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Bolton update

Covered EndCovered End
edited June 2012 in Other Football and Sports
Bolton chairman Phil Gartside says owner Eddie Davies will continue to bankroll the club, despite relegation to the Championship.

Wanderers are burdened with a debt level of £110m, although only £10m is owed to banks, with much of the debt owed to Davies.

“We start next season with a clean slate. We have a real chance I believe and I am looking forward to that”

Gartside told the club's website: "We have a debt, yes, and it is to Eddie.

"We have been very fortunate to have had that backing and investment. He wants to continue backing us."

He added: "With Eddie you could call it an investment, a soft debt, in that it is what he has spent over the last 11 years funding us in the Premier League."

In the last two seasons, Newcastle and West Ham have been promoted at the first attempt following relegation.

Gartside says manager Owen Coyle will be given whatever he needs to ensure Bolton make an immediate return to the Premier League.

"Owen's plan will be backed - whatever he wants to do he will get to do it," he said.

"During my time in football, I have never had a season like [last season] in terms of injuries and mishaps. We had some serious blows in losing Gary Speed and, when you thought things couldn't get worse, there were the events surrounding Fabrice [Muamba].

"But we start next season with a clean slate.

"We have a real chance I believe and I am looking forward to that, but nobody at our club is making the mistake of underestimating the Championship."

Coyle will be encouraged to sign players on loan once again, with Bolton having used the loan market to good effect in recent seasons, bringing in the likes of Jack Wilshire and Daniel Sturridge.

Gartside said: "We will be looking once again to bring players in on loan, and this has been very successful for us in the past couple of seasons, and the opportunity in the Championship is greater because you are not restricted to just two.

"We have enough goodwill with the teams like Arsenal, Chelsea and Manchester City and we will be working hard to utilise that."

Comments

  • jdsd42jdsd42
    Lets hope Arsenal Chelsea and Man city spread the goodwill - Bolton are in Championship because they were a poor side - and should not expect or get any favours from prem sides and I can not see any London wanting to send players on loan to a championship side as far away as Bolton when there will be London clubs available should thy want to send Out players
  • ShootersHillGuruShootersHillGuru
    Amazing that 110 million debt is considered to fine and looks like they are prepared to add to it for at least this coming season. For their sake I hope they go straight back up but we all know how easy that is.
  • kings hill addickkings hill addick
    Lets hope Arsenal Chelsea and Man city spread the goodwill - Bolton are in Championship because they were a poor side - and should not expect or get any favours from prem sides and I can not see any London wanting to send players on loan to a championship side as far away as Bolton when there will be London clubs available should thy want to send Out players
    I think top sides want their players playing in the Premier and I suspect Bolton will not be able to sign anything like the same quality of player next season.

  • jdsd42jdsd42
    Lets hope Arsenal Chelsea and Man city spread the goodwill - Bolton are in Championship because they were a poor side - and should not expect or get any favours from prem sides and I can not see any London wanting to send players on loan to a championship side as far away as Bolton when there will be London clubs available should thy want to send Out players
    I think top sides want their players playing in the Premier and I suspect Bolton will not be able to sign anything like the same quality of player next season.

    Yes I think your right - and wages will be a problem - Bolton will struggle as the championship will be ultra competitive next year
  • Addick90Addick90
    get as many loanees as they like! can still only play 5 of them at once, need another 6 players or theyll struggle to get any points haha
  • MuttleyCAFCMuttleyCAFC
    But they will be one of the better teams next year I suspect.
  • CafctekkersCafctekkers
    never really found them interesting, bit of a boring club imo
  • Kap10Kap10
    edited June 2012
    How does a £110m debt square with the new financial rules that are being introduced? Is there a period during which they are allowede tro carry massive debt?
  • MuttleyCAFCMuttleyCAFC
    I don't think past debt counts.
  • Stu_of_KunmingStu_of_Kunming
    There are also no punishments for the new rules, all a bit pointless really.
    Amazing that 110 million debt is considered to fine and looks like they are prepared to add to it for at least this coming season. For their sake I hope they go straight back up but we all know how easy that is.
    It's debt to their owner, surely it's up to him how much he decides to pump into the club, nobody moaned when CAFC directors covered our debt.

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  • johnny73johnny73
    I'm not going to hope any other team gets promoted until I know if we are going to challenge or not.

    If someone invests money into a football club then apart from dividends and a share of ownership (which they can get back if they sell for a profit) they should not be able to class it as debt. Basically I don't think a club should be able to take out financial loans which are beyond their means of repayment. The money merry go round would stop to a certain extent.
  • ShootersHillGuruShootersHillGuru
    edited June 2012
    There are also no punishments for the new rules, all a bit pointless really.
    Amazing that 110 million debt is considered to fine and looks like they are prepared to add to it for at least this coming season. For their sake I hope they go straight back up but we all know how easy that is.
    It's debt to their owner, surely it's up to him how much he decides to pump into the club, nobody moaned when CAFC directors covered our debt.

    This £110 million is owed by the football club and can / will never be repaid. It's 110 million !!!! Agreed if the owner wants to spend then fine but he still has only loaned them the money. If he wants out and wants his money then Bolton Wanderers cannot pay him back and this burden of debt will threaten their very existence as unlikely that any buyer would take on that amount of debt. I think it's crazy to allow the debt to reach those levels.
  • vffvff
    So is Eddie Davies 'investment' / loss of 110 million set against his other earnings, so he pays no tax on the rest of his income ? Is there any serious expectation that the club will earn enough money to pay that back ?

    It sounds like a tax avoidance mechanism.

    I support Johnny73 points on this one.
  • Stu_of_KunmingStu_of_Kunming
    @ShootersHillGuru - Or he knows he will have to write it off.
  • kings hill addickkings hill addick
    So is Eddie Davies 'investment' / loss of 110 million set against his other earnings, so he pays no tax on the rest of his income ? Is there any serious expectation that the club will earn enough money to pay that back ?

    It sounds like a tax avoidance mechanism.

    I support Johnny73 points on this one.
    The club pay him 5% per annum interest on it, so as long as the club stays afloat he is earning c.£5m a year income.
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