Bolton Wanderers: Strategy Rooted in Legacy. Interview with Niaz Shazad, CFO and Interim Co-CEO of the Club.

Roger Hampel

Niaz Shazad, Chief Financial Officer and Interim Co-Chief Executive Officer at Bolton Wanderers | Photo Credit: Bolton Wanderers

For many years, Bolton Wanderers has been a name closely associated with English top-flight football. Back in August 2003, it was against Bolton that a young Cristiano Ronaldo made his Premier League debut at Old Trafford. 61st minute. A standing ovation. George Best later called it “the most exciting debut I’ve ever seen.”

Today, Bolton no longer play in the Premier League but in League One – the third tier of English football. And yet, from a business perspective, Bolton operates like a club whose ambitions far exceed its current league position. Record-breaking revenues in the 2023/24 season, sponsorship income doubling year-on-year, and sporting success rarely seen – or talked about – at this level:

• The women’s team completed an unbeaten double-winning season,

• The B team lifted the LFA Senior Cup,

• And the academy not only won the northern league title but also added the LFA Youth Cup.

So what does this transformation look like from the inside? What does it take to lead a club that balances a deep sense of identity with a clear ambition to rise again?

We explore these questions with Niaz Shazad, Chief Financial Officer and Interim Co-Chief Executive Officer at Bolton Wanderers (former Head of Finance - MCFC & MCWFC Operations at City Football Group) – who joined the club in the summer of 2024, right in the midst of a pivotal transition, and who today helps define its strategic direction.

Niaz Shazad | Photo Credit: Bolton Wanderers

Roger Hampel (Football Business Journal): Bolton entered the 2024/25 season after a record-breaking year in terms of revenue. As the club’s new CFO and Co-CEO, how would you assess the structure you inherited – and the potential for further scalability?

Niaz Shazad (Bolton Wanderers): Occupying the role of CFO and Co-CEO at Bolton Wanderers over the last nine months has been both an honour and a privilege.

Holding both offices has allowed for a unique vantage point where different lenses have been utilised for differing forums. The club’s resurgence since FVWL Whites acquisition in 2019 culminated in record-breaking turnover in 2023/24 which speaks volumes about the work that’s gone into rebuilding Bolton post-administration.

From a financial and operational standpoint, the foundations are sound, and with the support and backing of the Board, will only get stronger. The commercial team has been smart and proactive, with clear progress made in diversifying revenue streams – be it through retail, hospitality, or an ever-improving digital presence. Our stadium utilisation has increased year-on-year, and the matchday experience has evolved significantly evidenced by the recognition from the EFL recently, bringing fans closer to the club both emotionally and economically.

However, scalability now depends on our ability to evolve this model. We are not just trying to grow for growth’s sake – we’re aiming for smart, sustainable growth. That means investing further in data infrastructure, improving talent pathways from academy to first team, and forming strategic partnerships both locally and internationally. Alongside aligning ourselves with ‘Brand Bolton’, a key focus this year is also capitalising beyond our shores and engaging with our global fanbase – there’s untapped potential in markets that resonate with the Bolton brand due to our Premier League legacy be it Scandinavia, Africa and beyond.

Equally, we're modernising internally – streamlining processes, implementing good governance, applying financial analytics to operations, and building a culture that allows every department to contribute to long-term value creation, and not just top-line growth. The real potential lies not only in the numbers we report at the end of the year, but in embedding a structure that facilitates the ambition to compete at a higher level without compromising our principles.

So yes, the structure I inherited carried value, but more importantly has been receptive to change. And that’s where real scalability lies – in our willingness and ability to innovate while staying rooted in the identity that makes Bolton Wanderers a club with both soul and ambition.

Photo Credit: Bolton Wanderers

Roger Hampel (Football Business Journal): Which revenue streams — beyond matchday income — do you see as strategic pillars for Bolton’s long-term growth?

Niaz Shazad (Bolton Wanderers): Matchday income will always remain a crucial part of our financial engine – especially given the loyalty and size of our fanbase – but we’re acutely aware that long-term sustainability in modern football demands a diversified revenue model.

The first strategic pillar is commercial partnerships. Bolton Wanderers is a heritage brand with deep recognition, and we’re leveraging that legacy to build a more modern, global-facing commercial strategy. This means cultivating meaningful, long-term sponsorship deals—not just kit branding, but integrated partnerships across digital platforms, academy development, and of utmost importance, community engagement.

The second is digital media and content monetisation. We’re in the early stages of building a more robust digital ecosystem – our own platforms, streaming services, and premium content offerings that go beyond merely radio & highlights. By enhancing fan engagement through unique content and interactive digital experiences, we’re turning passive support into active participation, which opens the door to new forms of monetisation, particularly internationally.

Third, we see retail and merchandising as an area of growth potential. With a renewed focus on quality, design, and international distribution, we’re repositioning Bolton merchandise to appeal not just to traditional supporters but also to a broader lifestyle market, especially among younger demographics who value heritage brands.

Another core pillar is player trading and development. This isn’t just about selling talent – it’s about creating a vertically integrated pathway from academy to first team and beyond, which creates long-term value both on the pitch and on the balance sheet. Our investment in data-led recruitment and youth development ensures that we aren’t just developing talent for ourselves but becoming a club recognised for producing players who thrive at higher levels. Our B Team, as well as U18s have had tremendous success this season, winning leagues and cups alike and we hope to build upon these foundations in the years to come.

Finally, there’s venue and non-matchday operations. The Toughsheet Community Stadium is a tremendous asset. We're exploring expanded use for concerts, conferences, corporate events, and community-led initiatives. That’s not just additional income – it’s about reaffirming our commitment to embedding the club even deeper into the economic and cultural life of Bolton and Greater Manchester.

In short, we’re building a multi-channel business model around the footballing core – rooted in community, driven by innovation, and aligned with our ambition to rise sustainably through the football pyramid.

Photo Credit: Bolton Wanderers

Roger Hampel: Sponsorship revenues reportedly doubled in the past season. How do you approach building strong commercial partnerships despite being in League One?

Niaz Shazad: That growth in sponsorship revenue reflects strategic intent, not circumstance. Yes, we’re in League One, but Bolton Wanderers offers something few clubs at this level can: a powerful blend of history, brand equity, and a clear trajectory. We don't sell our league position – we share our vision, our values, and our platform.

First, we’ve professionalised how we present the club to potential partners. Our focus on data – fan demographics, engagement metrics, reach across digital and broadcast platforms – combined with storytelling taps into the authenticity of our heritage. Commercial partners want brand alignment, visibility, and community impact. We, can deliver on all three.

Second, we’ve made Bolton Wanderers a values-led proposition. Businesses today are looking for more than advertising—they want to associate with organisations that have purpose and community impact. Our work through the Bolton Wanderers in the Community, and our continued efforts around sustainability and inclusion, have become central to many of our partnerships.

Third, we focus on integration, not exposure. Our commercial deals are structured around shared goals. Independent of the industry, we curate packages that allow partners to activate their brands in creative, meaningful ways – both in-stadium and across our digital infrastructure allowing for mutual growth and long-term success.

Roger Hampel: Are you exploring opportunities to expand Bolton’s brand and reach beyond the UK market? What’s your view on the club’s international potential?

Niaz Shazad: I’m firmly of the belief Bolton Wanderers has significant international potential, and expanding our global footprint is a key strategic priority.

This is a club with a recognisable name in global football circles, particularly among fans who followed the Premier League in the 2000s. Players like Jay-Jay Okocha, Youri Djorkaeff, Fernando Hierro and Iván Campo gave Bolton international appeal, and there’s a nostalgic affection for the club in countries as diverse as Nigeria, France, Spain, and across parts of Scandinavia and Asia. That historical resonance gives us a foundation that most League One clubs simply don't have.

What we’re doing now is turning that legacy into an active global strategy to aggregate potential commercial upside. We’re already seeing inbound interest from international sponsors who want to align with a club that combines tradition with a modern, values-driven identity. In those conversations, our position in the football pyramid is less relevant than our ambition, professionalism, and global recognition.

Therefore, in short, our international strategy isn’t chasing trends but about smartly activating the dormant value already attached to the Bolton brand. We’re playing the long game: cultivating communities of fans and partners worldwide who believe in where the Bolton Wanderers bus is heading, not just where we’ve been.

Jay-Jay Okocha | Photo Credit: Bolton Wanderers

Roger Hampel: Your women’s team, B team and youth sides all had standout seasons — league titles, cup wins, and unbeaten runs. What strategic value do those achievements bring to the club beyond the first team? Do they signal readiness for a more integrated, long-term structure?

Niaz Shazad: They absolutely do. What we’ve seen this past season is not just success in isolation – it’s reward for years of groundwork across our footballing departments, be it Julian Darby, Dave Gardner, Myles Smith or the many wonderful members in their respective teams. The performance of our women’s team, B team, and academy sides is a powerful signal that the club is building the right way: from the ground up, with cohesion, standards, and identity running through every level.

From a strategic standpoint, these achievements confirm our belief in a "one club" philosophy. We don’t view these teams as peripheral or developmental – they’re integral pillars of Bolton Wanderers. Their success enhances our brand, our talent pipeline, and our commercial appeal. Winning matters, but what matters even more is how we’re winning: with local talent, intelligent coaching, and a culture of excellence that mirrors the first team’s direction.

Take the women’s team, for example: their success this year gives us a compelling case to elevate the programme further, in terms of visibility, sponsorship, and infrastructure. Likewise, the academy's output this season demonstrates we’re on the road to creating a self-sustaining model - one where first-team-ready players emerge consistently from within.

Ultimately, this isn't just about trophies – it's about building long-term resilience and identity. Success at all levels creates a virtuous cycle: a perpetual cycle where business strategy goes hand-in-hand with sporting strategy – better development, stronger retention, increased fan engagement, and deeper ties to the community. That’s the structure we’re now ready to formalise and scale.

Bolton Wanderers Women completed an unbeaten, double-winning season. Photo Credit: Bolton Wanderers

Roger Hampel: What role did the ‘Wanderers Bond’ play in shaping the club’s financial flexibility and engagement with its supporter base?

Niaz Shazad: The ‘Wanderers Bond’ was a landmark initiative for us – not just in financial terms, but in the way it strengthened the relationship between the club and community. Although it preceded my arrival, it demonstrated that football finance doesn’t have to be remote or transactional. Instead, it can be inclusive, transparent, and aligned with the identity of the club.

From a financial flexibility standpoint, the Bond gave us access to a non-traditional source of capital at a critical time. It allowed us to fund key infrastructure improvements and invest in long-term operational projects – from sporting strategy investments in data, medical and pitch investment to infrastructural projects such as upgrading our connectivity motorway and upgrading the LED ribbon, to commercially led developments such as upgrading several hospitality lounges, all the whilst helping strengthen our balance sheet without being beholden to short-term lending or external investors with competing agendas. That independence is vital for a club like Bolton, where every financial decision must serve both performance and sustainability.

But equally important was the message it sent. Over 9,000 bonds were issued amongst 1,000 supporters not because they were promised massive returns, but because they believed in the direction we’re heading. That level of trust is hard-earned, and the Bond formalised it in a way that gave fans a tangible stake in the club’s journey – not just emotionally, but financially. It’s a model of fan engagement that’s deeply aligned with our values.

In short, the Wanderers Bond wasn’t just about raising funds – it was about redefining what ownership and partnership can look like in modern football.

Roger Hampel: Bolton has a deep-rooted local identity. How do you approach the balance between future ambitions and maintaining the heritage and emotional connection that defines this club for generations of fans?

Niaz Shazad: That balance is absolutely central to everything we do. Ambition without identity is hollow, and heritage without progress risks standing still, which in today’s environment is the equivalent of moving backwards. At Bolton Wanderers, we see no contradiction between aiming high and staying rooted – we believe the two are not mutually exclusive.

Our local identity is our foundation. This is a club that represents more than just football – it reflects the character, resilience, and pride of the town itself. Generations of supporters have followed this club through triumphs and turmoil, from Burnden Park to the Reebok to present day at the Toughsheet Community Stadium and that emotional bond is one of our most valuable assets. It informs how we communicate, how we engage with fans, and how we make decisions at every level.

At the same time, we’re not shying away from growth. We have ambitions to return to higher levels of English football, to innovate commercially, and to build a more modern, data-driven operation. But we’re doing that with the community – not in spite of it. Whether it’s our fan consultations, our investment in the Bolton Wanderers in the Community programmes, or the Wanderers Bond itself, we’re creating structures that give our supporters a voice and a stake in our progress.

We also respect tradition through action. From retro kit designs to commemorating club legends, we actively honour our history. But crucially, we’re telling that story to new generations – using digital platforms, schools outreach, and youth engagement to ensure that Bolton Wanderers remains relevant not just to those who remember Burnden Park, but to young fans discovering the club today.

In short, our strategy is to evolve with purpose. Growth means nothing if it comes at the cost of authenticity. Our job is to ensure that when we reach the next chapter of this club’s journey – whether that’s the Championship or beyond—it still feels like Bolton. Familiar, proud, and unmistakably ours.