WANDERERS’ owners, Football Ventures (Whites) Ltd have converted a £5million emergency loan into shares, a report in the Telegraph has revealed.

The British Business Bank’s latest update on a £1.1bn Future Fund – a support scheme designed to help innovative businesses during the pandemic – has revealed that the club has opted to convert the loan into shares in the company, rather than repay it.

That means that an eight per cent stake in Bolton Wanderers’ parent company is now effectively owned by the Future Fund.

The Telegraph’s report claims that of 1,190 companies who took advantage of the scheme, which provided between £125,000 and £5m to companies who were affected by Covid, 265 firms have since converted it into shares.

A spokesperson for Wanderers confirmed: “We took out a loan via the Future Fund during the pandemic, which has now been converted into equity at approximately eight per cent.

“Hence under EFL regulations we do not need to disclose.

“This is captured in our articles and aligned with the plan for ensuring Bolton has a stronger and sustainable future.”

Wanderers were taken out of administration by Football Ventures in August 2019 having fallen into serious financial disrepair under previous owner, Ken Anderson.

FV chairman Sharon Brittan revealed earlier this year that the club lost around 70 per cent of its turnover “overnight” after being forced to go behind closed doors for the whole last season.

Financial accounts for the year to June 2020 had showed losses of £3.9m.

The Future Fund describes itself as “A government scheme to support UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. The scheme, alongside other Government support schemes, aims to support companies facing financing difficulties due to the Coronavirus outbreak. The Future Fund scheme is being delivered by the British Business Bank.”

The website lists a wide range of companies who have taken advantage of the loans including two Alderley Edge-based Artificial Intelligence companies, an Aintree-based soft drinks firm and Manchester firm Gelmetix, which provides equipment to help lower back pain.

Since the start of the current season, when fans were allowed back into stadia, Wanderers have paid out cash fees for Dion Charles and Aaron Morley, and also bid a six-figure fee for Gillingham captain Kyle Dempsey.

“We are not going to overspend, or buy our way out of this division, or out ourselves at risk ever again,” said manager Ian Evatt earlier this month.

“We have worked tirelessly to get to this stage where we can make those strategic investments. It is not to overspend, it is to live within our means and gain assets on the pitch.

“We are able to do that now and it has been a long time since we could say that, so huge credit to those involved.”