Bolton Wanderers plunges further into red

Bolton Wanderers FC saw its losses increase by £22m in 2010 due to an increase in player transfers and wages.

A ‘restructuring’ cost of £4.2m also contributed to the club racking up losses of £35.4m for the year to June 30, 2010, compared to a £13m loss in 2009. Turnover increased slightly, however, to £55m.

The club, ultimately owned by Burnden Leisure Plc, also admitted it is short of cash, saying it had a ‘shortfall’ in its cash flow projections and banking facilities and was ‘in discussion with lenders to provide the company with adequate working capital.’ The club owes £133m before June 30, 2011, including £12.9m from player transfers.

The club’s wage bill rose by £5m to £45m and the net debt swelled by almost £30m, to £87m. More than £15m was spent on players during the year, with the club making a profit of £118,000 on transfers.

The directors said the cost of the playing squad – which has 57 people in it - was around £64m, largely the same as last year. The average match day attendance dropped slightly to 21,800 (2009: 22,400) although the average cost of a ticket came down to £10.47, compared to £12.08 the year before.