Drogs seek examinership

[higgins]

In our situation we had faceless owners who reneged on their responsibilities but Drogs have local owners who creditors would not be happy with at all.

You knew exactly who was running your club, same way Drogheda did.

Getting a bit tired now hearing this Arkaga done it and we're not to blame nonsense.

Cork City FC messed up,,, nobody else.

[Dodge]

You knew exactly who was running your club, same way Drogheda did.

Getting a bit tired now hearing this Arkaga done it and we're not to blame nonsense.

Cork City FC messed up,,, nobody else.

First time I've agreed with you on this subject

[holidaysong]

Now that an examiner has been appointed, what next for the club?

[Dodge]

A 10 point deduction for the team

Interesting to see if the club's true debt comes out

[holidaysong]

Examiner appointed to Drogheda United

Wednesday, 15 October 2008 16:09

The High Court has appointed an interim examiner to Drogheda United Football Club.

...

It is understood the club has debts of over €700,000.

The club has been approached by several potential investors and is due to meet interested parties from the UK tomorrow.

The directors say that even if a stadium is not built they are confident the club and company can survive but would have to be a 'less ambitious enterprise going forward.'


http://www.rte.ie/business/2008/1015/drogheda.html

[higgins]

Surely the curent owners/directors have to walk away.
What will happen now to the current owners of Drogheda do people know ?

[Horus]

You really think that the current owners are going to just walk away from the club. Don't be that naive. People like Vincent Hoey don't just give nearly 50 years to a club and then hang up their boots. If you'd seen him standing looking out at the pitch at the end of the Glentoran match on Monday, you'd know that this is one man who lives for Drogheda United and the town.

[SMorgan]

Well will that pay the bills? The fact is that DUFC owe 732,000, with all but 200,000 owed to the Revenue. Now, drop this smoke screen about a new stadium or how badly done over you've been by meath cc, the nra, doyle, louth cc. The simple fact is that there is no excuse for not paying your taxes and meath cc or the nra is not at fault for that.

[ciaraa]

Second that Celdrog. Ciaraa - another hanger-on who Drogs could do without at this time. Laws of libel apply very much to web forums as much as they do to newspapers. Be careful when talking about a subject that you clearly know nothing about except from listening to the usual begrudgers.

he he - yes horus you have me. just a hanger on who drogs could do without. I'll just keep telling myself that everyone involved in the club is 100% drogs fans all their lives (like you no doubt) and they really would never have anything but drogheda uniteds interest at heart and its really down to those nasty meath co co and nra crowd who begrudge us the stadium but if it were the gaa they would bend over backwards etc. etc.
you might be better off on the drogs forum - think you'll find more agreement over there with your views.
also thank you for the kind advice about libel laws. luckily however i know a man that works on fair street I can ask these questions to! ;)

[corkboy360]

aww poor ollie cahill :D (hate to see drogs go bust though all the same)

[Celdrog]

The simple fact is that there is no excuse for not paying your taxesAgree with that - but from what I am hearing you may very well be in a glass house throwing stones.......... Again.

[Louth4sam]

Agree with that - but from what I am hearing you may very well be in a glass house throwing stones.......... Again.

Thats a very serious statement, any proof to back that up?

Would also make our CEO Gerry Matthews a liar as he has stated that we are going to break even this season. That would be impossible if we owe the taxman money.

[Celdrog]

Thats a very serious statement, any proof to back that up?
Would also make our CEO Gerry Matthews a liar as he has stated that we are going to break even this season. That would be impossible if we owe the taxman money.Only word of mouth from someone inside the revenue.
If you think you don't owe the revenue a cent then fair enough, carry on believing. Gerry Matthews still putting €5000 per week into your club to keep it afloat?
Our directors told us we'd be in a brand new stadium in 2007, well meant, but didn't work out.

[SMorgan]

You're behind the times.

He was putting €5,000 a week into the club. Now he's only putting in his time, energy and management skills. Dundalk FC will at least break even this season, but I expect a profit.

[higgins]

Dundalk FC will at least break even this season, but I expect a profit.

Have you access to the club accounts ?

[pete]

What chance do Drogs have of coming up with the cash?

Examiner fees are 250k which need to be paid up front. We could only do this by selling Mooney. I would need to look at paying back someone like 50% of the debt. Again we included cut from sell on clause & cut of this seasons prize money neither of which Drogs have access to.

[Cosmo]

What chance do Drogs have of coming up with the cash?

Examiner fees are 250k which need to be paid up front. We could only do this by selling Mooney. I would need to look at paying back someone like 50% of the debt. Again we included cut from sell on clause & cut of this seasons prize money neither of which Drogs have access to.


Nail on the head on what I think too! no matter how much supporters raised, it would still fall well short on what is needed to get us out of this mess. You had sell on clauses and setanta money coming in and still ye only just got away with it - we have none of that

I dont have a f***** clue how were gona get outa this mess!! :(

[higgins]

I dont have a f***** clue how were gona get outa this mess!! :(

Are the supporters doing anything to help ?

[Cosmo]

Are the supporters doing anything to help ?

Well if the club dont give us any information on what their plans are, what this 'rescue package' theyre working on is, how they plan to get us out of this mess,, we're in the dark - so what can we do?

the lack of info from the club over the last few weeks is unbelievable!!

Some lads are working on setting up a supporters trust alright - hopefully they get it sorted soon!! In saying that theres no chance a supporters trust will save us - its gone too far for something like that to save us.

Were up sh!t creek - too much owed to revenue and i cant see them letting us get away with it. Cork just about got away with it - we owe nearly double what cork owed i think (someone can correct me if im wrong on that as i dont have exact figures) and we dont have setanta money nor sell on money from former players being sold on

If we're not bailed out or if the board dont have something up their sleeves with this 'rescue package', the club will fold imo regardless of what supporters do. Could start from scratch then with a new debt free club as the FAI will still own united park for senior football in the town i suppose.

thank God we dont own united park!!

[higgins]

If you get enough supporters together or you can raise enough cash you'll get answers quick enough from your owner!!

Money talks...

Never too late to start asking questions. If you can show you have serious cash coming in or that you speak on behalf of enough supporters you'll get answers.

[White Horse]

Only word of mouth from someone inside the revenue.

Pure bull. No-one has access to the Revenue's tax files, particularly posters on an internet discussion board.

What will you claim next? Dogs on the street?

Woof woof.

[ciaraa]

Could start from scratch then with a new debt free club as the FAI will still own united park for senior football in the town i suppose.


Do you think its a possibility Cosmo? What happens with the current owners? Would they have to make way / be bought out or could the club just re-invent itself a bit like limerick?



thank God we dont own united park!!

Amen

[jinxy lilywhite]

Only word of mouth from someone inside the revenue.
If you think you don't owe the revenue a cent then fair enough, carry on believing. Gerry Matthews still putting €5000 per week into your club to keep it afloat?
Our directors told us we'd be in a brand new stadium in 2007, well meant, but didn't work out.


Complete and Utter rubbish. if we had problems with the revenue they would be long on our back. Make no mistake about it.

BTW you should read post #48 in relation to libel laws and how they stand. You should always be wary too about making comment on effin hearsay.

Stop deflecting attention from your own club

[pineapple stu]

Could start from scratch then with a new debt free club as the FAI will still own united park for senior football in the town i suppose.

thank God we dont own united park!!
If you fold and start from scratch, I'd imagine United Park would get sold to pay the creditors. There'd be uproar if it weren't, and if the FAI deal is only that it can't get sold unless Drogheda United (as opposed to AFC Drogheda) get a new ground, there'd be nothing stopping it. You've then got a case where AFC Drogheda start off homeless.

[Schumi]

If Drogheda were to fold, why would the FAI sell United Park to pay off creditors of a defunct football club? It doesn't make any sense.

[pineapple stu]

The assumption is that they wouldn't have any choice.

I don't know the ins and outs obviously; just speculating (which wasn't clear from the original post; mea culpa). Say it's only held in trust or something; could the creditors then force its sale?

[holidaysong]

If Drogheda United were to fold, could Drogheda Town or Boyne Rovers step up to the A Championship or First Division perhaps? Would Drogheda United fans be willing to support either of these clubs if their own club did fold?

[Celdrog]

Complete and Utter rubbish. if we had problems with the revenue they would be long on our back. Make no mistake about it.

BTW you should read post #48 in relation to libel laws and how they stand. You should always be wary too about making comment on effin hearsay.

Stop deflecting attention from your own club
Its only libel if its not true.....

[jinxy lilywhite]

Its only libel if its not true.....

C'mon prove that what you are saying is true and prove that our board and especially our Chairman are all liars and deliberately misleading Dundalk supporters. The onus is on you remember. Celdrog you can't go round making unsubstainiated statments that we haven't paid our revenue bill.

[Celdrog]

C'mon prove that what you are saying is true and prove that our board and especially our Chairman are all liars and deliberately misleading Dundalk supporters. The onus is on you remember. Celdrog you can't go round making unsubstainiated statments that we haven't paid our revenue bill.You are the one spouting libel law - its up to you to prove I'm lying if you want to show libel.
Show me a piece of paper showing Dundalk do not owe the revenue a single cent?
Sure you couldn't pay your players last year.

[Louth4sam]

Show me a piece of paper showing Dundalk do not owe the revenue a single cent?

Why should we? Your the one making the claim, its up to you to prove it or retract.


No Unsubstantiated Rumours
There's too many "I heards" and "someone saids" on football sites, which is often damaging to the clubs and people involved. There's plenty of news sites out there, plenty of people in authority willing to be quoted, plenty of mobile phones with cameras, plenty of sites where pictures and videos can be posted. So there's no excuse for posting rumour and innuendo any more, and every opportunity to make the news yourself. Take a photo or a video, ask someone for a quote, or post a scan or a link to a news article. Alternatively, keep your mouth shut on Foot.ie, or you'll be out on your ear.



Sure you couldn't pay your players last year.

More lies Celdrog,
http://www.dundalkfc.com/News/080319_GerryMatthews.asp

So there is proof that we could in fact pay our players. So your telling more lies.

[Celdrog]

More lies Celdrog,
http://www.dundalkfc.com/News/080319_GerryMatthews.asp
Won't open for me.
http://www.independent.ie/sport/soccer/pfai-quiet-on-outburst-from-dundalk-chief-1324083.html
Sure it was a misunderstanding .....As was only 4 years ago.

Only point I'm making is just make sure you are not in the glass house. I'm not trying to deflect attention away from us or condon what we did(or well, didn't do). A few Drogs laughed at Cork when they went into examinership, egg on face time now.

[jinxy lilywhite]

Won't open for me.
http://www.independent.ie/sport/soccer/pfai-quiet-on-outburst-from-dundalk-chief-1324083.html
Sure it was a misunderstanding .....As was only 4 years ago.

Only point I'm making is just make sure you are not in the glass house. I'm not trying to deflect attention away from us or condon what we did(or well, didn't do). A few Drogs laughed at Cork when they went into examinership, egg on face time now.

It was a misunderstanding Celdrog between the players and Management over their first pay date. Should of been nipped in the bud until McGuinness stuck his two cents in. A storm in a tea cup was all it was.

While I don't claim to know inside knowledge of our clubs financial situation I am of the impression that no news is good news where our club is concerned and you where quite unfair in your accusation of our chairman and our board, who have made sure that our club lives within its means and don't threathen its long term objective of serving the community of Dundalk for short term gains.

While you brought the debacle that we had 4 years ago you must agree that we are a completely different now from what we where. I think you can credit our chairman with that

[Celdrog]

While you brought the debacle that we had 4 years ago you must agree that we are a completely different now from what we where. I think you can credit our chairman with thatWould agree totally with that. Gerry Matthews has been very good for Dundalk.

We had a bigger debacle five years ago, Vincent Hoey came in (again) and turned it around. Didn't work out though.

[SMorgan]

Celdrog

Its been said that Hoey, Byrne and O'Connor invested €12m or €8m (depending on who you listen to) over 4 years.

Surely to goodness the three guys could reasonably be expected to pay off the 500k that is owed to the Revenue. Thats approximately 5% of what is claimed to have been invested. Why won't they do that given their previous investment and given the fact that they over-looked the payments.

I think Drogs fans are being too grateful for their own good.

[WindmillWarrior]

Celdrog

Its been said that Hoey, Byrne and O'Connor invested €12m or €8m (depending on who you listen to) over 4 years.

Surely to goodness the three guys could reasonably be expected to pay off the 500k that is owed to the Revenue. Thats approximately 5% of what is claimed to have been invested. Why won't they do that given their previous investment and given the fact that they over-looked the payments.

I think Drogs fans are being too grateful for their own good.

I'd agree with that. Seems almost a bit too simple though doesn't it! I think thats maybe why some Drogs fans seem a bit easy going about the whole debacle. The thinking being that the 3 lads maybe still have something up their sleeve! But as always the info coming from the club is pathetic, leaving the fans in limbo - some thinking its a good idea to get active now and get a trust going, others not so sure.

[White Horse]

I'd agree with that. Seems almost a bit too simple though doesn't it! I think thats maybe why some Drogs fans seem a bit easy going about the whole debacle. The thinking being that the 3 lads maybe still have something up their sleeve! But as always the info coming from the club is pathetic, leaving the fans in limbo - some thinking its a good idea to get active now and get a trust going, others not so sure.

The question remains as to whether the "3 lads" invested their own money or money they had borrowed. There could be a long chain that leads back to the banks.

[seand]

I'd agree with that. Seems almost a bit too simple though doesn't it! I think thats maybe why some Drogs fans seem a bit easy going about the whole debacle. The thinking being that the 3 lads maybe still have something up their sleeve! But as always the info coming from the club is pathetic, leaving the fans in limbo - some thinking its a good idea to get active now and get a trust going, others not so sure.

How could it possibly be a bad idea to get a Trust going? If things go tits up you might be in a position to save the club, if ultimately the Trust isn't needed you'll have a bit of cash to investin the club/give to the club. Seriously, now is the time to get active.

[Dodge]

http://www.irishtimes.com/newspaper/sport/2008/1023/1224625124602.html

Revenue set to oppose McCarthy

THE Revenue Commissioners will this morning oppose the confirmation of Kieran McCarthy's appointment as examiner to Hinge Trading Limited, effectively Drogheda United, claiming that the company has little chance of survival, reports Emmet Malone .

McCarthy is due to report at the hearing on his work since being appointed on an interim basis last week and it is expected that he will reveal that there hav been two significant expressions of interest in the club.

----

More trouble for Drogheda

[John83]

Wow. It says a lot when even the revenue want you gone.

[Dodge]

In fairness Revenue were annoyed when Rovers "got away" with paying so little, and opposed the examiner's recommendation on the Cork settlement so now they're trying to stop it even getting that far...

[Longfordian]

The Revenue are probably the worst people to owe money to but generally the courts will give a business, especially a football club, every chance they realistically can to get themselves out of it. I'd still expect the examiner to be appointed.

[charliesboots]

Examiner was appointed this morning despite objection from the revenue.

[pete]

Aside from the Revenue Commissioners who do Drogs owe money to?

All the creditors we had were all linked to the club which is why I feel they were willing to wait for their cash. Hummel, Pubs, MFA etc... all of which would benefit from CCFC existence & indirect business from fans. The type of creditor you have I think has a big impact on what they are willing to accept.

The Drogs situation confuses me as clearly they have the money to pay the Examiner in the short term whose fee could be 1/3 of all the debts.

[bohs til i die]

Aside from the Revenue Commissioners who do Drogs owe money to?

All the creditors we had were all linked to the club which is why I feel they were willing to wait for their cash. Hummel, Pubs, MFA etc... all of which would benefit from CCFC existence & indirect business from fans. The type of creditor you have I think has a big impact on what they are willing to accept.

The Drogs situation confuses me as clearly they have the money to pay the Examiner in the short term whose fee could be 1/3 of all the debts.


They owe Bohs nearly 10k for renting Dalymount during the summer for their CL games

[Dodge]

was that not wiped off when you kept the money from the ticket sales recently?

[Macy]

was that not wiped off when you kept the money from the ticket sales recently?
Yeah, I thought that was why Drogs wouldn't give Bohs tickets to sell, but eventually it was agreed to send €8k (or some other value) worth of tickets as settlement?

[sligored]

Aside from the Revenue Commissioners who do Drogs owe money to?

All the creditors we had were all linked to the club which is why I feel they were willing to wait for their cash. Hummel, Pubs, MFA etc... all of which would benefit from CCFC existence & indirect business from fans. The type of creditor you have I think has a big impact on what they are willing to accept.

The Drogs situation confuses me as clearly they have the money to pay the Examiner in the short term whose fee could be 1/3 of all the debts.

they still owe sligo rovers 50% of fazs transfer fee.

[blackholesun]

>they still owe sligo rovers 50% of fazs transfer fee.

Debts seem to be scattered through the league, doesnt look good!

Have to say that the Drogs situation looks to be way worse than Cork or Rovers ever was. Id expect to NewDrogs09 FC in the first division or A league next season at best at this stage.

bhs

[pineapple stu]

now they're trying to stop it even getting that far...
Agree. Think it's pointing to them fighting tooth and nail in this case too, especially with no cushy sell-on clauses available. All of which leads to bhs' conclusion...

And all for want of half a million when 8m has already been pumped in. Seems ridiculous.