The historic Bolton Wanderers team in English football, is not living its best days. With deep debts, which were exacerbated during the pandemic, the Greater Manchester team now have “angels” across the UK.
The British government, as part of one of its development plans, has invested in the company that bought the team in 2019, making the taxpayer, in a way, part of one of the founders of English football.
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This is due to an initiative by the British Treasury to invest in loss-making companies, but with a long-term growth perspective. That is, they need the money now and can pay it in the future. In the latest batch of government investment, among the winners was Football Ventures, which took control of Bolton in 2019.
The company is one of 108 companies the government has joined in its project this week, revealed the Financial Times, which completes a catalog of 265 companies the Treasury has invested in.
The purpose of this fund, which was created in May 2020 to solve the economic problems of companies during the pandemic, is to provide funds for start-ups and companies trying to innovate in their various activities. This new wave of cash injections also includes a bookmaker, a chain of cafes and a clothing factory, for example.
As Bolton himself explains, state investment accounts for 8% of the club. This money is an important support for Bolton, who not so long ago played in the Premier League and has the likes of Hierro, Djorkaeff, Okocha and Anelka.
The 2011/12 season was the last for Bolton’s elite team, to have four trophies to their name, before financial problems swamped the team. In 2019 they fell to the second league (English fourth tier), and declared bankruptcy. Football Ventures bought the club in August 2019 and saved it from disappearing. This season, Bolton occupies fifteenth place in the First League (English Third Division).
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