Bohs shed light on financial situation

Bohemians have this evening sheds some light on the financial doom and gloom which the club continues to see itself in.

Just a fortnight ago at the last game of the season in Derry, a group of Bohemians supporters unfurled a banner which read “This isn't the end.” This afternoon a statement released by the club gives some hope that they may yet overcome their much-publicised financial difficulties.

The statement does have a few encouraging facts for Bohs fans. “Bohemians are in a better trading position than at this stage last year:
•  all payments to the Revenue Commissioners and to players are up-to- date and
•  no player contracts are being carried over.
•  Cost reductions have been achieved largely through job cuts and reduction of working hours. The club thanks the staff involved for their co-operation and their understanding.”

However, the spectre of the €4 million owed to Zurich bank still hangs over the club. “As is well known, the club has debts of over €4 million to Zurich Bank. Repayment of this loan falls due in June 2012. Meeting that target depends very largely on being able to realise the value of the club’s major financial asset, Dalymount Park. Bohemian FC is in continuing negotiations with Zurich Bank about the schedule of interest payments on this loan.”

A supporters organisation, the Gypsies Supporters Trust, has been investigating possible contingency plans for the club.  They recently invited Kevin Rye to speak at one of their meetings. Rye is a major player in Supporters Direct, a company which promotes supporters' involvement & community ownership of clubs across the UK.  It is not yet clear whether Rye’s advice will be taken on board by the officials or members of the club.

Tomorrow night (November 10th) sees a crucial EGM taking place in St. Peter’s Hall, Phibsboro.  At this meeting, members will receive much needed information on the club’s debts.  Members will also be asked to vote on a number of critical issues involving the future of the club, including possible changes to membership structure and how best to use the club’s only real asset, Dalymount Park.

The results of that EGM will surely have huge ramifications on whether the club will retain its’ top flight status next season.  Bohemians are the proud preservers of the record which has seen them compete in the top flight for every single year since the League was founded in 1922.