Bohs secure crucial agreement with Zurich
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Bohemian FC received some welcome good news today when their website announced that an agreement had been reached with Zurich bank in relation to the money which the club is due to repay in June 2012.
The money owed to Zurich has become something of a Damaclean sword hanging over over Bohemians, leading to speculation about the club’s ability to survive as their financial problems have become more widely understood.
There are two key elements to the agreement, the first of which is that Zurich have agreed to review the date of settlement when the current deadline arrives.Another aspect of the agreement relates to the advent of a worst case scenario.
Should Bohs be unable to pay the debt, and the subsequent sale of their Dalymount Park ground fail to cover the amount owed, the bank have pledged not to seek the winding up of the club.
In the short term this allows Bohemians to plan for next season knowing that their existence will not be immediately threatened by the debt owed to Zurich.
About Simon O'Gorman
Simon O'Gorman began reporting for Extratime in 2010. He remembers Milltown and Flower Lodge and, back in the mists of time, saw Diego Maradona play at Lansdowne Road. He now lives in Co Kildare and … View Full Profile