U2’s former accountant privately funds Shelbourne FC
http://www.thepost.ie/post/pages/p/s...967-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.
