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

[pineapple stu]

Just on the new chairman, the lawyer. If TNB survives today in court, he'll presumably be denied a licence. Will the lawyer then start suing the FAI on behalf of CCIFL, holding up the start of the season? I don't see any real reason for bringing in a temporary head man, given they already have that Meaney chap?

Best case scenario has to be the courts end it all rather than the FAI.

Edit - if that O'Keeffe stuff is true, it has to be the end in the next hour or so.

[Dodge]

If nothing comes of this, at the very least, Cork fans will be able to all pass their accountancy and legal exams without years of study like the rest of us ;)

[James]

If nothing comes of this, at the very least, Cork fans will be able to all pass their accountancy and legal exams without years of study like the rest of us ;)

honourary degrees for the FORAS BOM anyways..
Dr Ticktok :D

[derm]

Jeepers.. TNB sure can screw things up!

A case of chickens coming home to roost more like.

[Longfordian]

Just out of curiosity this O'Keefe loan, was it ever declared to the consortium or uncovered during the due diligence? Would it be even more debt in the unlikely event Tom were to do the deal?.

[redgav]

If nothing comes of this, at the very least, Cork fans will be able to all pass their accountancy and legal exams without years of study like the rest of us ;)

hahaha

[tippex]

I hope someone has been writiing a script for all the goings on coz it could well be a blockbuster at this stage.

[James]

I hope someone has been writiing a script for all the goings on coz it could well be a blockbuster at this stage.

no one would believe it

[weecountyman]

If it's a blockbuster, will it have a happy but devastating ending (a la 2012 or The Day After Tomorrow), or like Titanic will it slowly slip into the Lee. I had a vision that would be great to do - the final scene when they're counting bullets from Butch Cassidy and the Sundance Kid, photo shop in Tom and Liam and you've a brilliant post!

[Dodge]

BTW revenue are ALWAYS no 1 creditor. Your man, won't be getting a penny from them

Now if he wants the money from TNB, thats a different story

[Longfordian]

I assume it's TNB he wants his money from. The FORAS people seemed to be aware that this was going to happen at their meeting last night and I think they're still looking to get the deal done today.

[Real ale Madrid]

If nothing comes of this, at the very least, Cork fans will be able to all pass their accountancy and legal exams without years of study like the rest of us ;)

Exact same thing was said at the FORAS meeting yesterday! - although the BoM looked decidedly sheepish about gaining degrees in Business from the Tom Coughlan Business school.

[tiktok]

166 pages, 3,302 posts gonig back to July last year and Coughlan still is intent of pushing it down to the last minute.
The club is and always has been a plaything to the man. Heartbreaking for those of us who care about it to put up with all this.

[tippex]

166 pages, 3,302 posts gonig back to July last year and Coughlan still is intent of pushing it down to the last minute.
The club is and always has been a plaything to the man. Heartbreaking for those of us who care about it to put up with all this.

I do hope for the fans and the league this sorry saga gets closed today and the fans have a club that they are totally involved in.

[Longfordian]

Michael O'Connell has apparently said in the paper that the debts stand at €1.2m and they're prepared to take them on but Tom wants a pay off. I think he won't give a toss if the club gets wound up if he's not going to be getting anything out of the takeover.

[sheao]

I do hope for the fans and the league this sorry saga gets closed today and the fans have a club that they are totally involved in.

That's what we all want down here in Cork anyway . Really hope this will all come to an end today, Tommy came into the club with a business reputation and he's only enhanced that since .

[tippex]

Michael O'Connell has apparently said in the paper that the debts stand at €1.2m and they're prepared to take them on but Tom wants a pay off. I think he won't give a toss if the club gets wound up if he's not going to be getting anything out of the takeover.

Debts of 1.2m and they are prepared to take them on. They must be nuts considering they can back Foras in the first and with that level of investment they would be well on there way.

[Dodge]

Michael O'Connell has apparently said in the paper that the debts stand at €1.2m and they're prepared to take them on but Tom wants a pay off. I think he won't give a toss if the club gets wound up if he's not going to be getting anything out of the takeover.

€1.2 mill debt run up in a year? Jesus....

TNB must've been paying himself €15k a week

[Longfordian]

It does seem really strange. I know they were talking about having Tom indemnify the debt over a certain level but sure why would he do that?. If he did agree to it, I can only imagine the hassle he'd cause when trying to enforce it. Dodge, I think some of that is relating back to examinership time, he didn't pay what he was supposed to pay by all accounts.

[Dodge]

I think thats even worse Longfordian> Not sure why i think that...

[pineapple stu]

I think some of that is relating back to examinership time, he didn't pay what he was supposed to pay by all accounts.
Only 9% of what - E1.5m? That's E150k, give or take. He's done some job down there.

[Longfordian]

I think thats even worse Longfordian> Not sure why i think that...

Agreed, it just shows how little he's actually put in to the club in any shape or form. He must actually have been taking money out for it to get so bad.

[Mr A]

The debts, while obviously very large, are not beyond management if the creditors are willing to wait. Plenty of LOI clubs (including us) have large debts but are working towards addressing them.

[weecountyman]

When you consider it the debt is not very large. With a concentrated effort, good management and a little bit of luck on the field it can be taken care of within a couple of years, especially the way Cork seem to be able to sell 1 or 2 players each year. What is the latest from the courts?

[pineapple stu]

E1.2m isn't very large? Their annual turnover would be less than that. The debts are massive.

[weecountyman]

E1.2m isn't very large? Their annual turnover would be less than that. The debts are massive.

In the overall scale of things it's not a massive amount and can be cleared with good management. Once there is a concerted supporters effort covering the daily running costs of the club it be moved bit by bit.

[Mr A]

OK.. I was making that statement based on smaller numbers than that... if say the consortium are investing 500k and the total is 900k I feel that a club the size of Cork City should be able to deal with 400k by negotiating with creditors and spreading it over a few years. 700k is pretty daunting though.

CCFC Forum again:



A barrister for the consortium has told the judge that a conditional deal has been done, condition being a Premier Division licence. The judge has told the consortium that there are to be no conditions attached to the takeover and a proper deal must be done by 4pm.

So now the consortium must decide on taking the club on without a Premier Division licence. All getting very circular... this is a big test for the FAI now.

[Doomofman]

It just goes onnnn an on...

[sheao]

40 mins so for consortium to decide if they want to take the club without the premier licence.

[Longfordian]

Good stuff from the judge in fairness to her, that's the way it should be. It'd be very interesting to see what the FAI/Licensing Committee would do if they didn't have to give a Premier Licence..

[harps1954]

Good stuff from the judge in fairness to her, that's the way it should be. It'd be very interesting to see what the FAI/Licensing Committee would do if they didn't have to give a Premier Licence..

If the takeover happens, the FAI will grant a Premier Division Licence. No doubt about it.

Interesting couple of hours coming up.

[Longfordian]

Probably will get a Premier Licence but I really don't see how they can justify it, there'll still be nobody paid by 5.00 and they'll still have smashed the 65% rule to smithereens, don't forget Padraig Smith's direct quote that it would mean "automatic relegation" if a club came in over 65%.

[Dodge]

Judge has really painted the FAI and the Independent Licensing Committee into a corner.

The new Cork directors too. Can't see how they'll be called saviours of the club if they won't accept playing in the first division (if they're relegated, will they bail?)

[razor]

Reports that Tom has thrown all staff out of the offices in Rushbrooke Cobh,he must think the deal is done

[Fr Damo]

Deal done IMO, firstr Div beckons though. FAI won't/couldn't allow a licience.
Will they make room (and the rules) for three go up next season I wonder.

[tippex]

Deal done IMO, firstr Div beckons though. FAI won't/couldn't allow a licience.
Will they make room (and the rules) for three go up next year I wonder.

I'm fully expecting the FAI/ILC to bottle it and issue a premier license.

I've a feeling it could well be announced that next season the league will go to a 16 team premier.

[SMorgan]

You got to say that those planning to take-over the club have a bloody cheek to be insisting on a licence. You can be sure that they are now talking to the FAI and trying to twist their arm. hopefully the FAI will tell them where to go. These guys can't get a licence. Simply can't!!!

[Mr_Parker]

You got to say that those planning to take-over the club have a bloody cheek to be insisting on a licence. You can be sure that they are now talking to the FAI and trying to twist their arm. hopefully the FAI will tell them where to go. These guys can't get a licence. Simply can't!!!

You can be sure that the FAI have been involved every step of the way with "advice and guidance"

[Dodge]

"independent" licensing committee

indeed

[sheao]

Deal has been done according to Billy Barry on 96 fm .

[tippex]

Deal has been done!

Let the fudging commence.....

[sheao]

Let the fudging commence.....

The winding up order has been lifted and the consortium now own the club . Now over to the licencing committee.

[Hulsey]

Perfect excuse to give a premier licence to the new owners. Would be more shocked if they don't get one than if they do

[Dodge]

Let the fudging commence.....

Think its spelt conclude

[blackholesun]

No way should CCFC recieve a Premier division license for the coming season after the way the name of the league was dragged through the mud by TNB over the last 12 months. Doesn't matter in my book, that new owners are taking over, the FAI would be setting a dangerous precedent here by allowing a club to flaunt the licensing process and play this get out of jail free card. I could see Bray challenging it in the courts too. Cork should take their medicine and their rightfull place in the first division!

bhs

[Dodge]

Doesn't matter in my book, that new owners are taking over,


Definitely not something we're used to hearing from Rovers fans in the last 5/6 years

[Fr Damo]

Agree with BHS........ Best of luck now to the new owners of Cork City & to the fans congrats on finally getting shot of TNB.

[osarusan]

Do the licensing committee meet later today?

Is the takeover contingent on CCFC getting a premier division license, or is that even legal?

[Hulsey]

No way should CCFC recieve a Premier division license for the coming season after the way the name of the league was dragged through the mud by TNB over the last 12 months. Doesn't matter in my book, that new owners are taking over, the FAI would be setting a dangerous precedent here by allowing a club to flaunt the licensing process and play this get out of jail free card. I could see Bray challenging it in the courts too. Cork should take their medicine and their rightfull place in the first division!

bhs

Problem with that reasoning is that you're presuming that the fai have the slightest shred of integrity within them

[centre mid]

I would imagine that its been agreed that if Cork get rid of Tom & avoid winding up that a premier licence would be stamped. It wont be a suprise to anyone here.