Cork City denied a licence; club to be wound up; FORAS to enter First Division

[HammerNThongs]

Lunchtime I'd say.
No

*Cancels lunch plans*

[Mr A]

I'm going to guess that CCFC had/ are having their meeting with the FAI regarding plans for 2010. And the FAI have kicked/ are kicking the living crap out of them.

[tiktok]

It's out now and I'm aware the texts are circulating so may aswell throw it up.

Formal offer to buy out the club and absorb debts has been lodged with Tom Coughlan's Solicitors first thing this morning. The bidder is clearly going to go public seeing as everyone already has the story, keep an eye on Today's Echo.

[Buile Shuibhne]

It's out now and I'm aware the texts are circulating so may aswell throw it up.

Formal offer to buy out the club and absorb debts has been lodged with Tom Coughlan's Solicitors first thing this morning. The bidder is clearly going to go public seeing as everyone already has the story, keep an eye on Today's Echo.

A silly question - but why?

Whatever about buying the club - but clearing those debts - the buyer will never get his money back there?

[tiktok]

A silly question - but why?

Whatever about buying the club - but clearing those debts - the buyer will never get his money back there?

No, I don't think he will.
But the bidder in question is a creditor and is already owed a lot of money which he's unlikely to get back, I'm guessing his approach is that he may as well give a little more and have a club.

Debts overall are even bigger than people imagine to be honest.

The name is public on our forum now anyway, so Michael O'Connell is the bidder.
He's the person who bailed the club out to the tune of €220k when we were in the High Court on the verge of being liquidated [hence his being a creditor]. Yes folks, Frank and Irene were not the source of the loan, sorry to disappoint you.

[Real ale Madrid]

Who is this Michael O'Connell? Any vibes that TNB will sell?

[razor]

Who is this Michael O'Connell? Any vibes that TNB will sell?

Adidas guy
Sadly I can see Tommy brass necking this one out as he has with all the previous offers.

[Longfordian]

If he's already owed 220k he's in a pretty strong position to force Tom out though no doubt Tom will want something for his "troubles".

[tiktok]

If he's already owed 220k he's in a pretty strong position to force Tom out though no doubt Tom will want something for his "troubles".

The rumours around Cork are that Tom want €1,000,000 for his troubles.
Which is why you see his friends, old and new, claiming that he's put in €1m of his own money. I'd like to see him prove it!

[pineapple stu]

What role for FORAS in this takeover?

[Longfordian]

Someone who used to work for TNB, Im sure you can guess who, reckons if he's put in 80-100k that'd be the height of it. Like you say it'd be interesting to see him prove it.

[HammerNThongs]

The rumours around Cork are that Tom want €1,000,000 for his troubles.
Which is why you see his friends, old and new, claiming that he's put in €1m of his own money. I'd like to see him prove it!

I would rather chance our arm in Administration then have that ***** get anywhere near that amount of money...especially if it means we keep Roddy at the helm.

I really dont like where this is going from a somewhat objective point of view. Does O Connel think he can make money on a LoI club? Especially if he buys it at the figure Tommy wants?

[Celdrog]

The rumours around Cork are that Tom want €1,000,000 for his troubles.

[Acornvilla]

I would rather chance our arm in Administration then have that ***** get anywhere near that amount of money...especially if it means we keep Roddy at the helm.

I really dont like where this is going from a somewhat objective point of view. Does O Connel think he can make money on a LoI club? Especially if he buys it at the figure Tommy wants?

if your shreud and dont let your heart rule your head in decisions of course a club in the city the size of cork could be profitable but things never seem to work out in reality the way they do in theory in the LOI

[Mr A]

Even if there is a new owner, surely it's too late to rescue a premier license for this season at this late stage?

Not that the FAI won't just fudge the hell out of it given the least excuse.