Interesting Drogheda News

[higgins]

Surely the rules which deemed that they weren't financially sound enough for the premier division would be the same rules in place for the first division...? :confused:

What rule was that ?

[redgav]

I seen the photos of the meeting on the official club website earlier. It looked like an impressive turnout alright. If I remember correctly, it said that €30,000 was collected last night. If that is right then there is hope yet!


PLedged ...€30,000 Pledged.About 6k collect

This baffles me .What point/use is this 100k,surely in 3 weeks time they'd still have to find 200k+ to pay the examiner,another 150k to pay their creditors and another 250k for players.Thats not even taking into account costs they'll have between now and the season start.And all this with the same guy that screwed them up in the first place STILL in charge.Madness

[pete]

The only way DUFC will survive is if the judge believes DUFC can function in future- Hoey getting a load of fans to contribute once off payments aint much of a business plan and no judge in the counrty would be impressed,the reason the judge allowed us to continue is because we proved we could survive and prosper in the future because we had proper business plans,regular contributions from the 400 club, a new board took over from the other shower and they could see where they went wrong etc.

I feel that was a big part of CCFC survival. New owner willing to come in & proper Supporters Trust structure in place with hundreds of members which had already proven could contribute money (granted some sums relative to debt) on weekly basis. It is hard to see at this stage judge agreeing to write off a large Revenue debt when owners remain in place...

[pineapple stu]

The only way DUFC will survive is if the judge believes DUFC can function in future- Hoey getting a load of fans to contribute once off payments aint much of a business plan and no judge in the counrty would be impressed
That's the way I see it too. Pledges, auctions, etc are all very good, but they're far more suited to a club in, say, Sligo's mid-season predicament. Once you've gone into examinership, you need a plan to get out of it. The money being donated is just dead money I think (Hoey's nonsensical assertion that it's refundable aside). In order for Drogheda to survive, Hoey will have to be forced out and a new board - a Supporters' Trust, if no-one else is willing - will have to take over. Pledging money is admirable, don't get me wrong, but it's way too late for that.


Surely the rules which deemed that they weren't financially sound enough for the premier division would be the same rules in place for the first division...? :confused:
In fairness, licencing should never be used to kick a team out of the league entirely. Shels were relegated as far as possible; I think that's fair enough.


Like but would you be prepared to watch Shamrock Rovers die just so you can get one up on the board?
Rovers fans boycotted Tolka in the late 80s/early 90s, bringing the club almost to its knees to get rid of Kilcoyne. The 500 Club later cut off funding to Maguire and took a big risk in forcing it into examinership just to get rid of him. So, yes, Rovers fans pushed their club to the limits of its existence to get rid of extremely corrupt/incompetent board members and make the club stronger going forward (couching that in the phrase "just so you can get one up on the board", in my opinion, shows how Drogheda fans dont have a grasp of what's going on at all).

[Drogman.]

Rovers fans boycotted Tolka in the late 80s/early 90s, bringing the club almost to its knees to get rid of Kilcoyne. The 500 Club later cut off funding to Maguire and took a big risk in forcing it into examinership just to get rid of him. So, yes, Rovers fans pushed their club to the limits of its existence to get rid of extremely corrupt/incompetent board members and make the club stronger going forward (couching that in the phrase "just so you can get one up on the board", in my opinion, shows how Drogheda fans dont have a grasp of what's going on at all).

I know what you're saying, however with all due respect there's a lot more info behind the scenes that can't be revealed until a later date. The meeting the other night explained the seriousness of this situation.

As I've said before, Vincent will be stepping down. All he wants is to help save the club and then have someone else take over the running.

BTW, Rovers were hardly getting massive crowds before Kilcoyne walked. Its commonly known that the figures for crowds were always exaggerated with the exception of a couple of games.

[pineapple stu]

I know what you're saying, however with all due respect there's a lot more info behind the scenes that can't be revealed until a later date.
While I can't really doubt you on that, having no evidence either way myself, I've heard that story many times before. There's always an investor or some other get-out clause lurking somewhere. Shels went through about four or five of them. Even Dublin City used that line, I think. They almost always come to naught.



BTW, Rovers were hardly getting massive crowds before Kilcoyne walked. Its commonly known that the figures for crowds were always exaggerated with the exception of a couple of games.
Agree more people say they went to Rovers games than did go to them, but there were still protests outside Tolka by people who would refuse to go in and pay money to the board, and the 500 Club did cut off financial support for Maguire, a move which ultimately helped force the club into examinership and Maguire out.

[ndrog]

you reall are an insulting ******* .Drogheda fans know exactly whats going on ! wether they all agree or not is a different issue .People are coming on here saying get rid of the present chairman etc with no clue whats going on behind the scenes or what was said at the meeting the other night .Were you there ? How do you know what the fans and club agreed the other night ? you dont .There were things discussed with supporters both publicly and privately that you havent a clue about .So give up your little petty witch hunt and get a life . Jesus Dundalk fans are coming on here wishing us the best with things ( fair play to them ) so why cant the rest of you give it a break .

[pineapple stu]

I do wish you the best. However, I'd rather you went on a different track to your current tack, which everyone bar Drogheda fans can see is almost certain to end in doom.

[Rovers1]

I do wish you the best. However, I'd rather you went on a different track to your current tack,


how would you solve Drogs' problems Stu?

[pineapple stu]

It's been mentioned here and on other threads a few times.

They're up in front of court this day week. At that stage, the judge is going to need evidence that the company can continue in a sustainable format. Rovers and Cork survived this because the incumbents, who'd gotten them into trouble in the first place (Maguire and Arkaga respectively) had been forced out or resigned, and because Supporters' Trusts (plus a benefactor) presented a new business model. If the examiner goes to the judge and asks the company to be let continue as before, with the same owners and still looking to build the new ground, that simply won't happen. It seems to me the only way for Drogheda to continue is to have a complete change of ownership. Instead, the fans are rallying around the people who have gotten them into this mess in the first place.

Going to the judge and saying "We raised E100k" doesn't show a sustainable future going forward, which is why I think that's an exercise in futility (especially when everyone's ignoring the examiner's comments that actually they need E500k). It was grand for Sligo, when the money just paid off the creditors and everything was back to relatively hunky dorey; it's not OK for Drogheda.

What can they do? I think it's now too late to save the club. People noted to them ages ago that they should set up a Supporters' Trust with the aim of taking over control of the club on a sustainable basis should it exit examinership; I can't see how this will happen in the next week. I also think the money raised is now going down a black hole, and that it would have been better served funding AFC Drogheda in the A League rather than paying the examiner.

[srfc-1901]

you reall are an insulting ******* .Drogheda fans know exactly whats going on ! wether they all agree or not is a different issue .People are coming on here saying get rid of the present chairman etc with no clue whats going on behind the scenes or what was said at the meeting the other night .Were you there ? How do you know what the fans and club agreed the other night ? you dont .There were things discussed with supporters both publicly and privately that you havent a clue about .So give up your little petty witch hunt and get a life . Jesus Dundalk fans are coming on here wishing us the best with things ( fair play to them ) so why cant the rest of you give it a break .

You are totally missing point myself and PS ae trying to tell you,whats the point in being nicey nicey saying "best of luck" "I hope you get through it" when in my opinion (having watched my club be in this exact situation a few years ago) you as a club are going the wrong way about it.But sure what do fans of pretty much the safest clubs in Ireland know about it,you go and stick your head in the sand with all your mates and the man who got you into this and throw your money away-Sure its all the NRA`s fault isn`t it?

Yeah obviously I wasn`t at the meeting but reading through your forums its blatently obvious that there was no survival plan drawn up -just a load of generous and passionate people pledging money and saying how they`ll die happier beacuase they won a cup or 2??????Hardly stuff to make you think you DUFC have sorted their problems out.

For the record I hope you do survive but I wish more of your fans would just wake up and smell the coffee before its too late-Listen to Drogman N drog

[holidaysong]

I also think the money raised is now going down a black hole, and that it would have been better served funding AFC Drogheda in the A League rather than paying the examiner.

I'd agree with this. If DUFC do go under and take the €100,000 in donations with them, it'll be very hard to go around with the cap in hand again to raise money for a new club.

Oh and I prefer my FC United of Drogheda instead of your AFC Drogheda by the way.. :p

[pineapple stu]

That's what the Newton Heath faction get for splitting their vote. :(

[ndrog]

You are totally missing point myself and PS ae trying to tell you,whats the point in being nicey nicey saying "best of luck" "I hope you get through it" when in my opinion (having watched my club be in this exact situation a few years ago) you as a club are going the wrong way about it.But sure what do fans of pretty much the safest clubs in Ireland know about it,you go and stick your head in the sand with all your mates and the man who got you into this and throw your money away-Sure its all the NRA`s fault isn`t it?

Yeah obviously I wasn`t at the meeting but reading through your forums its blatently obvious that there was no survival plan drawn up -just a load of generous and passionate people pledging money and saying how they`ll die happier beacuase they won a cup or 2??????Hardly stuff to make you think you DUFC have sorted their problems out.

For the record I hope you do survive but I wish more of your fans would just wake up and smell the coffee before its too late-Listen to Drogman N drog

Im not missing any point my self righteous friend .I know exactly what is going on as im very close to the situation and am hearing constant information from all sides .So just let us get on with things in Drogheda , if we go tits up you and your ucd bud can sit there and gloat in all the told you so crap you like

[srfc-1901]

Im not missing any point my self righteous friend .I know exactly what is going on as im very close to the situation and am hearing constant information from all sides .So just let us get on with things in Drogheda , if we go tits up you and your ucd bud can sit there and gloat in all the told you so crap you like

Well, I won`t .Best of luck with it though

[Nesta99]

nDrog what Stu et al are saying does make sense, in particular the apparent lack of a business plan to present to the courts. I dont think that there is gloating per sé, though clubs who run their affairs in a responsible manner and subsequently suffer as a result you may expect their fans to point out the folly and down right unfairness of the situation!! 'Twill happen again with Bohs and maybe Pats. No right minded supporter wants to see other clubs in trouble but you cannot deny that that questions were being asked of Shels and eventually they hit the rocks, same questions were asked of Drogheda and history repeats itself, questions being asked about other clubs....the trend will continue and as fans we can ask the tough questions - what it seems to the outsider is that all is forgiven for V Hoey cause sure he meant well:o which is the ostrich syndrome that got you in this mess. The people who neglected to fulfill their obligations to at least the revenue should be run out of Drogheda all sentiment aside. Now reality is that ironically V. Hoey is probably one of the few people can pull off the saving of Drogheda(due to Drog fans blind faith maybe) but take off the rose tinted specs and turn off the defensiveness - Drogman is much more balanced in his commentary and that is what is needed for there to be any hope.

On a more positive note Dundalk have offered to play annual Malone Cup at no cost and in United park with Drogheda keeping the gate. Worth a few thousand yoyos

[Drogman.]

I understand where you're coming from lads, and up until this week I was of the same views as regards the future of the club.

However, I have spoken and seen what is planned once the examinership hurdle is overcome. I have now seen what has been budgeted for next season depending on what division we are in. I can tell you now that even if we manage to stay in the Premier next season, the budget will be extremely modest. There are a number of deals in the background which will benefit the club hugely once we get through this.

The stadium issue is gone. This is not on the agenda and will not be presented to the judge as a basis for survival.

Already the club, upon the supporters request, have relaunched their 500 club that was setup. Now I don't really understand why people want to join now and not before, but there you go! So there's the option of money coming in yearly or on a monthly basis.

Also their new Platinum/Gold/Silver donation scheme which if someone signs up to will receive a season ticket for the following season or for 2 seasons depending on what is selected.

Add in, sponsorship (which is already there) as well as potential new sponsorship and also the support of the new supporters group, DUISC, hopefully will convince the judge that it's worth a go keeping us afloat.

Make no mistake about it, I'm still not happy with the way the club was left in this sh*t, however now is the time to save the club and once thats achieved then the re-structuring operation can begin.

[Lim till i die]

Why the big clamour to save the club??

Surely if you can raise 200k it would be put to better use setting up a new club for the people of Drogheda than as a partial bail out for the clown that got you in trouble in the first place??

Let the club die. Form another one.

We do it all the time. :)

By the by a DUISC or whatever it's called will struggle to raise large sums of cash.

Also, what makes any of you think you can get 500 people??

[Nesta99]

By the by a DUISC or whatever it's called will struggle to raise large sums of cash.

Also, what makes any of you think you can get 500 people??

Begrudging self righteous miserable pessimistic fcuker:p....in fairness Dundalks co-op only sold bout 900 shares in the end i think...was enough at the time but far short of target so lot of hard selling to be done. DUISC is proactive and should be lauded

[Lim till i die]

Begrudging self righteous miserable pessimistic fcuker:p

Thought I had stumbled back on to the Limerick forum there for a second :)


DUISC is proactive and should be lauded

Never said it shouldn't be.

If they think they are going to have the money to run a football club they're wrong though

[ndrog]

nDrog what Stu et al are saying does make sense, in particular the apparent lack of a business plan to present to the courts. I dont think that there is gloating per sé, though clubs who run their affairs in a responsible manner and subsequently suffer as a result you may expect their fans to point out the folly and down right unfairness of the situation!! 'Twill happen again with Bohs and maybe Pats. No right minded supporter wants to see other clubs in trouble but you cannot deny that that questions were being asked of Shels and eventually they hit the rocks, same questions were asked of Drogheda and history repeats itself, questions being asked about other clubs....the trend will continue and as fans we can ask the tough questions - what it seems to the outsider is that all is forgiven for V Hoey cause sure he meant well:o which is the ostrich syndrome that got you in this mess. The people who neglected to fulfill their obligations to at least the revenue should be run out of Drogheda all sentiment aside. Now reality is that ironically V. Hoey is probably one of the few people can pull off the saving of Drogheda(due to Drog fans blind faith maybe) but take off the rose tinted specs and turn off the defensiveness - Drogman is much more balanced in his commentary and that is what is needed for there to be any hope.

On a more positive note Dundalk have offered to play annual Malone Cup at no cost and in United park with Drogheda keeping the gate. Worth a few thousand yoyos

Nothing stu says will ever be taken as anything but sour grapes as he would love to see us extinct .And what do you know about our " apparent lack of a business plan " .i cant speak for Drogs supporters as a whole but i gauruntee you there is no ostrich syndrome in drogheda and lots of people will not forgive those responsible for getting us into this mess . No blind faith or rose tinted glasses etc etc .I know how much **** we are in , im after hearing some stuff today that makes it even worse , but you lot continue to sit in judgement .Enjoy yourselves .

[Lim till i die]

Nothing stu says will ever be taken as anything but sour grapes as he would love to see us extinct .And what do you know about our " apparent lack of a business plan " .i cant speak for Drogs supporters as a whole but i gauruntee you there is no ostrich syndrome in drogheda and lots of people will not forgive those responsible for getting us into this mess . No blind faith or rose tinted glasses etc etc .I know how much **** we are in , im after hearing some stuff today that makes it even worse , but you lot continue to sit in judgement .Enjoy yourselves .

Oh diddums

Aside from giving a clown lots of peoples hard earned cash and having a whinge on here what exactly is the plan

[Celdrog]

I'd agree with this. If DUFC do go under and take the €100,000 in donations with them, it'll be very hard to go around with the cap in hand again to raise money for a new club.If the €100k is not enough to save the club then it reverts to the supporters club. Vincent Hoey has access to, in trust, if it only means a deal can be struck to save the club.
No deal = revenue and the other creditors get nothing and the supporters club have €100k for Drogheda Mark 2.
Vincent Hoey is the biggest Drogs fan ever - you need to know him to appreciate that. Its all about keeping football in the town now not him or the millions he's lost over the years.

Oh -and he has paid the examiner up front himself.

And for our Uni financed berethern - I'd prefer for us to go belly up and start supporting Dundalk than be anywhere near your makey uppy bitter joke of a club.
And you Limerick fans - remember when that priest (can't remember his name) went around doors in Limerick with Sam Allerdyce to get money to pay the players - that's what we've got. Pure passion.

[Rovers Maniac]

If the €100k is not enough to save the club then it reverts to the supporters club. Vincent Hoey has access to, in trust, if it only means a deal can be struck to save the club.
No deal = revenue and the other creditors get nothing and the supporters club have €100k for Drogheda Mark 2.
Vincent Hoey is the biggest Drogs fan ever - you need to know him to appreciate that. Its all about keeping football in the town now not him or the millions he's lost over the years.

Oh -and he has paid the examiner up front himself.

And for our Uni financed berethern - I'd prefer for us to go belly up and start supporting Dundalk than be anywhere near your makey uppy bitter joke of a club.
And you Limerick fans - remember when that priest (can't remember his name) went around doors in Limerick with Sam Allerdyce to get money to pay the players - that's what we've got. Pure passion.

I no account do i want to get involved but i think you will find he is still owed a lot a money.

[Lim till i die]

Vincent Hoey is the biggest Drogs fan ever - you need to know him to appreciate that. .

He has brought the club to its knees and then to its belly.


Its all about keeping football in the town now not him or the millions he's lost over the years.

Which begs the questions:

Why the big clamour to save the club??

Surely if you can raise 200k it would be put to better use setting up a new club for the people of Drogheda than as a partial bail out for the clown that got you in trouble in the first place??


Oh -and he has paid the examiner up front himself.

Paid the examiner what??


And for our Uni financed berethern - I'd prefer for us to go belly up and start supporting Dundalk than be anywhere near your makey uppy bitter joke of a club.

Well, considering Drogs status before and after (if your're very, very lucky) they started spending millions upon millions they didn't have some people could argue Drogs are a "makey uppy joke of a club."

I'm not saying either way but the argument could be made.............


And you Limerick fans - remember when that priest (can't remember his name) went around doors in Limerick with Sam Allerdyce to get money to pay the players - that's what we've got. Pure passion

The priest. :eek:

Lot's of similarities in that analogy - but now how you think. ;)

[Celdrog]

The priest. :eek:
Lot's of similarities in that analogy - but now how you think. ;)I speak as a knowedgeable LOI fan - what do you speak as?
Do you not know your history?

[Lim till i die]

Do you not know your history?

You don't even know your present and you're questioning me about Limericks history?!?! :D :D :rolleyes:

[Celdrog]

Still didn't anwer the question, I see - do you not know?

[jinxy lilywhite]

If the €100k is not enough to save the club then it reverts to the supporters club. Vincent Hoey has access to, in trust, if it only means a deal can be struck to save the club.
No deal = revenue and the other creditors get nothing and the supporters club have €100k for Drogheda Mark 2.
Vincent Hoey is the biggest Drogs fan ever - you need to know him to appreciate that. Its all about keeping football in the town now not him or the millions he's lost over the years.

Oh -and he has paid the examiner up front himself.

And for our Uni financed berethern - I'd prefer for us to go belly up and start supporting Dundalk than be anywhere near your makey uppy bitter joke of a club.
And you Limerick fans - remember when that priest (can't remember his name) went around doors in Limerick with Sam Allerdyce to get money to pay the players - that's what we've got. Pure passion.

Celdrog surely Mr Hoey can afford a million to clear the clubs debts and start the club on a level footing for next season. Surely if he "loves Drogheda" that much one more million wouldn't kill him. I think that would be the right thing to do.

[holidaysong]

If the €100k is not enough to save the club then it reverts to the supporters club. Vincent Hoey has access to, in trust, if it only means a deal can be struck to save the club.
No deal = revenue and the other creditors get nothing and the supporters club have €100k for Drogheda Mark 2.


That's good to know at least.. :ball:

[Lim till i die]

Still didn't anwer the question, I see - do you not know?

:D

Pathetic.

I suggest you ask around about the priest and his passion, broaden that gigantic LoI knowledge of yours.

Or better yet, have a go at saving your club instead of arguing with someone about a history you clearly know nothing about.

And no, saving your club doesnt entail lining up like fools to give an old fool money.

[Nesta99]

Nothing stu says will ever be taken as anything but sour grapes as he would love to see us extinct .And what do you know about our " apparent lack of a business plan " .i cant speak for Drogs supporters as a whole but i gauruntee you there is no ostrich syndrome in drogheda and lots of people will not forgive those responsible for getting us into this mess . No blind faith or rose tinted glasses etc etc .I know how much **** we are in , im after hearing some stuff today that makes it even worse , but you lot continue to sit in judgement .Enjoy yourselves .

The reason i said 'apparent' is that i was not assuming that one did not exist simply cause i hadnt heard about one!! Your defensiveness in dealing with all this certainly stinks or ostrich syndrome, and you are reacting exactly the way Shels fans did not so long ago. As a Dundalk fan i am in no position to sit in judgement...stones in glasshouses 'n all than...i just feel than the tone of yer posts, as opposed to Drogman, were hitting out at criticism rather than accepting ther errs of your board. Your last post above shows more resignation that previous post where you just seemed to 'F' people off. I have worked with Drog Borough Council and for the record i hope all works out as i have had many amusing days of abuse from my Drogheda colleagues, which for me epitomised the greatness of good local football rivalry....i intend to dish it all back with history and tradition on top of higher league placing(at last). As Holidaysong said - 'Get back in our shadow':D

[White Horse]

During the meeting this week, did Vincent Hoey present the current balance sheet as preprared by the examiner before the fans?

Assurances and plans from the directors who have landed the club is this mess should be taken with a large pinch of salt.

Unless I was in full receipt of the status of the debts directly from the examiner, I would not contribute a penny.

I accept that I may be missing some of the facts. However, from what I have heard from Drogheda fans I work with, there is a great danger of blowing whatever seed capital that could be used to form a new club.

[Drogman.]

During the meeting this week, did Vincent Hoey present the current balance sheet as preprared by the examiner before the fans?

Assurances and plans from the directors who have landed the club is this mess should be taken with a large pinch of salt.

Unless I was in full receipt of the status of the debts directly from the examiner, I would not contribute a penny.

I accept that I may be missing some of the facts. However, from what I have heard from Drogheda fans I work with, there is a great danger of blowing whatever seed capital that could be used to form a new club.

Yes he did. The Examiner provided 3 different options on how he sees the debts being paid. They varied from the lowest total of €545,000 to the highest of something like €800,000 or so, I think.

To be honest, I'd probably would prefer to see a new club start up again, however there doesn't seem a willingness among other supporters. Also the big question is who would take over the running of the club? Now it's easy to suggest that a supporters group could take over it, but for myself I wouldn't be able to contribute the time needed to do that and I know many others in the same boat.

I feel that a lot of the old generation of Drogs support have faith in Vincent and rather see him up there rather than take on the responsibility themselves.

It's a bit like most of the country keeping their phone line with Eircom as they're unsure about moving to another provider even though Eircom are more expensive. No matter how many times they f*ck up, most people will stick by them.

[rebelraider]

the limerick priest was fr joe young if im not mistaken

[White Horse]

To be honest, I'd probably would prefer to see a new club start up again, however there doesn't seem a willingness among other supporters. Also the big question is who would take over the running of the club? Now it's easy to suggest that a supporters group could take over it, but for myself I wouldn't be able to contribute the time needed to do that and I know many others in the same boat.

Yes. That is a very practical point and one which many supporters overlook.

It may sound strange to people outside the area but Vincent Hoey has a very good reputation in the Louth area as a real football man.

I have so many reservations due to the way he handled this season.

However, the old adage "we are where we are also applies".

Perhaps, a bail-out by the fans is the right answer at this late, late stage.

[Celdrog]

surely Mr Hoey can afford a million to clear the clubs debts and start the club on a level footing for next season. Surely if he "loves Drogheda" that much one more million wouldn't kill him.I think its a case that he doesn't have a million, or anything near that left.

[Martinho II]

the limerick priest was fr joe young if im not mistaken


thats what i was thinkin too...

[White Horse]

The directors of Drogheda United have asked fans to take out loans with banks to "save the club".

I think this is completely irresponsible at a time when people are losing their jobs, in negative equity, and struggling to make ends meet.

"In order to secure the future of the club as quickly as possible, we are appealing to anyone who may not yet have had an opportunity to contribute to the cause or those who feel they may be able to do a little more, to help raise further funds by taking out loans for Drogheda United."

"We have arranged for loans of either 4,000 euro, 3,000 euro or 2,000 euro to be provided by the Allied Irish Bank in Drogheda and the bank has committed to making transactions as seamless as possible."

In my opinion, this is an abuse of fan loyalty and the directors should be ashamed of themselves.

http://www.droghedaunited.ie/news/single/id/1512

[Dodge]

They're not the first club to do it. If fans can't afford it they won't do it

[pineapple stu]

I think this is completely irresponsible at a time when people are losing their jobs, in negative equity, and struggling to make ends meet.

In my opinion, this is an abuse of fan loyalty and the directors should be ashamed of themselves.
Saw that. Agree 100%. Granted, it's ultimately people's own choices, but it's a bit much for the club to ask in the first place.

[OneRedArmy]

Good luck to people getting personal loans approved in the current environment!

[pete]

Directors stop paying money into the club & expect fans to make up the difference. Some things never change in the LOI.

Do fans get a cut of the profits from the houses?

BTW before anyone starts I am not having a go at Drogs fans.

[tiktok]

I hope Drogheda get through it, but it seems to me that every penny being raised is going to the people who got Drogheda into this mess in the first place? If the club do not get throguh examinership, what happens to the money that the fans have raised? Surely some assurance has been given to them by the club or by the examiner.

[pineapple stu]

The money is apparently in a Trust's name, which means that the examiner can see it but can't touch unless they get an extension of the examinership. If they get wound up, all money gets refunded, which will be fun.

[White Horse]

The money is apparently in a Trust's name, which means that the examiner can see it but can't touch unless they get an extension of the examinership. If they get wound up, all money gets refunded, which will be fun.

It is my understanding also that the money raised to date is in the name of a trust and is safe.

Drogheda fans have been very generous and in one week contributed €100k.

However, this is only the tip of the iceberg of debt, as fans money only equates to the fees charged to date by the examiner.

I work with two Drogs fans who are torn apart over whether to take out loans to "save the club". Frankly, both can ill afford to take on more debt.

[OneRedArmy]

It is my understanding also that the money raised to date is in the name of a trust and is safe.

Drogheda fans have been very generous and in one week contributed €100k.

However, this is only the tip of the iceberg of debt, as fans money only equates to the fees charged to date by the examiner.

I work with two Drogs fans who are torn apart over whether to take out loans to "save the club". Frankly, both can ill afford to take on more debt.I thought Hoey was paying the examiners fees?

Drogs fans pull the plug ffs and start again and put the money to good use.

[Drogman.]

I agree on the loans thing. I think it should be targeted at businesses rather than individuals. I know not many people will be taking up the load option, but in saying that there has already been plenty of people handing over €1K in one go.

I don't see a lot of people looking to sign up and to be honest I won't be promoting it but not denouncing it either.

As regards where the money goes. We have an agreement with Vincent that the money is kept in trust as you say and that it will not be handed over to the Examiner first without assurances that an extension can be got and survival met.

If it fails and we're left with all the money, then Vincent has said that he will ask the fans if they want the money back or if we'd agree to let him use the money to pay off some fee's that he has had incurred, IE. Examiner.

It's not ideal and could end up throwing money away however, I would expect the bulk of whatever money is raised to possibly help with the forming of a new club, as I would object for all that money handed over to cover Examiner's fee's.

[OneRedArmy]

The Examiners fees aren't optional. They have to be paid and he is protected by law and is the first to get paid.

Whether you survive or not, the examiner will get paid. Therefore, unless Vincent Hoey is definitively paying the examiner regardless of outcome, then the money collected to date is going nowhere other than into the examiners pocket.

Suggest you review (pronto) the escrow agreement under which the supporters funds are held.

[jinxy lilywhite]

The Examiners fees aren't optional. They have to be paid and he is protected by law and is the first to get paid.

Whether you survive or not, the examiner will get paid. Therefore, unless Vincent Hoey is definitively paying the examiner regardless of outcome, then the money collected to date is going nowhere other than into the examiners pocket.

Suggest you review (pronto) the escrow agreement under which the supporters funds are held.


Very true the first thing the judge looks for is "can the company pay the examiner".

Remember that Cork only where appointed an examiner on the basis that dave mooney was sold