ONE man could have the power to save AFC Bournemouth or consign it to receivership this week, the club's chairman has claimed.

Stanley Cohen, the club president whose business loaned the club £1.4 million, could hold the Cherries' future in his hands ahead of a crucial meeting on Friday, November 11.

Cherries chairman Peter Phillips wants to sell the Fitness First Stadium at Dean Court to a private landlord and lease it back.

That deal - which would free the club from the burden of its major debts - is dependent on some of its secured creditors accepting less than they are owed.

Former chairman Tony Swaisland and bosses at Fitness First have already accepted substantial discounts on the money they put in. Now the club is waiting for Mr Cohen to confirm in writing what discount his company can offer.

Mr Phillips said he wanted to thank Mr Swaisland and Mike Balfour, deputy chairman of Fitness First, for their generosity.

"In neither case have they taken out any interest over the last four years from the club and they're both offering substantial discount on the capital paid in," he said.

He said he was waiting for confirmation of a discount from Mr Cohen's company Northover and Gilbert, which loaned the club £1.445 million. It has been paid £192,000 in interest, which is less than was due.

Mr Phillips said: "Stanley Cohen has many times in board meetings and in private offered to help. He has helped broker this current deal. He knows the numbers and knows what's needed to make it stack up."

The club's shareholders are holding an extraordinary general meeting on Friday to discuss the sale-and-leaseback proposal. If the deal goes ahead, the club will clear its debts to Lloyds Bank and Bristol and West, another company with links to Mr Cohen. It will also be able to pay its arrears to the Inland Revenue.

Mr Phillips believes the alternative is the "dangerous" option of going into receivership.

"I'm not a particular fan of sale-and-leaseback. I would rather we weren't doing it but we've reached the point where we can no longer go on with these massive debts," he said.

"For all the fuss of the last three years, we can never solve the problem until we get new money into the club."

The Echo tried to contact Mr Cohen for comment, but our calls were not returned.

First published: November 9, 2005