THE trappings of the Premiership and the price of possible failure are highlighted today in the latest financial results posted by Burnden Leisure, the parent company of Bolton Wanderers writes Chief Soccer Writer Gordon Sharrock

The plc's balance sheet reveals how a season of top flight football saw television income soar, turnover treble and the wage bill rocket.

But the numbers also illustrate the chasm between the Premiership and the cash-strapped Nationwide League and serve as a warning of the dire consequences of relegation.

Premiership status, in the words of chairman Phil Gartside, is "the cornerstone to our future financial success."

Figures from the balance sheet reveal that Wanderers performed well on the financial front last season while managing to secure a second term in the top division of English football for the first time in 23 years. They even managed to reduce their debt by £900,000 to £32.9 million.

In terms of income, the club has never had it so good, thanks to TV payments of £17.6 million. But the whole picture will change dramatically next year unless they can haul themselves off the foot of the table and repeat their survival success.

Even so, Burnden Leisure chiefs believe they have taken the necessary precautions so that, if the worst came to the worst, they could cope better than most.

Mr Gartside, who chairs both the club and the plc boards, spelled out the harsh facts of life last week when he warned players' wages would have to be slashed by 75 per cent if Wanderers were relegated. Now, in his statement on the company's accounts, he has revealed how that could be achieved with the confirmation that 20 of Sam Allardyce's current playing staff are on short-term contracts.

Burnden Leisure made a pre-tax operating loss of £1.58m in the 12 months to June 30 compared to the previous year's deficit of £8.12m but the chairman reports "progress on the broad business front" and "significant improvement" in many financial areas.

The outstanding figures are the ones which underline the benefits of Wanderers' involvement in the most cash-rich league in world football.

The club's turnover trebled from £10m to £30m last season as television income shot up £16.3m from the previous year's modest £1.3m. Gate receipts and sponsorship revenue also increased but so did players' wages - 70 per cent higher - although the club still has one of the lowest salary bills in the Premier League.

Though mindful of the desperate need to maintain their top flight status, Wanderers are determined to avoid the cash catastrophes suffered by clubs whose relegation in recent seasons has taken them to the brink of bankruptcy - Leicester City and Barnsley being prime examples.

"Costs were controlled well with our main challenge being to ensure we are not over burdened by long term commitments on salary contracts," the chairman adds.

"This manages the down-side risk and we would hope it would enable the club to avoid the problems currently experienced by football clubs which have been relegated from the Premier League."

The manager's spending power is still hampered by the huge debt burden which is largely due to loans taken out to build the Reebok Stadium and the De Vere Whites Hotel. Efforts to raise a mortgage to spread the debt over the medium to long term have so far failed so alternative avenues are being explored, although Wanderers are unlikely to follow Manchester City's lead in securing funds against future season ticket sales.

They are, however, in advanced negotiations with "certain trusts" one of which is an existing shareholder to raise "considerable working capital" and are hoping to ease their current cash flow position by accessing some of the television money they are due to receive next August.