Bolton financial problems escalate as staff payments set to be late

BOLTON have revealed their staff will not be paid on time this month as the financial crisis continues at the Macron Stadium.

 

Bolton have struggled to cope on the field this season too, sitting bottom of the Championship

 

This week Bolton were in the High Court over a £2.2million unpaid tax bill to HM Revenue and Customs and, despite the tax authority's attempts to wind them up, they were given a five-week adjournment to remedy their cash problems.

The Championship club are confident they can sell a car park at the ground, which resides next to the Middlebrook Retail Park, to ease their debt, while also ensuring they finance wages for both staff and players.

But with that deal still yet to go through, Bolton, whose victory over Eastleigh in the FA Cup over two games earned them about £200,000, are unable to guarantee that their staff will be paid on time on Thursday, January 21.

The club said in a statement: "Bolton Wanderers have stated that, due to the ongoing uncertainty surrounding the club's current funding position, it has been unable to confirm to its staff today that they will receive their wages for the month of January on the due dates.

"Every effort continues to be made by the board of directors and its advisers to pay staff and also resolve the longer term funding issue during what remains a difficult and challenging time for the football club."

 

Bolton staff were paid on time in December, despite fears that they would miss out on their pre-Christmas pay packet, but it is understood the money was not raised by owner Eddie Davies, who has withdrawn his financial support and is looking to sell.

Neil Lennon's players did not receive their November wages, though, and only the sale of offices at the ground, combined with a contribution from the PFA, meant they were paid last month.

While financial advisor Trevor Birch negotiates with four interested parties about a takeover from Davies, everything is up for sale at the Macron Stadium, including assets and players.

The respective sales of Mark Davies and Zach Clough to Sheffield Wednesday and Bristol City would have raised in excess of £2m but they both fell through last week and it may get to the stage where Bolton have to consider loaning players out this month just to get them off the wage bill.