Bolton Wanderers records financial losses
Bolton Wanderers has announced that their losses have increased from £13.2m to £35.4m for the financial year.
The heavy increase in the loss has been due to a change-over in management and an increase in players brought to the club.
Overall, the club has increased its debt from £64m to £93m, but Bolton chairman Phil Gartside suggested that the losses would not continue to rise and should drop next year.
"The cost of transition from one manager to another is always expensive, and we have got a player transition where we have a surplus on the playing staff of about six or seven players," Gartside told the BBC.
Bolton spent £4.2m in replacing former manager Gary Megson and recruiting Burnley manager Owen Coyle.
The club has also spent £15m in the transfer market on players Chung Yong Lee, Sean Davis, Sam Ricketts, Paul Robinson, Zat Knight, and loan deals for Ivan Klasnic and Jack Wilshere.
However, Gartside admitted that the club would sell some players and measures would be adopted to reduce the increasing wage costs caused by the new recruits.
"We wanted to shed players in the summer to bring the wages down, but we couldn't because the market has died. We are trying to control costs, we are trying to reduce our wage bill and that will continue,” said the Bolton chairman.
Gartside was quick to point out that none of Bolton’s key players would be leaving the club and that the club would not be selling any players that Coyle wants to keep.
"We are a trading club, we are not a selling club. There will be times when we have to trade players and that is our goal in the next few years," said the chairman.
Bolton has made an encouraging start to the season and Coyle will be hoping that the financial losses do not stop him recruiting new players in the future.
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