Bolton Use Parachute Money to Pay Overdraft

  • July 16, 2014 | By Chris Mann
  • URL Short URL: http://b-ac.es/447e9

Bolton Wanderers have used a parachute payment from the Premier League to settle an overdraft they held with Barclays Bank.

Published in the club's latest accounts, which were dated up until June 30, 2013, Wanderers owed a total of £12.5million to the bank - with the rest of the £163.8million debt being owed to their owner, Eddie Davies.

According to a report in The Bolton News, the Trotters did the exact same thing in 2012 after their relegation from the top flight.

The date of the repayment isn't known at this stage, although any activity to have occured in July won't become public knowledge until the 2014/15 accounts are revealed - which wouldn't be until the autumn of 2015, at the very earliest.

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