In most club accounts there is a separate line that states exactly what the net debt of the club is. Bolton don't do this. It is possible to calculate the net debt and this is what had been done in the graph below. It is important that you remember that these figures are taken from all the loans in the accounts, however they are from calculations not from what the club has explicitly reported.
It is clear the debts are getting worse and worse.
The next graph shows the Net Liabilities of the club. This comes from adding up the book value of the players, with the value of the ground and taking away all the people who are owed money. The people owed money are other clubs owed for transfer fees, banks owed for money borrowed, the parent company owed money, and the Inland Revenue for Social Security and VAT.
Again this is a very worrying situation. If everything the club owes is sold off then the club would still be £31m short. Given that the ground is valued at £41m in all this it could be viewed as being an even worse situation than it appears.
The problem any business has when it hits this sort of position is that no one will lend them any more money. A bank would look at the assets and what the club owes elsewhere and either just say "no way" or would impose huge interest rates on their lending.
This is why the club is borrowing more and more money from its parent company, and therefore Mr Davies.