Bolton Wanderers Financial Accounts - Year End June 2016

  • July 13, 2017 | By Chris Mann
  • URL Short URL: http://b-ac.es/e4951

Bolton Wanderers have filed overdue financial accounts, showing a loss of £6.7million for the year ending June 30, 2016.

The accounts, which document Eddie Davies' final nine months in charge of the club prior to his successful sale to Ken Anderson and Dean Holdsworth in March 2016, report a profit of £164million. That figure only acts as a mask, however, due to the £170million of debt that was waived by Davies' parent company, Fildraw Limited.

At the time of the report, £15.2million was still owed to the former owner, as well as an additional £17.5million which is based on conditions of future sporting success.

Having seen levels of net debt rise to an astonishing £193.1million in the previous financial year, Wanderers had reduced that figure to £26.2million by June 2016 - shortly after their relegation from the Championship into League One.

Turnover marginally increased during that campaign, up £200,000 to £30.8million, with a drop in gate receipts - down £850,000 to £3.25million - and corporate hospitality - down £638,000 to £295,000 - boosted by a £900,000 rise in broadcasting payments - up from £12million to £12.9million.

Another major boost for Wanderers was a 28% drop in wages, having reduced the outgoing amount from £25.6million (2015) to £18.4million as of June 2016.

A £405,000 loan to NatWest bank was settled in February 2016, while payments of £105,000 to former director Richard Gee and £50,000 to Dean Holdsworth were made in the post-accounting period following the termination of their respective roles at the club.

As well as the aforementioned balance due to former owner Davies, remaining loans are owed to Sports Shield BWFC, Prescot Business Park Limited and ex-director Brett Warburton.

In the case of Sports Shield BWFC, the parent company of Holdsworth, a £4million fee is repayable at an annual interest rate of 24% by March 1, 2018. The charge relates to a £5million total taken by the company from BluMarble Capital Limited in March 2016, which is currently under dispute at the High Court.

Anderson, serving under his parent company of Inner Circle Investments, completed the purchase of 30% of Holdsworth's shareholding in March 2017, taking his overall control of the club to 57%. Holdsworth remains in control of 38%, while minority shares held by supporters amount to the remaining 5%.

Prescot Business Park Limited completed a £5.5million purchase of car park and office facilities at the North Stand of Macron Stadium in January 2016, with Wanderers leasing the facilities back by tying the balance to Bolton Whites Hotel at an annual rate of 7%.

The lease was forfeited in January 2017 and a profit balance of £4.4million expected to show in accounts ending June 2017, although the two parties are understood to be in discussion over a future repurchase agreement that would see the land fall back under the control of the club.

Finally, a balance of £2.5million is owed to former vice chairman Warburton at 5% above base rate, of which £144,000 had been repaid as of June 2016.

Warburton's loan is secured against training facilities at Hall Lane, Lostock, and would be 100% repayable should the land be sold prior to March 1, 2018.

Alternatively, should the land not be sold, Warburton would receive £500,000 on that date, with the remaining total due upon completion of any future sale.

Full publication of the accounts can be viewed at Companies House, or bwfc.co.uk.

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Pos Team Pld Pts
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4 Bolton Wanderers 0 0
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