AFC Bournemouth News 24/7Writer: DJ 
Date:Friday July 6 2012
Time: 8:39AM
UK time is: 05:10:46
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Mitchell: There is no timescale on £6million loan
AFC Bournemouth chairman Eddie Mitchell insists the Cherries are under no pressure to repay a recent £6million loan to the club.
The Cherries received a £6million loan from Wintel Petrochemicals Ltd last month.
AFC Bournemouth co-owner Maxim Demin is listed as a director of Wintel Petrochemicals Ltd, but Cherries chairman Eddie Mitchell has not confirmed if the loan had come from Demin.
Mitchell insists that the loan is not an indication of financial difficulty, but rather a sign of the development of the football club including investment in the stadium, rental payments on the ground and investment in the first team.
Mitchell told the Daily Echo...
"The loan is to develop the ground, which is what people can see we have been doing, to buy players and pay their wages. It doesn`t come cheap to get the type of players we have got.
"If you borrow money from somebody, one would like to think you would pay it back at some time. But we are not under pressure to pay it back at all at the moment.
"Nobody has given us a timescale on the loan, we are servicing the loan and one would like to think the loan is there indefinitely...'
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Your Comments
So basically, Demin has invested £6m into the club and wants to see a return on his investment at some point. Thats fair enough?
chris skyline
Sounds reasonable to me, most club investors do this tbh
afcblover
I really can't help but be seriously optimistic about our future under Maxim. This £6m could be just the starters and Maxim seems a fella that wants to see the club succeed and is willing to put his money to that cause. Is it too much to start thinking we could one day be contenders to reach the Premiership? Could we be calling Stains the little boys up the road? Oh I hope so.
anagain
I would really like to see us go and buy our stadium back I was hoping that was what this 6m was for
North Cherry
^it probably is.
chris skyline
The charge on the loan is on some of the key stadium edges land. So to me it works like this. If they can be trusted it all seems quite normal. If they aren't to be trusted then they can just kill the club and have it all. Various ways to do this. So it just comes down to whether you really feel in your heart of hearts that Mitchell is in it for the right reasons. And that's where I'm struggling on this one.....
topcat99
As long as DJ keeps using pictures that make Mitchell look like a crooked drunk (and I'm not sure there's a picture in existence that doesn't) then I'll remain critical.
simonhpieman
Either way? can he call it in at will? Given the losses that the Club is almost certainly running up , £6m isn't going to last too long. Await the Accounts for 2012 due out this month with interest.
squareoldcodger
...the opportunist speaks!.....pity that at a time when we have an injection of capital...we have the wrong fella in charge of the club?
Garbo
Yes, but as he's so quick to tell us, we wouldn't have secured the money if it weren't for him. I'd probably take 6million hit if we didn't have to put up with him!
simonhpieman
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