The graph below shows the reported profit of Bolton.
From 2004 through to 2006 the club made small profits. Prior to, and subsequent to, that period the club has consistently lost money. Over the whole period shown below the club has lost over £40m. So a loss, on average, of more than £4m a season.
In 2004 the profit came from the sale of Burnden Park, in 2007 there was also an income of £3.5m from the sale of the naming rights of the Training Academy. This Training Academy again came from Mr Davies.
The club cannot continue to survive like that, and its dependence on the loans from the present owner has to be a long term concern. Relegation unless it was followed by instant promotion would be disastrous. The owner getting bored with Bolton would similarly be a big problem.