PETER Phillips is optimistic 2005 could see Cherries at last start making inroads into their debts.

The Cherries chief, who recently admitted that the strains of the job were taking their toll, has seen his hopes of bringing down the figure to a more manageable sum boosted by the news that an un-named former chairman of the club is interested in becoming involved once again.

Phillips, who was re-elected as chairman at the club's AGM at the weekend, would not reveal the ex-chairman's identity but believes he could be a major asset in the ongoing quest to put Cherries back on a stable financial footing.

Phillips told the Daily Echo: "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."

He added: "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."

The Cherries chairman suggested his time at the helm could be coming to an end recently when he said: "I have done this job for two-and-a-half years and in that time we have made great strides on the pitch and crowds have increased but we have not got anywhere in terms of the financial burden.

"Maybe the time has come for someone else to take charge. I have put a huge amount of effort in and not got us any further."

But his popularity as chairman among the supporters remains high and in the wake of his re-election, in tandem with vice-chairman Andrew Kaye, Phillips insists he will continue to do the job to best of his ability.

He said: "What I said wasn't a resignation threat but it is a very wearing job. I have said all along that if anyone could come in and do a better job or find the money to make us solvent, I would happily step sideways.

"But of course I'm pleased to carry on as chairman and that supporters see me as doing my best in the job.

"If nothing else, I am honest and I think the supporters appreciate that. In my opinion, communication between the club and its supporters has never been better than it is now.

"Of course there are days when it can get on top of you. It is a huge challenge to work with the debts we have on a daily basis. But the days when we sign players of the calibre of Eddie Howe and John Spicer go a long way to making up for those.

"We have worked very hard towards making sure we don't forget the priority that we are a football club. We are going well in the league and I think most people know that a lot of hard work goes in behind the scenes. But if we were somewhere near the bottom, my popularity as chairman would wane very quickly!"

While optimistic that the financial burden can be positively addressed in the new year, he laughed: "You sometimes think there is light at the end of the tunnel - but, as we all know, there could be always be a train coming the other way!"