Sporting Fingal Gone Belly Up

[John83]

It's not that dense, is it? Pierse are screwed at least in part because they had to write off €16M Gannon Holmes owed but couldn't pay. Hence, it's reasonable to believe that Gannon, one of Sporting Fingal's main sources of revenue, may be quite a bit short of cash. Argue with that if you like, but sticking your fingers in your ears and saying 'LALALA NOT ABOUT SPORTING FINGAL' is just acting thick.

[The Lep]

You are short of blaming Sporting Fingal for whats happened to Pierse. Now thats acting thick ;)

[peadar1987]

Fingal are as well supported as other clubs in Ireland, and as far as I know, don't have any absurdly long contracts with players. What's to stop them just allowing the current squad leave on frees, and signing cheaper players for next season if the investments dry up? There'd be no need for them to be in any worse of a financial situation than clubs with similar crowds, like UCD, Galway and Bray.

[Charlie Darwin]

It's not that dense, is it? Pierse are screwed at least in part because they had to write off €16M Gannon Holmes owed but couldn't pay. Hence, it's reasonable to believe that Gannon, one of Sporting Fingal's main sources of revenue, may be quite a bit short of cash. Argue with that if you like, but sticking your fingers in your ears and saying 'LALALA NOT ABOUT SPORTING FINGAL' is just acting thick.
I wouldn't dare to suggest there was an ulterior motive at work from the Dundalk fan, but you have to question why he brought it up and just what relevance it has.

Yes, Gannon's company is in severe financial trouble. It has been for three years - this is not new information.

Is it reasonable to believe that Gannon is short of cash? Not really. He's probably worth no less than 50 million euro - the fact that his company is currently losing money has no bearing on his personal finances except to ensure they're not increasing at the same rate as before. The thing about limited companies is that the owners aren't on the hook for losses and tend not to throw money at them when they're going down the tubes.

That's not to say Gannon isn't looking to reduce his interest in the club - just to say the struggles of Pierse has nothing material to do with Fingal. We could post daily updates on Gannon's companies and others caught in their web of bad debts but it still wouldn't be relevant.

[Lamper.sffc]

Fingal are as well supported as other clubs in Ireland, and as far as I know, don't have any absurdly long contracts with players. What's to stop them just allowing the current squad leave on frees, and signing cheaper players for next season if the investments dry up? There'd be no need for them to be in any worse of a financial situation than clubs with similar crowds, like UCD, Galway and Bray.

I read we have 8 players who are still contracted. These dont seem to be what would be considered our big earners from what I can make out. Now there might be one or two big enough earners there but obviously the ones we would expect to be on bigger wages, Kirby, Zayed, O neil to name a few seem to be out of contract. Now this is just what I can make out. Not really a lot of solid details floating about.

As I said earlier. I dont mind who goes as long as we can keep to our budget. Im just hoping that 16 team prem comes in with no relegation to make up the 16. ;)

[Dodge]

Fingal have 9 under contract for next year, including both keepers, Finn, Williams, McFaul, Maher & 3 others I can't think of now.

One of the 9 told me that...

[Mark]

http://www.independent.ie/sport/soccer/league-of-ireland/fingal-likely-to-cash-in-on-williams-after-sponsor-blow-2405011.html


There's a few mistakes in that report. The claims about the players he has named are incorrect. Also, Keelings have redeployed staff affected by the Tesco move. What he said is misleading. IMO

[total hoofball]

Fingal have 9 under contract for next year, including both keepers, Finn, Williams, McFaul, Maher & 3 others I can't think of now.

One of the 9 told me that...
Ger O'Brien is definitely under contract next year, I would presume Conan Byrne is aswell.

[KildareFan]

Taken from the Evening Herald

By Aidan Fitzmaurice

Thursday November 04 2010

SPORTING Fingal have admitted that they are carrying out a review of
their finances for next season but denied reports that players from
last season's squad have been axed.

Fingal had a successful season in 2010 as Liam Buckley's side, playing
in the Premier Division for the first time, qualified for Europe.

But the well-publicised financial difficulties of the club's major
backer, Gerry Gannon, who is currently part of the NAMA process, put a
question mark over their long-term survival, and the club admit that
they are assessing their plans.

"Sporting Fingal is currently undergoing a general review of its
budget for the 2011 season," the club said.

In keeping with prudent management and planning, and against the
backdrop of very difficult economic circumstances generally, an
assessment is currently being carried out of available and likely
funding, and the 2011 budget will be set based on this information.

"As with any club, sponsors play a vital role in the funding of Sporting Fingal.

"We have been most fortunate with the generosity and support of our
sponsors to date and we are currently in the process of seeking new
and additional sponsorships.

"Contrary to a reference made in a newspaper, out-of-contract players
have not been informed by the club that their deals will not be
renewed.

"Those squad members were told by manager Liam Buckley on Tuesday that
contracts will be discussed as and when the budget review is
complete," the club added.

[BonnieShels]

The statements from the club are directly at odds with the optimism with their 2 fans here.
Let's wait for the review. That's all we can do.

Does anyone have any idea what the timeline of the fudging process, I mean licensing process is like for next season or is it gonna be as tight a timeframe as this season was?

[Rasputin]

So at the very best Sporting Franchise will have a much weakened squad for next season?

[pineapple stu]

The thing about limited companies is that the owners aren't on the hook for losses and tend not to throw money at them when they're going down the tubes.
Just as a follow-on to this (which is spot on), is it Gerry Gannon or Gannon Homes that's in NAMA? (Genuine question cos I can't remember)

[Jofspring]

So at the very best Sporting Franchise will have a much weakened squad for next season?

Ya i'd say thats the worst that will happen them. If they do have a weakened squad and possibly struggle next season i can see their crowds get even smaller at games. It's easy to support a team with very good players thats doing well but its when the going gets tough the real fans will stay around, which for Fingal i can't see too many people. Look at Kildare County in their first few seasons and what happened them as the years went on.

[OneRedArmy]

Just as a follow-on to this (which is spot on), is it Gerry Gannon or Gannon Homes that's in NAMA? (Genuine question cos I can't remember)Both.

[marinobohs]

Both.

Follow up to P Stu question does anybody know what vehicle was used for the Gannon funding to Sporting Fingal ? may well have been a company/ individual loan that is unaffected by NAMA process (although likely for tax purposes that it was paid through a company)

RE Pierse, Gannon Homes deal accounted for 16 million of 200 million owed (although situation muddied by inter group loans) so it is hardly obvious that Gannon is "responsible" for the company collapse, although undoubtedly a contributory factor.

[pineapple stu]

Thanks.

So basically, while the news of Pierse going into liquidation mayn't be entirely relevant to Fingal, Gannon's supposed personal wealth is also irrelevant; he has to reel in sports sponsorship and pay off NAMA himself as well?

[White Horse]

Thanks.

So basically, while the news of Pierse going into liquidation mayn't be entirely relevant to Fingal, Gannon's supposed personal wealth is also irrelevant; he has to reel in sports sponsorship and pay off NAMA himself as well?

There was a note included in the accounts of Gannon Homes in 2008 that "the loans are not only secured against company property and assets but also 'by the personal guarantee and indemnity' of Mr Gannon himself".

[Charlie Darwin]

Thanks.

So basically, while the news of Pierse going into liquidation mayn't be entirely relevant to Fingal, Gannon's supposed personal wealth is also irrelevant; he has to reel in sports sponsorship and pay off NAMA himself as well?
Yeah, although the 20 million contract the state just awarded him should help immensely. His wife has all the valuable assets and a few million in cash. Don't worry Gerry Gannon fans, his kids will inherit a lot of money.

Even if he were to declare bankruptcy tomorrow he'd still be a very wealthy man. As Dan O'Brien said on Vincent Browne last night - you have to be really rich to go bankrupt.

[White Horse]

Yeah, although the 20 million contract the state just awarded him should help immensely. His wife has all the valuable assets and a few million in cash. Don't worry Gerry Gannon fans, his kids will inherit a lot of money.

Even if he were to declare bankruptcy tomorrow he'd still be a very wealthy man. As Dan O'Brien said on Vincent Browne last night - you have to be really rich to go bankrupt.

The question we are debating is whether Sporting Fingal will get any more of it.

[Lamper.sffc]

The statements from the club are directly at odds with the optimism with their 2 fans here.
Let's wait for the review. That's all we can do.

Does anyone have any idea what the timeline of the fudging process, I mean licensing process is like for next season or is it gonna be as tight a timeframe as this season was?

Eh Bonnie (if you are refering to me). I think you may need to actually read what iv posted. Im not optomistic, actually im very worried. I just hope we do the right thing and stick to what ever budget we have. I will support this team no matter what happens. If that means we drop down the leagues then ill still be at the matches (probably on my own but ill be there). Im my case im hopefull rather than optimistic. Dont confuse the two

[passerrby]

Ya i'd say thats the worst that will happen them. If they do have a weakened squad and possibly struggle next season i can see their crowds get even smaller at games. It's easy to support a team with very good players thats doing well but its when the going gets tough the real fans will stay around, which for Fingal i can't see too many people. Look at Kildare County in their first few seasons and what happened them as the years went on.

but rasputin believes its the best that can happen the worst is that they go belly up

[Charlie Darwin]

The question we are debating is whether Sporting Fingal will get any more of it.
It's a vanity project - of course they'll get more. 500k+ is a lot to put into a club even for a rich man so it won't be at the level of the past couple of seasons but he'll continue to support it. By the sound of it, most of the players were on short contracts anyway, so they've obviously been watching their arses in case the money did dry up.

[pineapple stu]

And don't forget that Gannon was only one of three backers. Can't see Anglo putting money in any more, and Keeling's have been cutting jobs, so you'd imagine they'd be cutting funding.

That's of course to discard the effects of the murky world of Irish politics.

[Charlie Darwin]

Surely Anglo pulled out a year ago?

[pineapple stu]

Never seen any info one way or the other tbh. No idea what they were putting in or if they're gone. You can never tell in this country.

I have a vague notion there was something about Anglo having a sponsorship agreement beyond when they were nationalised, but that may be complete nonsense.

[Dodge]

Never seen any info one way or the other tbh. No idea what they were putting in or if they're gone. You can never tell in this country

Not being funny, but why should you know about a company sponsoring a football club? its hardly the fault of the country that they don't make press releases about everything

[Lamper.sffc]

Surely Anglo pulled out a year ago?

Gone after year one so its actually two years ago.

[pineapple stu]

Not being funny, but why should you know about a company sponsoring a football club? its hardly the fault of the country that they don't make press releases about everything
I agree. Was just answering CD's question.

(The "in this country" remark was just me being cynical - "you scratch my back and I'll scratch your back" agreements and what have you, so even though something should happen, connections sometimes mean they don't)

[The Lep]

And don't forget that Gannon was only one of three backers. Can't see Anglo putting money in any more, and Keeling's have been cutting jobs, so you'd imagine they'd be cutting funding.

That's of course to discard the effects of the murky world of Irish politics.

Its been posted in this thread on a number of occasions that Anglo pulled out last year hence why the logo is no longer on our new shirts . Also it has been mentioned that Keelings redirected the employees elswhere and didnt cut jobs on a large scale. Try and keep up Stu seeing that you have been an avid follower of the thread.

[Lamper.sffc]

Its been posted in this thread on a number of occasions that Anglo pulled out last year hence why the logo is no longer on our new shirts . Also it has been mentioned that Keelings redirected the employees elswhere and didnt cut jobs on a large scale. Try and keep up Stu seeing that you have been an avid follower of the thread.

They pulled out after year one. Havnt sponsored us in two years.

(Just keeping the facts correct)

[The Lep]

Thats what i ment :)

[Lamper.sffc]

Thats what i ment :)

Meant :D

[OneForTheFuture]

Are you 2 in the same room?


You are like a double act!

http://1.bp.blogspot.com/_IPE-dBSxpcY/S631dmYPoHI/AAAAAAAAE9E/gsh_ElWEyP8/s1600/laurel-and-hardy.jpg

[BonnieShels]

And that's what he meant!

Lamper, forgive my ignorance of your hopeless as opposed to a perceived optimism. That was an error on my part.

But still I ask, what's the story with the licencing process?

[Louth4sam]

Are you 2 in the same room?


You are like a double act!



http://www.wolaver.org/animals/ostrich.jpg

[Lamper.sffc]

Are you 2 in the same room?


You are like a double act!



Nah. We are the only two fingal fans on here who seem to post regular so I guess it seems that way.

[Lamper.sffc]

http://www.wolaver.org/animals/ostrich.jpg

I have my head very much out of the sand. Aint no hiding here. good pic though

[The Lep]

Are you 2 in the same room?


You are like a double act!

http://1.bp.blogspot.com/_IPE-dBSxpcY/S631dmYPoHI/AAAAAAAAE9E/gsh_ElWEyP8/s1600/laurel-and-hardy.jpg

That pic could have easily have been our ancestors cos the resemblence is spooky, Do you agree Hardy? :)

[Lim till i die]

So there will be a cut back on players wages so as to be able to compete in the Premier next year??

I wish Limerick had the worries Fingal have.

[The Lep]

Dont know yet but its a possibility.

[Fivesilver]

Nah. We are the only two fingal fans.

Fixed

[Lamper.sffc]

Fixed

Sorry buddy, but that one was way too easy.

[Lamper.sffc]

That pic could have easily have been our ancestors cos the resemblence is spooky, Do you agree Hardy? :)

As long as your the fat ba$tard then fine. Wait, which one is hardy?

[born2bwild]

I'm Groucho

[forza]

I heard last night from a taxi driver who said he was a Fingal fan and involved with Malahide Utd, that Gannon has given Fingal f**k all money over the last 2 years... How true that is... I don't know. But that also asks the question if it is true are Sporting Fingal being pretty much funded by the council?

[The Lep]

no to both.

[OneForTheFuture]

I heard last night from a taxi driver who said he was a Fingal fan and involved with Malahide Utd, that Gannon has given Fingal f**k all money over the last 2 years... How true that is... I don't know. But that also asks the question if it is true are Sporting Fingal being pretty much funded by the council?

F*** all compared to Ireland's budget cuts maybe :confused:

Taxi drivers eh?

[pineapple stu]

I heard last night from a taxi driver who said he was a Fingal fan and involved with Malahide Utd, that Gannon has given Fingal f**k all money over the last 2 years... How true that is... I don't know. But that also asks the question if it is true are Sporting Fingal being pretty much funded by the council?
In fairness, it's in I think the first post of the thread how much Gannon has given to the club.

[legendz]

From the reports I've read it looks likely some players will not be retained and others sold. I don't think the club will go bust. I think they will move to Lusk eventually but it's hard to see any movement on a stadium being built in the near future.

[Lim till i die]

Screw the new stadium, I say they build a pyramid. ;)