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It'll spread here eventually.
Tom Coughlan is through with the club after the Galway game.
400k tax bill.
FORAS have called an EGM for next week, but the problem is even if staff all agreed to terminate contracts there's no way the fans could foot a tax bill that size.
Club looks like folding. Will not be allowed into examinership again: straight to receivership (with zilch assets) and liquidation.
Whoa. That's crap.
holy sh1t.... thats not good.
Is there any way you can pull through adam? I hope you can. The league needs clubs like Cork.
Correction: players were NOT told this last night.
Bloody nightmare. This is sh*t.
Scandalous that this has been allowed to happen again (if it comes to pass). Coughlan must have personal assets that it'd be worth creditors trying to pursue. Screams of reckless or indeed fraudulent trading. As for the FAI and their compliance section..well words fail me. Padraig Smith and/or Fran Gavin should be sacked
Not sure mate. Looks very bad.... I don't see anyone bailing us out the way things are at the moment.Quote:
Originally Posted by SkStu
How in god's name did the examiner give this guy our club is what I wanna know.:(
why is Coughlan through with the club Adam?
terrible news.
25 years, went long enough for a club from Cork. Feels like Christmas Eve right now :)
If this is true it's a shambles of the FAI's own making. The blame lies with them for allowing Cork to get a licence.
I would question the examiner who handed it to him just as much (and I know for a fact alternatives were there). The guy gets paid a lot of money to ensure that things like this don't happen. What a halfwit.:mad:Quote:
Originally Posted by LeixlipRed
Haven't I read on here that Coughlan had to lodge 500,000 euros in an account to prove he was financially capable of taking over and running the club?Quote:
Originally Posted by adamd164
What happened to that money?
This is a disgrace. I will be devastated if Cork go to the wall. Only one big team outside Dublin in a couple of weeks :(.
Probably went out again as soon as the court had ruled and was given back to whoever gave it to him in the first place.Quote:
Originally Posted by osarusan
He also said he was gonna buy the Horseshoe pub next to the ground and turn it into a supporters' bar. This was central to his application and he pulled out of it in no time.Quote:
Originally Posted by osarusan
He is going to be public enemy #1 I feel. I don't understand what he wanted from this.... it seems like total madness. What was he hoping to achieve?! Words fail me with the guy.
No, it doesn't. A club in Cork, maybe, but Cork City have been ****ing about for long enough.Quote:
Originally Posted by SkStu
Shels and Drogs both survived and restructured after their financial troubles but Cork don't seem to have learned. I don't have any sympathy for the club if they still refuse to cop on.
Sorry for the fans though.
so who is this "club" that you have no sympathy for? Coughlan is "the club", he has apparently reneged on his promises to the fans. Your post makes no fckin sense.
Stop twisting my words. Of course the league needs a club like Cork.
well supported, outside of Dublin.
bad news this, hopefully something can be sorted out. The league needs our non-dublin based clubs up and running financially correct if the league is to grow.
The last owners of Cork City made a balls of it. Before that it was Lennox and, from what I've read on here, when he was in charge, Cork City were losing money as well. What's the common factor there? The club.Quote:
Originally Posted by SkStu
For years, the club have been spending money they obviously don't have. As we saw with Shels and Drogs, they cut back when their over-spending caught up on them and sacrificed future success, i.e. Shels in the First and Drogs already five points adrift at the bottom of the table.
What Cork City needs to do is stop spending the money it is. If it means cutting wages and getting rid of players then so be it. They've had enough warnings, imo. It just doesn't seem to have sunk in that the money isn't there to support the over-spending they've been doing for years. (Which obviously they are, or else they wouldn't be in trouble - again)
Lads, if the worst comes to pass, ye can always head up the N25 and support the most successful team in Munster :D
Yere more than welcome.