Dundalk FC up for grabs!

[Nesta99]

Dundalk Democrat reports today that Gerry Matthews is considering a number of offers for the taking over of Dundalk FC. Interesting times ahead and it is doubtful that there will be a smooth transition of ownership. GM has done some great things for DFC but there is a general consensus among supporters that a new direction is needed for the club to continue moving forward.

[Guinney]

Most Dundalk fans applaud Gerry Matthews for the job he has done. A few years ago we were stuck in the graveyard and going nowhere fast. But it seems as he has taken us as far as he can go. Plus its well documented that his other business ventures (mainly property) are struggling in the current economic climate. The whole thing about where the profits of the Youth Development Centre (YDC) now commonly referred to as The Entertainment Centre and the lack of information on the whole project is causing disgruntlement amongst some fans. He has make some bad decisions on his day as well. The sacking of Dave Rodgers rightfully or wrongfully was the wrong course of action to take, as was the dismissal of Lisa Kelly, and the whole Cian Hughton situation annoyed alot of fans. The biggest problem I have is that he seems to have little interest in football. Alot of people say he rarely makes it to matches (including the Setanta Cup Final) and there seems to be a clear lack of communication between him, the board and the manager. I think any football club owner should have a love for football.

There is no doubt he has had good business mind but this has taken us this far, many want to go onto the next step. I think something new needs to happen at the club because we are currently stagnating. Fans are not coming out in the numbers as they did in previous years (the rescission is a factor here). A takeover won't be easy due to Gerry Matthews interest in the YDC.

[Dunny]

From Dundalk Democrat:


Dundalk FC SET TO CHANGE HANDS

Matthews reveals two offers on table for club

By James Rogers

DUNDALK FC could be set to change hands, the DUNDALK DEMOCRAT can exclusivley reveal. Club owner Gerry Matthews has admitted to this newspaper that two offers are currently on the table to take over the running of the club from him.
While no decision has yet been made by the local businessman on the two proposals, he admits that it is likely he will accept one of them.
The first proposal is by Dundalk FC coach Ciaran Bond, who has a group of investors behind him. The second has been put forward by the Dundalk FC Trust, who are understood to have put together a comprehensive stufy and analysis of various member groups who own their own club. Their proposal is believed to be loosely based on the 400 Club operated by Shamrock Rovers.
When questioned about the two proposals by the Dundalk Democrat, Mr Matthews said there was "no decision made" as yet.
He said: "There are two options really - firstly to leave things as they are or secondly to go with one of the proposals. I'm looking at all options at the minute but it's fair to say that it probably will end up changing hands."
Matthews took over the running of Dundalk FC just over five years ago in August 2006. Since then the club has got back on a sound financial footing and returned to the top flight of the Premier Division. Success has followed on the field too with a lucrative Europa League campaign last year being followed up with a run to this year's Setanta Cup Final.
The local developer, who also owns ToolFix in Dublin Street, has invested heavily in the club over the past five years, building a new shed and the lucrative Youth Development Centre. It is understood that he will remain in charge of the centre regardless of what decision he makes about the clubs future.
He admitted to the Dundalk Democrat, however, that he would prefer a "clean break" from the club where he to accept either offer and would likely vacate his position on the board.
"Both of these sets of people approached me so it wasnt something I was thinking about. Over the next few days I will look further into both offers and decide what is best for the club."
Matthews admitted that time was somewhat of the essence with a number of contracts. including that of manager Ian Foster, set to expire in November. However, he insisted there was no time frame in place to make a decision.
The CEO said he would discuss the matter with supporters following Friday night's home match against Bohemians. He said: " We're playing Bohs at home on Friday night and I'd like to have a buffet that night after the game to explain what we're doing and to tell supporters of where the club was and we'd like it to be going forward.
Matthews said no matter what his decision he would always try to help the club going forward, insisting he had a "passion for the club".
He admitted that each proposal had "pitfalls" but added that he was "impressed by both"

[Dunny]

http://www.dundalkfc.com/matthews-to-make-decision-at-fans-meeting-23-september

[El-Pietro]

this will end badly

[Nesta99]

We will know in a couple of weeks but undoubtedly stormy waters ahead, though not in the same league as the Cork Foras v Coughlan affair! The Matthews/Dundalk FC relationship regarding the YDC(Entertainment centre) is the make or break. A mutually beneficial agreement would ease things. The fact that the building is on both Casey Trust land and Matthew's land will make for interesting discussion if GM trys to 'have his cake and eat it'! Worrying nonetheless. Ideally the YDC will be purchased or the development repayments will part of the new investors plans.

[El-Pietro]

hope ye can take control yourselves anyway

[srfc1928]

hope ye can take control yourselves anyway
Agreed, owners/investors always seems to end in tears for the clubs

[Martinho II]

who is lisa kelly lads? hope ye get the ownership issue sorted once GM leaves..

[Dunny]

who is lisa kelly lads? hope ye get the ownership issue sorted once GM leaves..

Used to do PR for the club, won an unfair dismissal case against GM.

[horton]

If I'm not mistaken she was their Commercial Manager up until a year or two ago. Gerry Matthews sacked her after their romance finished, she took a unfair dismissal case against the club and got a decent settlement.

EDIT Dunny beat me to it!

[Dunny]

http://www.dundalkfc.com/matthews-to-make-decision-at-fans-meeting-23-september

Update:


Unlike previously stated – no final decision will be made at this meeting.

[Lim till i die]

Strong rumours down here that Pat O'Sullivan will be tabling a bid with a view to changing to an all blue kit and moving the club a couple of hundred miles.

[Longfordian]

How long is Roddy's contract at Monaghan then?

[Spudulika]

How long is Roddy's contract at Monaghan then?

Now, now, just because he jilted Longford no need to suggest he'll get a bunch of investors to take over Dundalk :-)

Horrible visions of the civil war and bloodletting that happened when the McGuills were forced out and the Co-Op (won't name the man) took over to run the club into the ground. Worrying times.

[Nesta99]

Convenient omissions there Spud eg the McGuills refusing new investment as they would not allow hold on the board be diluted -the Donnellys being one example, and they certainly had an impact at another club didnt they!! Also where do you think the club was for the need for the co-op concept to be suggested in the first place.??? Anyhow what is important is to have this resolved soon so as to get player and management contracts sorted. Ezekial is very quiet these days!

[geezer]

looking to bring in investors, is he loyal to the club. From the outside looking in it looks like a stroke from someone trying to screw the supporters. Find someone who will have "investors" make a offer, highlight it a bit in the press you never know someone might come out of the woodwork, Supporters get riled up and out bid the pretend investors and the owner has the perfect scenario of so called "investors" and the supporters who love their club. Be careful

[Nesta99]

From Orielweb : Colm being the programme editor for those who have purchased one, and mainstay of DFC Trust.

Sorry for any breaking of forum etiquette with the new thread – but I wanted to highlight this issue separately. GM did get page 1 of the Demo after all! Also, apologies for the length of this post - but it's a very complicated issue as you can imagine.

Firstly, Gerry has every right to go to the papers and say whatever he wants. He is the owner of the club after all. However, the article in the Democrat is misleading. I don’t think Gerry deliberately attempted to mislead – but I think it has caused some understandable confusion.

The DFC Trust has not made a final proposal for a takeover of the club. At this point we are simply investigating the potential for a model of ownership that gives full or majority ownership into the hands of Dundalk FC supporters.

The other bid has also not been finalised. I don’t want to misrepresent Ciaran’s option but they also have not actually submitted a “bid”. There have just been verbal discussions.

The DFC Trust proposal and the proposal from Ciaran Bond are not necessarily rival proposals. However, the DFC Trust has to put some contingency plan in place to ensure some system of ownership and management exists at the club considering the fact that Gerry has stated his desire to us that he wishes to step away from the ownership of the football club.

The principles of the DFC Trust proposal are:

1. The formation of a new company that will be owned by members.

2. The club’s board to be elected by the membership.

3. The company to be open to private investment – but not at the expense of gaining control of the ownership of the club. We believe that the club should not be in the “control” of just one or a handful of people.

4. The business of the club to be divided into several management groups each taking on a particular area of responsibility. From merchandising to organising promotions to boost attendances – there is huge scope for improvement in every area of the club that generates revenue. We are trying to raise support for people to transform these areas of the club and make them profitable. The feedback so far is quite good but a lot more work is required in this area. Some of these areas may require just one meeting a month – or could even be managed using online solutions to help people who might not be able to get to a meeting. Anybody who wants to be involved – no matter where you are – should be able to play your part in an active way.

It’s late at this point so I can’t get into a huge amount of detail. But our proposal will only become an offer if and when a process of due diligence takes place so that we are fully aware of all the financial implications of taking over the football club.

We need agreement with how the YDC will benefit the football club and full awareness of any outstanding creditors or potential problems that may arise.

So far, these discussions are heading in the right direction I'd have to say - but clearly there is still a lot to do.

The proposal also depends on people agreeing to join the management groups to get involved in the club. It’s very much a bottom-up approach so that we have effective and workable structures in place. Without this, I doubt very much this proposal will be workable.

We also, quite obviously, need the support of the fans.

I’d ask people to remain open minded about a supporter ownership solution for the club.

What we are proposing is completely different from the Co-Op system. Also, I’d be very very wary of judging the potential success of such a model on the current uptake on the Patron Scheme. The Patron Scheme is a valuable fundraiser – an overall club membership package is a completely different animal.

So, hopefully that helps explain the situation somewhat from our perspective. We can’t give a full outline of our proposal until we have more discussions with the current owner.

We are not ruling out working with Ciaran and his investors at all and I’d imagine that this would be discussed in the coming days. Also, the discussions I’ve had with Gerry Matthews on this have been very positive also. This is not a hostile process – or at least not from the DFC Trust’s perspective anyway.

All of this is happening very quickly (just over the past week or so) so a lot of things might change.

The best way to understand our proposal is to meet with us. We have started the process of small think-tank’s to discuss our ideas and to explain our vision for the football club.

I’m sure we will be holding a public meeting at some point. I am very unclear about what is going on at the meeting after the St Pat’s match. However, if you would like to come along to one of these small, informal discussions then let me know. Email me at colm.murphy@dundalkfc.com and I will make arrangements to get you fully up to speed.
Colm Murphy

[Longfordian]

Now, now, just because he jilted Longford no need to suggest he'll get a bunch of investors to take over Dundalk :-)

Horrible visions of the civil war and bloodletting that happened when the McGuills were forced out and the Co-Op (won't name the man) took over to run the club into the ground. Worrying times.
Ha, I'd say it was a lucky escape but it wasn't luck just foresight on the club's part thankfully! It's a shame he fell out with these successful developer pals of his that shockingly turned out to be have no money and be mortgaged up to the hilt. In all seriousness though good luck to the Dundalk fans with everything.

[Mr A]

I heard a rumour that Nick Leeson and Sean Connor are putting together a DVD on why they'd be the perfect team to take Dundalk forward.

[Trainee]

Any Idea how much a potential investor would have to pay GM to buy the club

[Guinney]

No idea but as mentioned the Youth Development Centre will makes or breaks the deal. Its gona be tricky, as the bars inside it are under Dundalk FCs bar license and it would be very hard for Gerry to get a new bar license for it. Without a bar license it would his entertainment centre would be useless to him. Other stubbling blocks like the some of the land is on the Casey land and also the grants received for the construction of the building where giving under the pretenses that it would be for youth development I assume.

Also Hiney Park out the back, as far as I know Gerry Matthews owns that (correct me if I'm wrong).

[nigel-harps1954]

Couple of Euro left in my wallet after buying the shopping...much are they going for?

[bullit]

Couple of Euro left in my wallet after buying the shopping...much are they going for?

Harps simply cannot afford this fine.

Any club which is fretting over a couple of grand should probably be sitting down having a hard think about whether to remain in senior football


This is a very stupid remark. As Magicme said, only a couple of years ago this sort of fine would have threatened Limericks existence in senior football. Dare we mention the demise of Limerick a few years ago and the start of Limerick 37?

I'm not going to go on about Harps dire financial situation, simply for the sake of the club, I'd happily take the loss of points long as the fine is taken away. John Delaney may be able to lift 2 and a half grand out of his back pocket any day he wishes, but for the FAI to expect a club on the brink to cough up for their own mis-information is downright criminal. :confused:

[Dunny]

One proposal withdrawn:

http://blackandwhitetown.tumblr.com/post/10325458004/bond-withdraws-proposal

[Lim till i die]

Is this Dundalk thing going to be as massively messy as it appears to be?!

[Nesta99]

Probably!! Although if there are unreasonable demands for the club being made Gerry Matthews is left a bit stuck so i'd say a bit of posturing is going on(i hope). €5mil to purchase the YDC hmmmmm?

[Ezeikial]

Probably!! Although if there are unreasonable demands for the club being made Gerry Matthews is left a bit stuck so i'd say a bit of posturing is going on(i hope). €5mil to purchase the YDC hmmmmm?

The YDC is an asset of the club and cannot be sold as a separate entity (either for €5 or €5,000,000). Gerry Matthews had it build for the club on Oriel Park land (which is the subject of a long term lease from the Casey family) rather then on the adjoining Hiney Park ground (which he owns). The effect of this was to ensure that the YDC would be a club asset and could not be sold either by him or his successors.

The issue is that there is a liability from the construction and fit-out costs. The intention has been that this would be gradually repaid from the operating profits from the YDC over a long period of time and that a contribution to the club operating budget and repayment of construction costs would happen simultaneously.

Obviously this is a key issue to be addressed in any new ownership proposal. Gerry Matthews retaining control/management of this facility is only an option if a takeover proposal cannot adequately address this.

[nigel-harps1954]

:confused:

Well I'd buy Harps but you know, I fancy a real challenge making Dundalk into a top club. Too easy to do it with Harps.

[oriel]

Irish Indo have been asked by DFC to correct a statement they printed last week saying loss for this season would 150/170k. This is in fact the estimated total debt* of the club which includes a small enough figure for this year, no confirmation on what that is yet.

* the 400k due to Dlk town council for planning fees is not a debt that DFC are responsbile for as Matthews himself/his company will be liable for that, and there is no pressing time issue re payment, although it will have to be paid.

Obviously huge obstacles need to be get past for any take over to happen, the ground lease, YDC, and overall purchase price, but the actual debt surprised me, the club is actually performing in a very good financial state taking things into account. Which is more than can be said for the awful performances on the pitch with no league win in 2 months now.

[Martinho II]

Irish Indo have been asked by DFC to correct a statement they printed last week saying loss for this season would 150/170k. This is in fact the estimated total debt* of the club which includes a small enough figure for this year, no confirmation on what that is yet.

* the 400k due to Dlk town council for planning fees is not a debt that DFC are responsbile for as Matthews himself/his company will be liable for that, and there is no pressing time issue re payment, although it will have to be paid.

Obviously huge obstacles need to be get past for any take over to happen, the ground lease, YDC, and overall purchase price, but the actual debt surprised me, the club is actually performing in a very good financial state taking things into account. Which is more than can be said for the awful performances on the pitch with no league win in 2 months now.
didnt realise their league run was so bad.. the mark quigley and jason byrne experiment doesnt seem to have worked out.. not as a partnership anyway!

[Dunny]

Quigley POTY easily, Jayo hasnt the legs after his injury spell.

[Dillonman]

didnt realise their league run was so bad.. the mark quigley and jason byrne experiment doesnt seem to have worked out.. not as a partnership anyway!

Ah Quigley has been a relevation this season, has carried the team at times. If we could of kept Hawkins fit for longer we would have been doing alot better. Although with Hawkins out we have found a new gem in Cian Byrne who looks to have a lot of potential.

[Dodge]

If we could of kept Hawkins fit for longer we would have been doing alot better

Its not like the injuries could've been a shock to Dundalk

[Dillonman]

Its not like the injuries could've been a shock to Dundalk

Nobody said it was a shock!

[Dodge]

My point was that saying "if we could've kept hawkins injury fit for longer" is a bit like Pats saying "if only we'd have signed messi"

Both as likely to happen as each other

[Ezeikial]

Its not like the injuries could've been a shock to Dundalk

Injuries are part and parcel of any season, but the amount of injuries and their severity could hardly have been predicted - so in that sense the injurries were a 'shock'.

Ian Foster opted to spread his budget out on a small squad - it didn't work primarily becuase of the level of injuries.

[Guinney]

Injuries are part and parcel of any season, but the amount of injuries and their severity could hardly have been predicted - so in that sense the injurries were a 'shock'.

Ian Foster opted to spread his budget out on a small squad - it didn't work primarily becuase of the level of injuries.

Maybe a reason why we got so many injuries was due to the fact we had a small squad. Some injuries like Osborne are unpreventable as he broke his leg (fractured tibia to be precise). But we seemed to be getting alot of hamstring injuries, which can be caused by players playing to much and not getting the proper rest. Some players came back to early with injuries which didn't help their situation. Maybe if Foster had of spread the budget out to get in more players then some players could have got more rest between matches and allowed proper recovery times.

[BonnieShels]

Quigley POTY easily, Jayo hasnt the legs after his injury spell.

Spent ages looking for this fabled Quigley post. Sheesh Dunny!

[Ezeikial]

Typically straight talking Gerry Matthews in reports from last Fridays meeting with supporters.


At a meeting held in the Youth Development Centre last Friday evening, Dundalk FC CEO Gerry Matthews spoke openly about the current financial situation at the club, the immediate challenges facing the club, the total of €432,887 owed to Dundalk Town Council, and the possible takeover of the club.


Gerry explains the possible takeover of the club. He outlines that although he wants to try to move out of the club, he feels that the best short-term solution is that he stays in an interim role while the club transitions to new ownership. He proposes stepping down from the Board, with all supporters working together to run the club until the conditions are right for a takeover of the club.
Matthews On: Possible Takeover & Financial Outlook - http://www.dundalkfc.com/matthews-on-po ... al-outlook (http://www.dundalkfc.com/matthews-on-possible-takeover-financial-outlook)



Gerry explains his reasons for constructing the Youth Development Centre and how he expects it to benefit the club, as well as speaking about the large sum owed in planning levies.Matthews On: YDC & Planning Levies - http://www.dundalkfc.com/matthews-on-yd ... ing-levies (http://www.dundalkfc.com/matthews-on-ydc-planning-levies)


Gerry explains his reasons for getting involved with the club in 2006 and what progress has been made over the last five years.
Matthews On: Progress Since 2006 - http://www.dundalkfc.com/matthews-on-pr ... since-2006 (http://www.dundalkfc.com/matthews-on-progress-since-2006)

[Spudulika]

Ezekial, what's the skinny on Skinny? Are the consortium back in or not?

[Dodge]

Typically straight talking Gerry Matthews

Well at least we know what side of the Dundalk board split you're on.

[Ezeikial]

Ezekial, what's the skinny on Skinny? Are the consortium back in or not?

Former Director, Ciaran 'Skinny' Bond was/is fronting a group interested in taking over ownership of the club and have said that they have €192,000 available, which would potentially wipe out the accumulated deficit of the club.

About 10 days ago they announced that they were withdrawing, quoting legal and financial complexities (which includes the €433k planning levies attached to the YDC).

The attached article from an interview last Friday gives the up to date situation -
http://blackandwhitetown.tumblr.com/post/10762031764/bond-reveals-takeover-proposals

The simple abridged version is that they are out of the running, but could come back in if circumstances change.

[Mr A]

192k eh? Any idea whether they'd like to take over Harps?

[Ezeikial]

Well at least we know what side of the Dundalk board split you're on.

I didn't even know there was a board split for me to take sides on. I wait with bated breath for you to fill me in!

Naturally many supporters will have different views on the preferred way forward for the club, and some are dubious about Gerry Matthews for a variety of reasons including his preference for funding the infrastructure rather then the team.

Very few would dispute that he is a straight talking individual, whatever about any other flaws he may have.

[Dodge]

I didn't even know there was a board split for me to take sides on.
Fair enough, was just building on Foster's comments that certain directors had agreed to bringing in players like Cian hughton while others vetoed it (and the reaction to that move and others by fans).

I assumed the recent flux regarding takeover bids/unexpected debts arising didn't help solidify the board.

Delighted to see my hypothesis was wrong

[Ezeikial]

Fair enough, was just building on Foster's comments that certain directors had agreed to bringing in players like Cian hughton while others vetoed it (and the reaction to that move and others by fans).


Its very easy to get the wrong handle on things. The club have made it very clear that this was a unanimous decision of the board. Controversial yes, maybe hard to fathom, and certainly disaapointing for Foster, club and fans alike. But no boardroom split as suggested




I assumed the recent flux regarding takeover bids/unexpected debts arising didn't help solidify the board.


The only outcome at board level was the resignation of Ciaran Bond who fronted a buyout group. He is a good guy who is passionate about the club, but really no surprise that he stepped down when the takover attempt was aborted.

He may well come back into the picture.

[Spudulika]

I was shot down for likening the situation to a decade ago and the Co-op, well, adventure. I almost feel that CB's attempt and now new "we'll clear off the debt if x, y and z happens" is another disaster in the making. I know plenty of people who would be very much anti-GM, though what cannot be taken away is that he did rescue the club, he did get it stable financially and if the accumulated debt (if I read it right) for the last few years is only 192,000e, christ, that's not bad. I just hope IF gets a decent send off and a slightly more experienced and astute manager comes in.

[gufct]

Just read the Gerry Matthews Interview very big budget for a Part Time Club over 4 times ours and we are treading water .How can aeither the Trust or new investors even contemplate that kind of Budget for next season.

[Spudulika]

gufct - Dundalk do have decent gates, the patrons do an immense amount of work and there is a lot of affection in the town for the club, plus Dundalk is a sports town. While the product/result on the pitch might not always be great, the locals will back it. I've always been frustrated visiting Galway (for football, rugby, GAA, boxing) when there is genuine talent and success/progress on show and the local council do their utmost to kill it. In Dundalk there is a little more assistance, which helps them to keep going.