Petition to wind up: Cork City Investment FC Ltd

[Kildareman]

without reading through 25 pages on this topic whatevver has happened to the gate receipts from the Ipswich game and the subsequent sale of Colin Healy???

[brianw82]

That money has been offered up front, afaik.

I think it's the fact that they can't come up with an installment plan that both sides agree with, that's the sticking point.

[pineapple stu]

They're on the table. The question now is whether it's enough.

[James]

probably not going to be enough
by all accounts TNB still trying to pay below whats owed

who knows at this stage±

[EalingGreen]

Someone has to be held accountable for letting Coughlan take over. I've no love lost for Cork and firmly believe they should be wound up but the circumstances of which are terrible. Coughlan shouldn't have been alllowed near them.
Other than it's always sad to see genuine football fans shafted (again :(), I have no opinion on Cork's plight either way.

But unless I've got it wrong somewhere, surely the craziest aspect of this whole affair is that in order for Coughlan to be approved/licensed etc to take over Cork, he had to put up a €400,000(?) bond, yet when things went wrong, the FAI was unable to call upon it to help the club?

What the hell was the point of the bond in the first place? :confused:

[Partizan]

been supporting city for about 18-19 years
doubt i could transfer that passion to just another / the next cork club :(

ah quit the defeatist jibberish. I have met a few Cáwkies down through the years who were supporters of both Cork Hibs and Cork Celtic. CCFC simply took in all of the city and many supporters of both Hibs and Celtic likewise followed suit.

A new Cork club will be set up run by FORAS. Thats what any sane football fan would like to see. Country Tom should be jettisoned asap.

[Longfordian]

He had to show he had access to €500,000 he never actually had to put it in.

[passerrby]

dearly beloved we are gathered here today to mourn the passing of.........

[betty swollox]

If Cork go does that mean no automatic relegation?

[eamo1]

Any word?Are they gone?2pm wasnt it,maybe they are running behind schedule?

[EalingGreen]

He had to show he had access to €500,000 he never actually had to put it in.
What a bizarre concept! That's like something Father Ted "The money was just resting in my account" Crilly would come up with...

P.S. In what form was this €500k to which he had "access"? A handful of Lottery tickets?

[Rovers1]

If Cork go does that mean no automatic relegation?

Probably 2 will go up instead.

[Longfordian]

What a bizarre concept! That's like something Father Ted "The money was just resting in my account" Crilly would come up with...

P.S. In what form was this €500k to which he had "access"? A handful of Lottery tickets?

Think he had a bank statement showing the necessary funds in his name or something. No doubt it was quickly transferred back out to its rightful owner.

[betty swollox]

Why would two go up instead?
When D.C. went the same way i thought the result was one less relegation spot?

[Flexy]

nervous as hell here waiting for news from the courts
vibes about the place from people ive talked to down here is v pesimistic


looks like we might be gone!
Good luck CORK hope yous pull through, yous had a great support in Derry lastnight and wouldnt for the world want yous to fold.

[Rovers1]

Why would two go up instead?
When D.C. went the same way i thought the result was one less relegation spot?

Me no know... me just guess:confused:

You could take away the 2nd playoff place and just have a striaght off play-off between whomever finishes 2nd in First Div Vrs. 8th in Prem.

[pineapple stu]

Why would two go up instead?
When D.C. went the same way i thought the result was one less relegation spot?
Technically, there was no relegation that year.

I'd imagine Cork would be the bottom team in the Premier, and everything else would be as normal.

[jinxy lilywhite]

In 2006 there was no Promotion/Relegation but the IAG process called "lets help galway get in the premier" no matter how far behind the top 2 they finish.
So at the close of season 12 clubs where named to partake in the 2007. 10 teams in the Premier and rovers and Galway. Shelbournes demotion led to Waterford being invited to the premier

In 2006 a playoff did take place between Waterford (finished 2nd bottom because of Dublin City demise) and Dundalk. Dundalk won.



Back to topic: any latest

[SeanDrog]

if they are wound up, would they still have to give the amt they raised via player sales etc to the revenue? or would all creditors be left empty handed?

[John83]

if they are wound up, would they still have to give the amt they raised via player sales etc to the revenue? or would all creditors be left empty handed?
Their assets would be sold, and divvied up among their creditors.

[pineapple stu]

Revenue would get first dibs, along with the utilities and any wages owed.

Only after they're paid in full would Joe Soap creditors get paid. Though hard to imagine there being many of them after they all got shafted last year.

[Longfordian]

Revenue and employees are preferential creditors so would take whatever's there ahead of anybody else. As stu says!.

[razor]

Anything?
Anyone?

this knot in the pit of my stomach is killing me.

[sligoman]

From Cork forum:

'Half of debt paid. €239k still outstanding. Revenue still looking for full judgment…'

[Kildareman]

from cork forum ....wound up

[sligoman]

Wound up according to Cork forum alright.

[Mr A]

Bloody hell. My heart goes out to CCFC fans.

Coughlan should be nailed to a cross for this.

[pineapple stu]

Ouchee.

Easy for me to say it, but I'd say it'd be almost more satisfying to get a fresh start with the fans running the show.

Also, what Red&White said.

[Longfordian]

Had to be done from the judge's point of view, she'd given them clear warning as to what was going to happen. Feel sorry for the fans and people who lose their jobs but it was the right decision.

[De Town]

RIP Cork City FC. Feel sorry for the fans.:(

[thischarmingman]

Sad, and a nightmare for the fans, but not exactly unexpected or undeserved.

Then again, there but for the grace of God go some of us.

[Real ale Madrid]

:(

Any precedent for an appeal.

[eamo1]

Wow,as a Galway Utd fan who had no real love of Cork or anything i still feel shocked at this and its like ive been kicked in the stomach.I cant imagine what Cork fans are feeling,Coughlan will be publicly hanged on Patricks Street in Cork City sometime over the next few days i'd imagine.
ITS A SAD DAY FOR IRISH FOOTBALL!!!!!!

[Paddyfield]

This a tragedy.

[Schumi]

Terrible for Cork fans (assuming this is confirmed). Coughlan really ****ed them over through all of this. :(

[pineapple stu]

I assume Coughlan got some sort of banning order from directorships, by the way?

Was anything said about him personally?

[Buller]

Is it confirmed?
An absolute disaster.

[ger121]

Another blow for the League... Feel very sorry for all the Cork Fans:(

[Kildareman]

The worst possible news for Cork fans and another cloud over the LoI.
I always expected the revenue raised and the intervention of the FAI to save the club. Sorry to hear this sad news.

[Partizan]

Now time for FORAS to step up to the mark and set up a brand new club with a clean slate. FC Cork or someting like that should start in the A Championship next year and build from the bottom up.

Seriously, this is a disaster.

[John83]

I assume Coughlan got some sort of banning order from directorships, by the way?

Was anything said about him personally?
As a director of a bankrupt company, he's automatically banned from directorships for 5 years, as I understood it.

[Duggie]

ffs its a joke that a club like this can just literally disappear over night. the best supported club in the land gone just like that. all players and staff jobless now.

[Pablo Escobar]

There is money there...........now I wonder where that will go?

[Black and White]

Just goes to show you the BRILLIANT work that those clowns are doing at the start of the season in the licencing committee? How did they pass Cork's budget if money like this was outstanding?

[passinginterest]

Have to feel for the Cork fans, screwed by Arkaga and just when you thing things can't get any worse along comes Coughlan and his comedy capers to bring the club down. Best of luck to FORAS in re-establishing Cork City FC, it's going to be a long way back.

[John83]

There is money there...........now I wonder where that will go?
As stated earlier, it'll be split between the creditors, with some of them like the Revenue and players coming first.


Just goes to show you the BRILLIANT work that those clowns are doing at the start of the season in the licencing committee? How did they pass Cork's budget if money like this was outstanding?
You can't budget for mismanagement.

[sligoman]

From Cork forum:

To clarify: despite robust objection from the Revenue, the Judge put a stay on the Order until Friday. Which means we can either appeal it (which I doubt would be successful) or, I gather, come up with the full amount by then. If not, then it is well and truly game over.

[Partizan]

There is money there...........now I wonder where that will go?

The amount that Country Tom raised, circa €250k will be used to pay off the Revenue. FORAS I understand has a substantial wad of cash at its disposal. That should be used to set up a new club and enter the A League next year.

[GalwayRed]

I feel genuinely sorry for any fans of Cork City it must be a horrible feeling and no fan deserves it. But the club had to be wound up. Keeping them going for another few weeks would just be delaying the inevitable.
I also feel sorry for the players and staff. Theyre all without a job now like Duggie said and its not an easy time to find work.
Hopefully FORAS can step in and set up a new club and we have another Cork club in the league as soon as possible.

[longfordjames]

true

http://www.extratime.ie/newsdesk/articles/2256/