Bolton Wanderers Debt Figure Rises To $216M After More Losses Reported
EPL side Bolton Wanderers recorded a loss of £22.1M ($35.1M) last financial year, taking its total debt to £136.5M ($216.8M), according to BBC.com. However, £125M ($199M) of the debt is owed to Owner Eddie Davies, which has been "refinanced into a long-term loan." Bolton Chair Phil Gartside said, "It is a huge vote of confidence and underlines the ongoing support and commitment he has for our club." The club's parent company, Burnden Leisure, revealed "losses were down from the previous figure" of £26.1M in '11 (BBC.com, 11/13). ESPNSOCCERNET.com reported that although the financial results are an improvement, they "do not take into account any loss in revenue from Bolton's relegation to the Championship." Additionally, the figure includes the sale of defender Gary Cahill to Chelsea for £10M ($15.8M) in January. Bolton did gain "a rise in revenue from sponsorship, advertising, merchandise and licensing, but there was a drop in gate receipts and turnover fell" from £67.7M to £64.9M ($122M to $103M) (ESPNSOCCERNET.com, 11/13).