what the fuck something stinks at Bolton and the chairman is a crook
Bolton Wanderers debt is up to £163.8m
<a class="postlink" href="http://www.manchestereveningnews.co.uk/sport/football/football-news/bolton-wanderers-debt-up-1638-6456166" onclick="window.open(this.href);return false;">http://www.manchestereveningnews.co.uk/ ... 38-6456166</a>
Bolton Wanderers ' year-end accounts show that the club's debt has risen to £163.8m.
The Trotters made a loss of £50.7m for the year up to June 2013, after turnover fell from £58.5m to £28.5m.
In a statement on the club's official website, chairman Phil Gartside blamed Bolton's 2012 relegation from the Premier League for their difficult financial situation.
He said: "This year's results show the difficulties faced in the football business when a club has enjoyed a sustained and successful period in the Premier League, in our case 11 years, then suffers relegation back to the Football League Championship.
"The ever widening gap between the two leagues makes the transition extremely difficult, even with the benefits of parachute payments from the Premier League."
Bolton's huge losses come despite a £17.9m decrease in the club's wage bill, which is attributed to the sale of players and "relegation clauses" inserted in contracts.
A fall of 24% in attendances at home games and 68% decrease in advertising revenue have also worsened the financial picture.
Gartside thanked owner Eddie Davies for keeping the club afloat, but claimed that alternative sources of income will need to be sought.
"It should go without saying that Eddie Davies continues to provide a humbling level of support to the club," he added.
"However, the financial support given by owners is no longer possible in this league without severe penalty.
"We are responding to a changing environment by improvement and development of the wider Burnden Leisure business interests.
"This year we secured sole ownership of the hotel, expanded our education business and applied for planning permission to increase our non-football operations to improve revenues over the medium to long term.
"We will continue to invest, both in the long and short term, where the returns can be justified.
"However, Financial Fair Play rules require an alternative funding structure and Bolton Wanderers is very much moving towards a self-sustainable future.
"Looking forward we have to recognise we are no longer a Premier League club in the Championship, but a Championship club with ambitions to play in the Premier League; a stark reality of the financial rules now imposed."
Bolton Wanderers debt is up to £163.8m
<a class="postlink" href="http://www.manchestereveningnews.co.uk/sport/football/football-news/bolton-wanderers-debt-up-1638-6456166" onclick="window.open(this.href);return false;">http://www.manchestereveningnews.co.uk/ ... 38-6456166</a>
Bolton Wanderers ' year-end accounts show that the club's debt has risen to £163.8m.
The Trotters made a loss of £50.7m for the year up to June 2013, after turnover fell from £58.5m to £28.5m.
In a statement on the club's official website, chairman Phil Gartside blamed Bolton's 2012 relegation from the Premier League for their difficult financial situation.
He said: "This year's results show the difficulties faced in the football business when a club has enjoyed a sustained and successful period in the Premier League, in our case 11 years, then suffers relegation back to the Football League Championship.
"The ever widening gap between the two leagues makes the transition extremely difficult, even with the benefits of parachute payments from the Premier League."
Bolton's huge losses come despite a £17.9m decrease in the club's wage bill, which is attributed to the sale of players and "relegation clauses" inserted in contracts.
A fall of 24% in attendances at home games and 68% decrease in advertising revenue have also worsened the financial picture.
Gartside thanked owner Eddie Davies for keeping the club afloat, but claimed that alternative sources of income will need to be sought.
"It should go without saying that Eddie Davies continues to provide a humbling level of support to the club," he added.
"However, the financial support given by owners is no longer possible in this league without severe penalty.
"We are responding to a changing environment by improvement and development of the wider Burnden Leisure business interests.
"This year we secured sole ownership of the hotel, expanded our education business and applied for planning permission to increase our non-football operations to improve revenues over the medium to long term.
"We will continue to invest, both in the long and short term, where the returns can be justified.
"However, Financial Fair Play rules require an alternative funding structure and Bolton Wanderers is very much moving towards a self-sustainable future.
"Looking forward we have to recognise we are no longer a Premier League club in the Championship, but a Championship club with ambitions to play in the Premier League; a stark reality of the financial rules now imposed."