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Page last updated at 18:14 GMT, Wednesday, 10 November 2010

Bolton's losses increase to 35m

Owen Coyle
Bolton appointed Coyle in January to replace Megson

Bolton's financial losses nearly tripled last season due largely to the cost of changing manager and strengthening their squad.

According to accounts for the year ending 30 June, Wanderers' losses rose from £13.2m to £35.4m.

This includes £4.2m for sacking Gary Megson and prizing his replacement Owen Coyle away from Burnley in January.

The club spent £15m on recruits with no senior players leaving as their wage bill rose 14% from £40.9m to £46.4m.

This included the signing of midfielders Chung-Yong Lee and Sean Davis and defenders Zat Knight, Paul Robinson and Sam Ricketts. They also brought in forwards Ivan Klasnic and Jack Wilshere on loan.

We have plans in place to progress the football club. We will be looking to an improved financial position year on year

Bolton chairman Phil Gartside

Overall, the club's net debt rose to £93m from £64m.

Chairman Phil Gartside admitted the club now have a surplus of players, but it remains financially sound and will not be forced to sell any of their prized assets.

"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," added Gartside.

"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."

Gartside also said that owner Eddie Davies, who took control in 2003, remains committed to the club.

"We are in a fortunate position in that a small percentage of our debt is owed to the bank," said Gartside.

TheWanderersWay - Welcoming the return of Super Owen Coyle!

"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."

Bolton took the decision to sack Megson in late December last year, with the club lying 18th in the Premier League.

His replacement, Coyle - who they coaxed away from rivals Burnley - led the club to safety and an eventual 14th-place finish.

Wanderers are eighth in this season's Premier League with 15 points from 11 games.

"We have plans in place to progress the football club," added Gartside. "We will be looking to an improved financial position year on year.

"It will be difficult but there is a sense of optimism. We have to build on our good start under Owen."

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see also
Coyle takes over as Bolton boss
08 Jan 10 |  Bolton
Lowly Bolton sack manager Megson
30 Dec 09 |  Bolton
Bolton sign Knight and Ricketts
25 Jul 09 |  Bolton
Bolton sign South Korean winger
14 Aug 09 |  Bolton
Davies takes over Bolton
29 Dec 03 |  Bolton

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