7:00am Wednesday 16th January 2008
ADMINISTRATION now looks almost certain for Cherries after yesterday's explosive revelations.
And while the club could still technically avoid falling to the same fate as Luton Town and Leeds United before them, miracle' and Cherries' are two words long-suffering supporters are not used to seeing in the same sentence.
Next Monday's expiry of the 10-day period of protection gleaned from the club's submission of a notice of intention to Bristol County Court last week would appear to be Cherries' latest D-Day'.
The club could still opt NOT to appoint an administrator and submit a second notice of intention, but with time very much of the essence, chairman Jeff Mostyn will be well aware of another date that could be key to AFC Bournemouth's future.
After the Leeds United situation last season, when the Yorkshire outfit fell into administration AFTER they had been relegated from the Championship, the Football League moved quickly to ensure other ailing clubs could not follow the same path.
So Cherries effectively have until the Football League's March 27 cut-off to make the biggest decision in the club's history - or, should they miss it, start next season in League Two with a 10-point deficit from the off.
The Echo understands several of the club's more pressing creditors have upped the pressure in recent weeks - possibly forcing Mostyn's hand sooner than he would have liked.
It is believed one creditor, former president Stanley Cohen, is owed in excess of £150,000 - a pretty substantial single figure when looking at the club's overall debt of around £4.5m.
And with Mostyn yesterday describing the club's creditors as "aggressive" and "unhelpful", their looming presence is unlikely to disappear any time soon.
The club is certain to press for a percentage' agreement with the creditors should it fall into administration, meaning they would only receive a fraction of the money owed - leaving some of the more generous in that group severely out of pocket.
Of course, it is no secret that Mostyn and co-owner Steve Sly have undertaken a painstaking search for additional investment since they took over the club in March last year.
Mostyn revealed back in December that four potential investors were deep in negotiations with himself and Sly and it would now appear that that consortium's most likely role would be as a potential bidder for the club as a going concern from the administrators, should the directors choose to follow that path.
But that outcome is far from a certainty, with the creditors' agreement required to sanction any potential offer for the club prior to the sale's completion.
In a statement issued to the Echo yesterday, a club spokesperson said: "BDO Stoy Hayward (accountancy firm) is currently dealing with the directors of AFC Bournemouth in an advisory capacity only.
"At this stage there has been no formal appointment of administrators.
"The chairman, Jeff Mostyn, commented that this action was taken to prevent our current negotiations being frustrated by aggressive and unhelpful creditors. We were professionally advised to serve a notice of intention to appoint an administrator which we have done.
"However, the chairman stressed that the club is not in administration and it is not a forgone conclusion that it will be."
lp, christchurch says...
9:01am Wed 16 Jan 08
Whodidyounickabolloc
kov, Bournemouth says...
9:24am Wed 16 Jan 08
Hugh, Wimborne says...
9:55am Wed 16 Jan 08
clarmcherry, London says...
10:06am Wed 16 Jan 08
irishcherry, ireland says...
10:17am Wed 16 Jan 08
smhinto, Lincoln says...
10:20am Wed 16 Jan 08
mike park, dorchester says...
10:22am Wed 16 Jan 08
FletcherTheCat, The Sexy Beast says...
10:23am Wed 16 Jan 08
brock_and_roll, Brock says...
10:24am Wed 16 Jan 08
alasdair, windsor/kosovo says...
10:26am Wed 16 Jan 08
Hugh wrote:i feel this what the potential investors want prior to putting there money in at the end of the day it will be cheaper for them if we are in administration as regards other comments we are not automatically down the chance of survival is still there lets not **** foot around lets go into administration now and take the points hit sooner rather than later yes it will be a huge mountain for the players to climb but this could be the turning point we could see some fight and passion from the players and manager
If we go into administration many helpfull people in the past will loose their money, or most of it. The big question is will someone come in for the club when in Administration, if not we are dead. Had we been better placed in the league it would be more hopefull.
FletcherTheCat, The Sexy Beast says...
10:27am Wed 16 Jan 08
brock_and_roll wrote:David Pearl is the landlord. The club haven't defaulted on the rent to my knowledge and so it's really very little to do with him.
Anyone else find it ironic that today's "agressive creditors" were previously helpful investors.
Football is by and large a mug's game for football club "investors" - today's heros and saviours almost inevitably become tomorrow's pariahs.
Much as I love the club, I am still intrigued as to why anyone would want to buy it given that it no longer has any real assets.
David Pearl is a very shrewd and tough businessman and there is no way if there were any development potential for the land that he would let someone get away with bargain.
brock_and_roll, Brock says...
10:36am Wed 16 Jan 08
brock_and_roll, Brock says...
10:39am Wed 16 Jan 08
FletcherTheCat wrote:Yes but Bournemouth is a property play - and he holds all the cards!
brock_and_roll wrote: Anyone else find it ironic that today's "agressive creditors" were previously helpful investors. Football is by and large a mug's game for football club "investors" - today's heros and saviours almost inevitably become tomorrow's pariahs. Much as I love the club, I am still intrigued as to why anyone would want to buy it given that it no longer has any real assets. David Pearl is a very shrewd and tough businessman and there is no way if there were any development potential for the land that he would let someone get away with bargain.David Pearl is the landlord. The club haven't defaulted on the rent to my knowledge and so it's really very little to do with him.
alasdair, windsor/kosovo says...
10:39am Wed 16 Jan 08
stevedavies, New Forest says...
10:44am Wed 16 Jan 08
clarmcherry wrote:Spot on with that post, it should be a no-brainer and i'm amazed that you're the first to mention it.
Is it possible we can sack Bond on Sunday, go into administration on Monday thus not having to pay him off which in my opinion is what he deserves for refusing to walk this season? Although we're down this season either way, we need to install someone, whether it be Eddie, Tindall or Fletch, who has passion for the club and can motivate the players
Garyt, Daventry says...
11:14am Wed 16 Jan 08
clinkers, Alton says...
11:21am Wed 16 Jan 08
FletcherTheCat, The Sexy Beast says...
11:23am Wed 16 Jan 08
brock_and_roll wrote:The club, free of £4m of debt, is less likely to be loss-making as it won't have to service those debts... but no-one 'invests' in lower league football clubs to make a profit - unless they are mad enough to think that they can gamble and get them into the Premier League. It's something to do for fun or as a contribution to the local community.
FletcherTheCat wrote:Yes but Bournemouth is a property play - and he holds all the cards!
brock_and_roll wrote: Anyone else find it ironic that today's "agressive creditors" were previously helpful investors. Football is by and large a mug's game for football club "investors" - today's heros and saviours almost inevitably become tomorrow's pariahs. Much as I love the club, I am still intrigued as to why anyone would want to buy it given that it no longer has any real assets. David Pearl is a very shrewd and tough businessman and there is no way if there were any development potential for the land that he would let someone get away with bargain.David Pearl is the landlord. The club haven't defaulted on the rent to my knowledge and so it's really very little to do with him.
What does the investor get apart from a loss making club, a 3 sided stadium and a large rent bill? Its not on the face of it the most exciting investment opportunity!
Vernon Crepe, Littlehampton says...
11:29am Wed 16 Jan 08
alumchineboy, Alumchine says...
11:40am Wed 16 Jan 08
clinkers, Alton says...
11:42am Wed 16 Jan 08
Vernon Crepe wrote:We are all losers here, but there is nothing that we can do from now on apart from turn up in greater numbers at every home match. If support dwindles, the administrator is far more likely to sell every half decent player on the spot. However the more money there is coming via the gate, the more cash there will be for creditors, and the more potential there is for him to hang onto the better players. We need those thousands who turned up at Wembley and Cardiff. If every supporter could bring a friend to the next home game it would make a huge difference to the administrators perception of the state of affairs.
While it is sad for the football club. How about the small businesses owed money or hundreds of fans who have loaned thousands, they will be the big losers if they see their kind loans lost forever. The Council I believe waved a huge loan payment given when the ground was built for use of facilities or something I seem to remember. So will the local tax payers also lose out when these facilities no longer are owned by AFC?
CherriesBearsFatHead, Poole says...
12:55pm Wed 16 Jan 08
CherriesBearsFatHead, Poole says...
12:59pm Wed 16 Jan 08
We are all losers here, but there is nothing that we can do from now on apart from turn up in greater numbers at every home match. If support dwindles, the administrator is far more likely to sell every half decent player on the spot. However the more money there is coming via the gate, the more cash there will be for creditors, and the more potential there is for him to hang onto the better players. We need those thousands who turned up at Wembley and Cardiff. If every supporter could bring a friend to the next home game it would make a huge difference to the administrators perception of the state of affairs.
alasdair, windsor/kosovo says...
1:10pm Wed 16 Jan 08
CherriesBearsFatHead wrote:that is the problem with the residents of the town and surrounding areas 30000 people claimed to be attending every home game when we went to cardiff our seasons average is 5700 so where are the other 24300 ???
That's all very well and good, but how many times has this been asked of the fan base and how many times have the wembley/cardiff brigade failed us?? its a sad fact but one our club is used toWe are all losers here, but there is nothing that we can do from now on apart from turn up in greater numbers at every home match. If support dwindles, the administrator is far more likely to sell every half decent player on the spot. However the more money there is coming via the gate, the more cash there will be for creditors, and the more potential there is for him to hang onto the better players. We need those thousands who turned up at Wembley and Cardiff. If every supporter could bring a friend to the next home game it would make a huge difference to the administrators perception of the state of affairs.
Simon, London says...
1:16pm Wed 16 Jan 08
brock_and_roll, Brock says...
1:26pm Wed 16 Jan 08
clinkers wrote:Quite right clinkers, the lease almost certainly contains such a clause. It is ironic that up until now it has been the restrictions that prevent the development of DC that has probabaly saved the club, otherwise it would be Wimpey Homes by now.
Don't feel too secure on the question of the lease. It probably contains a clause enabling the landlord to forfeit it (i.e. chuck the club out) if the club goes into administration. You may think that the landlord would be daft to dump a tenant, after all who else would want a football ground? The conspiracy theorists will say that the landlord will have an opportunity to redevelop. No ground, no club, its that simple.
brock_and_roll, Brock says...
1:33pm Wed 16 Jan 08
Noel, Bournemouth says...
1:35pm Wed 16 Jan 08
clinkers wrote:At one point Bournemouth Council had a covenant on the ground saying it could only be used as a sporting venue. I presume that still applies.
Don't feel too secure on the question of the lease. It probably contains a clause enabling the landlord to forfeit it (i.e. chuck the club out) if the club goes into administration. You may think that the landlord would be daft to dump a tenant, after all who else would want a football ground? The conspiracy theorists will say that the landlord will have an opportunity to redevelop. No ground, no club, its that simple.
hobbzi, bath says...
1:46pm Wed 16 Jan 08
CherriesBearsFatHead, Poole says...
2:06pm Wed 16 Jan 08
john coombes, Tiverton says...
2:37pm Wed 16 Jan 08
clinkers, Alton says...
2:54pm Wed 16 Jan 08
Noel wrote:Covenants mean nothing in the property development world. You can always buy your way out of a covenant for a price. It all depends on the difference in value between land with a sporting use and land with a housing use. That's a no brainer. The Council have to look after taxpayers' interests, so there has to be a price at which they would waive the covenant.
clinkers wrote: Don't feel too secure on the question of the lease. It probably contains a clause enabling the landlord to forfeit it (i.e. chuck the club out) if the club goes into administration. You may think that the landlord would be daft to dump a tenant, after all who else would want a football ground? The conspiracy theorists will say that the landlord will have an opportunity to redevelop. No ground, no club, its that simple.At one point Bournemouth Council had a covenant on the ground saying it could only be used as a sporting venue. I presume that still applies. Mind you, with Bond as manager are we in breach of that covenant anyway?
Andy, Bournemouth says...
3:02pm Wed 16 Jan 08
Richard, Bournemouth says...
3:04pm Wed 16 Jan 08
formula, Bournemouth says...
3:18pm Wed 16 Jan 08
Kevvo, says...
3:20pm Wed 16 Jan 08
Andy wrote:So why did you go to Cardiff but you are right thing where better a few Years ago but the Club has to do something now and try to manage on its low attendances
as one of the 24000 that went to the wembley/cardiff game - i have tried to get into watching AFCB but each time i have gone the football has been diabolical. It is more fun playing it myself, watching a local non-league game or seeing a premiership match on the box. The other gripe is that you see the players out in town thinking they are all goldenballs... going into administration will buck the whole clubs ideas up and help return the professional image the club had in the 80's under Harry.
stevedavies, New Forest says...
4:36pm Wed 16 Jan 08
PeterA, Hindhead says...
4:39pm Wed 16 Jan 08
brock_and_roll, Brock says...
4:56pm Wed 16 Jan 08
Kevvo, says...
5:22pm Wed 16 Jan 08
stevedavies wrote:Scouting to get a new job I expect
According to the Chippenham Town forum Rob Newman was up there scouting last night scouting the Chippenham Bromsgrove game, can't think that he's in any great peril if he was out on a night like last night scouting can he?
Kevvo, says...
5:26pm Wed 16 Jan 08
PeterA wrote:I must apologise to you PeterA I could never understand why you were sick of us complaining about the abilitie or rather lack of it of Bond Now I realise that it doesnt matter to you if we are in the Conferance as you put it so of course it would not matter how bad the Manager was, Personally I hope we dont go any lower than we have to to get out of this mess.
The key matter now is that the club survivies and if administration can secure this, a big IF I know, this has to be the way to go. It does not matter to me if we are in the Conference next season as long as we are playing competitive football and I can still have my Saturday fix (a beer or two, meeting my mates and having a shout!). Surely AFCB are not the only club drifting into this situation, how od clubs with lower attendances etc. survive, is our financial maamngement worse than other clubs. Ultimately this all ocmes down to money in football gravitiating to the top where it is not needed and largely wasted on inflated salaries. THe Premier league is the worst thing to ever happen to English football, does anybody agree?
PETE WOODLEY, says...
5:33pm Wed 16 Jan 08
clinkers wrote:every time i have said this idiots like Fergie have a go he knows best,you are right.
Noel wrote:Covenants mean nothing in the property development world. You can always buy your way out of a covenant for a price. It all depends on the difference in value between land with a sporting use and land with a housing use. That's a no brainer. The Council have to look after taxpayers' interests, so there has to be a price at which they would waive the covenant.
clinkers wrote: Don't feel too secure on the question of the lease. It probably contains a clause enabling the landlord to forfeit it (i.e. chuck the club out) if the club goes into administration. You may think that the landlord would be daft to dump a tenant, after all who else would want a football ground? The conspiracy theorists will say that the landlord will have an opportunity to redevelop. No ground, no club, its that simple.At one point Bournemouth Council had a covenant on the ground saying it could only be used as a sporting venue. I presume that still applies. Mind you, with Bond as manager are we in breach of that covenant anyway?
alasdair, windsor/kosovo says...
5:39pm Wed 16 Jan 08
Richard wrote:im not doubting that they could not all fit in the ground at the same time all im saying is they are glory day supporters i dont see 30000 standing in a line waiting to buy tickets for a mid week jan game as i said seasons average 5700 leaving more than enough tickets for the missing 24000 if the ground where to be full week in week out then we would not be in as much debt as we are ,no matter what league your side is in you need the support of the fans as stated by many a manager the fans where like a 12th man !
For all the comments about the missing 24,000, those contributors seem to miss the fact that they would'nt all fit in the ground! I agree with the poster who said that many people are restricted by affordability and if they are, it does'nt make them any less of a fan, it just means that they have other priorities for their income. I regularly read stuff about who's a better fan than who and it's all rubbish. I go to as many home games as I can, but my job demands that I work many weekends and then I'm left with Radio Solent's coverage and shouting at the radio. Most football clubs have an unsatisfactory business model, that's why the game depends on Sky and wealthy foreiners to bail it out all the time.
Kevvo, says...
5:54pm Wed 16 Jan 08
alasdair wrote:dead right
Richard wrote: For all the comments about the missing 24,000, those contributors seem to miss the fact that they would'nt all fit in the ground! I agree with the poster who said that many people are restricted by affordability and if they are, it does'nt make them any less of a fan, it just means that they have other priorities for their income. I regularly read stuff about who's a better fan than who and it's all rubbish. I go to as many home games as I can, but my job demands that I work many weekends and then I'm left with Radio Solent's coverage and shouting at the radio. Most football clubs have an unsatisfactory business model, that's why the game depends on Sky and wealthy foreiners to bail it out all the time.im not doubting that they could not all fit in the ground at the same time all im saying is they are glory day supporters i dont see 30000 standing in a line waiting to buy tickets for a mid week jan game as i said seasons average 5700 leaving more than enough tickets for the missing 24000 if the ground where to be full week in week out then we would not be in as much debt as we are ,no matter what league your side is in you need the support of the fans as stated by many a manager the fans where like a 12th man !
alasdair, windsor/kosovo says...
6:44pm Wed 16 Jan 08
Vernon Crepe, Littlehampton says...
7:41pm Wed 16 Jan 08
richard.board, southampton says...
8:31pm Wed 16 Jan 08
Nixtrix_afcb, Sheffield says...
8:43pm Wed 16 Jan 08
Kevvo, says...
9:47pm Wed 16 Jan 08
Nixtrix_afcb wrote:Get Bond Newman all the Players we have paid to sit on their arses all season out and save the wage bill Your right the rest aint worth washers but drastic as it is this is the best excuse to get shot of the parasites that should have gone on their own accord
Interesting suggestion that the administrator will sell the assets to pay off the creditors, i.e. the players, that'll cover o/s debts of what, £500!!
PeterA, Hindhead says...
6:41am Thu 17 Jan 08
Kevvo wrote:Kevvo - You completly miss the point here. What I am saying is the key thing is the the clubs survivies. If I take your apparent view you would rather the club folds than survives but in a lower league. Are you saying that? Our predicament this season has little to do with the manager, it is all about money. The team started the season with an arm tied behinds its back. If fault lies anywhere (and I doubt it does) this is just a culmination of circumstances) it is in years of financial mismanagement.
PeterA wrote: The key matter now is that the club survivies and if administration can secure this, a big IF I know, this has to be the way to go. It does not matter to me if we are in the Conference next season as long as we are playing competitive football and I can still have my Saturday fix (a beer or two, meeting my mates and having a shout!). Surely AFCB are not the only club drifting into this situation, how od clubs with lower attendances etc. survive, is our financial maamngement worse than other clubs. Ultimately this all ocmes down to money in football gravitiating to the top where it is not needed and largely wasted on inflated salaries. THe Premier league is the worst thing to ever happen to English football, does anybody agree?I must apologise to you PeterA I could never understand why you were sick of us complaining about the abilitie or rather lack of it of Bond Now I realise that it doesnt matter to you if we are in the Conferance as you put it so of course it would not matter how bad the Manager was, Personally I hope we dont go any lower than we have to to get out of this mess.
Vernon Crepe, Littlehampton says...
9:21am Thu 17 Jan 08
Ian, Moordown says...
9:52am Thu 17 Jan 08
stevedavies, New Forest says...
10:37am Thu 17 Jan 08
Ian wrote:Think you'll find it's still the same game mate, the people that run it have always been ugly - so what would you prefer lots of local teams or just have Mank Utd playing the Arse on a weekly basis.
Just get on with it and out them into administration. Football is no longer the beautiful game and the less teams there are the better!
Kevvo, says...
11:07am Thu 17 Jan 08
PeterA wrote:Tut Tut naughty
Kevvo wrote:Kevvo - You completly miss the point here. What I am saying is the key thing is the the clubs survivies. If I take your apparent view you would rather the club folds than survives but in a lower league. Are you saying that? Our predicament this season has little to do with the manager, it is all about money. The team started the season with an arm tied behinds its back. If fault lies anywhere (and I doubt it does) this is just a culmination of circumstances) it is in years of financial mismanagement.PeterA wrote: The key matter now is that the club survivies and if administration can secure this, a big IF I know, this has to be the way to go. It does not matter to me if we are in the Conference next season as long as we are playing competitive football and I can still have my Saturday fix (a beer or two, meeting my mates and having a shout!). Surely AFCB are not the only club drifting into this situation, how od clubs with lower attendances etc. survive, is our financial maamngement worse than other clubs. Ultimately this all ocmes down to money in football gravitiating to the top where it is not needed and largely wasted on inflated salaries. THe Premier league is the worst thing to ever happen to English football, does anybody agree?I must apologise to you PeterA I could never understand why you were sick of us complaining about the abilitie or rather lack of it of Bond Now I realise that it doesnt matter to you if we are in the Conferance as you put it so of course it would not matter how bad the Manager was, Personally I hope we dont go any lower than we have to to get out of this mess.
PeterA, Hindhead says...
6:32pm Thu 17 Jan 08
Kevvo, says...
8:15pm Thu 17 Jan 08
PeterA wrote:No its not a good investment on Paper but the bit I cant understand is Good Old Jeff must have known the state the Clubs finances where in But he still wanted it now he is openly saying that he doesnt want any other offers for the Club so he can keep control of it. Now if (and I believe he is) the shrewd Businessman that everyone says he is why would he want to do that if he didnt think he would get a return and dont say because he loves the Club because shrewd Businessmen dont act with their Heart and he of course is a Man City Supporter so its all very interesting and maybe I am an optimist but I think we will get out of this
You may be right Kevvo, is Jeff such a shining knight or is he in it for himself, However, even getting hold of the club post admin and "debt free" does not really represent a good investment does it?
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alasdair, windsor/kosovo says...
7:27am Wed 16 Jan 08