Bolton announce financial loss

Bolton have announced an annual loss of £34.5million for the past financial year.

Chairman Phil Gartside has attributed this increased deficit to the change of management structure after the appointment of Owen Coyle as boss in January and the escalating cost of the squad.



Bolton's first-team squad increased from 24 to 30 during the 12-month period ending June 30, 2010, while no senior players left the club.



Around £15million was spent on new players - including Lee Chung-yong, Zat Knight and Sean Davis - and the wage bill increased by 14% from £40.9million to £46.4million as a result.



Gartside admits Wanderers now do have a surlplus of players but has stressed they remain financially sound and are not a "selling club".



He told the club's website, http://www.bwfc.co.uk: "We have spent more money on players than we have in the past, in the last three or four years.



"That has left us with a large amortisation sum this year of £60-£70million, which is part of the loss.



"The cost of transition from one manager to another is always expensive, and we have got a player transition where we have a surplus on the playing staff of about six or seven players.



"We wanted to shed players in the summer to bring the wages down but we couldn't because the market has died.



"We are trying to control costs, we are trying to reduce our wage bill and that will continue.



"We are a trading club, we are not a selling club. There will be times when we have to trade players and that is our goal in the next few years."



Bolton have shown modest increases in some areas with turnover, broadcasting revenue, gate receipts and merchandising sales all improving.



Gartside has tried to assure fans debt is not a major concern and that owner Eddie Davies remains fully committed.



He added: "We are in a fortunate position in that a small percentage of our debt is owed to the bank.



"That puts us in a strong position in one sense and we have no indications from Eddie whatsoever that he wants to exit the club. He still enjoys the games and he is a massive supporter of the club.



"We want to sustain a continued life in the Premier League. We have been 10 years in the Premier League and we want another 10 years in the Premier League."

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