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Bolton Nuts » BWFC » Bolton Wanderers Banter » Bolton Wanderers set to make 'small profit', says chairman Ken Anderson

Bolton Wanderers set to make 'small profit', says chairman Ken Anderson

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Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Bolton Wanderers chairman Ken Anderson expects the club to make "a small profit" in the current financial year.

Bolton almost went into administration in November 2016 and faced a winding-up petition over unpaid taxes last summer.

They also cancelled a friendly with St Mirren last month after players went on strike claiming they had not been paid.

"I expect to show this year a profit, albeit a small one, whereas most clubs are out there losing millions of pounds," he told BBC Radio Manchester.

Anderson and former striker Dean Holdsworth were part of a consortium that took over in March 2016 but he bought Holdsworth's share and took a majority stake a year later to stave off the threat of bringing in administrators.

"The position we're in today is the best position we've been in since I came to this club," said Anderson.

"When I came to his club we were losing £18m a year, we had debts here, there and everywhere. We have gradually managed it, (but) there's still some way to go.

"We've probably got the least debt in the Championship at the moment.

"We didn't spend any money on transfers, we managed our squad, we've had to fight some contracts that we had, and we're still fighting the last one that I hope we'll eventually settle, but I would say the club is in a far better position today than it was two years ago."

Bolton have taken four points from their first two Championship games of the new season
When Bolton's players went on strike in July they released a statement which said: "Over the course of the two years, on numerous occasions contracted players have not been paid on time. This has culminated in certain players not receiving their June wage."

It led to a furious response from Anderson who hoped his squad would "reimburse the supporters for their loss and inconvenience" after the game in Scotland was called off at short notice.

"There's been money needed every month since I've been here and I've put it in. My own personal money," he said.

"Paying the salaries every month is down to me personally.

"The usual bills that come up each month that are over and above the money in the bank, I have to put that money in and pay it, and that's what's happened."

Anderson says the club are now making more money off the field, including a stadium name rights deal with the University of Bolton, which will ensure financial stability.

"Commercial income, we need to get more in and we are doing that, as you saw with the latest (stadium) naming sponsor," he added.

"The university is a far better deal than we've had previously. The shirt sponsor was a better deal than we've had previously.

"The hotel in July had the best ever month revenue-wise since I've been here."

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Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:Bolton Wanderers chairman Ken Anderson expects the club to make "a small profit" in the current financial year.

Bolton almost went into administration in November 2016 and faced a winding-up petition over unpaid taxes last summer.

They also cancelled a friendly with St Mirren last month after players went on strike claiming they had not been paid.

"I expect to show this year a profit, albeit a small one, whereas most clubs are out there losing millions of pounds," he told BBC Radio Manchester.

Anderson and former striker Dean Holdsworth were part of a consortium that took over in March 2016 but he bought Holdsworth's share and took a majority stake a year later to stave off the threat of bringing in administrators.

"The position we're in today is the best position we've been in since I came to this club," said Anderson.

"When I came to his club we were losing £18m a year, we had debts here, there and everywhere. We have gradually managed it, (but) there's still some way to go.

"We've probably got the least debt in the Championship at the moment.

"We didn't spend any money on transfers, we managed our squad, we've had to fight some contracts that we had, and we're still fighting the last one that I hope we'll eventually settle, but I would say the club is in a far better position today than it was two years ago."

Bolton have taken four points from their first two Championship games of the new season
When Bolton's players went on strike in July they released a statement which said: "Over the course of the two years, on numerous occasions contracted players have not been paid on time. This has culminated in certain players not receiving their June wage."

It led to a furious response from Anderson who hoped his squad would "reimburse the supporters for their loss and inconvenience" after the game in Scotland was called off at short notice.

"There's been money needed every month since I've been here and I've put it in. My own personal money," he said.

"Paying the salaries every month is down to me personally.

"The usual bills that come up each month that are over and above the money in the bank, I have to put that money in and pay it, and that's what's happened."

Anderson says the club are now making more money off the field, including a stadium name rights deal with the University of Bolton, which will ensure financial stability.

"Commercial income, we need to get more in and we are doing that, as you saw with the latest (stadium) naming sponsor," he added.

"The university is a far better deal than we've had previously. The shirt sponsor was a better deal than we've had previously.

"The hotel in July had the best ever month revenue-wise since I've been here."

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The Radio Manchester live interview here -

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Growler


Tony Kelly
Tony Kelly
If a business is making a profit, the owner shouldn't need to use his personal savings to pay the wages every month, should he?

BoltonTillIDie

BoltonTillIDie
Nat Lofthouse
Nat Lofthouse
It'll be just to help with cashflow and in the months we make money he'll take his cash back.

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:If a business is making a profit, the owner shouldn't need to use his personal savings to pay the wages every month, should he?

He saying he's been paying the wages whilst we've been making a loss.

He won't need to do pay the wages once we become financially sustainable (apart from any cash flow shortfalls there may be).


Growler


Tony Kelly
Tony Kelly
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:If a business is making a profit, the owner shouldn't need to use his personal savings to pay the wages every month, should he?

He saying he's been paying the wages whilst we've been making a loss.

He won't need to do pay the wages once we become financially sustainable (apart from any cash flow shortfalls there may be).


OK I read it wrong, he is refering to a profit in the current financial year (which ends next year) not the one just ended.

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