Can Shels get a License? / Shelbourne €10 Million in Debt

[BohsPartisan]

link doesnt work

coz of the smilie

[Poor Student]

I don't understand. €3m was drawn down from the builders to buy off the Donnellys and another €3m was drawn down to finance the overspending. About €100k is owed to players, a few €100k to the revenue and obviously they owe some amount to other creditors like programme printers, but how does it go up to €10-12m? That's shocking. How can a crippled club of that size ever work their way out of the debt? I was stunned to see a club of Hearts size had racked up a debt of £6m but this is ludicrous.

[pete]

It was noticable yesterday the way things had changed since Ollie had to step aside. Whereas Ollie would have fought to hold onto players he could not afford Flood held his hands up & offered the players a way out as knew the wages could not be paid.

12m debt is massive & unprecedented in eL terms. There isn't a hope in the world that Shels accounts could be correct for the licence application otherwise the licencing board have made a monumental feck up. Even if Shels drew down all the cash from sale of Tolka would not be much left when 12m deducted.

Far from being the saviour & guardian of Shels looks like Ollie has killed Shels.

[Partizan]

Our stay in the First Division could be a very temporary one.

:D

[DvB]

Our stay in the First Division could be a very temporary one.

:D

At this rate will there be enough clubs to actually have a first division?

[charliesboots]

We might end up with two Limerick teams!!!

[BohsPartisan]

At this rate will there be enough clubs to actually have a first division?

All we need now is a few clubs up North to go under and an All Ireland League could be closer than we think.

[monkey magic]

Shels €12 million in the red according to Newstalk this morning and facing relegation to the First Division. The FAI have apparently ordered an investigation into their account until 30 November 2006 to see if their licensing application was correct. Maybe people do read this board!!

or maybe now delaney feels safe in ordering an investigation in to shels.. now that ollie's in hospital delaney can stop (at least temporarily) being his bitch

[BohsPartisan]

now that ollie's in hospital delaney can stop (at least temporarily) being his bitch

Not so. I heard he was down there in a nurses outfit. "Are you ready for your spongebath mr Byrne?" :eek:

[dcfcsteve]

All we need now is a few clubs up North to go under and an All Ireland League could be closer than we think.

Wouldn't be that simply. Omagh went out of business recently, and Coleraine were very, very close to following suit a year ago, yet there wasn't a dicky-bird mentioned about an AIL. It really isn't that simple. If we lost a couple more clubS- would we go looking to join the IL....?

Shocking news about Shels though. €12m !?!? Holy feck....

[CuanaD]

If 12million is the figure quoted from the Star, then I wouldn't believe it - their maths seems to include the 'double it, add your age' method normally:D

Going on PoorStudent's figures, they could be in the region of 7mil in debt, but on the other hand they are still due around 15mil upon the sale of Tolka (whenever, if ever, etc.). Looks like a cashflow problem only - all the money tied up in fixed asset.

[Tenderloins]

It looks that Finbarr Flood is getting everything out in the open.
Ollie must have been under some strain trying to hold the whole thing together for the last few years.
12 million is not unbelievable either. Indeed if Ollie had continued to get the cash from Ossie Kilkenny n co then the value of their lease on Tolka would be all gone in another season or two! Thats presuming they didn't qualify for the CL Group phase!
I dont envy Finbarr Flood, but at least he has started to put some reality to an unreal situation. I wonder was it really Fenlon he fell out with?

[TonyD]

Not so. I heard he was down there in a nurses outfit. "Are you ready for your spongebath mr Byrne?" :eek:


Now there's an image no-one will be able to get out of their head easily:D

Seriously though, I don't want to see Shels relegated, if only for the fact that it would deprive me of the immense pleasure of seeing Pats thump them three times next year. They should absolutely have their European place revoked though, which would see Pats into the UEFA Cup. Remember 2002 - It's PAYBACK TIME:cool:

[Guts&Glory]

HOW ON EARTH WERE THEY ALLOWED TO GET A LICENCE TO OPERATE LAST SEASON???????

LOOKS LIKE THEY DIDNT DISCLOSE THEIR ACCOUNTS HONESTLY WHEN ASESSED.

From elevenaside .com

Shels €10m in debt – report


January 30, 2007

Beleaguered eircom League champions Shelbourne are at least €10m in debt and staring into relegation to the First Division, according to a report in Tuesday’s Irish Daily Star.

Shels are already without a manager or a single senior player following the departure of the last vestiges of the title-winning team at the weekend.

The club’s debts are said to reach as much as €10m, including more than €6m already drawn down on the proposed sale of Tolka Park, more than €3m owed to a variety of companies and individuals and at least €120,000 in unpaid players’ wages and bonuses.

In addition, the report goes on to claim that Shels face immediate relegation to the First Division if an examination of accounts furnished by the club shows that debts reaching back to 2005 were not detailed in previous licensing applications.

Should Shels be demoted, the club would almost certainly be stripped of its Champions League and Setanta Sports Cup places for this year, with Derry City replacing them in Europe’s top club competition and St Patrick’s Athletic awarded a spot in the Setanta and Uefa Cups.

Meanwhile, Waterford United - the club ranked 13th in the Independent Assessment Group’s findings in December - would be in line for a return to the Premier Division.

[wws]

if someone gave me 12 million I'd have an Irish club in the cl group stages in 2 seasons


Ollie what the fck were you doing with that money?!?1

wiping your arce?

[BrayUnknowns]

if someone gave me 12 million I'd have an Irish club in the cl group stages in 2 seasons


Ollie what the fck were you doing with that money?!?1

wiping your arce?

Fully agreed, that type of money should have Shels in the CL Group stages.....

There has to be more to this than any of us knows about :confused:

[Carotheplayer]

Oh Lord,

Who in Earth was their accountant. Stevie Wonder wouldn't have let it get this bad.

That's it lads. I hope Ollie gets well soon but what are they going to do. I think delling the ground is now the only option.

[charliesboots]

mod: merge with Shels license thread?

[teckno]

Glimmer of hope for us Blues Fans yet!!! Dundalk fans please do not start kicking up again if Waterford United get promoted at Shels expense. We were the next ranked team to go up regardless of that idiotic playoff.

[Dricky]

ouch!!!!! I would hate to be in their shoes.

I'd prefer to have an owner tight with the bobs rather than a spend and you will succed owner. The money just isn't there in the EL

[Student Mullet]

If Shels loose the license is UCDD Dublin's top club?

[BohsPartisan]

And now, the end is near...

[Mr A]

Uh- this report comes from the Star, I wouldn't get too excited just yet.

[BohsPartisan]

Either way they're going to have a team made up of the free agents from the transfers thread. Doesn't look too promising.
Plus Star or no Star they couldn't go to press with a story of that magnitude witout there being truth in it. Sure if it wasn't true they'd be open to lible action from the club for damaging its reputation.

[gufct]

Eventually the truth will out once the papers get brave enough to print it. Ollie threatened any Journalist who dared print anything questioning his methods with legal Proceedings. Maybe Delaney might learn a lesson that his grip on power is only hanging by a thread.

[khoop]

I think that it is at least safe to say that the meeting Ollie recently held with the fans meant absolutely nothing, nada, zero, zilch.

When under pressure, he just - as usual - said the first thing that came into his head.

Unfortunately - as usual - it was light years away from the cold hard facts.

[finnpark]

What makes anyone think that they should be allowed 1st division status? Its offensive to any 1st division team who have stayed within their budgets to put Shels in the same division as them. Let them rot.

Does this mean Derry will be in CL qualifying with St Pats in UEFA Cup qualifying?

[BohsPartisan]

What makes anyone think that they should be allowed 1st division status?

Oh come on, don't tell me you won't enjoy watching your team thumping them.

[Jamjar]

http://www.foot.ie/showthread.php?t=51777

[finnpark]

Oh come on, don't tell me you won't enjoy watching your team thumping them.

If Ollie is in goals we won't score a thing. How do you get the ball past his head:confused:

[Réiteoir]

http://www.foot.ie/showthread.php?t=51777

Threads merged

[Risteard]

If Ollie is in goals we won't score a thing. How do you get the ball past his head:confused:
Oooh, really want to say something.
No, better off not taking the bait.

[harpskid]

Oooh, really want to say something.


Me too - you say it first so I won't seem so bad :)

[BohsPartisan]

Oooh, really want to say something.
No, better off not taking the bait.

I think you already did mate... edit ...edit... ;)
(It was fairly sick though so best not repeat it eh? :o )

[bohs til i die]

If 12million is the figure quoted from the Star, then I wouldn't believe it - their maths seems to include the 'double it, add your age' method normally:D

Going on PoorStudent's figures, they could be in the region of 7mil in debt, but on the other hand they are still due around 15mil upon the sale of Tolka (whenever, if ever, etc.). Looks like a cashflow problem only - all the money tied up in fixed asset.



Its a lot more zserious then a cash flow. A DCC member went on Live radio 2 weeks ago and stated that any potential re-zoning of Tolka Park is 4 years away. Shels need the money now and I doubt Ivano Cafollo and Jerry O'Reilly are going to hand over any more money now.

The money from the developers is debt because they want to own Tolka Park as soon as possible and Shels cannopt give them that.

The rest is very easy to presume as close to fact. We know the revenue/wages/bonus debt is true and the other debt isnt all that difficult to take as true [or close to] because they are spending way more then Bohs and Bohs have lost similar amounts over the past 6 years and have kept the debt down via members loans, bonds, life membership and the Shopping Centre end deals.

[charliesboots]

It's also a situation where Shels liabilities are far in excess of their assets. As it stands Shels have an asset in the leasehold interest in Tolka, which at this moment in time (zoned ammenity/leisure i presume) is worth less than their reported liabilities.

They are not a viable entity and if they continue to trade it is likely that they will be doing so recklessly.

People will say that they Tolka Park has a potential value of x if resold. Try going into the High Court and say that if a, b and c happens we can realise x, they'll laugh at you.

[Risteard]

I think you already did mate... edit ...edit... ;)
(It was fairly sick though so best not repeat it eh? :o )


As someone else said, makes sense to stay in the silent majority.

At least someone got amused/ apalled.:)

[Pauro 76]

So will Shels have their "Eircom League Champions" title stripped too? they might as well, seeing as they've nothing to defend and have lost everything else.

[BohsPartisan]

As a great Bohs fan once sang...

I've been waiting such a long time,
looking out for a team
But they're not here
What's another year?

I've been waking such a long time,
reaching out for cash
But cash ain't near
What's another year?

What's another year
For someone who's lost everything that they own?
What's another year
For someone who's getting used to being alone?
(No fans, you've got no fans)

[Pauro 76]

As a great Bohs fan once sang...

Quality! Do they have just a 'shel' of a team now?
;)