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

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14/02/2010, 2:08 PM
razor

Last Friday was a very strange evening, I had a look of amazement when our chairman announced that the meeting may take 3 or 4 hours but it just flew by. There was a lot of emotion on show and credit must be given to the FORAS BOM, they have put in tremendous amount of work.

There certainly is honour in clearing the debts but as one speaker said they shouldn't be on our conscience, although we could hardly expect goodwill moving forward with these people. I'm a cautious person by nature and the prospect of entering into this deal with very little money in the bank fills me with dread. Plus our chances of rebuilding our war chest are now limited as surely all fundraising will be done now for the club. I cannot see a huge influx of members and am wondering for how long will our 2 partners be prepared to fund the club when we have nothing to add maybe a while but the Cork City situation could soon resemble the York City one.
I voted against it and I thought people voted heart above head, especially after PR's emotional speech, but i've been around too long for that but as a member am prepared to now roll up the sleeves and go with the majority vote.
14/02/2010, 2:10 PM
weecountyman

Quote:

Originally Posted by passerrby

its amazing how that will raise when roddy leaves

:-) Tom went from "investing" "alot of money" to "a million" to "over a million" within hours of Roddy panhandling for the job - see his Star column before he'd even run out of Malta! But his contract is still property of the company FORAS and their co-investors are buying out, and it's illegal. So what will they do, keep the man and pay what's due to his current employer, or get rid of him for nothing - I've asked this already but none of the "insider" FORAS folk want to answer.
14/02/2010, 2:14 PM
razor

Quote:

Originally Posted by weecountyman

So what will they do, keep the man and pay what's due to his current employer, or get rid of him for nothing

Thats a tough one alright :D
14/02/2010, 2:26 PM
Mr_Parker

Quote:

Originally Posted by Mr_Parker

Who and how was Cork City, with no tangable asetts valued at 1 million??????????????????

Quote:

Originally Posted by tiktok

It hasn't been valued at 1,000,000
I don't know where you pulled that figure out of. It's effectively been valued at 0.00.

Ta, misread it that they were getting 10% of the company for 100k.

Quote:

Originally Posted by Schumi

Foras are supposed to be putting in 100k for 20% which puts the whole lot at 500k which would just be the debts I'd imagine.

So they are paying 100k to buy 20% of the debt? :confused:
14/02/2010, 2:30 PM
weecountyman

Quote:

Originally Posted by razor

Thats a tough one alright :D

Except you'll still be stuck with a court case in CAS for the illegal signing of another club's coach! So no matter what, you'll need to pay to get rid of the Rod! :D Which is why I still stick with the case that it's easier to let the name die and keep the club going as it should be - with FORAS using their funds to build a club for Cork to be proud of with a fresh start and let Tom and ROddy fight their court cases alone - CCIFL or whatever it's caused are really and truly in schtuck!
14/02/2010, 2:36 PM
razor

Quote:

Originally Posted by weecountyman

Except you'll still be stuck with a court case in CAS for the illegal signing of another club's coach!

There are lots of hidden extras awaiting us i've no doubt and thats what worries me, the size of the debt is still unknown awaiting Toms audited accounts, they should be worth a look.
A lot of folks were hung up on keeping the name, some of us would prefer a fresh start.
14/02/2010, 3:04 PM
marty

The very fact you just said that you still do not know the actual debt is crazy,who exactly decided the club was worth 500k-as it stands you have few players worth talking about,still no ground and do not know what division you will be in.People cant be that attached to a club with a small history I mean its only 25 years old.Cork City FC or FC Cork City who gives a sh*t
14/02/2010, 3:22 PM
tiktok

Quote:

Originally Posted by weecountyman

- I've asked this already but none of the "insider" FORAS folk want to answer.

You must be soft in the head if you think anyone is going to touch that question until after a takeover.
I don't what you must be to think it'd be discussed on an Internet forum before the man in question was spoken to.
Seriously, cop on!
14/02/2010, 3:25 PM
tiktok

Quote:

Originally Posted by marty

I mean its only 25 years old.Cork City FC or FC Cork City who gives a sh*t

Just for other City fans.
Don't feed the trolls, especially such simple ones
14/02/2010, 3:52 PM
weecountyman

Quote:

Originally Posted by tiktok

You must be soft in the head if you think anyone is going to touch that question until after a takeover.
I don't what you must be to think it'd be discussed on an Internet forum before the man in question was spoken to.
Seriously, cop on!

Sounds exactly like the rhetoric that got Cork into this situation in the first place. Very progressive discussion, lowering it to insults and namecalling, extremely impressive. However I'll view Razor's answer as more representative of the CCFC supporters - not some insulting response.

Quote:

There are lots of hidden extras awaiting us i've no doubt and thats what worries me, the size of the debt is still unknown awaiting Toms audited accounts, they should be worth a look.
A lot of folks were hung up on keeping the name, some of us would prefer a fresh start.

No matter what it'll all cost money, and you're right, if a proper due diligence turns up enough smelly fish there is always the off switch, the name is important, but more important is the club and reputation.
14/02/2010, 4:13 PM
Schumi

Quote:

Originally Posted by Mr_Parker

So they are paying 100k to buy 20% of the debt? :confused:

They'd be paying 100k to pay 20% of the debt and get 20% of the company in return it seems to me.
14/02/2010, 4:19 PM
Doomofman

Well yeah... If you own 20% of the company surely you would have to shoulder 20% of the debt....
14/02/2010, 4:23 PM
pineapple stu

So that means that TNB is getting nothing? That'd be excellent.

Have to say, micls' rationale for voting for the bid was an excellent post.
14/02/2010, 4:25 PM
micls

TNB gets 100euro.

It was suggested that it's given to him in a mixture of 1 and 2 cent coins.....
14/02/2010, 4:28 PM
tiktok

Quote:

Originally Posted by pineapple stu

Have to say, micls' rationale for voting for the bid was an excellent post.

Agreed, by the way, the €100 has to be given, it's bascually 0.01 per share for 10,000 shares.
14/02/2010, 4:29 PM
pineapple stu

Hundred quid's next to nothing.

Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?
14/02/2010, 4:33 PM
SMorgan

Quote:

Originally Posted by pineapple stu

Hundred quid's next to nothing.

Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?

Of course any bidder is going to say that. But it's a form of blackmail.

Quote:

Let us in the PremierDivision, or you've Tom for the next 12 months!!
14/02/2010, 4:36 PM
pineapple stu

If the bid fails, the club gets wound up and they're in the First for free I suppose.
14/02/2010, 4:42 PM
Doomofman

Quote:

Originally Posted by pineapple stu

Hundred quid's next to nothing.

Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?

If I was in the FAI and was told something like that I'd just let them rot in the first division...
14/02/2010, 4:43 PM
Hairy Bowsie

There is a lot more at play then just seeing what kind of licence Cork get, should the takeover be successful. I think it's fair to say that if Cork get awarded a Premier licence for the coming season and are playing Premier football then it is maybe not the final nail, but the biggest nail in the coffin of League of Ireland football.

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