AFC Bournemouth, the first Supporters Trust run club, will find out it's future by the weekend as two votes take place on a controversial sale and lease back plan for the Dean Court stadium.
Community Mutual, the revamped Supporters Trust, votes today on which way to vote it's "Golden Shares" amounting to 51% of the League One club. The full shareholders vote will take place on Friday.
The sale and lease back plan involves the sale of most of the Dean Court site for £3.5million to a property company, and the lease back by the club at £300,000 yearly. The plan has strong opposition, especially since the board deemed it necessary to withhold the name of the buyer after the original prospective purchasers, Standard Life, withdrew after receiving threatening phone calls and letters to it's offices. The sale includes the three developed sides of the ground and the playing surface but leaves the club with ownership of two large plots of land, including the currently undeveloped South End of the stadium, for future redevelopment.
Standard Life still do have a hand in the proposals. Due to changes in pension fund laws the club are proposing a pension fund, funded by Cherries supporters, buys the ground in the New Year for a preset price of £4.25million from the property company, with the club paying rent of £360,000 but receiving £100,000 donations back from the fund each year for the first 10 years.
Bournemouth have lost £1.2million in the last two years, and have a total debt of £6million, meaning the plan will not clear their debts but allow breathing space to restructure the business with an annual wage bill of £2.4million - 80% of their total revenue.
Peter Phillips has told Radio Solent today: "I've worked as hard as I can to keep the club alive in very difficult times. If the vote goes against us there's only one conclusion. Myself and rest of the board would have to resign."