View Full Version : U2’s former accountant privately funds Shelbourne FC
thejollyrodger
11/06/2006, 9:32 AM
U2’s former accountant privately funds Shelbourne FC
http://www.thepost.ie/post/pages/p/story.aspx-qqqid=14967-qqqx=1.asp
11 June 2006 By Ian Kehoe
The Sunday Business Post has learned that a company called Coneforth Trading has a charge over the deeds of Tolka Park in Richmond Road, north Dublin, and has signed a contract with the club to buy the stadium.
The directors of Coneforth are Ossie Kilkenny, the ISC chairman and one-timeU2 accountant; Ivano Cafolla, a high-profile Dublin businessman; and Jerry O’Reilly, one of the state’s wealthiest property developers. The consortium plans to turn the stadium into a residential development.
The trio signed a contract with Shelbourne to buy Tolka Park for between €25 million and €30 million two years ago and have been providing bridging capital to the club on an ad hoc basis since then. On foot of part of this funding it took a charge over the stadium. Coneforth will formally take possession of the stadium when Shelbourne concludes talks on a new ground.
The Dublin club is in talks with several other Eircom League clubs about ground sharing agreements, including a potential link-up with Shamrock Rovers at a new stadium in Tallaght. Asked about the club’s relationship with Coneforth, Shelbourne chief executive Ollie Byrne said: ‘‘I don’t know what you are on about there. There is no deal done.”
However, documents obtained by this newspaper show that Coneforth registered a charge against the property in October 6, 2004. Coneforth made the agreement with Ollie Byrne of Accolade, which is the holding company behind Shelbourne.
Earlier this year, the Revenue Commissioners applied to the High Court to wind up Accolade, after the company defaulted on a tax debt. The petition was later dropped after Shelbourne paid the Revenue €300,000.
At the time, it emerged that the club intended to sell its stadium for €30 million in an effort to resolve its financial difficulties. The Coneforth consortium was put together by Cafolla, who is a former managing director of Leisure Corp, the new York listed company that developed Q-Zar, the interactive laser tag game. He also has extensive property interests.
O’Reilly was recently in the headlines when he and property adviser David Courtney agreed to pay the equivalent of €95 million an acre for the Faculty Building site in Ballsbridge, Dublin 4. They are paying €35.8 million for the 0.378-acre site.
He is involved in a number of developments with builder Bernard McNamara, including the Shelbourne Hotel and the Radisson SAS hotel in Galway.
He is also the lead developer in the consortium developing the Elm Park scheme on the Merrion Road in Dublin.
Kilkenny has worked with rock stars including Bryan Adams and Oasis.
A €30 million buy out is just what shels need. We can build a new 10,000 seater stadium, have an academy and maybe make it the group stages of the UEFA Cup or possibily Champions League.
A €30 million buy out is just what shels need. We can build a new 10,000 seater stadium, have an academy and maybe make it the group stages of the UEFA Cup or possibily Champions League.
Its not a buiy out, they're buying the ground. Massive difference. Oh and don't you already have a 10,000 seater stadium. Another delusional fan. :rolleyes:
thejollyrodger
11/06/2006, 9:51 AM
st pats , stick to the running.
I dont know the ins and outs of it but surely we will get most of the cash from the deal.
chippie0001
11/06/2006, 9:55 AM
A €30 million buy out is just what shels need. We can build a new 10,000 seater stadium, have an academy and maybe make it the group stages of the UEFA Cup or possibily Champions League.
The €30m is for the full value of the site. Most of it will go to the Dublin Corp as Shels only have a lease on it. The value of Shels bit is rumoured to be around €12m or so, depending on the density of PP approved for the site.
thejollyrodger
11/06/2006, 10:23 AM
€12million is peanuts.
Anto McC
11/06/2006, 11:20 AM
The split will be roughly half and half,give or take a little!
It will not be enough to build a new stadium but i now know where Ollie got the 300K
Poor Student
11/06/2006, 11:30 AM
So the 300k is eating into whatever Shels are due when they leave Tolka?
"The trio signed a contract with Shelbourne to buy Tolka Park for between €25 million and €30 million two years ago and have been providing bridging capital to the club on an ad hoc basis since then."
This sentence makes it sound like the 300k isn't the only money they've received.
Tolka's days are numbered then. Shels are most likely consigned to a future of groundsharing.
Anto McC
11/06/2006, 11:57 AM
Tolka's days are numbered then. Shels are most likely consigned to a future of groundsharing.
Yeah,well we knew that long ago!
Poor Student
11/06/2006, 12:03 PM
Yeah,well we knew that long ago!
I know, but it's nice to have it out in the open and not be branded some conspiracy theorist. So how do you feel about this Anto?
soccerc
11/06/2006, 12:18 PM
st pats , stick to the running.
I dont know the ins and outs of it but surely we will get most of the cash from the deal.
No, you get about 30%
30 months ago when this story first broke Shels fans and officials denied any such negotiations were underway.
http://www.soccercentral.ie/viewstory.asp?mainheading=Eircom&id=11769&viewstory=yes
Anto McC
11/06/2006, 1:30 PM
I know, but it's nice to have it out in the open and not be branded some conspiracy theorist. So how do you feel about this Anto?
To be honest im open to anything that secures the future of Shels.Getting a new home is very critical to securing that future,Groundsharing with Rovers in Tallaght is the last thing i want but if needs must.....
Two Questions no one seems to have an answer for
1. What percentage cut with shels get from sale of tolka?
2. How much have shels been forwarded already in advance of the sale?
If you know the answer for those you those then we'd all know how many millions shels will have left NET. I suspect the answer to no.2 is the millions already.
BTW never surprised by the blind optimism of some shels fans.
Anto McC
11/06/2006, 3:25 PM
I wouldnt call it blind optimism,for instance,remember a couple of months back when we owed 300k and every fan of every other club had practically already said their goodbyes to Shels and all us Shels fans didnt seem bothered in the slightest,well whatever came of that?
No matter what obstacles are put in front of Shels,we find a way over or around,Thanks in part to one Mr Oliver Byrne!
chippie0001
11/06/2006, 3:27 PM
I wouldnt call it blind optimism,for instance,remember a couple of months back when we owed 300k and every fan of every other club had practically already said their goodbyes to Shels and all us Shels fans didnt seem bothered in the slightest,well whatever came of that?
No matter what obstacles are put in front of Shels,we find a way over or around,Thanks in part to one Mr Oliver Byrne!
Jeez anyone can sell you land with no plan to go anywhere. Hardly the work of a genius. :eek:
Anto McC
11/06/2006, 3:59 PM
Hardly the work of a genius. :eek:
His genius was in getting us to that position!
anto eile
11/06/2006, 4:41 PM
hahaha shels head in the sand as usual.
shels get 1/3 of the money.
sunday business posts pevious article about a year ago mentioned a figure of E21M and shels to get a third of it. dublin city council get a lot of the money as well.possibly the land has increased in value in the mean time or else negotiations have seen the figure rise.
shels have been getting bailed out on countless occasions by this coneforth crowd. all of which has eaten into your cut of the end figure. remember you couldnt afford to pay your programme printers up until a week ago
you shels clowns should be worried, not f*cking delighted
Not forgetting to subtract the large amounts of unpaid revenue money they had to loan Shels with in order to ensure they were able to get their hands on Tolka
So if shels due 7m cut then i think conservative estimate would be to deduct 2m from that. This would come into the 5m Shels were willing to pay Bohs in Dalymount deal. 5m won't get even 1 side of a stadoum build in Dublin.
Given shels continued haemorghing of cash I don't think the increase in land value will increase the net payout for them.
Poor Student
11/06/2006, 6:43 PM
Given shels continued haemorghing of cash I don't think the increase in land value will increase the net payout for them.
Yeah, I agree. Shels are living on borrowed time. They're spending more than they take in and not exactly seeing some success for their wild risks as of late. They've boxed themselves in. They have no money for a new ground and even if they get into Tallaght it doesn't seem like a great location for them to move given that their fanbase would be more centrally or North Dublin based.
higgins
11/06/2006, 8:06 PM
They're spending more than they take in and not exactly seeing some success for their wild risks as of late.
It only takes a matter of a few weeks or months to trim down the squad if needs be.
Your living on borrowed time is wishful thinking for the fans of the other 21 EL clubs. You would like nothing more then to watch the best team in the country run into money problems, nothing new there!
and of late shels have been very successful thank you very much.
Nothing in that article is new by the way...
It been talked about here for years and the article doesnt give any direct quotes to back up what they say, actually they dont say too much at all.
As for Bohs Cork and UCD fans trying to predict how much Shels get from the supposed deal :)
Where are you getting these % cut figures ???
Roverstillidie
11/06/2006, 8:13 PM
the blind optimism of shels fans never ceases to amaze me.
this is good news for shels how? a secret deal that the property speculators have cashed in with no plan b?
and i would like to remind everyone we talked about this deal last week and were rubbised by shels fans
higgins
11/06/2006, 8:27 PM
I think what was rubbished was the made up details of the deal.
Most posters on here have had an idea a deal was done for a couple of years now.
Its the made up stuff most people have a problem with.
Sure look at the guessing in this thread alone.
Of course Rovers fans will make smart remarks and let on they have some inside info without saying a word but nothing new there either. Its very nice of you all to be so worried but I suppose its only right considering your renting our ground at present :p
Dont worry you will get a months notice if you have to leave :)
BohsFans
11/06/2006, 10:03 PM
Not the full slice of the Shels money will go to Shelbourne I heard a while ago.
The Donnelly family are entitled to a chunk!
Roverstillidie
11/06/2006, 10:07 PM
Of course Rovers fans will make smart remarks and let on they have some inside info without saying a word but nothing new there either.
were we not right though?
higgins
11/06/2006, 10:09 PM
were we not right though?
No you were not right! ....
Student Mullet
11/06/2006, 10:19 PM
You would like nothing more then to watch the best team in the country run into money problems, nothing new there!What, are Derry in trouble now??
Roverstillidie
11/06/2006, 10:57 PM
No you were not right! ....
we told you mulden were the mystery investors and would be cashing in their chips soon.
http://www.foot.ie/showpost.php?p=483449&postcount=420
http://www.foot.ie/showpost.php?p=483915&postcount=478
its not mulden per say, but Jeremiah O'Connor of mulden is in the thick of it.
lads, you need to get in the loop, and get in there fast
soccerc
11/06/2006, 11:06 PM
we told you mulden were the mystery investors and would be cashing in their chips soon.
http://www.foot.ie/showpost.php?p=483449&postcount=420
http://www.foot.ie/showpost.php?p=483915&postcount=478
its not mulden per say, but Jeremiah O'Connor of mulden is in the thick of it.
lads, you need to get in the loop, and get in there fast
Who is Jeremiah O'Connor?
What has Jeremiah O'Connor got to do with Shels?
What is Jeremiah O'Connor's connection with Mulden?;)
Roverstillidie
11/06/2006, 11:24 PM
Who is Jeremiah O'Connor?
What has Jeremiah O'Connor got to do with Shels?
What is Jeremiah O'Connor's connection with Mulden?;)
Correct.
that would be Jerimiah O'Reilly wouldnt it.
Anto McC
11/06/2006, 11:37 PM
As a Shels fan,we are faced with the gravest situation since i can remember,possibly the gravest situation in the history of the club and yet i am extremely confident about our future :)
bohs til i die
12/06/2006, 6:52 AM
Shels wont get €30,000,000. They will get €12-13m at most but if they have already received bridging finance then that will probably be deducted from that sum, as well as interest.
Peadar
12/06/2006, 8:28 AM
Wont the tax man be entitled to stamp duty or something?
Réiteoir
12/06/2006, 8:44 AM
After everyone else has taken their cut Shels will probably end up with just enough to pay for a Luas ticket from Connolly to Tallaght
One way of course
WeAreRovers
12/06/2006, 10:56 AM
Of course Rovers fans will make smart remarks and let on they have some inside info without saying a word but nothing new there either.
We've known about Ossie Kilkenny/O'Reilly/Mulden/ for months. We knew that Kilkenny paid the taxman and I'd guess that the likes of Chippie and Dodge knew as well - incidentally, using cash received for the ground to pay back taxes is the fastest way out of existence.
All of this info is readily available to anyone who cares to look. Shels fans lack of interest in their own club is frightening. Pats are currently creating a similar mess for themselves but I have a wee bit more faith in their ability to see through the smokescreen.
KOH
higgins
12/06/2006, 12:08 PM
If I was Ollie I'd pocket the rest Louis style and **** off and there would be nothing to stop me from doing this. Warning Shels fans to be wary of this scenario is of course a waste of time.
You seriously think Ollie would run off with a fist full of money and leave Shels high and dry :)
How long are you following EL football... :eek:
higgins
12/06/2006, 12:11 PM
we told you mulden were the mystery investors and would be cashing in their chips soon.
http://www.foot.ie/showpost.php?p=483449&postcount=420
http://www.foot.ie/showpost.php?p=483915&postcount=478
its not mulden per say, but Jeremiah O'Connor of mulden is in the thick of it.
lads, you need to get in the loop, and get in there fast
I had many posts myself on the subject of selling Tolka and what may have happened. That was not my concern in the thread.
It was your D-Day senario in that thread i disagreed with.
We've known about Ossie Kilkenny/O'Reilly/Mulden/ for months. We knew that Kilkenny paid the taxman and I'd guess that the likes of Chippie and Dodge knew as well - incidentally, using cash received for the ground to pay back taxes is the fastest way out of existence.
KOH
Its like irish government in the 70s and 80s. Borrowing money to pay for civil servant wages & then selling off state assets to pay the bill.
Dodge
12/06/2006, 12:32 PM
You seriously think Ollie would run off with a fist full of money and leave Shels high and dry :)
How long are you following EL football... :eek:
How long have you know a convicted criminal that would come into a huge windfall after years of toiling and not even be tempted?
Roverstillidie
12/06/2006, 12:32 PM
It was your D-Day senario in that thread i disagreed with.
and you were wrong.
its d day.
Right, so Shels could end up in Tallaght- that may not be all that bad an outcome for Shels, depending on the deal they get. If they were to end up there on a more or less equal footing with Rovers and a few quid in the bank then I think it might be Rovers who should be worried rather than Shels?
Whatever is going on in Dubland, interesting times lie ahead.
higgins
12/06/2006, 12:51 PM
How long have you know a convicted criminal that would come into a huge windfall after years of toiling and not even be tempted?
I take it you dont know Ollie Byrne then ?
and to think of all the threads you have contributed to on the man himself and it appears you dont even know him!!
higgins
12/06/2006, 12:57 PM
and you were wrong.
its d day.
When ?
Or are you going to play the 'lets pretend I know stuff but cant say it' card.
That articale mentions nothing about being kicked out of Tolka which you said was going to happen.
Roverstillidie
12/06/2006, 1:21 PM
When ?
Or are you going to play the 'lets pretend I know stuff but cant say it' card.
That articale mentions nothing about being kicked out of Tolka which you said was going to happen.
you were told by us last week something was going to happen soon with property speculators and tolka, you dismissed it.
its now in the press and you are still dismissing it.
stop trying to score points and get real. this is happening. right now.
i hope no one is suggesting that money is going missing and/or being used inapropriatly? that'd be wrong of you if you did ;)
NY Hoop
12/06/2006, 2:36 PM
Of course Rovers fans will make smart remarks and let on they have some inside info without saying a word but nothing new there either. Its very nice of you all to be so worried but I suppose its only right considering your renting our ground at present :p
Dont worry you will get a months notice if you have to leave :)
We're keeping you alive at the moment and the convicted criminal knows this.
KOH
higgins
12/06/2006, 2:47 PM
you were told by us last week something was going to happen soon with property speculators and tolka, you dismissed it.
its now in the press and you are still dismissing it.
stop trying to score points and get real. this is happening. right now.
You told us something would happen soon yet you say its been known for years ?
All I posted was nothing in the article was new news.
and it is far from the D-Day picture you painted.
IF we takle everything in there as being 100% fact it still doesnt exactly spell out disaster does it?
When you are talking about selling your ground its only normal procedure that you discuss this with people who may buy it off you.
as for the bridging loans they mention, Shels paid 300K of a tax bill in one go.
Is it news to you that they may have had a helping hand????
As I said nothing in there is new......
As for your comments about something will happen soon :confused:
Care to tell me WHAT will happen WHEN or you still sitting on the fence.
Roverstillidie
12/06/2006, 3:23 PM
You told us something would happen soon yet you say its been known for years ?
All I posted was nothing in the article was new news.
and it is far from the D-Day picture you painted.
IF we takle everything in there as being 100% fact it still doesnt exactly spell out disaster does it?
When you are talking about selling your ground its only normal procedure that you discuss this with people who may buy it off you.
as for the bridging loans they mention, Shels paid 300K of a tax bill in one go.
Is it news to you that they may have had a helping hand????
As I said nothing in there is new......
As for your comments about something will happen soon :confused:
Care to tell me WHAT will happen WHEN or you still sitting on the fence.
you have got to be a WUM, there is no way you actually believe this.
you were told last week something was imminent. la la la you said.
it now hits the press. you still cant see it.
one of the guys who tried to **** us in tallaght is part of a consortium of property speculators who own your lease on tolka. they can cash this at any time. olly can walk away a rich man and leave you high and dry. no problems and you dont care? he sold you out on the qt and you still reckon all is peachy?
Poor Student
12/06/2006, 3:25 PM
If they were to end up there on a more or less equal footing with Rovers and a few quid in the bank then I think it might be Rovers who should be worried rather than Shels?
Shels will be far away from any sort of traditional heartlands they've had if they move to Tallaght. Rovers have also had a headstart of quite a few years in making the people of Tallaght feel they belong to them. If Shels had to move so far to share with a rejuvenated Rovers then they could be the ones in trouble.
higgins
12/06/2006, 3:28 PM
you have got to be a WUM, there is no way you actually believe this.
you were told last week something was imminent. la la la you said.
it now hits the press. you still cant see it.
one of the guys who tried to **** us in tallaght is part of a consortium of property speculators who own your lease on tolka. they can cash this at any time. olly can walk away a rich man and leave you high and dry. no problems and you dont care? he sold you out on the qt and you still reckon all is peachy?
A.
Ollie will not walk away
B.
What are the developers waiting on if its like you say
c.
When you said something was going to happen, you meant that a story would appear in the print media basically giving a summary of around 4,000 posts on this message board!!! :)
That really is something .........
manic da hoop
12/06/2006, 3:57 PM
A few genuine question for you, Higgins...
1. What proprtion/percentage of the final sale price for Tolka will Shels get?
2. How much of this has already been spent on the day-to-day runnning of the club over the past year or so?
3. What assurances has Ollie given you that whatever Shels stand to gain financially will be re-invested in the club and not stuffed in his suitcase as he packs for Rio?
4. Have the developers given you a timescale for how long more they will permit Shels to remain in Tolka and, if they haven't, what guarantee do you have that they can't turf you out in the morning?
5. Have Shels announced to the supporters any long-term development plan for the future of the club re: Swords/Donabate stadium, Abbotstown, Tallaght etc.
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