ALAN Stubbs does not figure at the top of Wanderers’ managerial shortlist, The Bolton News understands.

The former Burnden Park defender, currently in charge of Hibernian in Scotland, has been heavily linked with the job and has been backed in among the favourites to take the post.

He was recommended to the Wanderers’ hierarchy last month and is highly regarded by Ken Anderson and Dean Holdsworth but it is thought he does not feature in their current plans.

Stubbs is reportedly interesting local rivals Blackburn Rovers and has 12 months left to run on his contact at Easter Road.

He insisted earlier this week the speculation would not be affecting his preparations for Friday night’s Premiership play-off against Falkirk, after which he will drive down to Bolton to play in the legends game the following day.

“I've got another year left on my contract, so nothing has changed,” he said.

“People were saying I was under pressure two weeks ago, and now I am getting linked with another job. That is the game. That's part of being a manager.

“If you're doing well, you get linked with jobs. If you are not doing well, you don't get linked with jobs.

“Some people might beg to differ, but it's speculation. That's all.”

Although impatience is growing among the fans, Wanderers continue to take a watching brief on their new manager.

Their shortlist is affected by a number of factors, including the fact Nottingham Forest are also looking for a new boss and sussing out some of the same names.

Peter Reid remains a strong option, working alongside another younger manager, while other candidates could soon come to light depending on the end-of-season job changes elsewhere.

Meanwhile, sources at the club have refuted claims the first payment on a loan taken out from BluMarble Capital Ltd during the takeover is now late.

The loan – which helped finance Sports Shield BWFC’s bid to buy the club from Eddie Davies – is secured against assets owned by Burnden Leisure Ltd and Bolton Wanderers Football and Athletic Company.

Ken Anderson and Dean Holdsworth have both given assurances the funding model passed by the Football League in March is sufficient to see the club through this season and next.

“We wouldn't have got through the Football League,” Anderson told The Bolton News. “The Football League asked us if we had enough to get through this season.

“Afterwards, before the approval, they wanted us to show where the funds were and prove those funds were available to get us through to next season.

“That puts us on level par with every other club – you're working one season ahead.”