Drogheda Accounts

I'm expanding this discussion a little but I think it still fits under the heading of the thread.

The company operating as Drogheda United FC (Hinge Trading Limited) have just filed their accounts to October 2006. They show a loss for the year to 31st October 2006 of just under €1.25m!!! Total losses now stand at €2.66m.

Other interesting figures, they paid out €145,000 in transfer fees, issued €1.1m worth of new shares and include a note stating "The directors have considered the value of the current contracts and in their opinion these have a value of €1,240,000 (2005 €1,325,000).

If you want the details, go onto www.cro.ie and use a credit card to get a copy of them for €2.50.

Edit: The €1.1m shares were issued to its holding company, Drogheda United Football Club (O2) Limited to settle loans given by the holding company. The holding company's last set of accounts were to 31st December 2005 with the next set due into the CRO by the end of next month. At 31st December 2005 the following directors had given loans to the holding company; Eugene O'Connor (€467,492), Chris Byrne (€205,000) and Vincent Hoey (€342,092). No doubt those amounts are likely to have substantially increased since then.

That's great Stato - could you post up the Pat's and Bohs accounts now please. Thanks.

Quote:

---

Originally Posted by Celdrog

That's great Stato - could you post up the Pat's and Bohs accounts now please. Thanks.

---

Pats accounts have been posted here before. Do a search for it

I wouldn't have thought the directors input would be classified as loans. The other worrying aspect is that there was a similar debt already there and I would estimate that THIS years accounts would show a similar loss to these accounts.

On the plus side, there aren't any outstanding debts (apart from their own directors), the situation isn't nearly as bad as Shels was and their stadium is apparently going to get the go-ahead.

Quote:

---

Originally Posted by Stato

They show a loss for the year to 31st October 2006 of just under €1.25m!!! Total losses now stand at €2.66m.

---

Expensive Setanta Cup & 4th place. :eek:

Must e pushing 4m loses by now & if anything wages would have increased with little increase in prize money or gate receipts.

Quote:

---

Originally Posted by Stato

"The directors have considered the value of the current contracts and in their opinion these have a value of €1,240,000 (2005 €1,325,000).

---

Laugh or Cry?

Quote:

---

Originally Posted by Stato

At 31st December 2005 the following directors had given loans to the holding company; Eugene O'Connor (€467,492), Chris Byrne (€205,000) and Vincent Hoey (€342,092).

---

This should be of concern to Drogs fans as this means as it stands no money has been gifted to the club & the Directors reserve the right to ask for that money back should they so wish. I personally do not like the practice of Directors giving personal loans to their company.

Thanks for the concerns lads.
However, knowing Vincent Hoey and Chris Byrne personally I would prefer them to be in charge of my club than an obscure investment fund with no link to my town or club. Now that is worrying - €30M investment in Cork City??

Because of the emotional attachment to the Drogs the three amigos may just be prepared to invest a couple of million to make it work and be prepared to gamble on losing it (Remember Vincent Hoey has been with the Drogs since the start. Chris Byrne for the last 10 years). An investment fund will demand a return on investment.

Planning permission for the new stadium was apparently granted last night. The plan is starting to fall into place and Arkaga seem to be looking at a similar model. How long to recoup €30M, how long to recoup €3M?

We have the squad, Cork need to pay serious money and wages to match it.

I think you will find the Drogs have less reasons to be worried than some other clubs.

Quote:

---

Originally Posted by Celdrog

Because of the emotional attachment to the Drogs the three amigos may just be prepared to invest a couple of million to make it work and be prepared to gamble on losing it (Remember Vincent Hoey has been with the Drogs since the start. Chris Byrne for the last 10 years).

---

That's what Shels fans said about Ollie.

Quote:

---

Originally Posted by Celdrog

Planning permission for the new stadium was apparently granted last night.

---

Is there actually a single source for this? Your forum credits someone who heard someone say it was passed at a meeting last night, and someone else who heard it on the radio. If the first, I'd not listen to that (the poster had 15 posts, was only vaguely literate and of the type I'd just ignore straight off) and if the second, why isn't it anywhere else? There's nothing on the internet that I can see, including the official club site and the Meath County Council site, with the planning reference linked in on the Stadium Improvements thread.

Maybe there should be a thread in EL for the rest of us to talk about this.

I think we just need another thread about Cork's situation so Drogs fans don't try and divert the thread off topic.

Quote:

---

Originally Posted by Celdrog

Planning permission for the new stadium was apparently granted last night. The plan is starting to fall into place and Arkaga seem to be looking at a similar model. How long to recoup €30M, how long to recoup €3M?

We have the squad, Cork need to pay serious money and wages to match it.

I think you will find the Drogs have less reasons to be worried than some other clubs.

---

But in fairness what do we have to lose? No ground, no tangible assets. Fans are looking to buy a small stake in the club-1-2%(Tynan seemed very open to the idea) and if it all goes wrong we're pretty much in the same situation we would have been had Arkaga not come in, part-time and just trying to survive.

I dont see what we have to lose, whereas ye have United Park

Quote:

---

Originally Posted by micls

I dont see what we have to lose, whereas ye have United Park

---

No we don't - the FAI have United Park.

As for something to lose - if the directors didnt step in we'd be playing division one football regardless of what happened on the pitch cos of the state of united park

We have no assets. If the ground falls through (which hopefully it won't) and the directors decide its not worth pursueing an alternative their money is lost - no chance of getting it back. And theres no way they'll demand it back when they no theres no chance of getting any of it so im sure they wont put the club bust by pursueing it when they know yhe club has absolutely no assets)

thats the very worst case scenario in my eyes ie first division football cos of the ground.

Remember these 3 lads are self made millionaires - how many people on here had proper business models to make themselves self made millionaires? They're not stupid and because of the above i believe it'll happen.

Why are people so bitter? Why not give us a chance and see how it goes? If it all goes f***** up, come back and tell us ye told us so! Why not kjust let us get on with it? Its us that have to live with whatever happens. Its getting rather boring now to be honest

Quote:

---

Originally Posted by Cosmo

If...the directors decide its not worth pursueing an alternative their money is lost - no chance of getting it back.

---

Interestingly, one of the Waterford directors (Ger O'Brien I think?) had a sizeable directors' loan with Waterford - E100k or so as I recall? - and one of the terms of his leaving was that the loan was to be repaid in full. This was in 2005, and Waterford had an immediate fire sale of players to save cash to pay O'Brien back.

One of the Waterford lads will confirm/correct the details I'm sure, but just because you can't pay is no reason that it can't be paid.

And how many teams would have the funds to buy our players? And how many would be willing? Seriously, you're clutching at straws now! We've absolutely nothing to lose compared to what we wouldve lost if the 3 amigos didnt get involved

Tis getting boring PS - seriously im not saying any more on it,give it a rest youre embarrassing yourself :rolleyes:

As i said come back and tell us ye told us so - and let us get on with it and see what happens :rolleyes:

There's other ways of getting money than selling players. Waterford didn't make the money selling players, for example - they saved on wages and made a profit. So basically the directors would be perfectly entitled to claim their money back if they left (unless they were done for reckless trading or some such), in which case, Drogheda would have to cut about E2m off their expenses (allowing for subsequent loss of earnings with lower crowds, lower prize money, fewer games, etc).

Quote:

---

Originally Posted by pineapple stu

There's other ways of getting money than selling players. Waterford didn't make the money selling players, for example - they saved on wages and made a profit. So basically the directors would be perfectly entitled to claim their money back if they left (unless they were done for reckless trading or some such), in which case, Drogheda would have to cut about E2m off their expenses (allowing for subsequent loss of earnings with lower crowds, lower prize money, fewer games, etc).

---

I dont care PS - i dont care what you or any opposing fan thinks! I've said my piece - worst case scenario of the above is no worse than what wouldve happened if the lads never got involved!

The self made millionaires are making a stab at moving the club forward! Hopefully they can do so in the professionalism that obviously made them self made millionaires! And I hope they at least recoup their money regardless of the outcome. End of discussion for me regardless of your response! :)

Quote:

---

Originally Posted by Cosmo

End of discussion for me regardless of your response! :)

---

You've said that before though. ;)

One last question - what's the story with the ground? Planning approved or no news yet? I'd be surprised if it were on radio and not on any other media source, including the club website and the Council website.

Quote:

---

Originally Posted by Cosmo

Why are people so bitter? Why not give us a chance and see how it goes? If it all goes f***** up, come back and tell us ye told us so! Why not kjust let us get on with it? Its us that have to live with whatever happens. Its getting rather boring now to be honest

---

Cosmo, nearly 95% of people laughed at and slagged us off when Nick Leeson was appointed Commercial manager. Well we got on with it and more to the point Nick did too. We are very secure at the mo and all we need is to stay up! Never mind the begrudgers, if my club wasnt sustainable through sponsorship and viable as a business i'd prefer to have a few self made millionaire supporters backing it than an investment group looking for a return. We all know there is **** all return on investment in Irish football clubs.

Quote:

---

Originally Posted by pineapple stu

You've said that before though. ;)

One last question - what's the story with the ground? Planning approved or no news yet? I'd be surprised if it were on radio and not on any other media source, including the club website and the Council website.

---

Tbh I dont know - I havent been talking to sanybody 'in the know' now for a few weeks! But i know the club have worked hard with Meath County Council before actually submitting it, so im hopeful enough

It said in todays star (and on tyhe local radio) that lastnight was the deadline for objections and none were received - however i thought i read somewhere when the application went in that the deadline was end of sept for objections and someone on our forum said that a little while ago too - so im not sure where that story has come from! Wouldve been great if true but i think weve a couple of more weeks to hold our breath!

There is no way there is planning for that development so soon. We were held up for an age to add the stand to an existing stadium!

Quote:

---

Originally Posted by Tir Oilean

Cosmo, nearly 95% of people laughed at and slagged us off when Nick Leeson was appointed Commercial manager. Well we got on with it and more to the point Nick did too. We are very secure at the mo and all we need is to stay up! Never mind the begrudgers, if my club wasnt sustainable through sponsorship and viable as a business i'd prefer to have a few self made millionaire supporters backing it than an investment group looking for a return. We all know there is **** all return on investment in Irish football clubs.

---

And a very improved ground ye have there too - looking forward to the trip over tomorrow - was great the last time :)