WANDERERS’ have published their latest financial figures, revealing the cost of relegation to League One – and some of the green shoots of optimism which are starting to emerge.

Parent company Burnden Leisure Ltd, Bolton Wanderers Football and Athletic Company and the Bolton Whites Hotel have all issued accounts relating to the financial year ending June 2017.

Costs have been reduced across the board and the bottom-line debt – which once weighed in at more than £200million – is now much lower after Eddie Davies took the amount he has scrubbed off the books to an incredible £198million.

Details of the remaining hard debts, with around £22m disclosed, have also come to light, presenting a short-term challenge to Ken Anderson.

“I believe that readers of both my statement and the accounts in general will see that from a very difficult situation when I arrived, the club continues to improve its position both on and off the field,” the chairman wrote this afternoon on the official website.

“There is much still to do but I do hope you will agree we are now certainly heading in the right direction, something that could not have been said in the past few years.

“Indeed, I would like to let you know that the improvements we have continued to make in the last nine months have resulted in some positive news going into the last quarter of this financial year. The management accounts of both the football club and Whites Hotel are looking very encouraging and with a strong finish in the last quarter we should be able to report a profit for the first time since 2005.”

Operating losses for Wanderers’ parent company Burnden Leisure are £12.9m, from £8m, and there has been a steep drop in revenue from broadcasting, which fell to £1.7m from £12.9m.

As a result, turnover was hit hard, dropping to £8.3m from £24.3m and gate receipts were down marginally from £3.3m to £3.1m.

But despite those grim figures, there are signs the club’s finances have started to fall back into line.

The football wage bill of £12.6m – reduced by nearly £6m on the same stage 12 months earlier – shows the extent of belt-tightening which has occurred at the Macron Stadium.

Another £4m has been saved in sales and administrative expenses.

A total of £5.5m was made in player trading, which was primarily made up by the sale of Zach Clough to Nottingham Forest and Jamie Proctor to Rotherham United, plus associated bonuses accrued through Rob Holding’s move to Arsenal.

This was the first set of accounts to take into consideration the full amount of money wiped off the books by former owner Eddie Davies, which now stands at £197.9million.

Davies waived a £5.2m payment last season, leaving his company with £10m in the club, explained in the accounts, as following: “The residual facility of £10m remains due to Fildraw Limited. This sum is only payable should certain payments not be made as agreed following the change in ownership in March, 2016.”

It is understood repayments are linked with potential promotion to the Premier League and any future change in ownership.

Ken Anderson, via his company Inner Circle Investments, was paid £525,000 during the year and a payment of £125,000 was also made to the Athos Group, owned by a family member of Mr Anderson, both in respect to “consultancy fees”.

Compensation deals for former co-owner Dean Holdsworth and ex-director Richard Gee were also included in the account notes.

Holdsworth’s Sports Shield Ltd company received £250,000 last September in respect to “fees incurred during the change of ownership” and a £50,000 payment was also made to the former striker to cover legal fees.

Gee received £104,000 in compensation after losing his position.

It has been confirmed that loan company BluMarble are due a £4m payment, plus £300,000 interest, by September 2018 plus £700,000 if the club are promoted to the Premier League before the 2020/21 season.

Former vice-chairman Brett Warburton is owed £2.5m, secured against land near the club’s Lostock training ground. A payment of £500,000 was due on March 1 but discussions are currently taking place with developers, after which the loan is expected to be repaid in full.

A loan of £5.5m from Prescot Business Park Limited was due to be repaid in January 2017 and secured against the Bolton Whites Hotel.

The accounts note that: “This loan has not yet been repaid but the amount has not been demanded and dialogue is ongoing regarding extension of the facility.”

The independent auditor’s report provided a stern reminder as to the need for investment at Wanderers in the future.

“The audit evidence available to us to confirm the appropriateness of preparing the financial statements on a going concern basis was limited because the Burnden Leisure Limited group of companies has not been able to substantiate any evidence that the group are able to continue to trade as a going concern.

“The group has provided no detailed financial projections demonstrating its ability to continue as a going concern.

“Without the availability of detailed financial projections we assume that the ability to continue as a going concern is dependent upon significant levels of investment and/or refinancing.

“Such funding has not currently been secured although we understand that the Chairman will continue to provide financial support to the group.”