Bolton Publish Financial Accounts, Pre-Eddie Davies Sale

  • February 09, 2017 | By Chris Mann
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The earth-shattering levels of debt accrued by Bolton Wanderers prior to Eddie Davies' sale of the club have been revealed, in accounts filed to Companies House.

Accounts made up to June 30, 2015, were signed off by co-owners Ken Anderson and Dean Holdsworth on Tuesday and made available for public viewing on Thursday - with papers showing net debt had increased £11M from 2014, totalling £193.1M.

Davies completed a sale to Sports Shield BWFC Limited - owned by Dean Holdsworth - and Inner Circle Investments Limited - owned by Ken Anderson - in March 2016 for a fee of just £1. In addition, £170.3M of the £185.3M owed to his parent company, Fildraw Private Trust, was written off, although fees amounting to upwards of the remaining £15M could yet be due, dependent upon future sporting success.

Since the elapsed accounting date and subsequent takeover by Anderson and Holdsworth, Wanderers have added a further £10M of debt and hold net current liabilities of £35.1M.

Of that, £1.55M is due to be repaid to Davies in March 2018, along with £500,000 to former vice chairman Brett Warburton and a £5M loan, charged at 24% interest per-annum, to BlueMarble Capital Limited.

Bolton are also in discussions with Prescot Business Parks Limited, to whom they owe a debt of £5.5M - which had initially been due for repayment on January 29, 2017. The loan is charged at an interest rate of 7%.

The club saw turnover reduce from £38.3M in 2014 to £30.6M in 2015, largely due to a £10M drop in broadcasting funds received in the form of parachute payments from the Premier League. Gate receipts increased by over £600,000 to £4.1M, while merchandise (£1.1M) and sponsorship (£1.86M) also increased from 2014 figures.

Wanderers reduced their wage bill from £30.5M in 2014 to £29.4M in 2015, with social security and pension costs dropping due to the loss of 39 management and administration personnel, whilst player registrations have proved fruitful since the date of the accounts, with the club bringing in a total of £5.35M through player sales between June 2015 and February 2017 - paying out £936,000 for incomings.

The sale of their Euxton training facility to Huron Properties Limited, a trust owned by former Wigan Athletic chairman Dave Whelan, saw an additional £2.25M come into the club.

To close, Anderson is now known to have injected interest-free funds to the total of £3.5M to cover day-to-day costs of the club, all of which have since been repaid to the co-owner, who continues his dispute with Holdsworth over their respective share percentage - currently level at 47.5% each, with minority shares, largely held by supporters, making up the remaining 5%.

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