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Middle Eastern Money Heading to Bolton Wanderers?

A cash investment could be on the way

Michael Regan/Getty Images

As reported in The Sun over the weekend, potential investment could be on the way. Bolton Wanderers chairman Phil Gartside is supposedly closing in on a deal with an unnamed Middle Eastern group to bring in needed transfer funds.

This comes a week after the club released a statement to categorically deny any talks had taken place with a potential Irish consortium, led by football agent and friend of Neil Lennon, Gerry Carlile. Another consortium from Israel has also been mentioned in a whirlwind few weeks of rumours.

Despite saving around £5 million off the yearly wage budget by releasing players like Jermaine Beckford, Matt Mills and Keith Andrews, club losses are around £9 million a year, with the club's debt reaching £172 million.

Even though the majority of the debt is owed to current owner Eddie Davies, the debt remains a stumbling block for any potential takeover. Cash investment without a complete change of ownership is obviously a more viable option.

Clearly any investment that the club can secure is welcome. Lennon has a long summer of rebuilding and added funds could be vital in securing a higher quality of players.

Without any extra cash, Lennon will probably struggle to get his main targets as the club looks to improve on the disappointing 18th place finish last season. Lennon has already stated he plans to rely on a group of contracted players rather than raft of loans.

Maybe the club's reluctance to come out and deny the story could possibly mean talks are ongoing, albeit with a middle eastern group or another consortium.

Clearly the club intend on remaining silent as to not scupper any deal hopefully forthcoming.

Sensibly, some might add.