Limerick FC set to be wound up [Archive] - Page 3

balanced view

17/06/2009, 1:33 PM

A bit more on this...............

Limerick to hold public meeting

Published Date:
17 June 2009
By Jerome O'Connell (joconnell@limerickleader.ie)

LIMERICK FC are to host a public meeting this Sunday evening, June 21 as speculation abounds as to the future of the city's 72-year-old League of Ireland senior soccer club.
The club have issued an appeal for "everyone with an interest in the future of senior soccer in Limerick" to attend the meeting in The Strand Hotel on Sunday at 7pm.
"Due to on-going negotiations Limerick FC is not currently in a position to respond to recent media speculation regarding the future of the club," explained a club statement released on Tuesday afternoon.
"However, we can assure everyone that the staff and the players of Limerick FC are fully aware of the situation within the club and the supporters will be informed of any further developments as they arise."
However, the club have accepted that they require a cash injection.
"Due to unforeseen circumstances the Limerick FC Board and Management Committee are currently seeking further investment," explained club's the statement.
"The club would like to ask the people of the mid-west to support Limerick FC."
The statement calls for a show of solidarity at Jackman Park this Friday night when high-flyers Shelbourne visit Limerick for a crucial League of Ireland First Division clash - Limerick currently lie 12 points behind leaders UCD.
"It is important that people come out and support Limerick this Friday in Jackman Park against Shelbourne and in their future fundraising endeavours. The club has come a long way in the last 18 months under the current Board and Management Committee. Limerick FC now has proposals in place to secure the future of the club through its new base in Knockalisheen and also its on-going aspiration to return to the Markets Field with the assistance of all bodies involved," the club statement read.

passerrby

17/06/2009, 2:29 PM

unforseen circumstances .. have to agree with steve ,jack doing a legger was always on the cards

osarusan

17/06/2009, 3:51 PM

I wonder if it's really unforeseen circumstances, or a lack of foresight that's to blame
I don't wonder about that, because I know what's going on. I can assure you and everybody else that it is due to unforeseen circumstances. And no, I am not going to tell you what is going on.

Dodge

17/06/2009, 3:56 PM

I wonder if it's really unforeseen circumstances, or a lack of foresight that's to blame

Don't remember you coming out with that one when Derry's sponsor's upped and left a few weeks ago?

brianw82

17/06/2009, 3:58 PM

I blame Dell.

John83

17/06/2009, 3:59 PM

Don't remember you coming out with that one when Derry's sponsor's upped and left a few weeks ago?
Because everyone budgets for a sponsor pulling out.

There's no info on Limerick, so speculation will fill the void.

Mr A

17/06/2009, 4:50 PM

There's no info on Limerick, so speculation will fill the void.

I heard that a giant rabid monkey turned up and ate their cash reserves and several major sponsors.

Given that they had only budgeted for a moderately large rabid monkey their financial situation has deteriorated and their planning is exposed as dangerously poor.

passerrby

17/06/2009, 4:56 PM

I heard that a giant rabid monkey turned up and ate their cash reserves and several major sponsors.

Given that they had only budgeted for a moderately large rabid monkey their financial situation has deteriorated and their planning is exposed as dangerously poor.

well there ya go who could have seen that coming
ps. would that giant rabid monkey be call pat

John83

17/06/2009, 5:19 PM

I heard that a giant rabid monkey turned up and ate their cash reserves and several major sponsors.

Given that they had only budgeted for a moderately large rabid monkey their financial situation has deteriorated and their planning is exposed as dangerously poor.
What kind of budgets are the FAI financial compliance office okaying at all? Moderately large rabid monkeys! Ridiculous. And them rejecting Sligo's simply because it was written on a slightly soiled napkin in red crayon. Where's the consistency?

balanced view

17/06/2009, 5:25 PM

I don't wonder about that, because I know what's going on. I can assure you and everybody else that it is due to unforeseen circumstances. And no, I am not going to tell you what is going on.

any chance you would PM me and let me know. been going to home matches the last 8 years. dont think its too much to ask for the genuine fans to know whats going on.

SMorgan

17/06/2009, 5:31 PM

I blame Dell.

and Rodney and Cassandra.

blueblood

17/06/2009, 7:09 PM

Pardon my ignorance on this, but didn't Limerick have one of the 1st Division's lowest wage bills last year? I'm assuming they're not spending a whole lot more this year. How has this situation (if true!) come about?
I suppose it's come about as we still dont have much to call our own so we have to rent training facilities and our home ground etc which I hear aint cheap. We dont seem to owe anybody money but it seems our chairman is getting tired of putting money into the club and would prefer to get out, i think whats putting him off is the slow progress the club is making off the field, tho we have been very active i think that he thinks he's brought us as far as he can

dcfcsteve

17/06/2009, 10:30 PM

Don't remember you coming out with that one when Derry's sponsor's upped and left a few weeks ago?

Upped and left ? You mean 'went bust and left 70 people without a job'..... :rolleyes:

The difference then was that we came out and said what our unforeseen circumstances were - the loss of our main sponsor. Limerick are currently acting like someone's annoying little brother - 'I know a secret, you'll love to hear it - but I can't tell you'. There lack of openness therefore inevitably leaves one to speculate over whether it really is something completely unforseen.

If it was - why all the cloak and dagger ?

Who is Limerick's sponsor - the Leader ?

If the story is that their Chairman has had enough, then throwing-in the towel can't fairly be treated as an unforseen circumstance. It may have been unforseen - but it's in the Chairman's direct control.

passerrby

17/06/2009, 10:48 PM

it looks like jacks had enough and jumped ship (titanic) and the club are still tryting to entice him back on board so cannot release a statement until his sunk.
this maybe wrong but one can only speculate as ther is no real information forthcoming
p.s. is the move to the market fields still on or are you just going to the dogs

Rovers fan

17/06/2009, 11:06 PM

it looks like jacks had enough and jumped ship (titanic) and the club are still tryting to entice him back on board so cannot release a statement until his sunk.
this maybe wrong but one can only speculate as ther is no real information forthcoming

There is...... Did you not watch the end of the film?... Jack died:(:(

jebus

18/06/2009, 1:04 PM

Love how at times lke this fans of other clubs feel they have some God given right to be kept in the loop as to whats going on in other clubs business :rolleyes:

Anyway this has come about because Limerick FC are a club that ply their trade in a God awful league in a country that doesn't have enough supporters to maintain interest in two divisions (maybe not even one). I doubt any other club in either division are rolling in it at the moment.

Also the Jack McCarthy throwing money at our club was always a rumour started by other clubs fans, look at our wage bill for this and last season and you'll see that he kept us afloat but was always looking for other investors to come in and help out

higgins

18/06/2009, 5:06 PM

Has your main sponsor pulled out ?

L37Ultra

18/06/2009, 11:30 PM

Rumours about Jack McCarthy doing a runner are partily true.

I e-mailed him during the week and in fairness to him, he gave me a lot of information with regards what is happening.

I wouldn't blame the club for not telling anyone what is going on. Someone leaked information to the Irish Times last Friday before they got the chance to tell the players and staff of the situation.

Things are extremely bleak and the club will not finish the season unless a new investor comes in very soon.

dcfcsteve

19/06/2009, 1:44 AM

Rumours about Jack McCarthy doing a runner are partily true.

I e-mailed him during the week and in fairness to him, he gave me a lot of information with regards what is happening.

How dare you ! It's all a rumour started by fans of other clubs you know...

Things are extremely bleak and the club will not finish the season unless a new investor comes in very soon.

Can everyone stop using the word 'investment'. It's a hand-out that Irish clubs chase - not some sort of business proposition.

jebus

19/06/2009, 2:26 AM

How dare you ! It's all a rumour started by fans of other clubs you know...

http://www.mingeford365.co.uk/forum/images/smilies/67s6qro.gif

Ronnie

19/06/2009, 8:27 AM

Sympathy aside - how are Limeirck in trouble? It makes no sense, a new club, no debt legacy, small wages bill, according to everything we hear, averaging 500 per home game?

John83

19/06/2009, 10:04 AM

Sympathy aside - how are Limeirck in trouble? It makes no sense, a new club, no debt legacy, small wages bill, according to everything we hear, averaging 500 per home game?
If Jebus doesn't object to a non-Limerick fan speculating, there are a couple of likely possibilities.

First, 500 punters a week translates into something like �100,000 total annual income. Between rent, wages, travel, equipment, fines, official's fees, league entry fees, etc., there's going to be a need for sponsorship and fund-raising to bridge a gap. This is true of every club in the league, but Limerick have had so much trouble in recent years that they may have struggled to get adequate sponsorship. Second, they may be paying exorbitant rent. Most likely, it's a bit of both.

pineapple stu

19/06/2009, 10:36 AM

Their CRO accounts show that in 2007 - their first year - they lost E207,512. That's quite a lot of money. I remember someone involved in the club telling me that last year, and McCarthy covered it, apparently. If he decided this year not to cover a similar loss last year, say, then you can easily see where the trouble's coming from.

They owed E282k, of which E29k was to Revenue and E245k was to "Other creditors", which isn't broken down.

LK37oldskool

19/06/2009, 12:08 PM

Rent is 500 euro per match and that loss from last year was a carry over from the previous regime.this whole thing is not driven by any financial problems.everything will become clearer next week.

John83

19/06/2009, 12:12 PM

Rent is 500 euro per match and that loss from last year was a carry over from the previous regime.this whole thing is not driven by any financial problems.everything will become clearer next week.
The previous regime was a different company, so I don't believe a word of that.

KevB76

19/06/2009, 12:19 PM

The previous regime was a different company, so I don't believe a word of that.

He means the previous CEO, i.e. before Jack took over. Believe what you like but you are (or rather Stu is) a bit off the mark with your speculation as to the current crisis.

John83

19/06/2009, 12:37 PM

He means the previous CEO, i.e. before Jack took over. Believe what you like but you are (or rather Stu is) a bit off the mark with your speculation as to the current crisis.
Believe me when I say that I'd like nothing more.

pineapple stu

19/06/2009, 12:42 PM

Believe what you like but you are (or rather Stu is) a bit off the mark with your speculation as to the current crisis.
We're both potentially wrong. I was merely quantifying John83's post.

LK37oldskool

19/06/2009, 12:44 PM

Jack bought into Limerick 37 and took on all the debts ,200,000+ and has cleared them going into this season under the new name of Limerick FC.

KevB76

19/06/2009, 1:04 PM

We're both potentially wrong. I was merely quantifying John83's post.

There was nothing wrong with Johns post, its just the 2007 figures bear no relevance to last year or this - any shortfall which Jack may or may not have had to make up would be nowhere near the 2007 debt.

Take last year for example, players "wages" were next to nothing, we had a major fundraiser that brough in 50k, another which brough in 8k, and a few smaller events. This year the wages are no more (actually marginally lower than 08), we have no A team to fund, and have already had two fundraisers (not as succesful as last years), and there's no shop in town to pay rent on.

Anyways I dont want to talk about anymore until the public meeting on Sunday, when we all be put out of our misery. I'm just going to enjoy tonights match in case its our last.

pineapple stu

19/06/2009, 1:14 PM

There was nothing wrong with Johns post, its just the 2007 figures bear no relevance to last year or this
I appreciate that, which is why I noted the "if" in my post. You've ruled out that "if", so it doesn't apply. I'm aware McCarthy covered the first year, and can well believe he did the same last year too.

Ronnie

19/06/2009, 1:28 PM

Rent is 500 euro per match and that loss from last year was a carry over from the previous regime.this whole thing is not driven by any financial problems.everything will become clearer next week.

So Limerick 37 took over the previous entity and its liabilities? If thats the case, then the legacy of debt would be enough to floor them.

pineapple stu

19/06/2009, 2:35 PM

The previous entity was wound up by the Revenue in 2006. JRM Sports Limited. Unless L37 took on clearing its debts as a goodwill gesture, they would have started with a clean slate.

LK37oldskool

19/06/2009, 2:43 PM

Limerick FC took over the Limerick 37 entity and all its debts (as mentioned above -see KevB76 )which Jack has cleared.We started the season with a clean bill of health.

KevB76

19/06/2009, 4:14 PM

So Limerick 37 took over the previous entity and its liabilities? If thats the case, then the legacy of debt would be enough to floor them.

Limerick FC took over the Limerick 37 entity and all its debts (as mentioned above -see KevB76 )which Jack has cleared.We started the season with a clean bill of health.

I know its confusing with all the name changes and what not, you've almost got it LK37oldskool, the actual sequence of events was:

up to end of 2006 was Danny Drew's Limerick FC. This, emmm, regime for want of a better word, didnt get a licence form the FAI for 2007.
A new club Limerick 37 was set up and applied for and was accepted into league for 2007. (Nothing to do with Danny Drew, but most of the same players, volunteers and supporters).
By the end of the 07 season the new club had run up the massive debt as described by Stu above. The club would have died right there and then, but Jack took over and cleared the 2007 debt.
So we began 2008 with a clean slate, and finished last season without any controversy for once.
For 2009 the name changed back to limerick FC but its the same L37 club (Jack wanted the name changed as soon as he took over but couldnt do it in 08 for some technicality). We continued on into this season again without any unusual financial cloud over our heads up until now. I wont speculate on what exactly is gone wrong now until Sundays meeting. I just pray there is a way out of it.

Martinho II

19/06/2009, 4:19 PM

I know its confusing with all the name changes and what not, you've almost got it LK37oldskool, the actual sequence of events was:

up to end of 2006 was Danny Drew's Limerick FC. This, emmm, regime for want of a better word, didnt get a licence form the FAI for 2007.
A new club Limerick 37 was set up and applied for and was accepted into league for 2007. (Nothing to do with Danny Drew, but most of the same players, volunteers and supporters).
By the end of the 07 season the new club had run up the massive debt as described by Stu above. The club would have died right there and then, but Jack took over and cleared the 2007 debt.
So we began 2008 with a clean slate, and finished last season without any controversy for once.
For 2009 the name changed back to limerick FC but its the same L37 club (Jack wanted the name changed as soon as he took over but couldnt do it in 08 for some technicality). We continued on into this season again without any unusual financial cloud over our heads up until now. I wont speculate on what exactly is gone wrong now until Sundays meeting. I just pray there is a way out of it.

I hope its not the worst of news as ye have gone through hell since ye left markets field..

passerrby

19/06/2009, 4:26 PM

nice bit of clarity kev well done.. hard to see where if any major debt this year has accrued since your running costs cant be excessive

Martinho II

19/06/2009, 4:29 PM

nice bit of clarity kev well done.. hard to see where if any major debt this year has accrued since your running costs cant be excessive

Its strange whats happening at limerick unless they cant commit to covering further expenditure but whatever it doesnt sound good at all!

dutchie

20/06/2009, 9:59 PM

Cant understand why we are in so much trouble.I was at the Auction last year to raise funds also i am reading where there is duck races etc.all to raise funds,we cant be that broke or is the messiah Jack Mac broke and wants out?

Partizan

21/06/2009, 7:27 PM

Martinho II

22/06/2009, 8:21 AM

any word limerick fans about this meeting last night?

Partizan

22/06/2009, 9:26 AM

any word limerick fans about this meeting last night?

They need �70,000 by next week or its all over.

L37Ultra

22/06/2009, 10:41 AM

any word limerick fans about this meeting last night?

I'll outline the main outcomes of last nights meeting. Basically, the club outlined how well they are doing off the pitch but due to recent "unforseen circumstanes" Limerick FC have major cash flow problems. A planned friendly in Thomond Park isn't going ahead and now the club need 70K for the running of the club until the end of the season. Jack McCarthy doesn't want to be bailing out the club at the end of the season so he wants the to raise the money by this week or he is going winding up the club as he can't afford to put more money into the club.

Mr A

22/06/2009, 11:33 AM

Why doesn't he at least give it til the end of the year to raise the 70k? Seems like he's got bored with things and decided to pull the pin.

dcfcsteve

22/06/2009, 11:35 AM

I'll outline the main outcomes of last nights meeting. Basically, the club outlined how well they are doing off the pitch but due to recent "unforseen circumstanes" Limerick FC have major cash flow problems. A planned friendly in Thomond Park isn't going ahead and now the club need 70K for the running of the club until the end of the season. Jack McCarthy doesn't want to be bailing out the club at the end of the season so he wants the to raise the money by this week or he is going winding up the club as he can't afford to put more money into the club.

No clarification at all then on what the 'unforseen circumstances' where ?

Sounds like it was Real Madrid laughing at the thought of playing Limerick, coupled with the club's Chairman wanting out.

Hardly unknown unknowns....