Financial Relief On Its' Way?

Last updated : 23 December 2004 By Bournemouth Co-Ordinator
With the recent release of the Club accounts, revealing a £1m loss for the financial year to May 31st, 2004, Peter Phillips, speaking the Bournemouth Evening Echo, is hoping that some financial relief may be forthcoming in 2005.

He is quoted as saying: "We are looking to make 2005 the year when we can make a real impression on the debts we have. We know that is no easy task but we have some optimism at the moment. We have several irons in the fire that might give us a financial boost. For example, a former chairman of the club has expressed an interest in helping out. We don't know exactly what that capacity will be or whether it will lead to anything else but he is a wealthy man and has excellent contacts that may help with our debt. It is not for me to discuss who he is but it is certainly promising. We have to resolve our financing problem. We can't go on any longer with short-term debts paying 13 to 15 per cent interest with people demanding their money back. We can't do it any longer - it just gets more and more difficult. We have to find a way of refinancing the business".