Are you for real?!?!Quote:
Originally Posted by longfordjames
Cork in another arkaga type scheme now, let's see if they can get out of it. Hope they finish 8th and stay up...
Are you for real?!?!Quote:
Originally Posted by longfordjames
Cork in another arkaga type scheme now, let's see if they can get out of it. Hope they finish 8th and stay up...
Surely though, with the support Cork have, if they cut their budget down to a bare minimum they would be able to gather enough cash to keep them on firm footing??Quote:
Originally Posted by White Horse
I'm no expert, I'm just throwing out my thoughts, so I'm not in the position to debate, just giving out my views (even if they are ignorant)
no way man :confused:Quote:
Originally Posted by The Betting Man
I can't believe they got ANOTHER lifeline!
They were handed prize money even though they mightnt finish the season so they were bailed out.Should be docked points but there Cork so will probably be given some.JOKE
What is have said is perfectly logical. However, you also have to take into account the deficit/loss run up so far by the management and the loss that will be incurred while trying to reduce/reshape the squad.Quote:
Originally Posted by Steve Bruce
It will take a while to reduce the wage bill as most, if not all, clubs are fully staffed and the transfer window is about to close. If they want to take on a free agent, how do they ship out an existing player?
My opinion is that they are doomed unless there is a new injection of equity to service the projected loss.
If that is done, the points that you make are then essential to the continued running of the club.
totally agree,Quote:
Originally Posted by Blue-Army
the league and the fai are a farce.
i think all the other clubs should pull away from the fai and form their own league without cork or the fai.
its a shame that most clubs in the league went through bad times in the past and got fcuk all help from the fai.
FARCE FARCE FARCE.
Shels faced three winding up orders in court. They were punished for none of them. Cork are still in trouble. Even if they pay their tax bill by Thursday morning, they're going to be in trouble again in no time unless they really do let half their squad go.Quote:
Originally Posted by longfordjames
FFS, Kilkenny left the league because Jim Ratigan was sick and no one else could shoulder the burden he had been carrying for the club. They did not fold over money.Quote:
Originally Posted by roinuj
Once again another club that has bought the title through paying UNREALISTIC wages to their players falls on its own sword!! This has to stop or the future is dark, very dark. I would hazard a guess on the wages in Drogheda and in order to make them go bust considering they had league/setanta cup/european money the wages must be HUGE! And before anyone comes on saying ah no its because of this and that dont waste your energy. Clubs are paying CRAZY money to players. Previously I was shocked at Michael Keanes wages and was told about this "Cap" that all clubs must adhere too. If this is the case HOW can something like this happen? The league and clubs need to wise up and fast.
Once again the league looks like a complete shambles... How the hell is this let happen?? Surely it was obvious that this was going to happen months ago. A junior cert business studies student can work out that incoming has to be at least equal to outgoings or there is a problem.... Cant see how Cork are going to survive this long term as the inevitable is on the horizon.
I really do wish that the clubs would wise up and sort themselves out. Look at the wage bill and look at the revenue stream and start balancing the books.
Another sad day for the league and worse of all for the many sincere supporters.
We didn't buy the league. What happened was Arkaga inflated the wages by about 60% (before the 65% cap rule) and on top of that there were bonuses paid for scoring goals, keeping clean sheets. If you remember we were third in the league and eleven points behind Bohemians in the middle of August so we hardly bought the league.Quote:
Originally Posted by skipper_12
We won the league in 2005, and went into examinership in 2008, so you can't say we bought the title as we were fine financially until Arkaga came in.
I assume if Cork come through all this that the money they are paying the Revenue will have to be taken into consideration in the 65% wage protocal. They must be over the 65% mark at this stage.
The protocol is that wages are 65% of income. What they're paying out to Revenue doesn't count in that regard. Where it does count is when they have to scrape together the wage bill for this month (which is deferred) and next month.Quote:
Originally Posted by SMorgan
sorry you took my post up the wrong way. I posted that last October and I was only trying to point out the fact that not much has changed since then and since the Drogs experience. The bold type is taken from a post last October.
It is an awful pity to see what is happening to your club but unfortunately I think that we will see similar happen to more clubs.
that was the start of the debt ye built up.Quote:
Originally Posted by Umberside
so ye did buy the league.
as did drogheda, shels, and bohs in the past.
living beyond your means.
bunch a morons running your club.
so now that cork have called in all there cards, what happens when the next creditor comes knocking for there money,
as i understand there are other creditors, revenue being the most imediate, and once you pay one off, the rest wont be far behind,
does anyone actually know who city owe money to, and how much they owe to each, there were big number being thrown around when they were in examinership,
so now that the revenue are being "paid" off, are city now gonna pay there taxes, or just let another 400k bill build up again, while they take care of other bills,
not just theres, :eek::eek::eek:Quote:
Originally Posted by roinuj
How much is that again? Its only low tens of thousands I thought?Quote:
Originally Posted by Schumi
Was away all afternoon so didn't see all this as it happened. Seems to have been an extraordinary day even by CCFC standards.
From what I can gather, even IF they survive again come next Thursday, they're going to spend the rest of the season sprinting just to stand still as far as cash flow is concerned. Not to mention where on earth they're going to find the remaining 239K by then!
Alan Mathews' court case is still on the horizon as well. Another potential six figure liability there.
With the future of the club at stake, would there be a chance that Matthews will drop the case?Quote:
Originally Posted by Longfordian
Hardly if there's possibly a six figure sum at stake.Quote:
Originally Posted by brianw82
Certainly not if Tom Coughlan is still there. That's for damn sure. Even if he wasn't, I'd highly doubt it. He may settle it I suppose.
and i thought supporting Bohs was nerve wracking ! Congrats to Cork and hope they can shore things up to see out the season :DQuote:
Originally Posted by brianw82
Nail on the head, as hinted at in their thread, there was no backup there for Jimmy to pass the mantle on to. As it happened (I think it was Ian Kehoe of the Business Post who spoke about this at the time) the FAI were very good to the directors of the club who stood to incur personal losses over the debt which was there. I believe the costs were met to enable Buckley Park to be kept for Irish football. Kudos to the FAI on that one. Although not to Fran Gavin who expressed glee at their exit to be replaced by SF.Quote:
Originally Posted by John83
The only place that Shels were RRS was in their relegation. I know that Dermot Keely had to pull a squad together practically over a weekend so they wouldn't have been at the races for the first half of the season, but Alan Matthews managed to weather a similar storm this season. I felt at the time that the FAI should have been more understanding of their plight.
Not quite true, in fact we cut our wage bill going into the 2005 season and I believe reduced it again going into the 2006 season-this would be when Brian Lennox was our chairman and we were run correctly. At the time Brian stood aside because he could not financially run us as a full-time venture anymore and Arkaga (well Jim little first, then Arkaga) took over. That's when we started going crazy with our outgoings-bringing in players on high wages, silly bonuses, bringing in ticket scan and increasing security costs, hiring more full-time staff off the field, sacking managers left right and centre, etc. I think the point where we starting buying success wasn't our League win but our Cup win sadly....the signs were already there at that point.Quote:
Originally Posted by roinuj
Just to clarify mind.
Taken from rovers forum and is spot on;
I still cant believe how Coughlan and the Langers believe they will pay by wednesday and its happy days from there on in!!!
They will have used next years prize money and sponsorship by next week and are still struggling to pay wages.
As for FORAS they should hang their heads this morning!!! All this bull**** about "wanting the best for their club but Coughlan wont budge" ****e really dont wash anymore!! YOU SHOULD HAVE WENT TO COURT AND STOOD WITH THE REVENUE WHEN THEY LOOKED FOR THE WINDING UP ORDER!!!!!
THe FAI beggar belief, letting a team use income, prizemoney and sponsorship from the future is a shambles. I also think that Cork will be allowed use the above mentioned funds in next years budget to make everything look "fine and dandy".
Should Cork make it to the end of the season they should be relegated immediately as they will have no prizemoney to live off, no sponsorship to live off and will have another tax/wage bill left unpaid. NO CHANCE OF A LICENSE!!!!
http://www.youtube.com/watch?v=uAb6mFXnhAk
City fans (outside the club shop in town) get the good news before the game.
whos the fella wareing the waterford united shirt :eek:Quote:
Originally Posted by SunnySweeney
i hope not,Quote:
Originally Posted by brianw82
the man was shafted and deserves every penny he can get out of them.
No question about that, but if he wins his case and it possibly puts 40+ people out of work...Quote:
Originally Posted by roinuj
Just saying that there's possibly a greater good here.
He may agree to take a payment schedule I don't know but from what I've heard he's not going to waive his entitlement to the money if it's proven that he is entitled. Given Tom's track record I know where my money would be going in that case. Tom should have thought of that before he sacked him in fairness.
Why on earth should he? Of course its going to end up in the Courts.Quote:
Originally Posted by Longfordian
obviously walking away from tax and all other liabilities would be a much better idea right ? As for relegation, how quickly you forget that rovers were NOT relegated for running the club into the ground were NOT relegated for false licence application or for having no money to live off, As usual the only things rovers have in abundance is arrogance and hypocracy :rolleyes:Quote:
Originally Posted by tallaghtfornia
Shafted- Is that Waterford speak for "engineered a move" ???Quote:
Originally Posted by roinuj
The amount of flares used on that lads other video is unreal.No doubt the FAI wont fine them.The hate this for Cork bias...
Go on away and jump. I have huge respect for Rovers fans and what they did, but the cheek of you to criticise us for wanting the company to survive and to save 40odd jobs. When we take over, which we will, we will ebar the brunt of this for years to come, and we are happy to do so.Quote:
Originally Posted by tallaghtfornia
We could have taken the easy way out and supported winding the company up, cleared the debts and started again, but what about the players? What about the staff? Do these people who have shown immense loyalty to our club and to us as fans deserve nothing in return?
We want to take over our club, but that doesn't mean we'll stamp all over people on our way there. We will our club, sooner rather than later, but when we do we want to be sure we did it in the right way. We did everything we could to stand by those screwed over in this process and last year and we can hold our heads high.
If it comes to it that we're wound up anyway at some stage before we can do this then we can run the club then, but until that day comes, we will do everything possible to stand by those and help those who have stood by CCFC.
Oh dear...Quote:
Originally Posted by SunnySweeney
'What's the actual news?'
'I don't know, who cares.'
Mongs.
Yeah, imagine people who just found out their club has not been wound up, after being told hours early it was, aren't too bothered at that exact moment about the finer details.....Quote:
Originally Posted by sfc red
Or... they didn't know what they were celebrating.Quote:
Originally Posted by micls
Eh...no.Quote:
Originally Posted by sfc red
I was there. What they didnt know was how, since it seemed impossible til then.
I'm not trying to have a go here, believe me but it seems to me that a lot of those 40 people are going have to either take huge cuts or find new work in any event if the club is to survive. TC is after borrowing over 200k from a company in London that nobody seems to know about and who are prepared to pay out the cash in a couple of days on spec of it coming in from the Celtic game, no doubt charging a large interest rate. You need rid of him asap and he doesn't seem to be going anywhere.