DEFEAT over two legs against Barnsley last season was easy to rationalise, in fact many folk would have argued the club was not ready for Championship football.

Play-offs had been the target, and with the Papa Johns Trophy thrown in for good measure, the fact they lost out by a single set-piece goal felt somewhat palatable, if not especially pleasurable.

Wanderers had been in a rush trying to modernise, and had made great strides, particularly on the commercial front. But knowing the financial leap that promotion would force the club to make there were a few sceptics who felt it did not yet have the infrastructure to cope, on or off the pitch.

No club who has ever successfully gained promotion would ever complain that it came ‘too soon’ – and examples like Luton Town’s valiant efforts to stay in the Premier League show what can be done whilst learning on the job.

But with James Trafford heading back to Manchester City – or in the event, Burnley – and Conor Bradley en route to regular football with Liverpool, two of last season’s most influential players would have vanished from the squad before Evatt had even begun to build on any play-off success.

Off the field, there was still a lot of explaining to be done about the role of the Switzerland-based BMLL group and what weight they carried at board level, and many of the capital projects which were accelerated by the launch of an early-summer bond scheme were not fully completed until a few months into the new season.

The mood ahead of this year’s semi-final is quite different.

Whilst there may be subjective debate among supporters about individual players, inside the club there is a firm belief that it is ready to take the next step.

Commercial performance has grown stronger, and even though Bolton still rely on owner funding to the tune of £5.6million, there have been firm and public commitments from Football Ventures and BMLL that there is a funding plan in place for the foreseeable.

Several of the latter consortium were present at the recent player of the year awards, including Ben Luckock, brother of Football Ventures director, Nick Luckock.

Recent reports revealed that the consortium is made up primarily of employees at Trifagura, a giant mineral and oil conglomerate, but that the individuals involved are not seeking to run the club.

Speaking at the ceremony, Australian-born businessman Luckock confirmed that BMLL were firmly committed, whether Wanderers were playing in League One or the Championship next season.

“Many of you will have seen the recent coverage about our assistant investment consortium, BMLL, which my brother leads,” he said.

“I will simply say that Ben and BMLL have been crucial to the continued progress of BWFC, so thank you to all of them for their continued help and trust in our journey.

“I also know that they are fully bought into our venture.”

Chief executive Neil Hart also recently said the 25-strong consortium had pledged their commitment in the “medium to long term” and that the terms of that plan were reviewed on a 12 to 24 month basis.

Reliable backing is even more important given the current impasse between the EFL and Premier League on the so-called New Deal, which will eventually improve the distribution of money outside the top flight.

Speaking at a recent Business Club event, Hart admits the introduction of a government regulator by the close of the parliamentary year could be important, as it might yet be needed to force through an agreement and ease some of the pressure.

“We have come a long way in the last five years and have a great set of owners and shareholders, we are engaged with the public and we actively try to do the right things,” he said. “But that still doesn’t make it easy and the financial aspects to it are very challenging. It is difficult to make ends meet so the redistribution of funds is much needed.

“We will never be sustainable here under the current financial frameworks. It is bordering on impossible.

“Every year we require our owners and shareholders to write out significant amount of money, and that is not sustainable, full stop.”

Despite the ongoing challenges Hart mentions, Wanderers feel they have now got their ducks in a row after five years of steady rebuilding. Unfortunately, they now rely on the most unpredictable part of a football club’s affairs, results on the pitch.

Automatic promotion was the target. Ian Evatt drew that line in the sand less than half an hour after the final whistle at Oakwell last May. Sharon Brittan, Neil Hart, virtually every player in the dressing room also alluded to the same goal.

With hindsight, it is difficult to think what else the manager and Co could say after losing out at Barnsley and being asked what was next. Had they under-promised there would have been complaints of a lack of ambition, and in the end, it was a close-run thing.

Exactly where and why a promising position at the start of 2024 was allowed to deteriorate is open to debate. There at least a dozen misses, mistakes, decisions and regrettable results that will be pored over well into the summer should Bolton miss out altogether.

There is no shame in third place, however, and Evatt’s side still has a chance to write its name in the history books by holding things together and making sure the next few weeks go according to form.

How ironic, now, that the team must go back to Barnsley to prove they have evolved and that they are now Championship-ready.

Considering the state Bolton were in when they dropped into League One in 2019 it is a small miracle that they are now three victories away from returning to that level of football once again. But as heartwarming as completing this chapter of the comeback story may be, there is no divine right to success. Bigger clubs and bigger budgets have been held back before in the League One tar pit and next season’s division looks like it will be more competitive than ever with the introduction of Huddersfield Town, Rotherham United, Wrexham and Stockport County, to name but a few.

Putting aside all disappointments that Bolton’s season is not already over and done with, they finished as the best of the rest after 46 games. Now they have to prove it once again, starting with Barnsley.