English Premier League club Bolton Wanderers on Wednesday announced an annual loss of £34.5 million for the past financial year.
Wanderers chairman Phil Gartside claims this increased deficit is due to the change of management structure after the appointment of Owen Coyle as manager in January and the subsequent escalating cost of the squad. Bolton's first-team squad increased from 24 to 30 players during the 12-month period ending 30 June 2010, while no senior stars left the club.
Around £15 million pounds was spent on new players - including Lee Chung-yong, Zat Knight and Sean Davis - and the wage bill increased by 14 percent from £40.9 million to £46.4 million as a result.
"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.
"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," said the Bolton chairman.