Disgruntled PHC members have strongly rejected a proposal to sell the club’s two-storey building on Reid Street in Hamilton to pay off debt and improve the club’s financial standing.During PHC’s semi-annual general meeting at Bermuda Industrial Union (BIU) last month, club executives presented a list of options to pay off debt and enhance the club’s financial status that included selling their building on Reid Street that has an estimated value of $3.2 to $3.6 million.But, according to club sources, the option to sell the building has ruffled feathers at PHC with a number of disgruntled members venting their displeasure during the meeting.“On that night (of the meeting) some of the members there were very, very upset because they have been given three options and two of them are not realistic and the third option is to sell the building to pay off a loan,” said one PHC source who spoke under condition of anonymity. “The meeting got a little hostile with some of the members.“This whole situation is very disturbing because I have have been around the club for a number of years. It is very disturbing to see that we are in this financial position.”In 2001 PHC borrowed $1,202,778 from the BIU to cover costs for the installation of a new lighting system and work done to their to Warwick ground.The loan was to be paid back over a 17-year period at an annual interest rate of seven percent via monthly payments of $10,075.93. But so far PHC has yet to pay principal on the loan and for the past several years has only paid on the interest in monthly payments of $7,000.PHC and BIU president, Chris Furbert, has denied claims the Union have called in its loan to the iconic club.PHC have suffered losses of revenue in recent years primarily due to the recession and loss of tenant Total Home Ltd at its two-storey Reid Street building.Total Home went into liquidation last year with the Registrar of Companies being appointed as the official receiver. All funds garnered from the liquidation of Total Home were used to pay liquidation expenses, a loan due to HSBC and unpaid employee claims.There were no other available funds to pay other creditors, including landlords PHC. And according to Furbert, PHC had to write off as much as $164,250.00 in unpaid rent.Meanwhile, the new $4 million multidimensional complex at PHC’s Warwick property has yet to be erected, with only the field being used for cricket matches.PHC’s old clubhouse was demolished in 2003 to make way for the new project that entails the construction of a modern clubhouse with a gymnasium, health club, changing rooms, boardroom, recreation room, a library and computer area and a member’s bar.In total, the project will encompass 40,000 square feet.Another 22,000 square feet of land was leased to Esso for $1,125,000.00 for a 20-year period. Monies for leasing the gas station property have been fully paid to PHC.PHC members have become increasingly frustrated with the delay of construction of the new multi-million complex.“The financial membership had entrusted the executive to deliver the new club but the every year it’s been a stumbling block to get it built,” the PHC source said. “We have been led on year after year that we are going to get money to build a new club up at PHC. And it’s just been going on for years.”Negotiations between PHC and the bank to secure funding for the project are ongoing.PHC are seeking to borrow $10 to $11 million from the bank who are only willing to loan $8.5 million to the club to be paid back over a 25-year period at roughly $600,000 annually.Since PHC’s original field in Warwick was closed in the 1998, the club’s football teams have had to play their home matches at Somerset Cricket Club and more recently at Southampton Oval.“It’s been very frustrating to come from having two clubs to no club to renting a facility to play our games because we have no home field,” the PHC source said.