The second division English football club Bolton Wanderers have announced debts of $330 million, providing a stark reminder of how financially damaging it can be for a club to drop out of the Premier League.
Club chairman Phil Gartside says the result reflects the difficulties of relegation to the Championship after 11 years in the first division.
Relegated teams receive parachute payments to soften the financial blow of dropping out of the top flight, but Gartside says the ever-widening gap between the two leagues makes the transition extremely difficult.
Bolton, who were relegated in May 2012, are 18th in the 24-team Championship and host Middlesbrough on Wednesday.
The club made a financial loss of $102 million for the year ending June 2013