Two years ago I said we needed to raise £2 million to stop the stadium sale and give us a fighting chance to turn the club round. The original CherryShare appeal raised about £650,000, a remarkable achievement by the fans but nowhere near enough.
Your money enabled us to stay alive and make the progress we have made, but it was never enough to solve our underlying debt problems. Your money helped us lift the transfer embargo, strike a deal with Barr saving the Club £500,000 and made many other improvements.
But up to now, these improvements have not been enough for the Club to make a profit, or eat in to the huge debt mountain. We still need to find that extra million, and we need some of it urgently.
The end of the Close season is the most difficult time of the year for football clubs. This year we tried to bridge the gap with concerts, but they made a loss. So, like most league clubs, we start the season owing money, some to very dangerous creditors. There is a real risk that these debts could see the Football Club being presented with a winding up or a repossession order from the courts.
We are exploring every option to find new stables sources of funds for the club. But we cannot rely on a white knight appearing over the horizon, and I have no wish to go back down the road of a stadium sale or a PFA loan and an embargo.
That's why we are launching CherryShare II, The original was probably the mose successful fund raising initiative in the history of the club, and those of you who took part and bought shares can take a great deal of credit for our survival and the progress of the past two years. Now we need to do it again. If we can raise anything close to the previous total, this will give us the momentum we need for another successful season and beyond.
The need is urgent. We are appealing to existing CherryShare participants to consider, if possible, doubling their shareholding to secure the future of our Club. Please help if you can by phoning us on 01202 726317, or emailing cherryshare@afcb.co.uk for further details.
Yours sincerely,
Peter Phillips - Chairman AFC Bournemouth