Bohs fans to loan club money?

[Dodge]

http://www.bohemians.ie/news/4-club-news/893-bohs-launch-loan-scheme.html

Seems to remember tons of UK clubs doing this about 15-20 years ago (calling them debentures) but you're unlikely to find as risky a deal anywhere in the world for 5%

Not taking any easy jabs here either. This genuinely worries me about Bohs future

[White Horse]

Talk about screwing your own fans. :eek:

[GGAJD]

Sounds like a real last ditch effort, according to an itk boez mate, if they can't raise roughly €100k by friday week they'll default on wages with another €200k needed on top of that to see out the season. Desperate times for them.

[Poor Student]

http://www.bohemians.ie/news/4-club-news/893-bohs-launch-loan-scheme.html

but you're unlikely to find as risky a deal anywhere in the world for 5%



Not since government bonds went over 6%.

[Longfordian]

Can't see there being a huge demand for this somehow. Most fans have probably already put in as much as they can afford or are willing to give.

[Dodge]

Btw haven't some bohs fans already got loans on behalf of club? Or was that just an earlier proposal?

[Longfordian]

Thought they had myself alright, one of their previous firefights.

[**FrOsTy**]

We are going up say we are going up!!!

[John83]

From the article:

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.

If Bohs ever do go tits up, the number of claims on Dalyier is going to be fascinating.

[peadar1987]

From the article:


If Bohs ever do go tits up, the number of claims on Dalyier is going to be fascinating.

If the club ende up reforming, I wonder where they'd play. The nearest ground would be Tolka, which would be some turnaround from the situation a year ago!

[pineapple stu]

Also from the article -


Loans will be repayable on the sale of Dalymount Park, anticipated to be completed in about seven years
So they're planning on living with their E3m of debt for the next seven years?

[PartySaint]

We are going up say we are going up!!!

We're all going on a European tour

[Dodge]

So they're planning on living with their E3m of debt for the next seven years?

I'd imagine they're looking into repaying some of it. This shakedown is purely to get them to the start of next season (ie end of this season and the close season)

[Partizan]

This is real desperation stuff from Bohs. They have no money and must now guarantee the wages for the remainder of the season by screwing the fans for more money, supposedly guaranteeing them a return from the sale of a ground (Dalymount) in 7 years. WTF? A ground that they dont fully own. Land prices have gone back to 1993 levels and will fall further so how in the name of God will any benefactor gain from this even at the 5% interest rate.

This I believe is the last straw. Bohs are broke and are now resorting to robbing their own fans. Come January and the creditors will be calling by D7. The very best scenario for Bohs right now is demotion to the First Division. More likely they will be wound up and a new club formed playing out of Tolka. Oh how the tables have turned.

Bohs are utterley fubared. The goose is cooked, its over for them.

[Dodge]

Land prices have gone back to 1993 levels and will fall further so how in the name of God will any benefactor gain from this even at the 5% interest rate.
Not trying to defend them but I don’t think they’re looking to raise the the full value of dalymount now. Just enough to get them through. If they raise €300k (wildly optimistic) then their interest payments will be low enough and if they sell the ground for even €5 million then they have enough to cover that particular debt. No considering they valued the car park alone at about that, I’d imagine the ground will still sell for a fair bit more.

(and before anyone starts, in no way am I defending Bohs (and from talking to Bosh fans I know, it’s not likely to raise enough)

[pineapple stu]

I'd imagine they're looking into repaying some of it. This shakedown is purely to get them to the start of next season (ie end of this season and the close season)
I'm sure they are. But I don't see where they'll get the cash to repay any significant amount of it any time soon - if, as you suggest (and I don't disagree) the loans are to get them through to next March - and even then, they've got to pay the interest on it alone, which is quite large. There's only one way of clearing their massive debts, and it won't happen for at least another seven years? If I were a Bohs fan, that's the part that'd worry me most.

[Dodge]

Well the interest would be circa €15,000 (based on 5% of that €300k) which isn't that much in the grand scheme of Bohs finances. That isn't to be paid until December 2011 either so they're giving themselves plenty of time to find savings. its fairly obvious they're trying to offload the €600k worth of contracts they have for next year so I'd imagine they'll have minimal other wages next year

Oh and again, yes its very, very worrying for Bohs fans

[pineapple stu]

I'm talking about the interest on the Zurich loan though, which was E120k last year, and probably closer E200k this year. Just looking at them in general, they need to sell Dalyer as soon as possible or drown under their total debt (not just these loans). If that's not going to happen for seven years, they've no chance, I think.

[HulaHoop]

Very worrying for the future of Bohs. (I mean that genuinely, don't want to see them go out of existance but a few years in division one wouldn't do any harm ;) ) Just a great pity they were too arrogant to take corrective steps 2 years ago or even 12 months ago before it got to this stage of desperation. Just seven months ago they were outbidding other clubs on players so it's hard to have any sympathy for their plight now.

[Dodge]

I'm talking about the interest on the Zurich loan though, which was E120k last year, and probably closer E200k this year. Just looking at them in general, they need to sell Dalyer as soon as possible or drown under their total debt (not just these loans)

Apologies for the misunderstanding.

Perhaps they're trying to postpone the sale in the hope the market picks up somewhat? either way its clear now that in a few years (pick your own number), Dalymount will be gone

[pineapple stu]

Perhaps they're trying to postpone the sale in the hope the market picks up somewhat?
Quite possible. But I can't see how they can afford to do that.

[Roo69]

We are going up say we are going up!!!

Were staying up !

[dong]

Very worrying for the future of Bohs. (I mean that genuinely, don't want to see them go out of existance but a few years in division one wouldn't do any harm ;) ) Just a great pity they were too arrogant to take corrective steps 2 years ago or even 12 months ago before it got to this stage of desperation. Just seven months ago they were outbidding other clubs on players so it's hard to have any sympathy for their plight now.

Yes, we all know what happened.
With all due respect, do you think they give a fiddlers if they have your sympathy or not?

[Longfordian]

Developers wouldn't be known for their altruism so I'd imagine there'll be a few, who if they are interested, will be holding out until Bohs are in dire straits and have to sell on the cheap.

[Dodge]

Developers wouldn't be known for their altruism so I'd imagine there'll be a few, who if they are interested, will be holding out until Bohs are in dire straits and have to sell on the cheap.

They must be queuing round the block so...

[Jicked]

Incredible update, how could anyone think this will actually help. I'm also amazed at the legality of this, can anyone just offer (or at least purport to offer) financial products? Surely Bohs would have to be licenced as some sort of regulated lender?

[Dodge]

In this case Bohs aren't a lender.

Not sure on specifics but there was no major problems with the UK clubs selling their "debentures"

[OneRedArmy]

So Bohs are selling a debenture secured on Dalymount? I'd like to invest and I'll have the spot on the pitch Felix Healy scored from in the 89 Cup Final Replay as my security.

If someone from Bohs wants to get in touch with me.....

[redobit]

Any collateral damage on the 65% cap figure as it wasnt budgeted for at the start of the season?

[danthesaint]

Very worrying for the future of Bohs. (I mean that genuinely, don't want to see them go out of existance but a few years in division one wouldn't do any harm ;) )


yeah that will leave only pats bringing fans to the council ground next season.

[Mario]

I doubt many normal fans with a few bob spare cash lying around would be crazy enough to get involved in this.

I doubt anyone "business person" is going to "invest" a large wedge of cash into such a property deal and tie up their money for 7 years in the current climate.

This is madness, surely the last roll of the dice ...

Whole idea smacks of Ollyism ...

Bye bye Bohs ...

[PartySaint]

The very best scenario for Bohs right now is demotion to the First Division.


I believe the correct term is 'Bohmotion'

Has anyone over in D7 just thought if they win the league they can qualify for the Champions League next season, Its so simple

[White Horse]

A Bohs fan I know told me he was telephoned at home by someone from the club or a financial institution trying to get to press him into loaning money to the club. This lad is not a wind-up merchant and if I heard it from someone else I wouldn't believe it.

[pineapple stu]

One or two have mentioned that on the Bohs forum too.

[Poor Student]

Perhaps they're trying to postpone the sale in the hope the market picks up somewhat?

It's only likely to continue declining so I'd hope they aren't banking on that. It's like our own government, rolling over debt at an increasingly large cost and not reigning in the expenditure quick enough to stabilise the situation. It's only going to end one way, default or not being able to pay creditors.

[Sean South]

Some pathetic comments in this thread, but nothing new for this site. Most be a very hard time being a Bohs supporter right now. Having had a few scares ourselves in the past but nothing compared the financial situation at Dalymount this is a real worrying situation for Bohemian FC to find themselves in. 120 years of tradition and history at this club, I can only wish them the best and hope they pull through this mess they currently find themselves in.

[Dodge]

Some pathetic comments in this thread

Couldn't agree more than with the pic you posted in your last post

http://foot.ie/threads/141217-Hooliganism-In-Irish-Football?p=1404739#post1404739

[John83]

The poor Bohs fans. Whatever will they do without my sympathy? At times like these, I can't help but think of one of the great speeches of the 20th century:

Oh gosh. You know, I'm not much on speeches, but it's so gratifying to... leave you wallowing in the mess you've made. You're screwed, thank you, bye.

[A face]

Its actually mad to think that the $h€l$ situation was not so long ago and we all saw how that panned out, and then with Drogs, City, Derry, Rovers etc. all happening in the last few years, which should be clear as day how important it is to be prudent and only spend what you have. Its like football club suicide or something. Lots of people at one stage or another just didn't open their mouths and let all of this happen.

[BonnieShels]

Well at least there's a near guarantee of a Derby for us next year.

This is a load of bull from the club. Time to spill the beans.

[pineapple stu]

With Drogheda in there next year as well, the First Division can rebrand as the Champions' League.

[ndrog]

where not there yet smart guy .And bohs going boom might help us make a playoff . You enjoying our demise then ?

[CMcC]

With Drogheda in there next year as well, the First Division can rebrand as the Champions' League.

Well I know which club I'd rather support.

[WindmillWarrior]

Well I know which club I'd rather support.

Your local club?

[pateen]

Well at least there's a near guarantee of a Derby for us next year.

This is a load of bull from the club. Time to spill the beans.

Glad to see your giving up so easily there BonnieShels in the First Division promotion race :)

[passerrby]

With Drogheda in there next year as well, the First Division can rebrand as the Champions' League.

whereas if bohs are in the first div could it be rebranded as the chumpions league

[robbieos88]

http://sphotos.ak.fbcdn.net/hphotos-ak-ash2/hs353.ash2/63314_10150268447205367_821055366_15038882_4988728 _n.jpg

[BonnieShels]

Glad to see your giving up so easily there BonnieShels in the First Division promotion race :)

Oh no not at all. Sure aren't Pat's, UCD, The Fungus and Shams in Dublin?

Roll on tomorrow night! Nyiaow!

[Spudulika]

It's sad to see any club in trouble and there's no glorying in anyone's demise. I know we can all slam them for overspending, overreaching etc, though we've all had our clubs in such a position at some point or another.

[pineapple stu]

I don't think any club has ever been in this bad a position in this country.