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Post by Macmoish on Apr 1, 2015 9:19:24 GMT
BBC
1 April 2015 Last updated at 09:07 GMT
Bolton Wanderers: Debt figure up to £172.9m after losses
Championship club Bolton's debt is up to £172.9m after announcing a loss of £9.1m for the 2014 financial year.
The net figure is an improvement of £41.6m from £50.7m losses revealed during the last set of results.
Wanderers announced that staff costs have reduced by £9m because of a number of players leaving.
Bolton, who owe the majority of their debt to owner Eddie Davies, ended an 11-year stay in the Premier League after relegation in May 2012.
"There's no doubting that the transition to the Football League has been a challenging one," said chairman Phil Gartside.
"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."
The Championship side, who are managed by former Celtic boss Neil Lennon, currently sit 17th in the table, 10 points points above the relegation places.
\http://www.bbc.com/sport/0/football/32138946
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ingham
Dave Sexton
Posts: 1,896
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Post by ingham on Apr 1, 2015 14:35:00 GMT
What exactly is this 'humbling level of support'?
The Chairman does the deals, as the Club's representative. They're such bad deals from the Club's point of view that the entire sum constitutes a loss to the CLUB, because the Chairman has CHARGED all the unprofitable deals he's done to the CLUB.
Far from a 'humbling level of support' from HIM, the Club is forced to support HIS tenure as Chairman to the tune of £170 million, for which his cheerleader thanks HIM.
If he took on the debt himself, it WOULD be support, although even in that case, hardly 'humbling' since he has, presumably, wasted the money on useless players.
Smaller Clubs do not do BETTER with these people attached to the Club, running up vast losses on the Clubs' tabs, they do WORSE. But the people concerned make vastly MORE for themselves OUT OF the Clubs (as witness Ecclestone's £35 million from Fernandes).
There is no Ipswich or Derby or Forest challenging at the top of the English game now. Instead teams without talent, so bad they haunt the relegation zone or are already relegated, have £200 million debts achieving NOTHING.
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Post by Markqpr on Apr 1, 2015 16:56:22 GMT
That's the thing though isn't Ingham, put a gun to a man's head and he'll say nice things about you.
The only thing humbling is the fear.
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Post by blatantfowl on Apr 1, 2015 18:24:57 GMT
Oh my goodness guys whatever you do don't upset Eddie! He might stop shoving £50 notes up our arse and then where we will be!
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Post by Hogan on Apr 1, 2015 18:39:33 GMT
Do Wanderers own their Reebok/Macron stadium and their training ground?
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