'We have very little bank debt', says Bolton Wanderers chairman Phil Gartside

"We have very little bank debt", says Bolton Wanderers chairman Phil Gartside

First published in Sport
Last updated

WANDERERS chairman Phil Gartside is not concerned about the club’s level of debt - and believes manager Dougie Freedman can build a team within the current financial constraints.

The club’s accounts published at the end of last year revealed the Whites were £163.8m in the red. But with most of that owed to owner Eddie Davies and his company Moonshift Investments, Gartside, pictured, says the club are comfortable with the situation.

He told Sky Sports: “Every time we’re mentioned in the press it’s alongside the fact that we’ve got a lot of debt.

“I keep repeating again and again that the debt is to the owner and is really equity – it’s no different to what people have done at Chelsea and other places.

“Eddie’s been a great benefactor to Bolton Wanderers over a period of 15 or 16 years and we are fortunate in that we own every asset and we have very little bank debt.

“There’s so much difference between what you get as a Premier League club and as a Championship club.

“I’ve said for many years that the gap’s too big now and we need to look at different ways of financing or structuring the league.

“The bottom Premier League club will receive £63m and you’re looking at £5m in the Championship – it’s not bridgeable even with parachute payments.”

Despite the difficulties financially ahead of a third successive season in the second tier, Gartside is positive about the future under Freedman.

He added: “I like the way he’s worked in the last couple of years and we have a good relationship.

“He knows the situation and he’s good at handling finances – he’s a businessman as well as a football manager and we’re privileged to have that.

“I’m looking forward to working with him for quite some time.”

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