Bolton Wanderers have announced a loss of £34.5 million for the past financial year.
Chairman Phil Gartside played down the losses, attributing them to the change in managerial structure, after appointing Owen Coyle as manager in January, along with the influx of new players to the squad.
Bolton increased their squad from 24 to 30 players in the 12-month period while no senior players left the squad. £15m also was spent on new deals for players such as Zat Knight, Sean Davis and Lee Chung-Yong, which increased the wage bill from £40m to £46.4m.
Gartside now admits that there are more players than needed in the current squad, however he quashed any suggestion that they are now a 'selling club'.
‘’We have spent more money on players than we have in the past, in the last three or four years,’’ Gartside told the club’s official website.
"That has left us with a large amortisation sum this year of £60-£70m, which is part of the loss.
"The cost of transition from one manager to another is always expensive, and we have got a player transition where we have a surplus on the playing staff of about six or seven players.
"We wanted to shed players in the summer to bring the wages down but we couldn't because the market has died.
"We are trying to control costs, we are trying to reduce our wage bill and that will continue.
"We are a trading club; we are not a selling club. There will be times when we have to trade players and that is our goal in the next few years."
On a positive note, Bolton have shown some modest increases in some areas including turnover, merchandising and gate receipts.
The Bolton chairman has tried to comfort fans as he maintains that debt is not a huge concern and owner Eddie Davies remains fully committed to the lcub.
He added: "We are in a fortunate position in that a small percentage of our debt is owed to the bank.
"That puts us in a strong position in one sense and we have no indications from Eddie whatsoever that he wants to exit the club. He still enjoys the games and he is a massive supporter of the club.
"We want to sustain a continued life in the Premier League.
"We have been 10 years in the Premier League and we want another 10 years in the Premier League."