WANDERERS’ losses doubled to £11.2million after missing out on in the play-off final last season.
The cost of running a club with Championship ambitions was laid bare in the financial accounts for the year ending June 30, 2024, but was described as a “managed trading loss” by the ownership group, who also confirmed their commitment to future investment.
Wanderers, who had reported group losses of £5.6m in 2023, lost out in the showpiece at Wembley against Oxford United last May having spent transfer fees on the likes of Aaron Collins, Carlos Mendes Gomes, Dan Nlundulu, Will Forrester and a loan fee for Paris Maghoma.
The club noted “significant investment across the entire business” after issuing their accounts, which is understood to include groundworks and a new gym at the training ground, budgets for the B Team, academy and women’s team, along with investment at the hotel.
Wanderers highlighted a significant turnover increase, from £19.4m to £21.3m, across the group, which includes the hotel.
Commercial, matchday and broadcast revenues all increased in what is the fifth year that Football Ventures have been at the helm, having taken Bolton out of administration in 2019.
Wanderers finished third in the table and beat Barnsley over two legs in the play-off semi-final but missed out on promotion after a disappointing display in the final. It is likely that losses would have been even higher had they won at Wembley, however, due to contractual promotion bonuses.
Crowds were up, with the average home attendance of 21,022 a record for the Whites at this level of football and an increase on the previous season’s average of 18,814.
Chairman Sharon Brittan said: "While the 2023/24 season ultimately ended with disappointment on the pitch, it was undeniably a season of continued progress and growth.
“The Board and I are incredibly grateful to all our supporters, sponsors, partners, stakeholders and colleagues for their continued support on this journey. Importantly, our shareholders remain fully committed to providing the necessary funding to support our ambitions.”
Wanderers overall wage bill has increased by more than 25 per cent, from £12,834,631 to £16,095,593.
The auditor’s report also included a favourable view of the club’s future financial condition.
It read: “Despite the loss to June 30, 2024, the Group has a sound financial base from which to further improve the business. The Group is reliant on funding from its shareholders and such funding has been and continues to be made available from the shareholders when required.”
It continued: “At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.”
More to follow.
