ChampionshipBolton Wanderers recorded a loss of £22.1m in the last financial year, taking their total debt to £136.5m, reports BBC Sport. However, £125m of the debt is owed to owner Eddie Davies, which has been refinanced into a long-term loan.
"It is a huge vote of confidence and underlines the on-going support and commitment he has for our club," said chairman Phil Gartside.
The club's parent company, Burnden Leisure, revealed losses were down from the previous figure of £26.1m in 2011.
Wanderers were relegated from the Premier League in May, ending their 11-year stay in the top flight.
Gartside told the
"Key to this set of figures is the fact Eddie Davies has converted his investment in our club from short-term to long-term debt.
"To lose our place in the Barclays Premier League was hugely disappointing for all of us - fans, staff and players, and our aim is to return at the first opportunity."
Click here to reach the No1 destination for hard news and exciting gossip on Bolton Wanderers