BOHEMIANS FOOTBALL Club Ltd, owners of the Phibsborough football team and Dalymount Park in Dublin, lost €911,229 in the year to the end of November 2010, according to accounts just filed.
The accounts show that during the year the club settled a court action with Albion Properties Ltd, for €1.1 million.
The club entered into an option-to-buy agreement with Albion in December 2009 in relation to the Dalymount grounds.
The club was paid €150,000 as part of this deal in 2009 and another €800,000 in 2010. The option lapses on March 31st, 2012.
Albion Properties is owned by Pascal and Winifred Conroy and owns the Phibsborough Shopping Centre, which adjoins Dalymount.
The accounts state that the club also entered into a sale agreement with Liam Carroll’s Danninger. If Danninger is not able to fulfil its part of the contract, according to the accounts, the club could have “possible legal recourse to request monies outstanding” as part of the contract.
Danninger is in receivership. The accounts say the company is engaged in cost-cutting to help deal with the current situation. Players’ wages were cut by €521,721.
Income in the 2010 year was €2.1 million, down from €2.5 million the previous year. Bar receipts, which are additional, were €70,086, up from €64,112 the previous year.
The accounts say the company’s status as a going concern is dependent on continuing financial support from its bank and developments in the property area.
It employed an average of 23 players during the year, up from 21, though the cost of employing players went to €1.18 million, from €1.7 million the previous year. The accounts state that there are ongoing negotiations with players in relation to contract terms.
The cost of player and staff kits was €220 in the 2010 year, down from €21,029 the previous year. Legal and professional fees were €69,533, down from €820,448 the previous year.
