Bolton Wanderers Financial Accounts - Year End June 2017

  • March 21, 2018 | By Chris Mann
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Bolton Wanderers have filed their latest financial accounts, showing an operating loss of £12.9million for the year ending June 30, 2017.

The accounts, which document the first full financial year under the co-ownership of Ken Anderson and Dean Holdsworth, do show a pre-tax profit of £193.5million. However, this is heavily masked with the waiving of a £197.9million balance owed to previous owner Eddie Davies.

Wanderers say their overall operating loss, which represents a £4.9million increase on the previous financial year, was largely due to the end of parachute payments from the Premier League, as well as a reduction in turnover following the club's relegation to League One at the end of the 2015/16 campaign.

A turnover of £8.3million, down from £24.3million in 2016, is the lowest figure the club has posted since the turn of the millennium, with the biggest fall coming in the form of broadcasting revenue - with a total of £1.7million down significantly from £12.9million in the previous year.

Gate receipts (£3.1million) and corporate hospitality (£0.6million) were slightly down, while merchandising (£0.7million) and sponsorship (£0.8million) saw sharp declines from the club's Championship relegation season.

In spite of problems both on and off the field, supporters remained with their team during their solitary League One year, with average attendance (15,194) and number of season ticket holders (10,257) up slightly on 2015/16.

Shoots of recovery continue to be seen on the wage bill. In total, 51 players received a wage during the financial year - down from 65 previously - with outgoings in this area dropping from £18.5million in 2016 to £12.6million in 2017.

One of the biggest victims of Wanderers' off-field struggles was the Bolton Whites Hotel, whose £6.5million turnover represented a £700,000 drop on previous figures. It wasn't all bad news, however, with operating losses dropping £300,000 to £0.1million and room occupany up 2.4%, to 82.9%.

Perhaps one cause for concern is a figure of £21.8million, which accounts state are due within one year. As part of this, a total of £4million plus an interest payment of £300,000 is due to BluMarble Capital Limited by September 1, 2018. In addition to this, should Bolton earn promotion to the Premier League by the commencement of the 2020/21 campaign, a further £700,000 will be placed on top.

Brett Warburton, who stepped down from his position as director in March 2016, had been due a £500,000 payment on March 1, 2018. A further £2million, as well as accrued interest, will be owed upon any future sale of land which currently hosts the Eddie Davies Academy and first-team training site.

One-off payments were made to a number of parties throughout the year, most notably a £250,000 figure to Sports Shield BWFC due to 'charges incurred by them in effecting the change of ownership'.

Now former co-owner Dean Holdsworth received £50,000 following the termination of employment which had briefly seen him hold the position as Director of Football, while a family member of Ken Anderson, named as the owner of Athos Group, received a fee of £125,000 'in respect of consultancy fees'.

In closing, Stuart Stead, Senior Statutory Auditor at Cowgill Holloway LLP, says Wanderers as a whole remain a going concern.

As part of the Independent Auditor's Report, Stead concluded: "The audit evidence available to us to confirm the appropriateness of preparing the financial statements on a going concern basis was limited because the Burnden Leisure Limited group of companies has not been able to substantiate any evidence that the group are able to continue to trade as a going concern.

"The group has provided no detailed financial projections demonstrating its ability to continue as a going concern. Without the availability of detailed financial projections we assume that the ability to continue as a going concern is dependent upon significant levels of investment and/or refinancing.

"Such funding has not currently been secured although we understand that the Chairman will continue to provide financial support to the group."

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Pos Team Pld Pts
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20 AFC Wimbledon 35 35
21 Tranmere Rovers 34 32
22 Southend United 35 19
23 Bolton Wanderers 34 14
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