Doyle 10% cashed in.

[razor]

Coughlan has cashed in our 10% sell on for Doyler for €200K

[Dodge]

Coughlan has cashed in our 10% sell on for Doyler for €200K

Seriously? And does that 200k go to creditors

[pineapple stu]

50% of it, I assume. Not sure how I'd feel about it if I were them.

[razor]

50% of it, I assume. Not sure how I'd feel about it if I were them.Slightly nauseous at the moment but if the money was needed then it was needed, players need paying up.

[centre mid]

Its a shame you couldnt hold out until a sale but if its needed now, was there much choice?

[passinginterest]

That seems mad. Still a decent chance he'll be sold in January and with him just signing a new contract it'd be a minimum of £8 million. I suppose if the money was needed urgently to ensure players were fully paid up by November 31st in order to secure a premier division license for next season.

[razor]

Its a shame you couldnt hold out until a sale but if its needed now, was there much choice?I don't know but at the fans forum the other night Coughlan said that the 10% wasn't exactly 10%. that it was only 10% of the first payment.
That if Doyler went for 10m but in 5 X £2m installments that we'd get £200K. (still more than the €200K we seem to have got though)
Sounds crazy to me, can't believe Lennox would have agreed to this.

Quote from our own forum

Last week, Thursday I think, Coughlan apparently got a call (from you know who) to be told Doyle was signing a new contract with Reading and would not be leaving Reading anytime soon. Coughlan is rumoured to have gone over to Reading and Reading bought out the 10% clause for a fee (200k or 300k depending on the currency I think).

[brianw82]

Cork wouldn't be the first club to do this. Southampton let appearance clauses and future monies go to get cash in hand for Bale and Walcott.
I'm guessing Coughlan decided to cash in after Doyle signed his new contract last week.

[pineapple stu]

Slightly nauseous at the moment but if the money was needed then it was needed, players need paying up.
Seems to most logical reason alright; no money to pay back wages, which means no licence for next year, so get some cash in urgently to ensure you don't get relegated.

[pete]

I don't know but at the fans forum the other night Coughlan said that the 10% wasn't exactly 10%. that it was only 10% of the first payment.

That seems to the big issue. Amazing this has not come out until now given that 10% clause has been discussed everywhere for the last few years.

Reading obviously looking out for themselves but hard not to feel like they are vultures :(

[razor]

Reading obviously looking out for themselves but hard not to feel like they are vultures :(Them and others.

[pete]

Them and others.

Never short of advise. :(

[Dodge]

Reading obviously looking out for themselves but hard not to feel like they are vulchers :(

That anything like a vulture?

If it was anything but Doyle I'd have nthing but sympathy for Cork*. Scandalous actions by certain people.


*you all know why

[micls]

That anything like a vulture?

If it was anything but Doyle I'd have nthing but sympathy for Cork*. Scandalous actions by certain people.


*you all know why

Understandably.

Frustrating though and very harsh on the creditors imo

[higgins]

Does this break any agreement you had with the creditors after examinership ?
Deals with players on repayments are all you require.

How could you be that stuck for 100K after only a few weeks of clearing 90% of your debts!

[yiddo]

from official City site

http://www.corkcityfc.ie/main.php?action=newsLink&headlineID=702


Cork City FC and Reading FC have concluded a deal on Kevin Doyle. Reading FC have purchased Cork City’s sell-on clause on Kevin Doyle for an undisclosed sum.

Both clubs are extremely pleased to have cooperated successfully on this deal.

Nick Hammond, Director of Football for Reading FC said: “Reading welcome its excellent relationship with Cork City FC and sees this relationship continuing to prosper successfully for both clubs.”

Cork City FC wish Kevin Doyle every success with his future at Reading FC. Cork City would like to thank Reading FC for this continued support over the last number of years.

[Dodge]

How could you be that stuck for 100K after only a few weeks of clearing 90% of your debts!

PLayers wages deferred.

If it saves Cork, its a good deal for them

[A face]

I hate Reading even more now, if that was even possible.

[pineapple stu]

Why? You instigated it, it seems. And it's certainly your own fault.

[razor]

Why? You instigated it, it seems. And it's certainly your own fault.It was instigated by a phone call to Tom Coughlan from a fast food loving ex manager/advisor after Doyle signed a new contract the other week.

[pineapple stu]

Need more info there razor - not sure who you're describing? :D

Cork ran with it then, even if they didn't instigate it. I stand partly corrected.

[razor]

Cork ran with it then, even if they didn't instigate it. I stand partly corrected.I think as is per usual with an RRS (Reading Rock Solid) they knew we needed the money urgently and acted accordingly.
It baffles me how that every time our back is against the wall that Reading know just when to strike. :mad:

[tiktok]

Does this break any agreement you had with the creditors after examinership ?
Deals with players on repayments are all you require.

How could you be that stuck for 100K after only a few weeks of clearing 90% of your debts!

My worry would be that this actually circumvents the creditors agreement and that they'll see none of it. My understanding is that they'd agreed to 50% of any sell-on clauses, the Doyle sell-on clause no longer exists. If that was even partly the thinking behind it, they've every right to be furious.

As for the reason for the deal, I guess our new owner didn't have the money to cover both back pay to players (though i can't see how he would have been the examiner's preferred choice if this was the case, they'd be preferential creditors) and money for current/new contracts through to the start of next season.

Possibly had no choice in the matter. If it's to ensure a licence for next season, it had to be done.

[yiddo]

from tonight's Evening Echo


Creditors angry at Doyle clause
CORK CITY’S creditors are up in arms today over the cashing-in of the Kevin Doyle transfer clause at Reading.
Creditors say they are resentful that they were not consulted and feel the move is a panic action so the players can be paid their back money before the November 30 deadline. Cork, and new owner Tom Coughlan, are reported to have received E200,000 from Reading to relinquish their 10% knock-on clause in Doyle’s contract but creditors, who contacted the Evening Echo today feel the club have given away a possible 1million bonanza for the sake of a quick fix e200,000. Doyle, who plays midweek for Ireland against Poland has netted 14 goals for the Royals. Despite the fact that he signed a three-year extension at Reading there is no guarantee that he will not move in the January transfer window.
Cork’s predicament is that they have to pay the players’ back money from the period of examiner ship by the end of the month to secure a UEFA licence for next year. “There’s a lot of resentment and unease out there among the creditors who kept the club in football in the first place a few
weeks ago. They feel under the terms of the examinership that they are entitled to a percentage of this Reading hand-out,” said one of the creditors, Terry Barrett who is calling a meeting of the creditors for later this week.
All the creditors are due their 7.5% dividend today. The Evening Echo was unable to contact Tom Coughlan this morning.

[tiktok]

All the creditors are due their 7.5% dividend today

Maybe that's what the money was needed for? :D

[higgins]

This sounds very serious to me, no ??
Already not even two months into it he seems to be short on cash to pay very small amounts of money ?

Of course he has the cash and could have easily paid out of his own pocket on the basis it was returned from the Doyle fee at a later date or through the 2009 season.

100% proof that he's not going to put his own money into this I'd say.

Also have the fans no access to accounts still ?
I thought members on the Board was agreed so you should know how things are working I would have thought.

[pete]

This sounds very serious to me, no ??
Also have the fans no access to accounts still ?
I thought members on the Board was agreed so you should know how things are working I would have thought.

I don't know the details but even when fans (via Foras) the information would be confidential & not for public discussion.

[higgins]

Of course :)
I wasn't looking for detailed answers but just seems like the fans still don't know the current financial situation ?
All I was wondering was is there somebody representing fans at some level with this knowledge. Did the fans not even know when the 7.5% had to be paid ???

Things don't look that great from where I'm sitting but then I'd probably swap with you all the same. I know one thing for certain you don't want to be going around the First Division grounds any time soon............. :(