Gypsies seek €305,000 from fans in bid to stay afloat
Published 12/11/2010 | 05:00
BOHEMIANS need to find €105,000 for the Revenue by Friday week, and approximately €200,000 more to pay off players before the end of the month, if they are to survive as a League of Ireland club.
The Gypsies, champions in 2008 and 2009, have launched an urgent appeal to all supporters to come to their aid "in this time of need."
Club members were informed of the dire situation on Wednesday night, and the Phibsboro club have kicked off a campaign to raise funds through donations, individual sponsorship, loans and other means.
Time and the prevailing economic climate are working against them. And Bohs authorities have admitted that even if they clear this hurdle, a further €400,000 must be found over the winter.
The immediate battle is to come up with cash to comply with licensing regulations by November 30, with the pressing tax bill of particular concern, given that Revenue debts eventually brought down the old Cork City.
Bohs must find €74,000 of player wages for November, in addition to over €100,000 towards what are effectively redundancy payments to 10 contracted players they wish to release.
However, that is pending negotiations with the individuals in question, who cannot be sure of finding employment elsewhere -- although midfielder Paul Keegan is on trial with Reading.
Bohs wish to keep hold of youngsters Paddy Madden, Aaron Greene and Marc Hughes as they may have sell-on value, and the club will also retain ligament injury victim Glenn Cronin as they feel they have a responsibility to him.
Officials at Dalymount Park informally contacted an expert in the area of examinership, who said they should look to try to sort out the situation themselves.
But that grim process is one eventuality if this fundraising drive falls short.
The FAI have the power to refuse the club a licence to compete in 2011 if they default on their commitments.
Bohs are on course to make a significant operating loss this year to add to mounting seven- figure debts. Repayments on bank loans arising from the botched sale of Dalymount Park are also looming over the horizon.
Bohs struck a deal with Liam Carroll's Danninger group, but that was aborted after it emerged that a section of the ground had already been sold to Albion Properties.
The economic downturn affected both companies, but Bohs had borrowed heavily in anticipation of a multi-million euro deal going through.