Bohs in financial trouble - FAI Licencing called into question again?

[GGAJD]

Wouldn't the rest of Dalymount we worth way more than that even without the car park?

In the accounts it just states part of their tangible assets as 'freehold of land' at 7.7 million. With the market as it is I don't think the ground is worth a whole lot more than that, but obviously I'm just summising.

[Charlie Darwin]

Is it just me or is the first page of the Notes on Accounts missing from the scans? Note 1.2 is said to contain the new re-valuation of the car park.

It makes for grim reading in any case.

[Sean South]

http://2.bp.blogspot.com/_LaayJVYtK58/SpgPnJ4rnMI/AAAAAAAACjw/OWW8FqHRuQM/s800/dirtylaundry3.jpg

[Spudulika]

Some of those figures bring up more questions than give answers, like if they are under the SCP (which they appear to be), and there is a drop off in revenue etc for next season, will they have to get rid of players in order to bring things in line, especially with coaching staff wages being counted in.

[Dodge]

Some of those figures bring up more questions than give answers, like if they are under the SCP (which they appear to be), and there is a drop off in revenue etc for next season, will they have to get rid of players in order to bring things in line

Clearly they'll have to get rid of players. There's no way they won't

[Spudulika]

Clearly they'll have to get rid of players. There's no way they won't
That's what I thought right away, but then wondered if players won't move (ie they'll need to take pay cuts to join other clubs) or nobody wants them, the club are stuck, thus they go over the SCP. What happens then? I mean, if somebody has 2 years left on a contract worth, for eg, 50k per year, that means to get rid of him you're down 100k right away, 4-5 players like that and you're up to half a million. I know it's scaremongering, but if players stick it out and the club can't pay.....

[Charlie Darwin]

The club would have to buy out their contracts. Assuming few contracts in the LOI run more than two years* and that none have been renewed since the start of this season, the club would be able to make a settlement with the player for less than his expected salary for the year. I'm not familiar with the ins and outs of the SCP, but I would be reasonably confident the club could declare it as a trading expense rather than staff costs.

* I don't know how valid an assumption this is but it is the impression I've been given in the past, though Bohs may operate differently. Perhaps someone with a better understanding could confirm or otherwise.

[Spudulika]

Thanks Charlie, I just was wondering as I've had experience of trying to negotiate with players with regards to contraction termination or wage reduction and I wonder will there be a realistic attitude taken or, in one case I deal with, a player demanded to be paid in full, including a monthly travel and living allowance - legally he was right as the contract bore out.

[osarusan]

If I remember correctly, the reason (given on here at least, so its validity is questionable) that Bohs didn't reduce wages by more at the end of last season was that a few of their players had a year left on their contract and it had to be paid or bought out. At the same time it was claimed that at the end of this season, this wouldn't be as big a stumbling block to reducing costs (multi-year contracts ending and new contracts being for only a year) so Bohs hoped to reduce wages more significantly by losing players on big wages.

[Dodge]

Bohs have a liability of 600k for ten players contracts next year (as per their last EGM/info meeting)

[sheao]

Those accounts make for pretty grim reading.
It will be a ver interesting off season up in Dalymount.

[Doomofman]

They'll still not suffer any more than having to go part time...

[Mr A]

Jeepers, are Bohs now showing Rovers how a foot.ie boycott should be done or what?

[superjohnny]

Jeepers, are Bohs now showing Rovers how a foot.ie boycott should be done or what?

Their silence is deafing Mister A ;)

[SkStu]

Jeepers, are Bohs now showing Rovers how a foot.ie boycott should be done or what?

im just letting you all have your fun.

[BohsPartisan]

Jeepers, are Bohs now showing Rovers how a foot.ie boycott should be done or what?

We're all too busy fundraising to post on foot.ie

[John83]

We're all too busy fundraising to post on foot.ie
Anyone reading this who has a shop in Phibsboro should probably just lock up for the day.

[dfx-]

Jeepers, are Bohs now showing Rovers how a foot.ie boycott should be done or what?

Worst. Boycott. Ever. (SkStu ;))

[HulaHoop]

This was posted on our forum earlier, supposedly taken from the minutes of a recent Bohs members meeting.


The revenue have hit them with a 14 day notice (last friday)

They owe the FAI 75k for tickets bohs sold but spent the money instead of giving it to the FAI. Then the funny bit. They want their league prize money in full and not with the 75k they owe taken out of it

The FAI have told them they'll get a A Championship licence if they dont pay up by the end of this month. That includes money owed to the revenue and players

They are meeting with this whoever bought the 1st buy option off Albion next week. And ask them will they give bohs 4m to pay Zurich in 2012

Loads more too it. Basically they need 700k to get them through to the start of next season

[Dodge]

This was posted on our forum earlier, supposedly taken from the minutes of a recent Bohs members meeting.

The meeting was last night. They'd be some bloke's recolection of the night rather than the minutes of it.

[Dodge]

https://www.eventelephant.com/bohemianfootballclub2011fundraiser/summary.htm

Bohs looking for people to donate as much as possible...

[PartySaint]

https://www.eventelephant.com/bohemianfootballclub2011fundraiser/summary.htm

Bohs looking for people to donate as much as possible...

Looks like i might need my European dancing shorts next year after all

[Dodge]

Aye, I know a guy frantically trying to undo some stag weekend work he's done

[hoops1]

https://www.eventelephant.com/bohemianfootballclub2011fundraiser/summary.htm

Bohs looking for people to donate as much as possible...

Maybe im missing something through all the laughter but why is the charge higher for larger donations?

[Jicked]

Maybe im missing something through all the laughter but why is the charge higher for larger donations?

It's almost as if whoever's in charge of their commercial side of things has made a balls up of some kind. Surely not.

Looks like Magicme might have retired from LoI football a little early, still a very real chance of promotion for someone!

[PartySaint]

From Saintsforum:

Tried donating there but it wouldn't accept the steam off my p*ss.

:)

[Dodge]

Maybe im missing something through all the laughter but why is the charge higher for larger donations?

I presume that the website's fee, so its probably a rough percentage of the donation (ie if you pledge €1,025 Bohs will get €1,000 and the site gets €25_

[White Horse]

Looks like i might need my European dancing shorts next year after all

European nights at Richmond by the looks of it ;)

Does this mean that Drogheda might stay up!

[hoops1]

I presume that the website's fee, so its probably a rough percentage of the donation (ie if you pledge €1,025 Bohs will get €1,000 and the site gets €25_

A misery tax.

[Dodge]

European nights at Richmond by the looks of it ;)

Does this mean that Drogheda might stay up!

Drogheda and Monagham can have an "its-a-knockout" style competition to see who gets in premier. Whoever knocks most walls down wins

[Dodge]

http://www.bohemians.ie/news/4-club-news/972-calling-all-fans-help-save-our-club.html

is this Bohs officially acknowledging they need 300k to get through licensing? (whatever that means)

Best line of all is this little gem, that still hints that it wasn't their fault


Tuesday's meeting will hear how the property market crisis and the economic downturn have put the club's survival in peril.

[hoops1]

Plus how someone lost the magic beans and how the genie lied and only granted them 2 wishes instead of 3.

[White Horse]

http://www.bohemians.ie/news/4-club-news/972-calling-all-fans-help-save-our-club.html

is this Bohs officially acknowledging they need 300k to get through licensing? (whatever that means)

Best line of all is this little gem, that still hints that it wasn't their fault


It was all the fault of those damned Lehmann Brothers.

[superjohnny]

http://www.bohemians.ie/news/4-club-news/972-calling-all-fans-help-save-our-club.html

is this Bohs officially acknowledging they need 300k to get through licensing? (whatever that means)

Best line of all is this little gem, that still hints that it wasn't their fault. Tuesday's meeting will hear how the property market crisis and the economic downturn have put the club's survival in peril.

That is comedy gold ha ha ha ha, best laugh i have had in a long time..!!!!!!!!!!!!!!!!!!!!

[peadar1987]

Tuesday's meeting will hear how the property market crisis and the economic downturn have put the club's survival in peril.


"Tuesday's meeting will hear excuses, excuses, excuses"

[pineapple stu]

Plus how someone lost the magic beans and how the genie lied and only granted them 2 wishes instead of 3.
If they've already had two wishes, it's probably for the best that their third wish isn't to be granted.

Or maybe they were wishing on this -

http://thumbnails.hulu.com/10/882/38542_384x288_generated__dS1EFNASv0CksTrgJRvSog.jp g

[Charlie Darwin]

Maybe im missing something through all the laughter but why is the charge higher for larger donations?
2.5% fee. I figured it was for paypal, but their fees actually seem to be a little higher.

https://www.paypal.com/ie/cgi-bin/webscr?cmd=_display-receiving-fees-outside&countries=


http://www.bohemians.ie/news/4-club-news/972-calling-all-fans-help-save-our-club.html

is this Bohs officially acknowledging they need 300k to get through licensing? (whatever that means)

Best line of all is this little gem, that still hints that it wasn't their fault
I almost feel sorry for the lunatic who had to type that.

[Jofspring]

How much will Bohs fans be willing to part with to help. Surely Bohs are pushing their luck trying to raise that kind of money, especially with the property market crisis and the economic downturn.

[Longfordian]

Every year they seem to have to go crying to the fans again. Most of them are probably still paying off loans they got to help them out previously.

[Macy]

They should've gone prime time last night, with the old codgers living in a castle giving out about how poor they are!

[White Horse]

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."

And Bohs authorities have admitted that even if they clear this hurdle, a further €400,000 must be found over the winter.

http://www.independent.ie/sport/soccer/bohs-plea-2417427.html

What really bugs me is that the club overspent again in 2010 having gone through similar crises in previous years.

They are like an alcoholic who doesn't know when or how to stop.

[pineapple stu]

What really bugs me is that the club overspent again in 2010 having gone through similar crises in previous years.
What really bugs me is that the FAI have done nothing to stop this. Licencing my hole.

[Dodge]

How much will Bohs fans be willing to part with to help

Their last appeal (the loans thing) raised about 80k apparently. That was only a matter of weeks ago

[BonnieShels]

Rico fears for Bohs. It must be terminal.

http://www.rte.ie/sport/soccer/2010/1112/bohemians1.html

[HulaHoop]

What really bugs me is that the club overspent again in 2010 having gone through similar crises in previous years.

They are like an alcoholic who doesn't know when or how to stop.

That's the thing, they got rid of the idiots who got them into this mess in the first place then they elected a new board of clowns who went and did exactly the same as the old board. One last gamble on euro success and three in a row.

[Jofspring]

Seriously like, how can a team over spend when there is "supposedly" a "licencing process" to stop this. How are they even been given the chance to raise these funds. Surely if over the season they didn't raise enough to pay wages etc... then they broke the cap.

[Dodge]

Seriously like, how can a team over spend when there is "supposedly" a "licencing process" to stop this. How are they even been given the chance to raise these funds. Surely if over the season they didn't raise enough to pay wages etc... then they broke the cap.

Depends on their other outlays. If they had wages of 650k and raised a million, they'd technically be OK in terms of the SCP. But if they had other outlays of 500k, they'd owe someone 150k

EDIT; figures for illustration purposes only. Debts and losses are for more

[HulaHoop]

Seriously like, how can a team over spend when there is "supposedly" a "licencing process" to stop this. How are they even been given the chance to raise these funds. Surely if over the season they didn't raise enough to pay wages etc... then they broke the cap.

Apparantly not. As far as I am aware they did a deal with Albion for Albion to pay circa 1 million for an option to buy Dalymount. Bohs then had to pay Albion circa 900k back to Albion for Albion to drop the legal proceedings that were ongoing. Bohs had a net income of 100k from the deal but on the books 1 million in income translates to being able to spend another 650k on wages without going over the scp.

[Mr A]

I do feel a bit of sympathy for Bohs. They've made a lot of terrible decisions, and Danninger going belly up left them incredibly exposed. Had the bubble held out a bit longer they might just have gotten away with it. Or if they hadn't ballsed things up with Albion. The people coming in in the past few years may have simply felt that the situation was so bad that they had no choice but to go for league and European success as it was maybe the only way they could turn things around. But in the end they just made the hole bigger. Hope they can pull out of this, but it's hard to see.

[Dodge]

I don';t think there's a risk to the club. It might have to go amateur and drop down a division but they'll be OK long run (just like Cork will be)

Its also not a foregone conclusion that won't raise the money as apparently the initial interest has been higher than expected