Worrying Times For Wexford

[Mr A]

Accounts filed with the Companies Registration Office (CRO) reveal that the football club owes its short-term creditors more than €120,000.

According to the documents, seen by the Irish Independent, Wexford Youths must now generate €40,000 in fundraising in a bid to allay concerns about its short-term future.
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"To continue for the coming season, the company will have to raise €40,000 through various fundraising events," the documents said.
- See more at: http://www.independent.ie/irish-news/news/more-woe-for-wallace-as-clubs-shortterm-debts-double-to-over-120000-30393756.html#sthash.tWKSkmfc.dpuf

40k is a serious chunk of fundraising to do. Scary for a team that's amateur to be running those sort of losses.

We already know Waterford have been struggling, and certainly things are pretty much always on the brink at Harps this past few years. No real idea how Cobh are fairing but with their first win only coming in the second half of the season it can't be easy.

[NeverFeltBetter]

For the "coming season"? They mean 2015?

[Charlie Darwin]

I'd imagine these documents were written before this season started.

[Darklordsbane]

Didn't Kevin Doyle give them a gift of over €100k last season, I seem to remember their fans sing Kevin Doyle is still a youth all night at City calling stadium last season, I spoke to a couple of them after the match and they reckoned that donation got them out of the red, seems strange that they would owe roughly the same amount again this year

[Mr A]

Woah- that donation gets bigger and bigger! There have been various stories as to what size it was from it being basically just a yearly sub payment to being 100k. Perhaps one of the WYFC people on here could help clarify?

[Nesta99]

Woah- that donation gets bigger and bigger! There have been various stories as to what size it was from it being basically just a yearly sub payment to being 100k. Perhaps one of the WYFC people on here could help clarify?

It probably is what it needs to be for the accounts submitted

[nigel-harps1954]

Think it was clarified before Doyle just pays a yearly amount to Youths of a few grand. If push came to shove though I'm sure he'd help bail them out.

Worrying though for Wexford. I'd imagine it's more than just them on the brink though.

[Sam_Heggy]

This headline could probably be used for quite a number of LOI sides at the minute unfortunately.

[outspoken]

With Wexford having such a good season and having built such a good squad of players on an amateur basis and with their fans putting in such effort to promote the club and improve attendances this really is an awful thing to see. Hope they can pull through

[Nesta99]

In fear of suffering the wrath of foot members by using GAA clubs as an example; many would similar overheads in relation to ground maintenence, utility bills etc without regular and constant fear of folding. If a LoI club like Youths with an amatuer squad, and a possible/probable gate income greater than many GAA clubs why the considerable shortfall? Either the GAA are quietly propping up clubs with monies from a central pot, or the FAI are simply pushing a club like Youths to the brink with crazy participation fees and maybe money going from clubs to help prop up Abbotstown officials salaries. I can see where a club can overspend paying for a competative squad. But in this instance the Youths squad has been built up to being a competative 1st division side over time and coaching young lads who are playing for nothing. I know this is a simplified view, but what is the major difference?

[NeverFeltBetter]

The Mick Wallace situation?

[Charlie Darwin]

In fear of suffering the wrath of foot members by using GAA clubs as an example; many would similar overheads in relation to ground maintenence, utility bills etc without regular and constant fear of folding. If a LoI club like Youths with an amatuer squad, and a possible/probable gate income greater than many GAA clubs why the considerable shortfall? Either the GAA are quietly propping up clubs with monies from a central pot, or the FAI are simply pushing a club like Youths to the brink with crazy participation fees and maybe money going from clubs to help prop up Abbotstown officials salaries. I can see where a club can overspend paying for a competative squad. But in this instance the Youths squad has been built up to being a competative 1st division side over time and coaching young lads who are playing for nothing. I know this is a simplified view, but what is the major difference?
Wexford have done it the right way, reaching out to businesses and getting investment, but unfortunately the investment came from a sector that was about to implode. Al in all, the major difference is organisational. Any half-baked GAA club is better organised than most soccer teams, and the contrast is really that GAA is an amateur sport run by professionals and soccer is a professional sport run by amateurs. The GAA really feed off their amateur ethos - people will always prefer to invest in the local GAA club where they see the benefits first-hand than in a professional soccer club where most of the money will go towards the professional team. The schoolboy sides have an advantage over LOI teams too for the same reasons, on a smaller scale. There's no simple solution for it either.

[Nesta99]

I was of the opinion that Youths were an amateur club with a major role in 'youth' development in Wexford ticking those GAA like boxes. I get what you are saying re invesment sources but its nigh on 6 yrs since construction bubble burst. Maybe Wallace was drawing money out of his club to bolster other facets of his business, not something Dundalk FC are at all familiar with...

My own observations in Louth is that GAA clubs find it much easier to get volunteers to step up and do the hard yards selling eg raffle/lotto tickets. The soccer clubs just dont have the manpower to maximise fundraising efforts therefore milking the same people for financial contribution. All this said Youth were seemingly this great example of how it can be done albeit with a kick start from an interested businessman.

[Neish]

In fear of suffering the wrath of foot members by using GAA clubs as an example; many would similar overheads in relation to ground maintenence, utility bills etc without regular and constant fear of folding. If a LoI club like Youths with an amatuer squad, and a possible/probable gate income greater than many GAA clubs why the considerable shortfall? Either the GAA are quietly propping up clubs with monies from a central pot, or the FAI are simply pushing a club like Youths to the brink with crazy participation fees and maybe money going from clubs to help prop up Abbotstown officials salaries. I can see where a club can overspend paying for a competative squad. But in this instance the Youths squad has been built up to being a competative 1st division side over time and coaching young lads who are playing for nothing. I know this is a simplified view, but what is the major difference?

Most GAA side won't have any where near the same expenses of an LOI club(especially the 1st division clubs), wages, travelling & accommodation expenses, fees and fines, match day expenses. No much of that for most GAA clubs. GAA clubs are usually far better supported locally too, as people see as a traditional Irish games many of these also view soccer as foreign and refuse to attend LOI club games(although most of them happily support or watch EPL, SPL, champions League etc)

Another factor is there is usually only one GAA club per town/parish(unless it is a big town or city), not sure what its like in your neck of the woods but for Harps we have 10-15 other soccer clubs withing a 30 mile radius(not to mention the GAA clubs, boxing clubs, athletic clubs etc) of Finn Park all also fundraising

[wonder88]

We are very unlikely to see any critical reporting on the FAI finances in the Indo these days. Perhaps people would like to see the profile of John Delaney in the recent Phoenix magazine.
In general GAA clubs are better organised than soccer clubs, but there is higher costs involved in taking part in the LoI first division than for Gaelic clubs. Wallace would be of the opinion that a one division league would be best, which I would agree with. Maybe LoI clubs could learn from how US based Gaelic clubs fund-raise, in that it would be a more appropriate model to look at.

[Charlie Darwin]

You wouldn't have a scan of the Phoenix profile, would you?

[bennocelt]

You wouldn't have a scan of the Phoenix profile, would you?

Yeah, wud love to have a gander at that

[wonder88]

My printer not working. Current issue in shops now so it is off the shelves, but someone else here my be able to upload it, or try your local library. Interesting piece, especially on the re-financing of the FAI debt arranged by the Celtic (and St Pats?) owner, which the Indo told us was a "fantastic deal for Irish soccer". One thing for sure, Delaney is the most secure and unchallenged boss Irish soccer has had in long time. Usually those who own the debt call the shots.

[bennocelt]

My printer not working. Current issue in shops now so it is off the shelves, but someone else here my be able to upload it, or try your local library. Interesting piece, especially on the re-financing of the FAI debt arranged by the Celtic (and St Pats?) owner, which the Indo told us was a "fantastic deal for Irish soccer". One thing for sure, Delaney is the most secure and unchallenged boss Irish soccer has had in long time. Usually those who own the debt call the shots.

In Switzerland though, thanks anwyay

[centre mid]

June issue of the Phoenix is on their website, which you can view. July's will be up eventually.

[bennocelt]

June issue of the Phoenix is on their website, which you can view. July's will be up eventually.

Cant find it, looks like you have to pay?

[centre mid]

Cant find it, looks like you have to pay?
http://www.thephoenix.ie/phoenix/tour/sample-issue.do here you go, dont see the piece mentioned so may be in July issue, which wont be up until next month.

[wonder88]

FAI accounts out, much more interesting than a story about debts of 140k that the Youths have, that was used by the INDO to have a go at Mick Wallace the TD (penalty points anyone). 50million debts, 5m annual interest bill, debt free by 2020 indeed.