Srg Posted December 31, 2013 Share Posted December 31, 2013 Bolton have announced a financial loss of £50.7million for the year ending June 2013 with net debts rising to £163.8million. The club were relegated in May 2012 having spent the previous 11 years in the Premier League and annual turnover has fallen from £58.5million to £28.5million. Chairman Phil Gartside blamed the huge losses on relegation and although the club saved £17.9million on wages, said additional revenue streams would have to be found. Gartside said in a club statement: "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." Reebok Stadium attendances are down by 24 per cent, while sponsorship and advertising revenue had fallen from £4.3million to £1.4million. Gartside thanked the club's owner Eddie Davies for keeping them in business but said they would now be forced to look for other investors because of English football's new Financial Fair Play rules. Gartside added: "It should go without saying that Eddie Davies continues to provide a humbling level of support to the club. "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." http://www1.skysports.com/football/news/11688/9095448/sky-bet-championship-bolton-wanderers-net-debts-rise-to-1638million Link to comment Share on other sites More sharing options...
AndyinLiverpool Posted December 31, 2013 Share Posted December 31, 2013 Bloody hell. Link to comment Share on other sites More sharing options...
drgoodspeak Posted December 31, 2013 Share Posted December 31, 2013 Ouch, just read about this. Surely Administration is looming? Taking a 9 point hit, offer creditors a penny in the pound, survive to next season and start buying players again. The world of Football finances is insane and totally detached from reality. Link to comment Share on other sites More sharing options...
StaffsRam Posted December 31, 2013 Share Posted December 31, 2013 They're not the first, and they certainly won't be the last facing up to this. Link to comment Share on other sites More sharing options...
uttoxram75 Posted December 31, 2013 Share Posted December 31, 2013 "The ever widening gap between the two leagues makes the transition extremely difficult, even with the benefits of parachute payments from the Premier League." Wonder if Mr. Gartside was campaigning for the Championship to get a bigger slice of the sky cake when Bolton were in the Prem? Every club currently in the Prem is vulnerable (apart from Chelsea, The Mancs, Arsenal and Liverpool) and should start working toward a more even share of the pot throughout football. Link to comment Share on other sites More sharing options...
Grimbeard Posted December 31, 2013 Share Posted December 31, 2013 The financial structure of English football makes the pre 2008 banking industry look moral and sustainable. It can't be long before the whole house of cards comes tumbling down. Link to comment Share on other sites More sharing options...
ossieram Posted December 31, 2013 Share Posted December 31, 2013 "The ever widening gap between the two leagues makes the transition extremely difficult, even with the benefits of parachute payments from the Premier League." Wonder if Mr. Gartside was campaigning for the Championship to get a bigger slice of the sky cake when Bolton were in the Prem? Every club currently in the Prem is vulnerable (apart from Chelsea, The Mancs, Arsenal and Liverpool) and should start working toward a more even share of the pot throughout football. Gartside was the one that was really pushing for the prem to go it alone with no relegation or promotion. Link to comment Share on other sites More sharing options...
Grimbeard Posted December 31, 2013 Share Posted December 31, 2013 Gartside was the one that was really pushing for the prem to go it alone with no relegation or promotion. Really? Ha ha ha ha hee hee hee ho ho ho >splutter<, cough, har har, >gasp< ha ha ha etc etc (repeat for about 3 hours). Link to comment Share on other sites More sharing options...
McRamFan Posted December 31, 2013 Share Posted December 31, 2013 If you assume (yes it is dangerous) that they where financially at break even ie a zero bank balance when they where promoted, it has cost them £14m a year to be in the premiership! Link to comment Share on other sites More sharing options...
ossieram Posted December 31, 2013 Share Posted December 31, 2013 I got it wrong. Gartside wanted a 2 tier prem with no relegation or promotion. http://www.telegraph.co.uk/sport/football/teams/bolton-wanderers/3251853/Bolton-chairman-Phil-Gartside-calls-for-two-tier-Premier-League-with-no-relegation-Football.html Link to comment Share on other sites More sharing options...
eddie Posted December 31, 2013 Share Posted December 31, 2013 Gartside was the one that was really pushing for the prem to go it alone with no relegation or promotion. And now we know why. Link to comment Share on other sites More sharing options...
Spanish Posted December 31, 2013 Share Posted December 31, 2013 Turnover down 30m Net loss 51m Something missing here, 2014 looks almost impossible. I wonder what qpr looks like. If they don't get auto spot the playoffs will be very tense Link to comment Share on other sites More sharing options...
SSD Posted December 31, 2013 Share Posted December 31, 2013 How can moron's like Gartside run a football club? The only thing that's keeping them going are the parachute payments which they clearly haven't used to clear any debt and instead keep spending it on useless footballers with big wages. It just seems to me now, that the relegated clubs expect to bounce straight back up or go bust. Link to comment Share on other sites More sharing options...
observer Posted December 31, 2013 Share Posted December 31, 2013 "The ever widening gap between the two leagues makes the transition extremely difficult, even with the benefits of parachute payments from the Premier League." Wonder if Mr. Gartside was campaigning for the Championship to get a bigger slice of the sky cake when Bolton were in the Prem? Every club currently in the Prem is vulnerable (apart from Chelsea, The Mancs, Arsenal and Liverpool) and should start working toward a more even share of the pot throughout football. as much as everyone knows this they never will Link to comment Share on other sites More sharing options...
observer Posted December 31, 2013 Share Posted December 31, 2013 How can moron's like Gartside run a football club? The only thing that's keeping them going are the parachute payments which they clearly haven't used to clear any debt and instead keep spending it on useless footballers with big wages. It just seems to me now, that the relegated clubs expect to bounce straight back up or go bust. the only thing keeping them going is actually the fact that they owe 95% of the money to gartside, which is also the reason why adminstration is not an option for them!! Link to comment Share on other sites More sharing options...
observer Posted December 31, 2013 Share Posted December 31, 2013 The financial structure of English football makes the pre 2008 banking industry look moral and sustainable. It can't be long before the whole house of cards comes tumbling down. it will never fall down, not until a major change in advertising and television. there will always be champions that hold the glory and will be used as the effective model ie Man U i dunno its all got to big for its boots if you ask me fans now are only there to provide atmosphere, in terms of revenue and importance to clubs we are becoming more and more irrelevant Link to comment Share on other sites More sharing options...
Boycie Posted December 31, 2013 Share Posted December 31, 2013 Well I always wondered how teams with terrible home support could sustain Prem status. Buying top players with hardly any additional income from attendance gates. Well, this is why, Wigan will be next, maybe Stoke, what about Cardiff? Fulham may implode if they come down as well. Link to comment Share on other sites More sharing options...
maydrakin Posted December 31, 2013 Share Posted December 31, 2013 Interesting. Weren't we completely priced out of signing Alex Baptiste at the start of the season? Seems Phil was banking on only one outcome this season. Shame the fans will end up being the ones that ultimately pay. Irresponsible or incompetent work at it's finest really. Club boards should be personally accountable for teams finances by having their own finances at risk to cover any losses through insolvency. That'd make 'em be a little more careful. Link to comment Share on other sites More sharing options...
ramblur Posted December 31, 2013 Share Posted December 31, 2013 "The ever widening gap between the two leagues makes the transition extremely difficult, even with the benefits of parachute payments from the Premier League." Wonder if Mr. Gartside was campaigning for the Championship to get a bigger slice of the sky cake when Bolton were in the Prem? Every club currently in the Prem is vulnerable (apart from Chelsea, The Mancs, Arsenal and Liverpool) and should start working toward a more even share of the pot throughout football. Seem to remember he was campaigning for a closed shop when they were in the Prem.I wonder why? Apologies-should have checked earlier posts. Link to comment Share on other sites More sharing options...
Dimmu Posted December 31, 2013 Share Posted December 31, 2013 Remember Baptiste? Ridiculous wages, said Rush then and it was only last summer FFS. Link to comment Share on other sites More sharing options...
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