Another Year Older And Deeper In Debt!

Bruce Rioja · Post by **Bruce Rioja** » Tue Nov 09, 2010 9:38 pm

Bolton Wanderers FC saw its losses increase by £22m in 2010 due to an increase in player transfers and wages.

A ‘restructuring’ cost of £4.2m also contributed to the club racking up losses of £35.4m for the year to June 30, 2010, compared to a £13m loss in 2009. Turnover increased slightly, however, to £55m.

The club, ultimately owned by Burnden Leisure Plc, also admitted it is short of cash, saying it had a ‘shortfall’ in its cash flow projections and banking facilities and was ‘in discussion with lenders to provide the company with adequate working capital.’ The club owes £133m before June 30, 2011, including £12.9m from player transfers.

The club’s wage bill rose by £5m to £45m and the net debt swelled by almost £30m, to £87m. More than £15m was spent on players during the year, with the club making a profit of £118,000 on transfers.

The directors said the cost of the playing squad – which has 57 people in it - was around £64m, largely the same as last year. The average match day attendance dropped slightly to 21,800 (2009: 22,400) although the average cost of a ticket came down to £10.47, compared to £12.08 the year before.

Verbal · Post by **Verbal** » Tue Nov 09, 2010 9:50 pm

We owe £133m?

What's the source brucie, btw?

KeeeeeeeBaaaaaaab · Post by **KeeeeeeeBaaaaaaab** » Tue Nov 09, 2010 9:55 pm

Am I right in reading that and thinking we need to pay £133m within the next eight months?

CAPSLOCK · Post by **CAPSLOCK** » Tue Nov 09, 2010 9:55 pm

Verbal wrote:We owe £133m?

That isn't what it says, unfortunately

hisroyalgingerness · Post by **hisroyalgingerness** » Tue Nov 09, 2010 9:58 pm

Bit grim reading that innit

How the chuff has the cost of the squad gone up that much? Only seems like yesterday we "only" owed £30m for the stadium

Verbal · Post by **Verbal** » Tue Nov 09, 2010 9:59 pm

CAPSLOCK wrote:
Verbal wrote:We owe £133m?
That isn't what it says, unfortunately

missed off the 'before next year' bit

Worthy4England · Post by **Worthy4England** » Tue Nov 09, 2010 10:01 pm

Verbal wrote:We owe £133m?

What's the source brucie, btw?

Fairly sure that it'll be from the Accounts that have just come out...

CAPSLOCK · Post by **CAPSLOCK** » Tue Nov 09, 2010 10:04 pm

http://www.wanderersways.com/forum/inde ... opic=62746

Worthy4England · Post by **Worthy4England** » Tue Nov 09, 2010 10:05 pm

KeeeeeeeBaaaaaaab wrote:Am I right in reading that and thinking we need to pay £133m within the next eight months?

Not necessarily.

I think we rolled everything up into owing Moonshift Investments - which is Eddie Davies owned (or at least the last Accounts said that's what we were doing) so it's only all owed in 8 months if ED doesn't allow some restructuring...

Dujon · Post by **Dujon** » Tue Nov 09, 2010 10:25 pm

There seems to be some contradiction in that brief summary. I think that I shall await some sort of official publication before I begin to panic.

HELP!

Lord Kangana · Post by **Lord Kangana** » Tue Nov 09, 2010 10:54 pm

Well at least I can enjoy the good footie we're playing til january.

When's the gardening leave up?

Bruce Rioja · Post by **Bruce Rioja** » Tue Nov 09, 2010 11:50 pm

CAPSLOCK wrote:http://www.wanderersways.com/forum/inde ... opic=62746

What do they say on Wanderers ways? I'm not a member.

Lord Kangana · Post by **Lord Kangana** » Tue Nov 09, 2010 11:53 pm

Its a link Bruce:

http://www.manchesterconfidential.co.uk ... _15952.asp

Wandering Willy · Post by **Wandering Willy** » Tue Nov 09, 2010 11:58 pm

Net debt is 87m. It's hard to figure this out without seeing the full figures.

Eire_Trotter · Post by **Eire_Trotter** » Wed Nov 10, 2010 12:00 am

Not really handy with figures lads.

Are we going down the pompey, Leeds, Liverpool route??

Prufrock · Post by **Prufrock** » Wed Nov 10, 2010 12:08 am

Fuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuck. Can somebody who understands numbers please tell me why I shouldn't be panicking? It's just coz, that £113m, that's more than what Eddie 'writes off all our costs' Davies is supposedly worth. Do our assets count in that too? So we only actually 'owe' a tenner. Or something. This must be like what reading the Daily Mail is like for people who know nothing about life, as opposed to money. I now fully understand their 'aaaaaaaaaaaaaaarghhhhhhhh'. I blame the EU.

Lord Kangana · Post by **Lord Kangana** » Wed Nov 10, 2010 12:11 am

I'm not getting carried away by some poxy little website's 'scoop' just yet.

Its a great way of attracting traffic btw. Somebody should see who owns it.

officer_dibble · Post by **officer_dibble** » Wed Nov 10, 2010 12:13 am

seems to have shot up massively in the last year?

wish i understood it......

then again, maybe blind ignorance is the best way...

SonsOfThunder · Post by **SonsOfThunder** » Wed Nov 10, 2010 1:59 am

Bruce Rioja wrote: More than £15m was spent on players during the year, with the club making a profit of £118,000 on transfers.

On whom???

And this thread has done wonders for killing my post-Spud buzz.

FaninOz · Post by **FaninOz** » Wed Nov 10, 2010 6:19 am

By the sounds of it we are in potential serious trouble here, lets just hope that we can keep paying the Taxman. Losing 15% of the gate money year on year also isn't helping I guess, and who did we spend 15mil transfer fee on?

I just don't understand how football clubs keep going with results like that. I can see a few players leaving if we get anything like a decent offer for them, including Cahill. Otherwise how can we hope to survive? Close the transfer thread as we wont be bringing anyone in after those results even if we did get 15mil for the likes of Cahill.

If Eddie lost interest, or we upset him or heaven forbid he past away, we could be the next one into administration if the debt was then called in. Much worse than I expected, and one of the reasons that Coyle said that he came to us was because we were better off than Burnley. That looks quite a strange reason based on these figures.

That's made me feel very very

and makes me also feel like

ing.