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Next Game: Rushall At Home In The League On Saturday 30th November At 3.00pm

Friday, October 14, 2005

Uncertain future for the Cherries

Richard O'Kelly, the former coach at Edgar Street, seems to pick clubs with financial problems. Firstly it was Hereford United, now it is Bournemouth.

The Cherries are deep in debt and last night an Emergency Public Meeting voted for a plan to sell their stadium to a London based property company for £3.5 million and then lease it back at £300,000 a year.

Chairman Peter Phillips had predicted that the club could be out of business by Christmas unless a deal is finalised to reschedule part of their £6m debt.

He told the Daily Echo: "The reality is that we face a very simple choice. We can either raise £3.5m to pay off some overdue debt to keep the club alive or we can go into receivership and risk losing the club forever. I know which side I'm on and I know which side 90 per cent of the fans are on."

Unlike Hereford United there is a supporters trust at Bournemouth which controls 51% of the club through so-called golden shares. But they realised that time was of the essence and so supported the deal.

The Cherries are reported to be facing a winding-up order unless they pay £500,000 to the Inland Revenue by the end of November.

They also need to find another £1million by the end of next month to take advantage of a £400,000 discount offered by creditors.