Club Wants To Buy Back Ground

Last updated : 18 July 2010 By Bournemouth Co-Ordinator

The Club is looking to buy back the ground from Structadene in an attempt to reduce the Clubs outgoings, given that the rent is costing the Cherries £1000 a day.

Eddie Mitchell is quoted as saying in the Bournemouth Evening Echo as saying: "I don’t think a company or individual buying the stadium is the right thing for the club because all you are doing is changing landlords. Then, when that landlord is fed up, they will only sell it again. We are working towards getting some professional advice on how a trust could be set up. We pay £1,000 a day in rent and, based on that, it gives between an eight and 10 per cent return. I think the building society rate is between two and three. In logical terms, if we managed to raise enough money to buy back the stadium and reduced our rent by one third, it would still give investors a five or six per cent return. We are stabilising the club off the pitch and relying on Eddie and the boys on the pitch. The next step would be to secure the stadium back into the ownership of the club and its supporters. If it were done correctly, everybody would earn a bit on their money and the club would be secure in the hands of the fans".
Dean Court