FAI to bail out Cobh?

[Buile Shuibhne]

Cobh Ramblers have agreed a deal with the FAI that sees the association take control of St Colman's Park and help with the running of the Cork-based club.


http://www.extratime.ie/newsdesk/articles/3116/


This story was covered on TV3 this morning as well.


Anyone know the details?

Are the FAI buying St Colmans as per the sale/lease-back that Cobh proposed to them last year, but which the FAI rejected then?


What's changed since last year and why should the FAI help some clubs financially and not others?

[passinginterest]

I saw this on TV3 this morning too. It said something about the FAI running the club for a minimum of 18 months. Sounded very unusual, hopefully it'll work out well for Cobh in the long run and it's a sign that the FAI are willing to be proactive in helping clubs and running them properly.

[L.T.F.C.]

it's a sign that the FAI are willing to be proactive in helping clubs and running them properly.
Cork, Derry?

[Buile Shuibhne]

from last year when the FAI turned down Cobh:


The FAI's board came to the decision that it could not provide financial assistance to any club involved in the League of Ireland as it could assist them in obtaining a license.

www.rte.ie/sport/soccer/2009/0126/cobh.html

[brendy_éire]

Cork, Derry?

In fairness, there's a bit of a difference in advising clubs and actually running them.

[pineapple stu]

And between those two and giving them financial assistance.

[luka]

Story here:

http://cobhedition.com/?p=1892

[luka]

http://www.extratime.ie/newsdesk/articles/3116/

Are the FAI buying St Colmans as per the sale/lease-back that Cobh proposed to them last year, but which the FAI rejected then?


What's changed since last year and why should the FAI help some clubs financially and not others?

That's basically the jist of it. The current committee has stepped down and the four coming in have been appointed by the FAI to oversee the running of the club. The ground has been sold to the FAI for X amount and will be leased back over a maximum period of 20yrs. The only thing that has changed from last year is the the then committee have gone and the clubs constitution suspended to allow the new admin a free hand to bring the club back on a level-footing.

[Mr A]

I'd be delighted to see Cobh back on their feet in D1 and being run properly. They lost the run of themselves at the same time we did and suffered grievously. I always got the impression that if the energy used on infighting was channelled for the good of the club they'd be flying.

It'll be interesting to see how this plays out and whether the FAI have rescue plans for other clubs in difficulties.

[SMorgan]

That will leave the FAI owning Humpdy-Dumpty Park and St. Coleman's Park. As in Drogheda United's case will the FAI undertake works required to bring the ground up to Licence Standards at no expense to the club?

[Enruoblehs]

Another parachute being manufactured for use into Division One ?

[The Observer]

Hope things work out for Cobh to be honest, always had a soft spot for them from going to see them a few times when working down there a few years ago, enjoyed the banter with the locals in the clubhouse over a pint or two, would be nice to see them back in the league & even better if it can be done without potentially risking their future into the bargain.

[L.T.F.C.]

It's a sign that the FAI are willing to be proactive in helping clubs and running them properly.
Cork, Derry?



In fairness, there's a bit of a difference in advising clubs and actually running them.
They did neither in Cork and Derry.

[shantykelly]

tbf, they could have thrown both clubs and their fans to the wind but did neither. i think in this case its a matter of damned if you do and damned if you dont for the fai.

[Dalymountrower]

Their bringing people in with the main job of making a deal with the creditors, more professional people that should be a ble to strike better deals than what our committee could. Their also working on getting rid of the in house factions and so on. I wouldnt call it a bail out, their leasing our ground off us for 20 years in which we have the option to buy back in 40 years i think. Works out great for the club.

Best of luck, always enjoyed matches in St Coleman`s, presumably the FAI are ready to slot you in when one of the three Galway Teams drop out?

[luka]

Lads,

Just want to clarify that 'a deal has been reached in principle' and not as originally stated as being 'signed, sealed and delivered'. That was an error on my behalf as the writer of the original article. Apologies for that.

[madblaa]

it's a sign that the FAI are willing to be proactive in helping clubs and running them properly. Huh? Sure they have trouble running themselves! They've all but finished off LOI football as it is.

[DmanDmythDledge]

from last year when the FAI turned down Cobh:


The FAI's board came to the decision that it could not provide financial assistance to any club involved in the League of Ireland as it could assist them in obtaining a license.

www.rte.ie/sport/soccer/2009/0126/cobh.html
There's no mention of financial assistance though, just that they are going to run the club.

[Longfordian]

Their bringing people in with the main job of making a deal with the creditors, more professional people that should be a ble to strike better deals than what our committee could. Their also working on getting rid of the in house factions and so on. I wouldnt call it a bail out, their leasing our ground off us for 20 years in which we have the option to buy back in 40 years i think. Works out great for the club.

What are ye getting in return for surrendering the main interest in your ground for 20 years?. Are they going to do deals wth your creditors and pay them off themselves or are they going to use the club's income to pay them off?. It's a cheap ground for the FAI for 20 years either way to be honest, our Supporters Trust has knocked off nearly 250k of debt in three years through doing deals themselves and we didn't give up a thing in assets.

[Martinho II]

fair play to the fai for doing this but why did they not do this when cobh were in the top flight?

[paudie]

That will leave the FAI owning Humpdy-Dumpty Park and St. Coleman's Park. As in Drogheda United's case will the FAI undertake works required to bring the ground up to Licence Standards at no expense to the club?

St Colmans doesn't need any work to bring it up to Div 1 standard

[Buile Shuibhne]

Local sources suggest that the FAI will pay €400,000 for the ground, which would then be leased back to the club for the next 20 years.

The deal would enable Cobh to clear most of their debt, which is believed to be in the region of €580,000.

http://www.independent.ie/sport/soccer/fai-set-to-bail-out-cobh-with-colmans-park-buyandlease-2108792.html


That's sure looks like a bail out.


Can we have one too ?

[pineapple stu]

You can't sell your ground twice.

[John83]

You can't sell your ground twice.
Clearly, Pineapple should be stripped of his moderatorship because of this dig at Bohs. Heck, that post was a reverse vampire comment short of deserving a total ban from the site.

[Dodge]

Surely a dig at Shels? I've no bother with the FAI doing it, to save any club.

Just seems strange they didn't do when requested before on the grounds that "it wouldn't be fair to others"

(That quote may be entirely made up, but it was the general gist)

[pineapple stu]

Surely a dig at Shels?
See the thread in support (if you dare...)

(And for the record, it was a lighthearted dig at both. I'm efficient that way)

[Dodge]

No, I got it 'napple. Just wanted to hammer it home to Buile Shuibhne

[pineapple stu]

'Napple?! :eek:

[SkStu]

hey - how f*ckin dare you....

ah forget it...

(joke!)

[John83]

'Napple?! :eek:
Short for Snapple. Do they do a pineapple flavour?

[pineapple stu]

Is this (http://www.youtube.com/watch?v=koyPCRm3Xh8) a drink?

Anyways, let's go back on topic, shall we?

[peadar1987]

Is this (http://www.youtube.com/watch?v=koyPCRm3Xh8) a drink?

Anyways, let's go back on topic, shall we?

One of the more under-appreciated bars out there. Taxis are also good!

http://upload.wikimedia.org/wikipedia/en/c/cb/Topic_%28chocolate_bar%29.jpg