View Full Version : Coleraine are bankrupt
glentoranfan
02/08/2005, 11:13 PM
http://news.bbc.co.uk/sport1/hi/football/irish/4737353.stm
Very sad news, but although harsh, it is the truth. It was their own fault.
It is the fans and players I feel sorry for, but Coleraine had some talent, there is hope there anyway.
De Town
02/08/2005, 11:15 PM
Sad to hear :(
dcfcsteve
03/08/2005, 1:11 AM
Sad to see any club go out of football - especially a relatively successful one like Coleraine, who were often snapping at the heels of Linfield, the Glens and Portadown. Bad news as well for the Irish League for it to come so soon after the demise of Omagh. Two top-flight clubs out of 16 disappearing in a few months is far from a healthy sign.
However - I can't help but feel there's a sense of 'Final Destination' (if you're familiar with the film...) about Coleraine's demise, following their less than honourable actions in 1972 in the vote on whether Derry could return to Brandywell/remain in the Irish League.
A sad day regardless....
thejollyrodger
03/08/2005, 6:53 AM
maybe if they were playing in a better league they would have survivied. Sad to see any club demise.
A face
03/08/2005, 9:21 AM
There are one or two clubs close to it down here too.
Even more reason for clubs to get proper structures in place and the league to secure a proper television deal for its-self.
Will just sell the players contracts to another company & continue with different owners?
Poor Student
03/08/2005, 10:57 AM
I forget what I read exactly on Irish League forums but they're in the clear. It's a feeling like they got let off rather than some drastic measures.
-lamb-
03/08/2005, 12:06 PM
they have a 1 week stay of execution due to a legal technicality.
they tried to get a voluntary agreement with creditors (75% agreement forces acceptance on the remaining creditors) but the Inland Revenue refused and since they are owed more than 25% of the debt the CVA could not go ahead. coleraine went back with an improved offer and that was also refused.
unless something extraordinary happens it looks like the end for this historic club. :(
to be honest, the way coleraine were allowed to get into this state is a disgrace. it's not fair on the supporters, the team, the town or even the creditors (many of whom are supporters). total mismanagement of the grandest order.
i sincerely hope something can be done to keep a major football team in the town.
pineapple stu
03/08/2005, 12:21 PM
maybe if they were playing in a better league they would have survivied.
Don't see why, to be honest. If they were in a better league (I assume you mean a unified Irish league), they'd just continue to overspend. Giving someone more money doesn't mean they'll suddenly become prudent.
Sad to hear though - it's been delayed, but it sounds inevitable. Is there Licencing in the North, or any plans to bring it in? After Omagh as well, it sounds like the league really needs it.
Poor Student
03/08/2005, 12:27 PM
Woops, I thought their offer to the creditors had been accepted. :o
pineapple stu
03/08/2005, 12:30 PM
It was - by everyone bar Revenue.
Poor Student
03/08/2005, 12:47 PM
It was - by everyone bar Revenue.
I meant including them. You pedant. :D
pineapple stu
03/08/2005, 12:49 PM
You pedant. :D
Moi?! :)
Just think it's important to note that everyone agreed bar Revenue - just shows how thin the line is between surviving and not.
glentoranfan
03/08/2005, 7:19 PM
maybe if they were playing in a better league they would have survivied. Sad to see any club demise.
How you work that out I am not sure. Sure, if they were in La Liga and decided to buy players they could not afford, would they somehow manage to survive. I think not.
It is **** all do with the IL, it is to do with very poor managment of the club's fianaces.
A face
03/08/2005, 9:11 PM
maybe if they were playing in a better league they would have survivied. Sad to see any club demise.
I kinda agree with everyone else ..... but are you saying that if there w3as more cash flow, they could have worked their way out of it ..... possibly, but fact remains .... if you over spend, you'll be x% over what you cant afford ... there is no amount of paper pushing nad number crunching will help you.
Coleraine going out of existence ..... Jebus .... that is actually a mad thought ... but same could be said for Rovers down here !! :eek:
steveyg2004
03/08/2005, 10:17 PM
I can't help but feel there's a sense of 'Final Destination' (if you're familiar with the film...) about Coleraine's demise, following their less than honourable actions in 1972 in the vote on whether Derry could return to Brandywell/remain in the Irish League.
You might feel that. But only if you were some sort of spiteful meglomaniac that believed the world revolves around Derry City and the Brandywell. :rolleyes: :(
dcfcsteve
03/08/2005, 10:20 PM
You might feel that. But only if you were some sort of spiteful meglomaniac that believed the world revolves around Derry City and the Brandywell. :rolleyes: :(
I believe in karma steveyg.....
steveyg2004
04/08/2005, 6:36 AM
I believe in karma steveyg.....
But certainly not instant Karma, that's a given! :D
dcfcsteve
04/08/2005, 9:51 AM
But certainly not instant Karma, that's a given! :D
Karma isn't convenience food Stevey...... :D
Passive
04/08/2005, 10:45 AM
Coleraine going out of existence ..... Jebus .... that is actually a mad thought ... but same could be said for Rovers down here !! :eek:
I know this issue has been raised on gypoweb and many Bohs fans are using Coleraine's demise as 'proof' that Rovers were let off the hook.
Perhaps someone who knows the details of what happend to Coleraine could answer one question: was there a rescue package put in place?
It strikes me that Coleraine were just asking the Revenue Commissioners to wipe their debt and allow them to continue trading. Rovers, on the other hand, was being taken over by a new business consortium and used the examinership process to strike a deal with creditors. It seems to me that there is a crucial difference in the two cases.
Can anyone clarify?
Incidentally, nice signature A Face ;)
pineapple stu
04/08/2005, 12:52 PM
It strikes me that Coleraine were just asking the Revenue Commissioners to wipe their debt and allow them to continue trading
I think (and correct me if I'm wrong here) that one of the important factors is that the Inland Revenue is a lot stricter with these things than the Irish Revenue.
hoops1
04/08/2005, 1:16 PM
exactly the taxman up there is alot stricter than down here!
No sob storys you pay or your out of business!
And probably the main reason why our good friends Derry got there house in order before everyone else down here and are now in such a healthy
position!
Speranza
04/08/2005, 2:15 PM
Couldn't give a monkey's about Coleraine's demise but it should be a wake up call to those clubs still living beyond their means. Not every club have a 400 club which will save their skin, seems inevitable that 1 or 2 el teams will go this way soon. :mad:
Passive
04/08/2005, 2:25 PM
Couldn't give a monkey's about Coleraine's demise but it should be a wake up call to those clubs still living beyond their means. Not every club have a 400 club which will save their skin, seems inevitable that 1 or 2 el teams will go this way soon. :mad:
It tells it's own story that over the course of one EL season the island of Ireland has lost two clubs (Omagh and Coleraine) and nearly lost two more (Rovers and Waterford). Two seasons ago (?) we nearly lost Drogheda, while Limerick almost went to the wall last season. Dundalk are only hanging in there. It's a matter of time before someone bites the bullet.
Getting back to my original question, I'd imagine the Inland Revenue is stricter than the southern Revenue Commissioners, but I still think the absense of a rescue plan is crucial. If we'd gone to Revenue and said, 'we know you owe you all this cash but we can't pay it, you wouldn't do us a favour and wipe it and allow us to trade as normal' they'd have told us where to go. The fact that we were being taken over by a new investor is why they - reluctantly - went for the deal.
manic da hoop
04/08/2005, 4:19 PM
The RC in the Republic have changed quite dramatically in the past couple of years as can be seen in the way they are chasing every individual and business on their records. However, it must be stressed that they at least seem to be taking a somewhat 'humane' approach to this process as we, thankfully, found out. They are aware of the shooddy business practices that have existed in LOI football for years, but they know that coming down like a ton of bricks on everyone will probarbly just result in the total destruction of the league - an outcome that doesn't really suit anyone. I can see there being an easing-in process taking place in the near future (if it hasn't started already). There after, though, it will defineitly be up to each individual club to really get things sorted.
-lamb-
10/08/2005, 4:22 PM
seems that coleraine have got themselves a bit of brething space for the minute. sincerely hope they can drag themselves out of this.
http://news.bbc.co.uk/sport1/hi/football/irish/4138246.stm
"Coleraine given survival chance
Coleraine FC have received a last-minute reprieve from being wound up for its failure to settle debts of £364,979 owed to the Inland Revenue.
It was believed Wednesday's bankruptcy hearing in the High Court would finally signal the end for the club.
But the court was told that a rescue plan was in place and the case was adjourned to 30 August, when a business plan will be presented.
The IFA said Coleraine will be allowed to play their "immediate" fixtures.
They will begin with a CIS Insurance Cup game against Glentoran at the Oval on Saturday.
IFA chief executive Howard Wells said he has been assured that the club can "meet its football obligations" and added that he hoped "football will prove to be the winner".
Coleraine had overall debts of around £1m but, while other creditors accepted a voluntary settlement agreement, the Inland Revenue would not and they applied for a winding-up order.
An improved settlement offer was made to the Inland Revenue on Monday but it was rejected.
A new steering committee has been formed and by Tuesday supporters had already pledged around £90,000.
Raymond Kirk, the chairman of the Friends of Coleraine, told the court they were getting "overwhelming" support from the business community.
He said a business plan is being drawn up and he is "absolutely convinced" it will work.
IFA president Jim Boyce believes every local football supporter should try to help Coleraine stay in existence.
He suggested putting 3,000 tickets on sale at £50 each as one possible scheme to save the club. "
pineapple stu
10/08/2005, 7:12 PM
If they do survive, are they going to continue being run by the people who got them into this mess in the first place?
-lamb-
11/08/2005, 6:56 PM
If they do survive, are they going to continue being run by the people who got them into this mess in the first place?
no. they aren't run by those people even now. they are being run by a steering group at the minute.
BBC http://news.bbc.co.uk/sport1/hi/football/irish/4141506.stm
Glentoran are coming to the aid of Coleraine by giving all gate receipts from Saturday's CIS Cup game at the Oval to the crisis club.
Buller
13/08/2005, 1:46 PM
Great gesture from Glentoran, hope they survive... :)
CollegeTillIDie
14/08/2005, 10:14 AM
no. they aren't run by those people even now. they are being run by a steering group at the minute.
I hope this group have a good sense of direction. Good luck to Coleraine ;)
Gerrit
14/08/2005, 4:27 PM
irishleagueforums.net also have a collection option for Coleraine (via PayPal)
I was at The Oval yesterday for Glens-Coleraine (1-0 for Glens) and Coleraine did not give me the impression of a sick team. The players did well in these difficult circumstances. Not too much CFC fans though, maximum 200 had made the trip (while the Glens stand was 75% full)
-lamb-
14/08/2005, 8:02 PM
irishleagueforums.net also have a collection option for Coleraine (via PayPal)
I was at The Oval yesterday for Glens-Coleraine (1-0 for Glens) and Coleraine did not give me the impression of a sick team. The players did well in these difficult circumstances. Not too much CFC fans though, maximum 200 had made the trip (while the Glens stand was 75% full)
there were some big events taking place on saturday though, the ulster grand prix and the apprentice boys march. i'd expect their next home gate to be larger than usual. home gates are where they will pick up their part time fans and people who haven't been to a game in a while.
one good bit of news is that ards were in debt by £250,000 this time last year and have got that down to just £25,000 now.
they still need to sort a ground out as they share with bangor but they are going in the right direction.
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