Our debt is on a par with Real Madrid and bigger than teams like Liverpool, Juventus and Barcelona for God sake - us little old Bolton!

It's unreal, in fact it's surreal.

Everbody seems happy enough though - money from somewhere keeps pouring in, people still keep getting paid.

Anybody truly think we will run at breakeven or better next season - I don't - but I bet you nobody pulls the plug and we will be sat here this time next year scratching our heads as to how much further our debt will have risen and wondering wtf is really going on.

Probably better not to know actually!

I think we will be better off going bankrupt, otherwise its just going to get bigger and bigger.

Sluffy wrote:Doesn't make any sense to me - and hasn't done for years now.

If you're £160 odd million in debt already, then why piss up the wall another £10 million just to keep the thing going?

How does anybody believe we have assets anything like £172 million to cover the debt?

Does anybody REALLY believe that anybody is stupid enough to put over £150 million of their own money into a play thing like Bolton Wanderers?  Yes if you had untold wealth like Abramovich, or the UAE Royal family at City, perhaps - but some bloke who made kettle parts for a living - get real!

Our debt is on a par with Real Madrid and bigger than teams like Liverpool, Juventus and Barcelona for God sake - us little old Bolton!

It's unreal, in fact it's surreal.

Everbody seems happy enough though - money from somewhere keeps pouring in, people still keep getting paid.

Anybody truly think we will run at breakeven or better next season - I don't - but I bet you nobody pulls the plug and we will be sat here this time next year scratching our heads as to how much further our debt will have risen and wondering wtf is really going on.

Probably better not to know actually!

Football clubs just don't go out of business these days. Every other week some club is at the High Court facing a winding up order - but they never get wound up.

I reckon our debt could get to £500m and no one would give a shite.

Alternatively we could always sell Liam Trotter.

Natasha Whittam wrote:I reckon our debt could get to £500m and no one would give a shite.

I reckon the creditors might.

It's total mis-management of the club and has been like this for years.  Forget the football side....just the financials and investments or whatever else they do with the money. As I say every year big eddie allows his money to be pissed away by Phil and his cronies.  This will not change till the club is sold to owners who do a clean sweep of the deadwood.

terenceanne wrote:It's total mis-management of the club and has been like this for years.  Forget the football side....just the financials and investments or whatever else they do with the money. As I say every year big eddie allows his money to be pissed away by Phil and his cronies.  This will not change till the club is sold to owners who do a clean sweep of the deadwood.

Do you really think Eddie gives Phil his credit card, disappears and then pops back a year later to find out what Phil's been splurging on? 

Eddie Davies is a multi millionaire and clearly a successful business man, anything that goes on in terms of spending will have his sign off. Clearly the club are going through a massive re-structure in terms of it's infrastructure and spending, this is a massive reduction in losses so credit to 'Gartisde and his cronies' (and Eddie) for getting the losses down.

bwfc1874 wrote:

terenceanne wrote:It's total mis-management of the club and has been like this for years.  Forget the football side....just the financials and investments or whatever else they do with the money. As I say every year big eddie allows his money to be pissed away by Phil and his cronies.  This will not change till the club is sold to owners who do a clean sweep of the deadwood.

Do you really think Eddie gives Phil his credit card, disappears and then pops back a year later to find out what Phil's been splurging on? 

Eddie Davies is a multi millionaire and clearly a successful business man, anything that goes on in terms of spending will have his sign off. Clearly the club are going through a massive re-structure in terms of it's infrastructure and spending, this is a massive reduction in losses so credit to 'Gartisde and his cronies' (and Eddie) for getting the losses down.

Credit to Phil and cronies....but isn't that the same people who got us into the debt in the first place?  As others have said our debt is larger than clubs three times our size.  Don't you think a clean sweep would do us good after all these years? Just to bring a different ownership and new ideas to the club?

terenceanne wrote:

bwfc1874 wrote:

terenceanne wrote:It's total mis-management of the club and has been like this for years.  Forget the football side....just the financials and investments or whatever else they do with the money. As I say every year big eddie allows his money to be pissed away by Phil and his cronies.  This will not change till the club is sold to owners who do a clean sweep of the deadwood.

Do you really think Eddie gives Phil his credit card, disappears and then pops back a year later to find out what Phil's been splurging on? 

Eddie Davies is a multi millionaire and clearly a successful business man, anything that goes on in terms of spending will have his sign off. Clearly the club are going through a massive re-structure in terms of it's infrastructure and spending, this is a massive reduction in losses so credit to 'Gartisde and his cronies' (and Eddie) for getting the losses down.

Credit to Phil and cronies....but isn't that the same people who got us into the debt in the first place?  As others have said our debt is larger than clubs three times our size.  Don't you think a clean sweep would do us good after all these years? Just to bring a different ownership and new ideas to the club?

Also the same people that gave us the Allardyce era and the best football we have ever enjoyed, but lets ignore that 8 years, do you really think that people are waiting in the wings with a shed load of cash to sweep us onwards and upwards.? 
Until Eddie comes clean we just can't asses the situation.
Just ignore the football side!!!! what the hell do you think they spent the money on. You can't just ignore the football it was us lot that screamed spend on a decent striker during the good days. No one complained then. (well maybe Nat)