Petition to wind up: Cork City Investment FC Ltd

[The Betting Man]

Enjoy your Friday nights at the movies now :)

I shouldnt laugh but...........I did giggle when reading that

[Dunny]

Pardon me for not being in the form for a Setanta Cup discussion,
Heres an idea, maybe try taking it to a Setanta Cup thread.

Report it and get it moved then. Raheny Red having a right go at CCFC there, go mad at him.

I for one think it's a massive blow to this league and feel for the Corck fans.

[cheifo]

Surprised at some of the posts on this thread.

This is awful news for the League but more for the loyal fans who have chosen to spend their money and time with their local Club.

Awful stuff.

[1895ringsend]

Enjoy your Friday nights at the movies now :)

Thats classic!! :)

[osborne]

A bitter blow for the Cork fans. Things like this demean the whole league.

[razor]

Enjoy your Friday nights at the movies now :)I'm saying nothing to the Mrs in the hope I can still get to the pub every 2nd friday. ;)

[Longfordian]

From the Cork forum:


Lads just back from court.

Yes revenue got their order to wind up the company. There is NO stay. The issue of the stay will be decided on Friday, no a glimmer of hope but a small chance of a glimmer of hope. Laffoy commented that she had never heard of a stay on a liquidation before (i asked around work as well and nobody had ever heard of one before).
Figures.City had €110,445 in court in bank drafts. (€39,147 for june, €43,580 for May, €7,718 for February and €20,000 part payment for April) The revenue debts relating to the examinership have been paid. There was also a €10grand credit which the revenue didn’t dispute (i.e. 120g overall) Reference was made to Beast being sold for €40g and healy for €80g and that this would help reduce wage bill (as they were some of biggest earners) as well as bring in funds. No mention was made of further sales.
There was much argument relating to the actual debt owed. City say €239,416 but the revenue had a figure of €327,279 and that another €241,000 has been accumulated since March. Laffoy made no direct reference to the figure owed unfortunately. The difference between the two was unclear but seemed in a slightly technical point the money owed to the revenue which is subject for payment is that at the time of the petition in march not now although the company is insolvent if it cannot pay its debts as they fall due and hence she really has no alternative. Her discretion, she said, couldn’t really come into it. She can’t enforce a compromise with the revenue.
The revenue noted that “every indulgence was given” to city. They talked of bounced cheques and that they were not a credit facility.
They made a clear point that we shouldn’t be treated different to other league of Ireland clubs who do pay their taxes and that our “hands were unclean” owing to previous bounced cheques etc.
City had emailed a proposal to the revenue re projected revenue etc. These included friendlies, share scheme etc. City said they would pay off €24,746 a month for 12 months on top of the 110,000 bank draft. Revenue wanted half the debt up front before monthly instalments. That would by my reckoning about €250,000 up front.

There were figures being bandied about all over the shop. Coughlan made sure the solicitor and barrister applied for a stay when she gave judgment. He was pretty irate to say the least.

Friday morning is the issue of the stay. I’ll try and get in to it. Sad sad day. In Derry last night and spend the journey home going over the possibilities in my mind. This is approaching the worst of them.

[dong]

Without knowing anything about the case really it comes down to the fans who have travelled the country supporting their team. They have been so badly let down. This is a terrible blow for football in this country. My heart genuinely goes out to everybody who calls themselves a Cork City fan.

Now who has Faz' number??:D

[Dodge]

Good riddance, you danced on our 'graves' - gonna enjoy this greatly :)

They danced on your hospital beds, bit of a difference

[dublinred]

Without knowing anything about the case really it comes down to the fans who have travelled the country supporting their team. They have been so badly let down. This is a terrible blow for football in this country. My heart genuinely goes out to everybody who calls themselves a Cork City fan.

Now who has Faz' number??:D

Faz has bankrupted 2 clubs in the space of a year can't see anyone signing him.

[Breifne]

Having been a supporter of Dublin City, i completely understand where the Cork City supporters are now, although with a decent following, a home ground and recent european football, the club had way more going for it than DCFC ever realistically had.

Its about time the FAI licensing system grew some teeth and took care of these issues before they end up in the public domain and the courts.

While licencing has helped most clubs, it hasn't attacked the attitude of certain individuals within clubs to the spirit of what licencing is supposed to achieve and until all clubs accept a number small conditions that every business that operates in this country has to operate under such as

Only spend what you have
Pay all your staff (including taxes)
Pay all your bills in a timely fashion

the league will continue to have these issues every second year or so.

Clubs need to realise that they are better off putting the money into developing training and stadium facilities, running the club professionally off the pitch and putting in place underage structures to develop their own players rather than lining the pockets of a small number of players who are grossly overpaid in relation to the potential reward for the employers.

Ronaldo, Beckham, Messi, etc recieve such generous wages because they in turn generate the revenue for their clubs (employers).

The players are not at fault in these situations, no one in any job is going to turn down high wages, that would be crazy, its the clubs who continue to pay these wages that are 100% at fault.

Look at the facilities in Gaelic Games, Rugby, and junior / intermediate soccer. How long before the LOI clubs realise that the level of training / playing / changing / entertainment facilities available are directly opposite to the level of money paid to players.

[Hairy Bowsie]

At least we didn't buy the league

It's exactly what Coughlan tried to do, you idiot :confused:

[The Lilywhites]

Dodge mentioned a couple of times that there's a new rule this year which means that if a club has unplayed matches against a side that goes out of business, they get the average number of points they had gotten against that side so far for each of the unplayed games (in other words, if you get three points from two games, you get three points from the two unplayed games too). If that's the case, the league table would look like this, where "B" is the bonus points for the unplayed games against Cork (and assuming they play no more games, which won't be the case, it seems) -


Team P W D L F A GD Pts B Pts
Bohs 21 14 3 4 33 11 22 45 3.00 48.00
Rovers 21 11 7 3 29 16 13 40 2.00 42.00
Derry 21 10 5 6 26 15 11 35 1.33 36.33
Dundalk 21 9 2 10 25 26 -1 29 3.00 32.00
Galway 21 7 4 10 19 27 -8 25 0.00 25.00
Pat's 21 7 2 12 18 31 -13 23 1.33 24.33
Drawda 21 4 7 10 16 27 -11 19 3.00 22.00
Sligo 21 5 6 10 19 29 -10 21 0.33 21.33
Bray 21 4 6 11 18 32 -14 18 0.00 18.00
Cork 0 0 0 0 0 0 0 0 0.00 0.00



The Participation Agreement 2009 states that all Cork results will be expunged.

[pineapple stu]

The Participation Agreement 2009 states that all Cork results will be expunged.
Less fun that way! But if them's the rules, them's the rules. Cheers.

Edit - league table is here (http://foot.ie/forums/showpost.php?p=1200028&postcount=1) so.

[gael353]

I wont dance on your grave as this is the second cork/munster club to go down in the last two years. on top of that the other two munster clubs arent in a good state either (waterfords 300 attendences and limericks lack of finances)

When cork FC or whatever enter the A league next year i hope we will be around to play them when they get promoted in a year or two.

[A face]

If League of Ireland clubs spent 10% less of what they take in it would be a brilliant league.

They continue to spend 10% or more over and they league is a disaster.

Licensing is still the best way to weed out clubs that are mismanaged. And hopefully the FAI will be able to nail clubs (and their directors) to the wall at the first sign of dodgy books.

If clubs over spend and go beyond their means they should be kicked so far out of the league that their next game is aganist Reykjavík, way before they can even dream of the luxury of an examinership, liquidation or administration. Filter the fookers out and burn them at the stake.

[roinuj]

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

you mean cobh ramblers :D

[A face]

It's exactly what Coughlan tried to do, you idiot :confused:

No, you mean Arkaga. Coughlan always had his work cut out for him and didn't make the hard decisions.

[Conroy]

Club Have released A statement.

[brianw82]

Following High Court proceedings today, Cork City FC has been given until Friday to settle its liabilities to the Revenue.
The club is doing everything within its power to settle these liabilities and asks that our supporters and the people of Cork get behind us to help us to save the club. It is the intention of the club to continue trading and we are determined to do everything in our power to overcome this hurdle.
At this time, the support of all is vital to us emerging from this situation and the continuation of League of Ireland football in Cork. As we look ahead to Friday night’s game against Bray Wanderers at Turner’s Cross, we ask the people of Cork to come out and support the team and buy tickets for the game in advance of Friday through our kiosk in Daunt Square and our club store at 22 Sullivan’s Quay.


Someone needs to tell them that the game is up.

[Dunny]

Will they be allowed play this game? Doubt they would field a team..

[jinxy lilywhite]

So CCFC official line is too go back out to the Cork Public cap in hand and beg her good citizens for a bailout again.

Worked before.......................................

[Longfordian]

The Revenue would have to ask for the order to be withdrawn I reckon. They won't do it even if Coughlan somehow gets the rest of the money together. The Revenue stated that a further 270k had been amassed and not paid since the initial petition. That seems to have played a part in the judge's decision. He'd have to pay that as well. The time for deals is over now.

[Conroy]

Will Bary play the fixture? There's the risk of injury to players and the cost of travel, knowing that no matter what result they get it will count for nothing? Of course they will be punished for not furfilling the fixture.

[eL Bettor]

WUFC - 1930-2009
6 Leagues, 2 Cups

Cáwk 1984 - 2009
2 Leagues, 2 Cups

Forever in our shadow.

Partizan, did Waterford Utd not exist under the old name of Waterford prior to becoming Waterford Utd, just like Cork had previous names, sorry for bringing it up here ;)

[EnglishSource]

Maybe Cork fans will now admit that Tom Coughlan-esque characters, like Kilcoyne, aren't heros?

[dong]

If League of Ireland clubs spent 10% less of what they take in it would be a brilliant league.

They continue to spend 10% or more over and they league is a disaster.

Licensing is still the best way to weed out clubs that are mismanaged. And hopefully the FAI will be able to nail clubs (and their directors) to the wall at the first sign of dodgy books.

Would you include Bohs in those with "dodgy books"?
It's pretty obvious at this stage that they will go a similar way at the end of the season.

[Conroy]

Table as out Friday?

Team Pts
1 Bohemians 42
2 Shamrock Rovers 38
3 Derry City 31
4 Dundalk 26
5 Galway United 25
6 Sligo Rovers 20
7 Drogheda United 19
8 Bray Wanderers 18
9 St Patrick's 17

[Pablo Escobar]

Table as out Friday?

Team Pts
1 Bohemians 42
2 Shamrock Rovers 38
3 Derry City 31
4 Dundalk 26
5 Galway United 25
6 Sligo Rovers 20
7 Drogheda United 19
8 Bray Wanderers 18
9 St Patrick's 17

Bohs have the luxury of us having beaten them ;)

[OneRedArmy]

Whilst this is terrible news in the short-term for Cork fans and the League in general, I strongly believe this is good news for FORAS and Cork fans in the long-run. Whilst its hard to believe things could be worse, if Coughlan had got his hands on the FORAS money, Cork fans would've had absolutely nothing as it would've left them back in the same spot eventually. That really would've been a case of good money after bad.

As said above, I'd imagine the FAI will provide assistance to getting a proper members run club into the A league.

Also, how any fan (bar UCD, the EL's equivalent of the banking sector, too big to fail) can laugh at a club going under? Its not like the vast majority of fans need to think that far back to their clubs last panic stations moment.

I would also make a complaint to the ODCE to get Tom Coughlan disbarred. In relation the question above, just by dint of a company getting wound up won't get him disbarred. He'll need to go through due process separately. But he shouldn't be allowed near any business after what he's done. IMO the examiner should also be sued by the creditors, but I doubt anyone has the appetite for an expensive and risky action like that.

[brianw82]

A lot of clubs are really going to miss the one or two home gates they'll lose if Cork are gone... could be a tipping point with so many of the clubs really at the end of their tether.

That's very true and I wonder how many of them will be using this as an excuse for missing the wage cap/other indiscretions at the end of the season.

[Ezeikial]

Will Bary play the fixture? There's the risk of injury to players and the cost of travel, knowing that no matter what result they get it will count for nothing? Of course they will be punished for not furfilling the fixture.

Bary, you mean Dave Barry? Naw he wouldn't injure anybody. Cost of travel not a issue - I think he has a bus pass.

[De Town]

Bary, you mean Dave Barry? Naw he wouldn't injure anybody. Cost of travel not a issue - I think he has a bus pass.

Jesus, that's one of the worst ones yet.

[Longfordian]

Coughlan is apparently "remaining optimistic". I don't know what he has to be optimistic about, he must be seriously deluded. Even if he came up with the money on Friday it may not be enough.

[SMorgan]

Are they still in the Cup??

[De Town]

Are they still in the Cup??
I think Sligo beat them?

[sligoman]

Are they still in the Cup??Nope:cool:

[pineapple stu]

(UCD, the EL's equivalent of the banking sector, too big to fail)
We're big now? :eek:

[brianw82]

UCD are more like the cockroach of the LOI. They'll still be there after nuclear armageddon.

[charliesboots]

Has anybody got a copy of the 2009 Participation Agreement that they can post here or host elsewhere.

If they haven't got the facility to do that could they pm me and I will.

[SkStu]

terrible news for Cork and the fans.

Coughlan should be hung, drawn and quartered.

[Martinho II]

Im literally stunned to say the least but in the long run it seems the right decision.. it did no harm to limerick at all when you think about it..

[Marco]

How can any club coming out of examership be allowed to purchase players like Faz, O'Donnell etc. It's total madness for this to be allowed happen. Coughlan spoke about cutting his cloth, if he was a business man as it's claimed he would have got all the facts first before setting out any business plan and then cut his cloth. The other side could be that he presented one face to the examiner but once in the door done the opposite! What happened to the other consortium that was bidding against him is there any chance of them reviving their bid. The dogs on the street in Cork have been saying for ages that this was going to happen because of TC many had business dealings with him or new him, at the time I thought it was a smear against the man, but was it!!

It's a real shame because at the club there has been some excellant volenteers that were let go or told leave who gave tons of time to City yet the club sought volenteers to help out!!!

[Dunny]

How can any club coming out of examership be allowed to purchase players like Faz, O'Donnell etc.

Not only sign them, but outbid other clubs for them!

[Hooples]

Dreadful news.
it's very hard to get your head around. to me the only conceivable explanation for the spending and wages is that tom coughlan actually believed cork city could become a money making venture through champions league football etc. nothing else explains the club's behaviour...in the words of that guy at the end of The Bridge on the River Kwai: 'Madness, madness!'

[SMorgan]

Dundalk had both players as good as signed when Cork came on the scene waving a cheque and offer a considerably higher wage to both players. Any wonder they are where they are.

The automatic relegation of any club that enters examinership, as well as being a punishment and deterrent it would also act as a safety mechanism for the clubs themselves. I doubt if Cork would be in this position had they been relegated.

[Black and White]

Are they still in the Cup??

Cork? Nope Sligo beat them in a replay at the Showgrounds!

[Dunny]

What about ST holders? Will they get anything back?

[Dodge]

What about ST holders? Will they get anything back?

back from who?

Even if they were listed as creditors, they'd be down the list, and revenue are top of that list

[Dunny]

http://player.streamtheworld.com/liveplayer.php?CALLSIGN=REDFM104