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http://www.bohemians.ie/news/4-club-...an-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
Talk about screwing your own fans. :eek:
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.
Not since government bonds went over 6%.Quote:
Originally Posted by Dodge
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.
Btw haven't some bohs fans already got loans on behalf of club? Or was that just an earlier proposal?
Thought they had myself alright, one of their previous firefights.
We are going up say we are going up!!!
From the article:
If Bohs ever do go tits up, the number of claims on Dalyier is going to be fascinating.Quote:
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 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!Quote:
Originally Posted by John83
Also from the article -
So they're planning on living with their E3m of debt for the next seven years?Quote:
Loans will be repayable on the sale of Dalymount Park, anticipated to be completed in about seven years
We're all going on a European tourQuote:
Originally Posted by **FrOsTy**
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)Quote:
Originally Posted by pineapple stu
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.
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.Quote:
Originally Posted by Partizan
(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)
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.Quote:
Originally Posted by 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
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.
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.
Apologies for the misunderstanding.Quote:
Originally Posted by pineapple stu
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