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The 28-year old was signed from Everton following a loan spell in November 1999 and was a key member of the team to secure promotion via the Play Offs in the 2000-2001 season, scoring the opening goal in the 2001 Play Off Final against Preston North End at the Millennium Stadium which was to send the Trotters on their way to a 3-0 win.
However the following season back in the Premiership the former Aston Villa man found himself out of favour and was only to play a bit part in the team over the next two years which saw him loaned out to Rotherham United, Burnley and latterly Bradford City in the search for first team football. Farrelly made a total of 78 appearances for the Wanderers scoring 5 goals and is now expected to make Walsall his next destination as Saddlers manager Colin Lee has expressed a strong interest in the player.
Bolton boss Sam Allardyce told the Bolton Evening News that the club had agreed a severance payment with the player "The club has struck a deal by settling Gareth's contract by mutual consent"