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Monday, 18 January 2016

TV money didn't save Bolton

Yet more evidence today that spending money you can't afford is a recipe for disaster and a reminder to our fans that wages have to be kept under control, which fortunately we are doing at the moment.

Bolton Wanderers were not long ago a Premier League team living on TV money, now they have just been given a stay of execution, their winding up order is delayed until 22 February to find a solution. All their players are up for sale, the training ground is up for sale, Wigan and Preston are holding discussions. All this is spite of parachute payments from the Premier League.

Why has this happened? Wages. The parachute payments were all taken to pay a wage bill which shows gross mismanagement. Contracts should have had clauses in that reduced wages in the event of relegation, but alas.

The High Court have delayed a winding up order, they are £183-million in debt and were struggling to pay their players wages before Christmas. Unsurprisingly they sit bottom of the Championship looking at the same fate as Blackpool, another team in the Premier League who gambled and lost.

Fans do like to bury their heads in the sand and pretend it can't happen to us but with mismanagement it could, if we adopted the anti-Levy cheque book approach, the club stability could be in jeopardy and paying for a stadium a problem. Fortunately, we have someone who knows what they are doing.

Bolton owes over £2.2-million VAT and PAYE payments. Currently, they are negotiating to sell a car park as it has a retail park next to it, a sale that would give them breathing space until the end of the season.

The are staring at a 12 point deduction and administration. While four parties are talking about buying the club nothing concrete has come of it. You would think that with the plight of so many clubs fans wouldn't be so blase about TV money. Rely on it and when things don't go according to plan you could be stuck in a downward spiral that is incredibly difficult to get out of. How many clubs are there who have got themselves into serious financial difficulty and climbed out to rebuild their business to compete at the top of the Premier League?


COYS

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