New owners for Cork City

[jebus]

So they gave ye shares at teh start and ye paid at the end with the donation?

Its obviously something that will have to be looked at but doesnt company law have rules about the information that has to be passed on to shareholders?

Probably, but I know for a fact that not all shareholders of Soccer Limerick were invited to board meetings (fair enough), or given the relative information after them.

We were given a seat on the board at the start and made a donation at the end, not 100% but I think the seat on the board came with shares. Either way some of our individual members had bought shares out of their own pocket and I remember there being problems regarding the lack of information coming from the club

[micls]

Probably, but I know for a fact that not all shareholders of Soccer Limerick were invited to board meetings (fair enough), or given the relative information after them.
Its certainly something that willhave to be kept an eye on but Id imagine as a company with shares FORAS would make sure they get what theyre legally entitled to anyway

[jebus]

Its certainly something that willhave to be kept an eye on but Id imagine as a company with shares FORAS would make sure they get what theyre legally entitled to anyway

Hopefully anyway. Watch out for small meetings between the main board members that aren't classed as official meetings though, technically FORAS don't have to be invited because it's not a Cork City meeting, but a lot will get discussed there. It's all cloak and dagger, but hopefully the new owners won't be like that with ye

[micls]

Hopefully anyway. Watch out for small meetings between the main board members that aren't classed as official meetings though, technically FORAS don't have to be invited because it's not a Cork City meeting, but a lot will get discussed there. It's all cloak and dagger, but hopefully the new owners won't be like that with ye

Yeah I know what you mean.

I think once we can get most of the pertinent information about finances and stuff though i.e. are we on the brink of them pulling out, so that the future can be safeguarded, Il be happy enough.

Also it gives FORAS time to build up funds in the meantime.

of course they could be lovely people who jst want the publicity and goodwill that woudl come with saving the Cork club but I wont be getting optimistic about that

[dcfcsteve]

The word property developer always sets alarm bells ringing.
I hope he's in the Mick Wallace mould for Cork's sake. Good news that an investor came along anyway.

That´s just your paranoia/cynicism.

Cork don´t own their ground, so there´s no predatory interest for a property developer in the club....

[Partizan]

If FORAS have enough already in the bank, why not a bid/joint bid with this or any interested consortium for the Horseshoe. That would automatically increase your barganing power for a permanent place on the board.

Jebus's sceptisim is well founded let me tell you.

[adamd164]

You must be gutted Partizan... looks like we'll survive now. :( Sorry for your troubles.

[passinginterest]

That´s just your paranoia/cynicism.

Cork don´t own their ground, so there´s no predatory interest for a property developer in the club....

Which I acknowledged a couple of posts later...

I'd love to see Cork saved and don't care who the investor is as long as they have the club and communities best interests at heart.

[higgins]

Some form of shareholding is worth a lot more than any place on a Board of Management. Not all decisions are taken at the Board table, lots will be decided between your chairman secretary treasurer etc i.e whoever are the Directors.

There's two Board levels.
Seats on the Board of Management are great but it's all for show and if you are not included in decision making outside of these meetings then tough, you've no comeback really. While most clubs will operate with Board of Managements making decisions, they don't actually have to do this and if you're not included outside of these meetings when decisions are being made that's just something you have to deal with.

Seats on a Board of Directors of the company controlling Cork City is totally different!

When these investors are offering seats on a Board, what Board are they talking about ?

Also have Arkaga agreed to wipe clean all the existing debts ?

[gufcfan]

Horseshoe has been up for sale for 12 months.

Details of it can be found here (http://daft.ie/searchcommercial.daft?id=15833&search=1).

[adamd164]

Word here is the Horseshoe Inn is under new ownership as of this morning. :)

[micls]

If FORAS have enough already in the bank, why not a bid/joint bid with this or any interested consortium for the Horseshoe. That would automatically increase your barganing power for a permanent place on the board.

Jebus's sceptisim is well founded let me tell you.

We currently have over 30,000 in the bank I think, no where near the level required to buy the horseshoe with them.

Anyway Coughlan bought it this morning


Some form of shareholding is worth a lot more than any place on a Board of Management. Not all decisions are taken at the Board table, lots will be decided between your chairman secretary treasurer etc i.e whoever are the Directors.

There's two Board levels.
Seats on the Board of Management are great but it's all for show and if you are not included in decision making outside of these meetings then tough, you've no comeback really. While most clubs will operate with Board of Managements making decisions, they don't actually have to do this and if you're not included outside of these meetings when decisions are being made that's just something you have to deal with.

Seats on a Board of Directors of the company controlling Cork City is totally different!

When these investors are offering seats on a Board, what Board are they talking about ?
While I agree with the above, shareholders are entitled to financial information legally arent they? Even if FORAS have little/no say in teh day to day running of the club if a financial situation like this arises again we should be aware of it in enough time to be prepared and perhaps inform the FAI if necessary. These are just my own ramblings and musings btw, I have nothing to do with the board of FORAS

Of course its not ideal, we dont have enough money atm for it to be ideal and buy a share substantial enough for real control. But it does, if nothing else, buy us more time



Also have Arkaga agreed to wipe clean all the existing debts ?

No. They have said that theyl write off the 900k they supposedly invested(last week they were claiming it was 2.3 million). Wel still be left with all the debt they racked up

[John83]

Any further news on this?

[pineapple stu]

On the Cork forum, yer masn was on the radio today saying he's going to invest in them with the plan to hand over to FORAS in five years' time. Sounds brilliant if true.

[micls]

Any further news on this?

Examiner accepting bids until end of business today. Then will decide.

Good quotes from Coughlan and his plan(local radio today). Sounds great but hard to trust anyone:

- Need proper structures in place to run club.

- Doesn't want to say who others involved are until the structures are in place.

- Cash flow of €1m.

- There's no profit in football. His investment is a community gesture.

- He wants to put the structures in place to allow FORAS to take the club over in about 5 years.

- Has a well formed view as to how the club can get out of its current predicament.

- Sport is a huge opportunity to get over social problems, getting a proper structure in place and that includes youth levels, right down to the age of 5 to keep young kids off the street.

[pete]

- Sport is a huge opportunity to get over social problems, getting a proper structure in place and that includes youth levels, right down to the age of 5 to keep young kids off the street.

True, without the LOI I am likely to broke paying on the spot fines for public drunkenness (http://news.bbc.co.uk/2/hi/uk_news/northern_ireland/7616715.stm) :)

[marty]

Nobody ever invested in City without thinking of a gain at the end,i hope its right for the club this time ye need a suger daddy and fast.Cant ye think of something that would allow Foras to concentrate purely on development and maybe snap up some cheap land theres no better time than the present ye have the support but need assets!!

[micls]

Well seems like Coughlans gotten the go ahead anyway. lets hope he follows through

[A face]

Well seems like Coughlans gotten the go ahead anyway. lets hope he follows through

Looks that way alright. FORAS is more important than ever now. Any football fan in Cork now should consider joining up as a member.

[razor]

lets hope he follows throughyou bet, but if his offer doesn't include coloured ink then tell him to forget it. :D

[corkboy360]

Horseshoe to be turned into bar,function room and coty shop.St.annes to have chipper,shop,toilets at the back.Things are looking up:D