AS much as Wanderers fans would love to sing their club’s financial recovery from the rooftops, the feeling of uncertainty leaping out of the recent accounts was hard to ignore.

For the second successive set of financial figures an auditor has been unable to give a proper opinion on the actual state of play at the Macron Stadium.

And that could mean bad news for Phil Parkinson if he expects to operate outside a transfer embargo in the current window.

For all the good work which has gone into curbing costs and reducing losses, which as of June 30, 2016, stood at £6.2million, there nevertheless remains a few worrying items on the agenda.

The ongoing dispute between Dean Holdsworth, Ken Anderson and BluMarble will have to be resolved before the EFL even consider removing the transfer restrictions which have been in place for close to 600 days.

In a nutshell, Holdsworth’s Sports Shield BWFC company took out a £5m loan at 24 per cent interest to buy the club last March but an argument has arisen over £1m of the funds, and for what purposes they have been used.

Holdsworth and Anderson have been unable to agree on refinancing options for the loan, which now stands in default and considerably higher than the original £5m.

BluMarble want their money back and have filed a winding-up petition against SSBWFC, which unless a compromise can be reached, stands to be liquidated and its 37 per cent shareholding placed into the hands of the receivers.

Concern has been voiced over whether the EFL would see this as a breach of the rules and impose a penalty. The potential buyer of the shares may also have to face fit and proper test from the league.

Anderson has made an offer both to BluMarble and Holdsworth which would see him become sole owner – but even if that were to happen, auditors have expressed the need for investment, and soon.

Slightly less volatile, but equally important players in the financial puzzle are Prescot Business Park Ltd, owned by lifelong Bolton fan, Michael James.

PBP Ltd stepped in last year when Wanderers needed immediate cash and entered into a “commercial arrangement” worth £5.5million to take on the offices and car park land close to Middlebrook Retail Park, initially on a lease-back.

Anderson has expressed his wish to buy back the assets completely and has proposed refinancing which he claims is being prohibited by a council-granted order on the land.

In the event that PBP called in the debt, problems could really start to materialise.

The same could go for former vice-chairman Brett Warburton, who has a £2.5m loan secured on land near the training ground.

And under-pinning it all is former owner Eddie Davies, who still has £15.2m invested in the club.

Though Anderson claimed at the end of last year it would be “unlikely” Davies would call in the debt, he is by rights entitled to payments depending on Wanderers’ performance.

The accounts also revealed in the deal which saw him sell his majority shareholding for just £1 and wipe out £170m of debt, he would qualify for a £17.5m windfall if the club reached the Premier League.

Accounts show Bolton Wanderers have work to do to clear EFL embargo

With all that in mind it is important to remember the accounts published today were a year ago, and further rationalisation has been undertaken behind the scenes. It is only when the next accounts, up to June 30, 2017, are published, we will see how successful those efforts have been.

Though the details of Holdsworth’s loan from BluMarble and his settlement from the club have been laid out on the accounts, there are few details on just how much money has been injected into the club by Anderson since he partnered up last March.

Recently, the chairman voiced concern over putting more of his money in to pay wages with the SSBWFC-BluMarble situation still so difficult to predict. But it is clear that if Wanderers are to move forward, his financial input will be heavily relied upon until he can bring in fresh investment.