Cash-strapped Bohs look to fans for bank-loan bailout
Published 30/09/2010 | 05:00
Bohemians' financial strife has reached a new level this week following the revelation that they have pleaded with their fans to take out a bank loan and donate it to the club.
In an announcement on the club's website, the Phibsborough outfit admitted the extent of its current plight, emphasising that it needed "support from all its friends to see it through the rest of the season and into the next".
At a members' meeting last August, the club's board admitted they would need to raise roughly €50,000 to pay the players the following week, which they eventually achieved. It was also learned that they would require €400,000 in funds in order to survive the season.
It was suggested then that the members pay an extra €1,000 on top of their membership fee in order to pull the club through its current difficulties, but they have now opted for a new loan scheme.
"The club has been working hard to deal with its present cash-flow difficulties," read the statement.
"It is committed to achieving break-even and to reducing spending further next year in order to build a sustainable future."
"The club has a major asset in Dalymount Park and loans to Bohemian FC will be secured by charge on that property under a trust deed."
Bohemians face Bray Wanderers tomorrow night and failure to beat the Wicklow side, coupled with a Shamrock Rovers' success at UCD, could see them relinquishing their Premier Division title to their arch-rivals in the crunch Dalymount Park derby with the Hoops next Tuesday.