Cork City denied a licence; club to be wound up; FORAS to enter First Division

[el nino coro]

if this is the case no club has to worry anymore
nothing short of a disgrace

[Buller]

charliesboots on ccfc forum.

Deal done - Cork have to pay it all by Wednesday

[Pablo Escobar]

Cork City FC is delighted to confirm that it has reached agreement with the Revenue Commissioners regarding the clubs outstanding tax liabilities

Club owner Tom Coughlan said “We are thrilled to have secured the future of the club and are looking forward to celebrating at Turner's Cross tonight when we host Bray Wanderers in the league.

"As we said earlier today, we believe that our proposal today demonstrated not just our commitment but also our ability to settle our liability in full in the short term. In addition to this, under the guidance of the Quintas Group we now have a sustainable business model which will protect jobs and ensure that a similar situation will not arise going forward.

This has been a very difficult period for us all but I firmly believe that the club will be stronger as a result."

[pineapple stu]

Deal done - Cork have to pay it all by Wednesday according to ccfc forum.

Ah. That's very different to "saved".

This is basically another stay, then? If 100% of the balance doesn't appear by Wednesday, the winding up order comes into affect?

[SMorgan]

charliesboots on ccfc forum.

along with players wages!!

[Longfordian]

Tom is still in situ so. Lots more drama ahead no doubt.

[jebus]

Yes!

Another week of crap being written about the league in the paper and hopefully we can get stay of execution #13226679

Rejoice

[Black and White]

A very famous character once said...."I dont beeeeeeeliiiiiieve iiiiiiit"!:confused:

[passerrby]

has he rescued the club or are they still dangling from a rocky cliff

[SMorgan]

The FAI have given Cork an advance of the end of season prize money which in turn, according the RTE has been handed over to the Revenue.

Now what happens if Cork goes out of business? They wouldn't be entitled to the prize money that the FAI has given them!!

[DmanDmythDledge]

I agree with you Cici900. Coughlan has got away with murder over the last while. Even after renegotiating the contracts and restrcuturing the club after examinership, the fact that CCFC can renege on these payments for so long and get away with it is very worrying. When all the talk is about doing things correctly, having a sustainable business model, Cork do neither and get no punishment.
And if they still can't pay them by Wednesday they will be gone.

A decent effort was made by Coughlan this week to sort it out and although it is probably too little too late at least it gives the club a chance to sort things out over the short term, even if that is dropping down to the A Championship.

[dcfcsteve]

The FAI have given Cork an advance of the end of season prize money which in turn, according the RTE has been handed over to the Revenue.

Now what happens if Cork goes out of business? They wouldn't be entitled to the prize money that the FAI has given them!!

In't that a bit like giving a 25yr mortgage to someone with a terminal illness and 6 months to live.....? :eek:

[DmanDmythDledge]

No i dont wnat to see a club die but other clubs suffered in theses situations and city have gotten off because of this "deal". End of.
I dont want to cause arguments i used to love this league and when cobh went i wasnt happy again for months. Not going to colmans park every saturday to see them play is a nightmare. I could see my heroes a few inches away from me it was a dream. I'd hate to see someone else suffer like that but a lot of city fans laughed at us when we were in trouble. I know as usual its a minority giving the majority a bad name as the majority are decent and i feel sorry for them. At least cork pulled through.

Look at us now.:(:(
Firstly the situations of the two clubs are completely different. It doesn't take a rocket scientist to work that out.

Secondly Cobh Ramblers still exist and still play in Colmans Park. So what you'r e saying is that you stop bothering your hole supporting Cobh cos they play in the A Championship?

[Blue-Army]

The FAI have given Cork an advance of the end of season prize money which in turn, according the RTE has been handed over to the Revenue.

Where were the FAI when Kilkenny City went out of business for the sake of only €70k?

[jebus]

And if they still can't pay them by Wednesday they will be gone.

A decent effort was made by Coughlan this week to sort it out and although it is probably too little too late at least it gives the club a chance to sort things out over the short term, even if that is dropping down to the A Championship.

Substitute Friday for Wednesday and you could have said the same thing on Monday

Substitute the date of that Wednesday and you could have said the same thing 6 weeks ago

[dahamsta]

Lads, would ye ffs stop feeding the trolls. If a comment winds you up, it was probably designed to. Report them instead of responding to them like complete idiots.

[DmanDmythDledge]

Substitute Friday for Wednesday and you could have said the same thing on Monday

Substitute the date of that Wednesday and you could have said the same thing 6 weeks ago
Given how close the revenue were in pulling the plug today I think it's fair to say that Wednesday is definitely D-day for CCFC.

[Hairy Bowsie]

I've heard D-Day too many times now. I don't believe it to be like that.

[pineapple stu]

Where were the FAI when Kilkenny City went out of business for the sake of only €70k?
Kilkenny was different. That was really a one-man show, and he fell ill.

[charliesboots]

Delete this if posted already but I'm told:

Coughlan came up with financing from some institution in London on the back of the Celtic game.

Cork have agreed to pay the revenue by close of business on Wednesday and the court has stayed the order to wind them up until Thursday morning.

If on Thursday all the money has been paid, revenue will withdraw the petition.

If on Thursday all the money has not been paid the order will commence and Cork have agreed not to apply for any further stays or to appeal.

[DmanDmythDledge]

If on Thursday all the money has not been paid the order will commence and Cork have agreed not to apply for any further stays or to appeal.
That binding or it is just their word?

[passerrby]

Delete this if posted already but I'm told:

Coughlan came up with financing from some institution in London on the back of the Celtic game.

Cork have agreed to pay the revenue by close of business on Wednesday and the court has stayed the order to wind them up until Thursday morning.

If on Thursday all the money has been paid, revenue will withdraw the petition.

If on Thursday all the money has not been paid the order will commence and Cork have agreed not to apply for any further stays or to appeal.

does that include the players

[Hairy Bowsie]

Delete this if posted already but I'm told:

Coughlan came up with financing from some institution in London on the back of the Celtic game.

Cork have agreed to pay the revenue by close of business on Wednesday and the court has stayed the order to wind them up until Thursday morning.

If on Thursday all the money has been paid, revenue will withdraw the petition.

If on Thursday all the money has not been paid the order will commence and Cork have agreed not to apply for any further stays or to appeal.

Exactly how rare is it that anyone would get 2 stays on a case like this? And one after a decision had been made?


No justification for deductions or relegations unless Mr. Coughlan has a problem paying the deferred wages due to the players on Wednesday I believe.

I expect they'll be deferred until Thursday now

[charliesboots]

That binding or it is just their word?

I could say it is but I've never seen anything run in a courtroom the way this has. This league is soap opera at its best - brilliant entertainment.

If it wasn't for Ms. Justice Laffoy Cork would have been out of business weeks ago - they should be eternally grateful to her for her patience and empathy with supporters and employees although she wasn't too impressed with Tom.

[Schumi]

The FAI have given Cork an advance of the end of season prize money which in turn, according the RTE has been handed over to the Revenue.

Now what happens if Cork goes out of business? They wouldn't be entitled to the prize money that the FAI has given them!!

I assume it's the prize money for 10th in the premier. If Cork don't last the season, there'll be no one else elligible for it anyway.

[Karl Phillips]

Nothing is going to happen, Cork will be OK the money will be found and the charade can carry on I just wonder how much other monies are owed, was A Matthews paid outstanding money have the players been paid ? as I said in an earlier post has precedent now been set or is on a case by case basis or are the books we are all " supposed" to hand in on a monthly basis now void and irrelevent. I knew this morning when Bray were traveling down to Cork nothing was going to happen :confused:

[dcfcsteve]

I knew this morning when Bray were traveling down nothing was going to happen :confused:

So it was Bray's decision after all then !?!? :D

I wonder if this will get past the humour police..... ;)

[longfordjames]

I knew the FAI would save Cork.Pity they wouldnt help Shels and Kilkenny.They should be relegated or docked points!

[Steve Bruce]

IF Cork survive this, they really need to get their house in order because in the future, if they get in a mess again, they will go out of existance as the courts/Inland revenue will not have any patience with them.

Cork appear to have exhausted all favours/lifelines so they need to make this count.

Congratulations to Cork City fans, who still have a club. Whilst I have no great love for Cork City, fans are in no way at fault here and deserve better.

[White Horse]

IF Cork survive this, they really need to get their house in order because in the future, if they get in a mess again, they will go out of existance as the courts/Inland revenue will not have any patience with them.

Cork appear to have exhausted all favours/lifelines so they need to make this count.

Congratulations to Cork City fans, who still have a club. Whilst I have no great love for Cork City, fans are in no way at fault here and deserve better.

Being realistic, this changes little. Cork are in an even worse financial position as their cash flow have been ripped to pieces to gather funds to pay the Revenue.

Factoring houses in London will take a commission of approx 20% on all cash advanced to them.

Their revenue streams for the rest of the season will be negligable.

My reading is that today had nothing to do with Cork City (they are already doomed) and everything to do with Tom Coughlan not getting struck off as a director.

I hope I'm wrong about this.

[Dodge]

I knew the FAI would save Cork.Pity they wouldnt help Shels
Are you for real?!?!

Cork in another arkaga type scheme now, let's see if they can get out of it. Hope they finish 8th and stay up...

[Steve Bruce]

Being realistic, this changes little. Cork are in an even worse financial position as their cash flow have been ripped to pieces to gather funds to pay the Revenue.

Factoring houses in London will take a commission of approx 20% on all cash advanced to them.

Their revenue streams for the rest of the season will be negligable.

My reading is that today had nothing to do with Cork City (they are already doomed) and everything to do with Tom Coughlan not getting struck off as a director.

I hope I'm wrong about this.

Surely though, with the support Cork have, if they cut their budget down to a bare minimum they would be able to gather enough cash to keep them on firm footing??

I'm no expert, I'm just throwing out my thoughts, so I'm not in the position to debate, just giving out my views (even if they are ignorant)

[roinuj]

Man lands on the moon

no way man :confused:

[madblaa]

I can't believe they got ANOTHER lifeline!

[longfordjames]

They were handed prize money even though they mightnt finish the season so they were bailed out.Should be docked points but there Cork so will probably be given some.JOKE

[White Horse]

Surely though, with the support Cork have, if they cut their budget down to a bare minimum they would be able to gather enough cash to keep them on firm footing??

I'm no expert, I'm just throwing out my thoughts, so I'm not in the position to debate, just giving out my views (even if they are ignorant)

What is have said is perfectly logical. However, you also have to take into account the deficit/loss run up so far by the management and the loss that will be incurred while trying to reduce/reshape the squad.

It will take a while to reduce the wage bill as most, if not all, clubs are fully staffed and the transfer window is about to close. If they want to take on a free agent, how do they ship out an existing player?

My opinion is that they are doomed unless there is a new injection of equity to service the projected loss.

If that is done, the points that you make are then essential to the continued running of the club.

[roinuj]

Where were the FAI when Kilkenny City went out of business for the sake of only €70k?

totally agree,
the league and the fai are a farce.
i think all the other clubs should pull away from the fai and form their own league without cork or the fai.

its a shame that most clubs in the league went through bad times in the past and got fcuk all help from the fai.

FARCE FARCE FARCE.

[John83]

I knew the FAI would save Cork.Pity they wouldnt help Shels and Kilkenny.They should be relegated or docked points!
Shels faced three winding up orders in court. They were punished for none of them. Cork are still in trouble. Even if they pay their tax bill by Thursday morning, they're going to be in trouble again in no time unless they really do let half their squad go.


totally agree,
the league and the fai are a farce.
i think all the other clubs should pull away from the fai and form their own league without cork or the fai.

its a shame that most clubs in the league went through bad times in the past and got fcuk all help from the fai.

FARCE FARCE FARCE.
FFS, Kilkenny left the league because Jim Ratigan was sick and no one else could shoulder the burden he had been carrying for the club. They did not fold over money.

[skipper_12]

Once again another club that has bought the title through paying UNREALISTIC wages to their players falls on its own sword!! This has to stop or the future is dark, very dark. I would hazard a guess on the wages in Drogheda and in order to make them go bust considering they had league/setanta cup/european money the wages must be HUGE! And before anyone comes on saying ah no its because of this and that dont waste your energy. Clubs are paying CRAZY money to players. Previously I was shocked at Michael Keanes wages and was told about this "Cap" that all clubs must adhere too. If this is the case HOW can something like this happen? The league and clubs need to wise up and fast.

Once again the league looks like a complete shambles... How the hell is this let happen?? Surely it was obvious that this was going to happen months ago. A junior cert business studies student can work out that incoming has to be at least equal to outgoings or there is a problem.... Cant see how Cork are going to survive this long term as the inevitable is on the horizon.

I really do wish that the clubs would wise up and sort themselves out. Look at the wage bill and look at the revenue stream and start balancing the books.

Another sad day for the league and worse of all for the many sincere supporters.

[Umberside]

[B]Once again another club that has bought the title through paying UNREALISTIC wages to their players falls on its own sword!!

We didn't buy the league. What happened was Arkaga inflated the wages by about 60% (before the 65% cap rule) and on top of that there were bonuses paid for scoring goals, keeping clean sheets. If you remember we were third in the league and eleven points behind Bohemians in the middle of August so we hardly bought the league.

We won the league in 2005, and went into examinership in 2008, so you can't say we bought the title as we were fine financially until Arkaga came in.

[SMorgan]

I assume if Cork come through all this that the money they are paying the Revenue will have to be taken into consideration in the 65% wage protocal. They must be over the 65% mark at this stage.

[John83]

I assume if Cork come through all this that the money they are paying the Revenue will have to be taken into consideration in the 65% wage protocal. They must be over the 65% mark at this stage.
The protocol is that wages are 65% of income. What they're paying out to Revenue doesn't count in that regard. Where it does count is when they have to scrape together the wage bill for this month (which is deferred) and next month.

[skipper_12]

sorry you took my post up the wrong way. I posted that last October and I was only trying to point out the fact that not much has changed since then and since the Drogs experience. The bold type is taken from a post last October.

It is an awful pity to see what is happening to your club but unfortunately I think that we will see similar happen to more clubs.

[roinuj]

We didn't buy the league.

We won the league in 2005, and went into examinership in 2008, so you can't say we bought the title as we were fine financially until Arkaga came in.

that was the start of the debt ye built up.
so ye did buy the league.
as did drogheda, shels, and bohs in the past.
living beyond your means.

bunch a morons running your club.

[don ramo]

so now that cork have called in all there cards, what happens when the next creditor comes knocking for there money,

as i understand there are other creditors, revenue being the most imediate, and once you pay one off, the rest wont be far behind,

does anyone actually know who city owe money to, and how much they owe to each, there were big number being thrown around when they were in examinership,

so now that the revenue are being "paid" off, are city now gonna pay there taxes, or just let another 400k bill build up again, while they take care of other bills,


that was the start of the debt ye built up.
so ye did buy the league.
as did drogheda, shels, and bohs in the past.
living beyond your means.

bunch a morons running your club.

not just theres, :eek::eek::eek:

[KianD]

I assume it's the prize money for 10th in the premier. If Cork don't last the season, there'll be no one else elligible for it anyway.

How much is that again? Its only low tens of thousands I thought?

[brianw82]

Was away all afternoon so didn't see all this as it happened. Seems to have been an extraordinary day even by CCFC standards.

From what I can gather, even IF they survive again come next Thursday, they're going to spend the rest of the season sprinting just to stand still as far as cash flow is concerned. Not to mention where on earth they're going to find the remaining 239K by then!

[Longfordian]

Alan Mathews' court case is still on the horizon as well. Another potential six figure liability there.

[brianw82]

Alan Mathews' court case is still on the horizon as well. Another potential six figure liability there.

With the future of the club at stake, would there be a chance that Matthews will drop the case?

[De Town]

With the future of the club at stake, would there be a chance that Matthews will drop the case?

Hardly if there's possibly a six figure sum at stake.