Cork City Examinership

**Calcio Jack** · 14/08/2008, 7:19 AM

According to RTE 1 this morning...Cork City are €800k in debt and are heading to the High Court to put themsleves into 'examinership' to try and avoid going to the wall....

**The Rebel Ram** · 14/08/2008, 7:32 AM

I recon they won't be the only ones this season.
Time for realistic wages for players.................
Hopefully it will work out for them

**gufct** · 14/08/2008, 8:02 AM

The whole game here needs a complete rethink but as long as there are clubs willing to pay bad players huge money they dont have this problem wont go away.

The most worrying thing is that Cork are the best supported Team in the country are in such a situation how teams like Bohs,Pats & Drogheda are surviving on gates half the size of Corks.

**Duggie** · 14/08/2008, 8:07 AM

are cork not owned by some rich company ????

**RonnieB** · 14/08/2008, 8:12 AM

ruh roh

**razor** · 14/08/2008, 8:13 AM

Originally Posted by Duggie

are cork not owned by some rich company ????

Doesn't matter how rich they are, if they haven't been paying the bills...

I'm absolutely sickened this morning and more so fearful.

**RonnieB** · 14/08/2008, 8:14 AM

Wonder if points deductions may be levied.

**Mr A** · 14/08/2008, 8:25 AM

Shamrock Rovers got deducted their points total to date in the season when they went into examinership didn't they?

**Macy** · 14/08/2008, 8:27 AM

Originally Posted by gufct

The whole game here needs a complete rethink

I'm not sure it does really, it just needs a good dose of realism. As you said the problems are brought about by clubs paying too much for players. That wouldn't change based on the format. It needs people to realise that sustainability should be king and grow clubs slowly up from a solid foundation.

And Cork were one of the clubs against the 65% wage cap

**jebus** · 14/08/2008, 8:32 AM

Feel sorry for the minority of Cork fans that show a bit of grace around here. The ones that sneer at clubs ranging from UCD to Galway to Limerick though, well it really couldn't have happened to a nicer set of supporters, so taking a leaf from their book all I'll say is that if Cork can't pay their agreed contracts then they're no loss to the league

**The Lilywhites** · 14/08/2008, 8:33 AM

http://www.rte.ie/sport/soccer/2008/0814/corkcity.html

Cork City considering examinership

Thursday, 14 August 2008 09:29

RTÉ News has reported that Cork City Football Club are considering an application to the High Court for examinership in order to prevent the club from folding.

The current FAI Cup holders are believed to have debts of more than €800,000. One of the best supported clubs in the League of Ireland, the club requires immediate investment if it is to continue to trade.

RTÉ soccer correspondent Tony O'Donoghue reports:

FAI Cup holders Cork City face a daunting challenge over the coming days, the club requiring immediate investment if it is to survive.

Less than two weeks ago the Cork players failed to get paid on time ahead of a top of the table clash with Bohemians.

However; it is understood that all the current staff are now paid up to date.

The club are now preparing an application to the High Court for examinership. Former Chairman Brian Lennox, who sold Cork City to venture capital firm Arkaga in 2007, resigned as a director last night.

Cork are one of a number of League of Ireland clubs to experience severe financial difficulties this season, among them Galway United, Sligo Rovers and Cobh Ramblers, and the fate of several other Premier and First Division clubs hangs in the balance.

The situation is a considerable cause of concern to the FAI, who took over the running of the League in 2007. A decision on Cork's future is likely in the next 48 hours.

**The Lilywhites** · 14/08/2008, 8:38 AM

Kildare County players about to go on strike according to the audio clip on that above link.

**charliesboots** · 14/08/2008, 8:40 AM

Can one of the mods start a poll for what the name of the next Cork franchise will be?

**redobit** · 14/08/2008, 8:41 AM

If Cork, of all teams, are in such a position im not sure what chance the rest of us have.

**blackholesun** · 14/08/2008, 8:41 AM

http://www.irishexaminer.com/breakin...t/mhqlmhojgbsn
Cork City FC is believed to be considering an application to the High Court for examinership in a bid to avoid going into receivership.

The club has been experiencing financial difficulties of late and as recently as two weeks ago they failed to pay the salaries of the players, sparking an outburst from club captain Dan Murray. However, the players are now understood to have been paid up to date.

Former chairman Brian Lennox, who sold the club to Venture Capital, stepped down as a director of the club last night.

City is the latest eircom League club to undergo such difficulties with Cobh Ramblers and Galway United also showing concerns recently.

----------------------------------------------------------------------

btw IIRC Rovers were deducted 9 points for submitting a dodgy set of figures (i.e. the same set as the year before) to the league, and went from +8 to -1 points. Rovers were not deducted points for going into administration, but I think the league might have brought in a rule after that, that you loose points if you go into administration ala what happens in England.

Clubs living beyond their means have only themselves to blaim. Offering 1000's a week to LOI players is not sustainable unless you average gate is close to 10K a week and no club to close to that at the moment!

As Plantini says "its the cheats who are winning"!

bhs

**blackholesun** · 14/08/2008, 8:45 AM

Originally Posted by charliesboots

Can one of the mods start a poll for what the name of the next Cork franchise will be?

Cork 84

Thought it sounds a bit too much like a bottle of wine

bhs

**charliesboots** · 14/08/2008, 8:49 AM

before this gets messy later on people should note that administration and examinership are different.

Both are designed to protect insolvent companies with a view to survival but administration provisions in the UK are far more onerous than the administration provisions in Ireland.