Bohemians must sell Dalymount to ease massive financial woes
Published 10/11/2011 | 05:00
MEMBERS of Bohemians will meet this evening at an Extraordinary General Meeting (EGM) to discuss and vote on a number of proposals regarding the club's uncertain future.
The Phibsboro club issued a statement yesterday outlining its precarious position.
It confirmed that the Gypsies owe Zurich Bank more than €4m on a loan secured on the car park at Dalymount Park.
Repayments on that loan are set to begin in June of next year and Bohs are in discussions with Zurich regarding organising a payment schedule for the interest payments, while they try and sell the land in order to pay off the debt.
The club admitted that the sale of the famous old ground is crucial to Bohs' future and they acknowledged that "meeting that (June) target depends very largely on being able to realise the value of the club's major financial asset, Dalymount Park."
The land is currently the subject of a legal battle after the sale to developer Liam Carroll fell through.
Club members will be asked to rescind that deal and pursue the sale of the ground to another developer, Paschal Conroy, whose Albion company own the Shopping Centre End of the ground and who has an option to buy the rest of the stadium.
If Conroy does not take them up on that option, the members could authorise the sale of the land to another party or -- in the worst case scenario -- sell the member-owned club to a private individual.
In contrast to last season when an ongoing row with unpaid players and a looming revenue bill threatened to close the club, Bohs do not have any outstanding wages and are up to date on their tax bills. All of their players are out of contract.
The club have cut staff and reduced their wage bill in an attempt to improve their trading position and fundraising initiatives, such as a concert at Vicar St on November 27, are being pursued to improve cash flow.
Meanwhile, Galway United have reappointed John 'Jumbo' Brennan as manager for next season after their disastrous campaign that saw them relegated to the First Division.
Brennan took over midway through last season and was unable to improve the fortunes of a side who conceded 115 goals and won just one game all season.
"I'll have my own team and I can be judged on that. I'll be looking to bring in the best young talent around the city and county," he said.
Cork City also confirmed that manager Tommy Dunne has signed a three-year contract with the newly-promoted First Division champions.