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Life after the financial crisis has been hard to imagine for Wanderers fans but Neil Lennon has allowed his thoughts to drift on how the club may look to rebuild.
Between now and February 22, when Wanderers will head once again to the High Court to fend off a winding-up order from HMRC, some major decisions are to be made that will determine the short-term future at the Macron.
Administration remains a possibility, particularly if results on the pitch make relegation look more likely, while the sale of more assets – notably the training ground – also looks a necessary evil.
Cash has been raised against the car park but the club is extremely reticent to suggest it will cure all ills. They need to leave their options open as the ownership battles rumbles on.
On the coal face, Lennon is unable to make any real plans for recruitment under a total embargo. And despite his team showing renewed signs of fight at Wolves on Tuesday night he cannot say with any great certainty what division they will be playing in next season.
Hand on heart, the Northern Irishman cannot be sure his own job will be safe.
But what is not in doubt at any level is that some fresh thinking is required. The financial naivety that got Wanderers into this mess must not be repeated.
“Obviously a lot depends on the level of football the club is playing at next season,” explained Lennon. “If we do go down then obviously the financial side changes.
“I’d like to see contracts incentivised more rather than just dish out big basic wages.
“If we stay in the Championship – which is obviously the aim – then it’ll be about maintaining the position in the league.
“I wouldn’t say we need a salary cap but we do need a level to where it doesn’t put us in financial jeopardy again.”
When Lennon walked through the doors at Bolton he remarked that the wage bill eclipsed the one he had at Celtic in the Champions League.
Even though efforts had been made under Dougie Freedman to reduce costs, it is clear from the current mess the gamble on getting back into the Premier League quickly has backfired completely.
After relegation in 2012 Wanderers invested in signings like Matt Mills, Andy Lonergan, Keith Andrews, Benik Afobe, Jay Spearing and Stephen Warnock in an effort to bounce straight back. After Owen Coyle departed on October 9 with the Whites in 18th Freedman set about his own recruitment drive – adding Jacob Butterfield, Craig Davies, Craig Dawson, Jan Gregus, Steven De Ridder, Medo Kamara and Cian Bolger to the wage bill.
One goal, scored by Leicester City’s Anthony Knockaert at Nottingham Forest, coupled with Wanderers’ inability to beat a poor Blackpool team on the final day of the season, meant a late-season surge to the play-offs was unsuccessful. And after that, the true costs began to emerge,
By the time record £50.7million losses were announced on December 21, 2013, staff costs were at £37.4m. Those figures were down from £55.3m the previous year but still vastly inflated for a Championship side.
The cost-cutting continued but when Lennon arrived at the club in October 2014, he too could see the money being haemorrhaged was not going to be sustainable.
“For me, when I came down here I thought the wage bill was infinitely excessive and that hasn’t changed,” he told The Bolton News. “It’s one of the reasons we’re in the position we find ourselves.
“We have to look at it and make sure we do things more prudently.”
Since Eddie Davies stopped his funding the unsustainability of the operation has really hit home; the size of the gamble coming sharply into focus.
Fans have pointed the finger at the board but Lennon believes Wanderers are not alone in making financial mistakes.
“I understand why the club did what they did – there was an opportunity to get back into the Premier League right away and that was the big carrot and a lot of clubs have tried,” he said.
“It’s a real balancing act. Mistakes have been made but I’m not here to point the finger at anyone. I love the club, it’s a great club and I want us to survive – that’s my focus now.”
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Between now and February 22, when Wanderers will head once again to the High Court to fend off a winding-up order from HMRC, some major decisions are to be made that will determine the short-term future at the Macron.
Administration remains a possibility, particularly if results on the pitch make relegation look more likely, while the sale of more assets – notably the training ground – also looks a necessary evil.
Cash has been raised against the car park but the club is extremely reticent to suggest it will cure all ills. They need to leave their options open as the ownership battles rumbles on.
On the coal face, Lennon is unable to make any real plans for recruitment under a total embargo. And despite his team showing renewed signs of fight at Wolves on Tuesday night he cannot say with any great certainty what division they will be playing in next season.
Hand on heart, the Northern Irishman cannot be sure his own job will be safe.
But what is not in doubt at any level is that some fresh thinking is required. The financial naivety that got Wanderers into this mess must not be repeated.
“Obviously a lot depends on the level of football the club is playing at next season,” explained Lennon. “If we do go down then obviously the financial side changes.
“I’d like to see contracts incentivised more rather than just dish out big basic wages.
“If we stay in the Championship – which is obviously the aim – then it’ll be about maintaining the position in the league.
“I wouldn’t say we need a salary cap but we do need a level to where it doesn’t put us in financial jeopardy again.”
When Lennon walked through the doors at Bolton he remarked that the wage bill eclipsed the one he had at Celtic in the Champions League.
Even though efforts had been made under Dougie Freedman to reduce costs, it is clear from the current mess the gamble on getting back into the Premier League quickly has backfired completely.
After relegation in 2012 Wanderers invested in signings like Matt Mills, Andy Lonergan, Keith Andrews, Benik Afobe, Jay Spearing and Stephen Warnock in an effort to bounce straight back. After Owen Coyle departed on October 9 with the Whites in 18th Freedman set about his own recruitment drive – adding Jacob Butterfield, Craig Davies, Craig Dawson, Jan Gregus, Steven De Ridder, Medo Kamara and Cian Bolger to the wage bill.
One goal, scored by Leicester City’s Anthony Knockaert at Nottingham Forest, coupled with Wanderers’ inability to beat a poor Blackpool team on the final day of the season, meant a late-season surge to the play-offs was unsuccessful. And after that, the true costs began to emerge,
By the time record £50.7million losses were announced on December 21, 2013, staff costs were at £37.4m. Those figures were down from £55.3m the previous year but still vastly inflated for a Championship side.
The cost-cutting continued but when Lennon arrived at the club in October 2014, he too could see the money being haemorrhaged was not going to be sustainable.
“For me, when I came down here I thought the wage bill was infinitely excessive and that hasn’t changed,” he told The Bolton News. “It’s one of the reasons we’re in the position we find ourselves.
“We have to look at it and make sure we do things more prudently.”
Since Eddie Davies stopped his funding the unsustainability of the operation has really hit home; the size of the gamble coming sharply into focus.
Fans have pointed the finger at the board but Lennon believes Wanderers are not alone in making financial mistakes.
“I understand why the club did what they did – there was an opportunity to get back into the Premier League right away and that was the big carrot and a lot of clubs have tried,” he said.
“It’s a real balancing act. Mistakes have been made but I’m not here to point the finger at anyone. I love the club, it’s a great club and I want us to survive – that’s my focus now.”
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