Another notable example of a former Premier League club that has struggled both financially and competitively, despite being in receipt of parachute payments, would be that of Bolton Wanderers. Having spent beyond their means throughout the club's 11-year tenure in the top flight, Bolton steadily declined with regards to league position in the years following their Premier League relegation in 2012, eventually dropping down to League One in 2016. That season, the club's perilous financial situation necessitated the sale of their Euxton training ground and a car park in use by the club. The club had amassed debts of £186 million to their previous owner Eddie Davies, of which £171 million was eventually written off in order to assist with selling the club. Bolton Wanderers and its parent company Sports Shield BWFC, have faced multiple winding up petitions from HM Revenue and Customs for unpaid loan debts to various external businesses amounting to approximately £30 million; including an unpaid £5 million loan to BluMarble, a finance company that had provided funds to facilitate a takeover deal for the club in March 2017, and an overdue loan debt of £5.5 million to Prescot Business Park Ltd. Bolton's most recent financial accounts have produced forecasts that predict an annual loss of roughly £11 million, with the club judged "unable to meet ongoing costs". The parent company Sports Shield BWFC was wound up in August 2017 after a court hearing, with initial fears that Bolton would face a points deduction as a result, however the club avoided such sanction. In spite of the club being under a transfer embargo imposed by the Football League for almost two years from late 2015 to September 2017, with the club being limited to free transfers and loans under a pre-determined wage cap, Bolton earned promotion back to the Championship at the first time of asking under manager Phil Parkinson in the 2016–17 season. The payments have been also criticised as causing Premier League teams to play more cautiously — playing not to lose instead of playing to win — because the threat of relegation means the loss of payments from the television rights. In fact, as of December 2006, the goals-per-game average is only 2.14, the lowest it has ever been in Premier League history and lower than any other professional league in Europe. Steve Bruce, at the time manager of Birmingham City, stated that, Ten years later, these words were re-confirmed by the 2016–17 season final table, which showed a distinct trinary hierarchy. The 7 teams gaining places in European football were between 15 and 47 points ahead of the next group of 10, which were all spanned by a difference of just 6 points.