Consortium Buy Club

Last updated : 16 March 2007 By Bournemouth Co-Ordinator
In a well attended meeting at Dean Court, the Shareholders of AFC Bournemouth voted to approve the proposed take over of the Football Club.

Laurence Jones chaired the meeting, which was followed by Club Secretary, Peter Schofield, reading out the resolutions.

There was an initial question regarding the legality of the proposed voting procedure, which was soon cleared up.

The meeting was then opened to questions from the floor.

1. Why would the new arrangement better, and why would it attract new investors?
The response from CM Board member, Ernie Batty, was that we're still in significant deficit. The plans, ideas and thoughts of those coming in have been looked at carefully. The financial problems meant that from December 2006 we could not have seen it through until the end of the season. YES, £750k is not enough, but it is the best and only offer on the table.

The priority was to stabilise the Club, to look for new investment, and in that respect, the offer on the table was not unreasonable.

2. Is the new Chairman to look for new investors? And could the preferential shares be offered to existing shareholders?
The consortium would be looking for additional investment. The £750k is the minimum to be invested.

3. Any hope for buying the Stadium back?
At some stage then YES and enquiries have alr been made in that respect. It is an ultimate goal.

4. Where is the Business Plan?
At the moment no business plan has been drawn up. If we're in League One next season then the break even figre at the gate willbe set  5700, and 5300 if we do slip in to League Two.

The priority will be to regain control of the catering and conference facilities at Dean Court.

5. Is Abdul Jaffer out of the picture for good?
At the start the consortium was made up of 8 people, with 2 left standing today. At the moment Abdul has madno indication that he would want to come back,but never say never!

With that the meeting moved on to vote on the resolutions, all of which were carried overwhelmingly.