View Full Version : Cork City denied a licence; club to be wound up; FORAS to enter First Division
tiktok
13/02/2010, 10:47 PM
.........and there is no reason why they shouldn't as a completely new start up club.
Wanting to give our club every chance of survival is reason enough to be fair, that it gives people stung by Tom Coughlan the chance to recoup what they're owed is an added bonus.
Are there risks, of course there are, they were debated last night, but they're worth taking if our club can get through this.
If Tom gets greedy or doesn't sign, then we still have Plan B, but it's always been Plan B. Buying in is Plan A and we have to pursue it.
The one regret I have at the moment is that we weren't in this position a couple of weeks ago, we might have hung onto Dan Murray and Danny Murphy.
Buile Shuibhne
14/02/2010, 9:12 AM
There's a post over on the Cork forum saying:
money from the other 2 investors is only available to a premier divison Cork City club.
Does this mean that Peter Gray & Michael O'Connor will only proceed with their takeover IF/AFTER they are assured of a Premier Division license by the FAI Independent Licencing Committee?
higgins
14/02/2010, 10:21 AM
It will be interesting what Shelbourne and UCD fans etc, who have for a long time been giving out about clubs not paying their way and paying back everything they owe will think of our stance.
Had we decided enough was enough, we would be starting fresh and be screwing over our creditors, ex players, suppliers, sponsers etc. But we would be in the first division.
I think what FORAS are doing is great...
Makes sense to me.
If you pay off all your debs, fair play to you... that's all you can do.
Didn't help us at the tme,, they fecked us out of the league even though we had agreements in place with all creditors! it was even before any licence 65% came in. We were not let pass any deadlines,, in fact we were told if we didn't hit the first deadline we'd not even get a first division licence! best outcome for us was a first division licence.
I'm ****ed off the FAI are bending over backwards to give you every chance :) although i fully agree with you going in to save the club! You have to do that!!! This rubbish of simply starting again is not what it's about...
yiddo
14/02/2010, 10:41 AM
I think what FORAS are doing is great...
Makes sense to me.
If you pay off all your debs, fair play to you... that's all you can do.
The debs are grand like, tis the debts that worry me :)
on your general point don't blame ye one bit for being hacked off.
Mr_Parker
14/02/2010, 12:10 PM
Who and how was Cork City, with no tangable asetts valued at 1 million??????????????????
jan molby
14/02/2010, 12:18 PM
Cork dont deserve a Munster license never mind a Premier license .Good riddance I say
tiktok
14/02/2010, 12:26 PM
Who and how was Cork City, with no tangable asetts valued at 1 million??????????????????
It hasn't been valued at 1,000,000
I don't know where you pulled that figure out of. It's effectively been valued at 0.00.
Schumi
14/02/2010, 12:40 PM
Who and how was Cork City, with no tangable asetts valued at 1 million??????????????????
Foras are supposed to be putting in 100k for 20% which puts the whole lot at 500k which would just be the debts I'd imagine.
passerrby
14/02/2010, 1:42 PM
[QUOTE=tiktok;I don't know where you pulled that figure out of. It's effectively been valued at 0.00.[/QUOTE]
its amazing how that will raise when roddy leaves
gael353
14/02/2010, 2:07 PM
the figure of one million was mooted by Roddy a few weeks ago. He was the only one who suggested a price. Tommy and himself are only trying to get a pay out before they leave. Wouldnt be surprised if Tommy only appointed him as a more media friendly, face of crappness
Last Friday was a very strange evening, I had a look of amazement when our chairman announced that the meeting may take 3 or 4 hours but it just flew by. There was a lot of emotion on show and credit must be given to the FORAS BOM, they have put in tremendous amount of work.
There certainly is honour in clearing the debts but as one speaker said they shouldn't be on our conscience, although we could hardly expect goodwill moving forward with these people. I'm a cautious person by nature and the prospect of entering into this deal with very little money in the bank fills me with dread. Plus our chances of rebuilding our war chest are now limited as surely all fundraising will be done now for the club. I cannot see a huge influx of members and am wondering for how long will our 2 partners be prepared to fund the club when we have nothing to add maybe a while but the Cork City situation could soon resemble the York City one.
I voted against it and I thought people voted heart above head, especially after PR's emotional speech, but i've been around too long for that but as a member am prepared to now roll up the sleeves and go with the majority vote.
weecountyman
14/02/2010, 2:10 PM
its amazing how that will raise when roddy leaves
:-) Tom went from "investing" "alot of money" to "a million" to "over a million" within hours of Roddy panhandling for the job - see his Star column before he'd even run out of Malta! But his contract is still property of the company FORAS and their co-investors are buying out, and it's illegal. So what will they do, keep the man and pay what's due to his current employer, or get rid of him for nothing - I've asked this already but none of the "insider" FORAS folk want to answer.
So what will they do, keep the man and pay what's due to his current employer, or get rid of him for nothing
Thats a tough one alright :D
Mr_Parker
14/02/2010, 2:26 PM
Who and how was Cork City, with no tangable asetts valued at 1 million??????????????????
It hasn't been valued at 1,000,000
I don't know where you pulled that figure out of. It's effectively been valued at 0.00.
Ta, misread it that they were getting 10% of the company for 100k.
Foras are supposed to be putting in 100k for 20% which puts the whole lot at 500k which would just be the debts I'd imagine.
So they are paying 100k to buy 20% of the debt? :confused:
weecountyman
14/02/2010, 2:30 PM
Thats a tough one alright :D
Except you'll still be stuck with a court case in CAS for the illegal signing of another club's coach! So no matter what, you'll need to pay to get rid of the Rod! :D Which is why I still stick with the case that it's easier to let the name die and keep the club going as it should be - with FORAS using their funds to build a club for Cork to be proud of with a fresh start and let Tom and ROddy fight their court cases alone - CCIFL or whatever it's caused are really and truly in schtuck!
Except you'll still be stuck with a court case in CAS for the illegal signing of another club's coach!
There are lots of hidden extras awaiting us i've no doubt and thats what worries me, the size of the debt is still unknown awaiting Toms audited accounts, they should be worth a look.
A lot of folks were hung up on keeping the name, some of us would prefer a fresh start.
The very fact you just said that you still do not know the actual debt is crazy,who exactly decided the club was worth 500k-as it stands you have few players worth talking about,still no ground and do not know what division you will be in.People cant be that attached to a club with a small history I mean its only 25 years old.Cork City FC or FC Cork City who gives a sh*t
tiktok
14/02/2010, 3:22 PM
- I've asked this already but none of the "insider" FORAS folk want to answer.
You must be soft in the head if you think anyone is going to touch that question until after a takeover.
I don't what you must be to think it'd be discussed on an Internet forum before the man in question was spoken to.
Seriously, cop on!
tiktok
14/02/2010, 3:25 PM
I mean its only 25 years old.Cork City FC or FC Cork City who gives a sh*t
Just for other City fans.
Don't feed the trolls, especially such simple ones
weecountyman
14/02/2010, 3:52 PM
You must be soft in the head if you think anyone is going to touch that question until after a takeover.
I don't what you must be to think it'd be discussed on an Internet forum before the man in question was spoken to.
Seriously, cop on!
Sounds exactly like the rhetoric that got Cork into this situation in the first place. Very progressive discussion, lowering it to insults and namecalling, extremely impressive. However I'll view Razor's answer as more representative of the CCFC supporters - not some insulting response.
There are lots of hidden extras awaiting us i've no doubt and thats what worries me, the size of the debt is still unknown awaiting Toms audited accounts, they should be worth a look.
A lot of folks were hung up on keeping the name, some of us would prefer a fresh start.
No matter what it'll all cost money, and you're right, if a proper due diligence turns up enough smelly fish there is always the off switch, the name is important, but more important is the club and reputation.
Schumi
14/02/2010, 4:13 PM
So they are paying 100k to buy 20% of the debt? :confused:
They'd be paying 100k to pay 20% of the debt and get 20% of the company in return it seems to me.
Doomofman
14/02/2010, 4:19 PM
Well yeah... If you own 20% of the company surely you would have to shoulder 20% of the debt....
pineapple stu
14/02/2010, 4:23 PM
So that means that TNB is getting nothing? That'd be excellent.
Have to say, micls' rationale for voting for the bid was an excellent post.
TNB gets 100euro.
It was suggested that it's given to him in a mixture of 1 and 2 cent coins.....
tiktok
14/02/2010, 4:28 PM
Have to say, micls' rationale for voting for the bid was an excellent post.
Agreed, by the way, the €100 has to be given, it's bascually 0.01 per share for 10,000 shares.
pineapple stu
14/02/2010, 4:29 PM
Hundred quid's next to nothing.
Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?
SMorgan
14/02/2010, 4:33 PM
Hundred quid's next to nothing.
Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?
Of course any bidder is going to say that. But it's a form of blackmail.
Let us in the PremierDivision, or you've Tom for the next 12 months!!
pineapple stu
14/02/2010, 4:36 PM
If the bid fails, the club gets wound up and they're in the First for free I suppose.
Doomofman
14/02/2010, 4:42 PM
Hundred quid's next to nothing.
Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?
If I was in the FAI and was told something like that I'd just let them rot in the first division...
Hairy Bowsie
14/02/2010, 4:43 PM
There is a lot more at play then just seeing what kind of licence Cork get, should the takeover be successful. I think it's fair to say that if Cork get awarded a Premier licence for the coming season and are playing Premier football then it is maybe not the final nail, but the biggest nail in the coffin of League of Ireland football.
TNB gets 100euro.
It was suggested that it's given to him in a mixture of 1 and 2 cent coins.....
Jaysus thats just mean.
DmanDmythDledge
14/02/2010, 5:09 PM
Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?
I saw that posted in this thread anyway.
prince20
14/02/2010, 7:22 PM
Was just thinking there about this takeover.
As reported in other posts elsewhere on this forum all clubs are notified 5 days in advance of tomorrows meeting of the licencing committee. Would it be beyond the bounds of possibility that FORAS and the 2 "investors" have received an indication that they will receive a premier division licence if all debts are paid off or arrangements made with creditors? Hence the reason that they are throwing their lot in with the investors rather than starting from scratch in the first division?
My money is on this being the outcome and also that Cork will get a monetary fine for missing previous deadlines and if it is lets draw a line in the sand and move on. Talk of other clubs starting legal action is absolute madness and will not get off the ground.
pineapple stu
14/02/2010, 7:58 PM
You can't take legal action against the FAI anyway as TNB showed. Bray would have to exhaust the internal appeals process first.
Tom is up against it but i can see him taking it to the wire, especially as i'm sure he'll want more than €100.
prince20
14/02/2010, 8:09 PM
You can't take legal action against the FAI anyway as TNB showed. Bray would have to exhaust the internal appeals process first.
Not going to get into a debate about this but arent the licencing committee independent of the FAI
Longfordian
14/02/2010, 8:18 PM
Tom still playing "hard ball" by all accounts. Not much progress being made in the takeover talks.
pineapple stu
14/02/2010, 8:20 PM
Where'd you hear that?
With the court case tomorrow, he's surely in no position at all to play hard ball.
Buile Shuibhne
14/02/2010, 8:33 PM
Was just thinking there about this takeover.
As reported in other posts elsewhere on this forum all clubs are notified 5 days in advance of tomorrows meeting of the licencing committee. Would it be beyond the bounds of possibility that FORAS and the 2 "investors" have received an indication that they will receive a premier division licence if all debts are paid off or arrangements made with creditors? Hence the reason that they are throwing their lot in with the investors rather than starting from scratch in the first division?
Spot on
My money is on this being the outcome and also that Cork will get a monetary fine for missing previous deadlines and if it is lets draw a line in the sand and move on
No.
Different standards have been applied previously - and may be again in the future - no consistency - they're making it up as they go along whether for geographical reasons or whatever.
Fudgerama
Longfordian
14/02/2010, 8:41 PM
Where'd you hear that?
With the court case tomorrow, he's surely in no position at all to play hard ball.
Saw it on the Cork forum. I don't think he gives a flying one if it survives or not. He wants to pocket some cash either way.
Longfordian
14/02/2010, 8:50 PM
Deal now done apparently
Cork City Football Club wish to confirm that, following negotiations, a deal has been submitted to facilitate the takeover of the club by the Quintas-led consortium which made a formal bid on Friday afternoon.
This is subject to Cork City Football Club obtaining a licence from the FAI, and the club is currently liaising with the FAI in order to ensure all necessary criteria are satisfied.
The club expects to be in a position to make a formal announcement of the takeover in the coming days.
Deal not done. TNB playing mindgames
Longfordian
14/02/2010, 9:02 PM
Really? What an abominable man he truly is.
14th February 2010 – Quintas Group, on behalf of the consortium of Peter Gray, Michael O’Connel and FORAS, the Cork City Supporters Trust, confirms that no agreement has yet been reached between the consortium and the current ownership of Cork City FC.
The consortium is frustrated at the apparent lack of urgency within Cork City FC in relation to these negotiations. With a number of external deadlines on Monday the 15th of February, time is rapidly running out for a successful conclusion to the current talks.... See more
If no agreement is reached before the licensing committee of the FAI makes its ruling and the High Court rules on outstanding monies owed to the revenue commissioners, the consortium will have no option but to withdraw the offer made to purchase Cork City FC from it’s current owners.
The consortium sincerely hopes that an agreement is reached before these deadlines are reached.
Doomofman
14/02/2010, 9:05 PM
So a creek and lack of means of propulsion spring to mind...
wow. What a pr1ck that man is.
We should have expected something like this from TNB. CCIFL should be wound up for it;s own sake tomorrow and start with FORAS in the 1st division. Tommy has badly damaged the reputation of not only Cork City but the league of Ireland and we need to start on a fresh slate here in Cork now.
wow. What a pr1ck that man is.
What a fantastic understatement
DmanDmythDledge
14/02/2010, 9:26 PM
Seems clear to me that Tom is trying to give the impression that a deal has been reached so CCFC can get a license and then hold on to the club.
Where has that press release from Quintas et al. been released to? Presumably the general media so it will be widely known about.
http://www.rte.ie/sport/soccer/2010/0214/corkcity.html
Cork City have revealed that a bid from the Quintas Group to takeover the club has been finalised and that it expects it to be completed in the coming days, but the consortium has threatened to pull out of the deal.
Quintas will only agree to the takeover if the club secure a licence to compete in the League of Ireland this season.
The FAI are set to announce on Monday which clubs have received licences, and for which division, but the deadline may have to be extended for the Leesiders.
They have confirmed they are currently in negotiations with the league's governing body with a view to fulfilling the necessary criteria.
City are also in the High Court on Monday as the Revenue Commissioners issuing a winding-up petition against the club.
Cork will only be able to obtain a licence if the takeover goes through but Quintas are concerned at the speed of the negotiations.
In a statement released on Sunday night, the Quintas Group said:
'The consortium is frustrated at the apparent lack of urgency within Cork City FC in relation to these negotiations.
'With a number of external deadlines on Monday, 15 February, time is rapidly running out for a successful conclusion to the current talks.
'If no agreement is reached before the licensing committee of the FAI makes its ruling and the High Court rules on outstanding monies owed to the revenue commissioners, the consortium will have no option but to withdraw the offer made to purchase Cork City FC from it's current owners.'
Powered by vBulletin® Version 4.2.2 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.