Financially stricken Bolton Wanderers placed under transfer embargo

 
Joe Hall
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Bolton Wanderers v Sheffield Wednesday - Sky Bet Championship
No new players: Lennon will not be able to add to his squad in January (Source: Getty)

Bolton Wanderers have been placed under transfer embargo as the problems caused by the club's dire financial straits continue to mount.

The club currently rooted to the bottom of the Championship table will not be able to sign any new players after they failed to submit a Financial Fair Play (FFP) return to the Football League for the 2014/15 season.

Football League FFP regulations required all clubs to submit an FFP return for last season before December 1 and permitted clubs to a maximum loss of £6m for the season.

In the 2013/14 season, Bolton announced a loss of £6m but the financial situation appears to have worsened - earlier this month it received a winding-up petition from HMRC over unpaid tax bills.

Read more: Bolton receive winding up petition from Bolton receive winding up petition from HMRC

Bolton will now be under transfer embargo until they comply with Football League FFP regulation.

In a statement Bolton Wanderers finance director Anthony Massey said:

“The club were unable to submit an FFP return to The Football League. The board have been unable to sign off the annual report and accounts for the financial year ending 30 June 2015 during the current financial difficulties the club are experiencing.

“This is especially disappointing as, based on our draft financial results for the year ended 30 June 2015, we believe we would have achieved FFP.

“Until both the short and longer term funding issues the club are currently facing are resolved, the directors will not be in a position to sign the accounts.”

Bolton currently have £172.9m in debt and owner Eddie Davies and club advisor Trevor Birch are in the process of looking for a new buyer.

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