Wanderers' soaraway success was recognised on the Stock Market today with a shares spree.

Shares in Burnden Leisure plc - the enlarged group formed through the merger with Mosaic Investments - kicked off at 69 pence.

That was 18 pence up on the price Mosaic was listed at on March 6 when dealings in their shares were suspended.

They later settled at around 67p valuing the club at more than £60 million.

City analysts suggest the debut price bodes well for the future of the new group, which will focus strongly on the fortunes of Bolton Wanderers but will also diversify and develop into a broad-based sports, leisure and management group.

This morning's favourable start reflects the incredible success Wanderers have enjoyed this season, clinching a return to the Premiership at the first attempt, running away with the Championship and clinching a lucrative sponsorship deal with Reebok for their new £35 million stadium and anticipates successful financial times ahead.

The premium price also puts sky high values on the shareholdings of the seven Wanderers' directors, who will control more than 50 per cent of Burnden Leisure.

Chairman Gordon Hargreaves' holding now has a paper value in excess of £6 million while the biggest shareholding - Gordons (Bolton) Ltd, represented on the Wanderers board by Gordon Seymour - is worth more than £14 million.

Wanderers joined the stock market's footballing fray through a reverse takeover by Mosaic, whose shareholders approved the deal and the change of the group's name at an extraordinary general meeting yesterday.

Under the terms of the offer 1,135 Mosaic shares were offered for each Bolton share and 11,350 Mosaic shares for each special Bolton share.

Several clubs have now used the reverse takeover tactic to join the market, including Southampton and Sheffield United.

A shell company, Soccer Investments, was floated last week with the sole intention of buying a club within the next two years using the same method.

Wanderers' addition takes the number of football clubs on the main market and Alternative Investment Market to 18, with Aston Villa and Leicester City the next in line to float.

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