Bolton Wanderers - Deep in Debt
Department_S
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How much? They have to find alternative sources of funding. Hmmmm. This is serious for them.
http://www.manchestereveningnews.co.uk/sport/football/football-news/bolton-wanderers-debt-up-1638-6456166
http://www.manchestereveningnews.co.uk/sport/football/football-news/bolton-wanderers-debt-up-1638-6456166
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Now we know why.
Lets face it, how many clubs throughout the entire football league have a secure financial footing, and is there a list of clubs "indebtedness" around somewhere?.....
There's debt and there's debt. This is madness that should never have been allowed to happen. Suddenly Portsmouth seem like a well run club compared to this lot.
What is it as a ratio to turnover?
How does this stand alone figure relate to the profit / loss figures?
How are the repayments structured currently?
Their turnover is £28m so it's a huge amount of debt. Nearly all the money is owed to Eddie Davies (150m out of £160m) who banks offshore and is quite a mysterious figure. However, to suggest he has £150m cash sitting around to pay it off is ridiculous, it is probably all leveraged against his companies.
http://swissramble.blogspot.co.uk/search/label/Bolton%20Wanderers
An excellent blog post - thanks for posting.
It explains how it all fits together in a dynamic sense; namely that the trends of just about all the numbers are going the wrong way other than, ironically, the owner's situation where the interest payments of his loaned money are generating a nice income stream for him (as alluded to by Walterwhite above).
If I was a Bolton fan i'd be extremely worried about Mr Davis.
Most of us know now that it'll probably be a long time until we see the Premier League again and we have a long road ahead of us, especially with the financial fair play rules coming into effect next season.
If you want a brief insight into the terrible dealings that have contributed to us being in this debt, take a look at http://mannyroad.com/bolton-wanderers-and-how-they-wasted-40-million/ Quite alarming figures there, considering we were always known for bringing players in for next to nothing and selling them on for profit i.e. Jason McAteer, Alan Thompson, Eidur Gudjohnsen, Michael Ricketts
Davies was treated terribly in his final season and shuffled out the back door without so much of a "thanks for the service, big guy". Just one of the many incidents which have lead to the fans becoming disillusioned.
I was surprised when I read about it, he is one of the better players for bolton in the last 10 years. Terrible way to treat him, makes you wonder if words were said or he had some financial clauses in his contract and they didnt wanna risk paying out. Sad state of affairs
Rumour has it he had a trigger in his contract that would've offered him an extension had he played x amount of games. That was fine in the first few months of the season when we were hopeful of going straight back up and he was a regular but when it dawned on the board that it was unlikely and we couldn't afford to pay him for another season in the Championship, he was completely cut off from the first team. Shame as I think KD would've taken an even bigger pay cut to stay as he loved Bolton, but no, we'd rather dump loyal players and stick with expensive mistakes instead in the hope they'll repay a small percentage of their fees and/or hope they'll perform well enough for a club to come in and buy them.