So we released our financial report
The club have released the following statement:
‘Net loss improved by £41.6million, down to £9.1million year on year, largely due to the prior year including a number of one-off exceptional items relating to balance sheet impairments and other accounting adjustments.
The year also saw staff costs reduced by £9million, primarily as a result of a number of players leaving the football club and making significant changes to overheads.
Bolton Whites Hotel became wholly owned by Bolton Wanderers Football Club, after previously being held in a joint venture with DeVere Venues.
The hotel continues to build on its reputations for quality and service as a major regional venue for conferences and banquets.
Chairman Phil Gartside said: “There`s no doubting that the transition to the Football League, following a sustained period in the Premier League, has been a challenging one.
“Eddie Davies continues to provide a humbling level of support to the football club, and as a wider business we are continuing to develop our non-footballing operations.
“We continue to move towards a self-sustainable future, demonstrated by the club successfully meeting the Financial Fair Play criteria.”‘
Many articles have been posted today, and I’d say about 70% of them are not serious given the date. However, finances should be no joke and while the above isn’t brilliant news there is something more wrong if they thought this would be a funny joke.
Several high earners have been offloaded in recent months and it is thought that this summer the wage bill will be further slashed, while Neil Lennon may well have to look to tap into the potential of diamonds in the rough.
Of course, it would not be a club statement without reference to the Bolton Whites Hotel, which seemingly is more important that our actual playing side.
The report shows further loss, though the rate at which we are losing money is decreasing and I feel that we are taking steps in the right direction. However, if we continue at this pace we won’t be in a financially healthy position for a very long time unless we manage to sell Zach Clough for 30 million.