As part of that process, there is a count of the CM votes that were cast a couple of weeks ago, plus the postal votes that have been received since. That count is taking place this evening beneath the North Stand. This vote will determine how the CM votes at the EGM this coming Friday.
The magnitude of the CM vote is not lost on CM chairman John Lewis who was recently quoted as saying: "We believe this is the first time in UK football that fans have been given such a major say over the direction their club takes. We all have a big responsibility to take part in the process to decide our future".
A 'YES' vote would almost certainly see the Sale & Leaseback go ahead, even though the Club would be selling it's one major asset, and raise a reported £3.5 million to go towards clearing some of the debt (reported at £6-7 million). After that the Club would need to find some £300k each year as rent, plus service the existing debt.
A 'NO' vote would probably see the current board of directors resign en-mass. Current Chairman, Peter Phillips, has been quoted as saying: "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". On top of that, the more aggresive creditors (such as the Inland Revenue) would move to have the Club placed in to receivership (at the very least).
Questions that need to be answered are:
1. How much are we in debt – the TRUE position?
a. How much is secured against the Stadium?
b. How much is unsecured?
2. Why has the financial position of the Club managed to become so dire after the original CVA was signed to save the club in the late 90s?
3. How much do we need to find (per month) today to service the debt (minimum amount)?
4. How much will the Sale & Leaseback raise?
5. How much will be required to service the debt after the Sale & Leaseback goes through (assuming the deal happens)?
6. How will the remaining debt be tackled?
7. What safeguards are going to be put in place to ensure that we do not reach this position again in 5-10 years time?
8. What steps are being taken to:
a. Increase revenue?
b. Cut costs, especially un necessary cost?
9. Assuming the Sale & Leaseback goes through, what benefit will it bring to Sean & Richard in the short and medium term where the first team is concerned?
10. What else (if anything) will the Club be asking the fans to contribute to …. Playershare? Cherry Share? Cherry Steps? Cherry anything else? Etc etc etc
D-Day is truely looming for AFC Bournemouth, and the future of professional football in Bournemouth. More so than the CVA agreement of the 1990s.
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