Bolton debt hits 110 million pounds

Bolton have announced a loss of over 26 million pounds for the last financial year, which takes the club’s debt to over 110 million pounds.

The news has prompted chairman Phil Gartside to reiterate the Premier League club’s dependence on the financial backing of multi-millionaire owner Eddie Davies

The latest figures show record debt levels at the club despite increased ticket revenue and an FA Cup run which saw Bolton reach the semi-final of the competition.

Most of the debt is owed to owner Davies, prompting Gartside to stress the importance of Davies’ role in the club he took over eight years ago.

“I have said this before, we cannot ever underestimate what Eddie Davies does for our club,” Gartside told reporters.

“As a fan and our owner, he continues to significantly back us on and off the pitch, and he has done that again.”

“As the report shows, our debt is to Eddie, and as a result of that support, we have no dangerous levels of bank debt which is a major plus fact for our club.”

“Eddie has invested more than 100 million pounds in the Wanderers. He is a huge factor in the time we have enjoyed in this elite league and he continues to back us.”

Davies’ financial backing has helped Bolton consolidate their place in the Premier League since their promotion in 2001.

Gartside was also quick to stress the club have been able to achieve such status without selling their major assets.

“Year on year, we have also reduced our losses and that is without any significant player trading.”

“In fact we added to the squad, and so that is encouraging because obviously as we go forward we will be subject to the forthcoming framework of the Financial Fair Play, and it is good to have been able to achieve that progress in cutting the losses.”