Nope.Quote:
Originally Posted by Ronnie
Nope.Quote:
Originally Posted by Ronnie
I'd assume that they'll only borrow the money if it'll be enough to save them. If they come up short, even with that money, they won't borrow it. There's still a substantial risk to the crowd lending them the money even if they do survive tomorrow but they'll be charging a high interest rate to make it worth their while.Quote:
Originally Posted by seand
Any lender lending the FAI money on a friendly that has yet to actually be arranged for a club on the verge of being pout of business would be mad !
Think about it. How would you estimate the crowd for a Celtic-Cork friendly ? You may start by thinking - 'ah sure it'd sell out no problem'. But any amount of due diligence would militate against that.
City's friendly against Celtic last year wasn't a sell-out, and neither was Harps (from memory) - both of which have smaller stadia than Cork. There is no indication as to whether the full first team and any Celtic stars (do they even have any these days...? :o) would come over.
So if I was a lender I'd work out a conservative estimate of the likely attendance, divide it in half, take out a liberal estimate of expenses and then offer to lend the rest at a high interest rate with a very short repayment period.
Net - it'd be a low loan with a high cost. But beggars can't be choosers.
Quote:
Originally Posted by seand
It is difficult to image anyone lending, even at a astrominical interest rate, unless there was a cast-iron guarantee. Assuming TNB does not qualify, where would a satisfactory guarantor / security come form?Quote:
Originally Posted by dcfcsteve
The money's been paid according to people on the ccfc forum that are usually well informed. See ye all back here in two or three months time.
Statement on CCFC website:
Quote:
CORK CITY FC is pleased to confirm that, as per the commitment made in the High Court on Friday last, it has settled its outstanding tax liability with the revenue commissioners in full.
The club will issue a more detailed statement in due course.
Raging:(.
a bit on rte website now
http://www.rte.ie/sport/soccer/2009/0805/corkcity.html
Bet you are...do you still think the players are free agents;)Quote:
Originally Posted by sligoman
Okay the revenue are paid, what about the players??
He should release them all, and pay their back money when he canQuote:
Originally Posted by blue til i die
Piece on Errortel about it.
http://www.rte.ie/aertel/221-01.html
As has been said already see you all back here in 2 or 3 months,same thread,different date,same outcome????:confused:
I trust he will remember this time that there is a tax implication to back pay.Quote:
Originally Posted by Dodge
Yep- so players already owed 180k back wages (Based on 120k monthly figure in papers and 6 weeks behind). Plus tax on top of that.
So with a bunch of prize-money and sponsorship already used there's most likely over 200k owed, before any other creditors are considered.
The battle may be won, but the course of the war still isn't looking good for CCFC.
They're paid monthly, but are two weeks overdue. Whatever hack journalist who wrote 6 weeks unpaid needs a good beating. That means that €120k is owed, with the same bill coming again in a few weeks.Quote:
Originally Posted by Mr A
But, yes, Cork limp on.
Quote:
Originally Posted by Mr A
This.Quote:
Originally Posted by John83
When its put like that with 200k STILL owed then you'd have to wonder why the plug wasnt pulled last Friday.It's just prolonging the agony.The only way they can possibily get out of that hole is put out a youth team for the rest of the season.How are the Cork players getting by having not been paid for 6 weeks??
Can they get a new club outside the transfer window?Quote:
Originally Posted by Dodge
I fear for this country. I really do.Quote:
Originally Posted by eamo1
Feels like jumping out of an electric chair onto a sinking ship.
I'm aware of the monthly aspect, I was looking at it from the point of view that 2 weeks of the month have passed so that money is already owed.Quote:
Originally Posted by John83
What it boils down to is that they need to shed as many players on decent wages as quickly as possible and it's not clear whether that's even possible.
Yeah I think everybody was aware that Belfast is bigger than Cork but I think in LOI terms it's fair to call it our second biggest City (it is bigger than Derry as far as I know).Quote:
Originally Posted by EalingGreen
Anyway the news is good-
http://www.rte.ie/sport/soccer/2009/0805/corkcity.html
Rumours flying around that he has sold up.
Better the devil you know?
Not when it's Coughlan, no.Quote:
Originally Posted by pineapple stu
Could have said that about Arkaga too. Especially with this Quintas crowd getting mentioned. That's all I'm thinking.
Assume it's not FORAS who're being linked?
Ive no doubt with Coughlan in charge we'l be run into the ground sooner or later, so it's worth a shot imo.Quote:
Originally Posted by pineapple stu
No.Quote:
Originally Posted by pineapple stu
Personally can't wait to start getting back to slagging the l@ngers now that they've been saved a winding up by revenue
Great news. :) Shels and Rovers fans must be gutted.
Great news... for now......
What holds in the future for city? Whens the next tax bill due? Another few weeks and the same thread will be here but there won't be a lifeline because they've pulled all there stops out now. The players can't get by without being paid so he'll have to leave them go. Cork only way out is go to the bare bones of a team and spend a minimum of cash. That way they mightn't deliver on the pitch for a couple of years but in that time they'll have built a good enough base to build a strong team again. Its that or have no club. Unless T.C sells.....
wrong on both counts ,are you and marinobohs related?Quote:
Originally Posted by adamd164
Well, someone has to be winding them up.Quote:
Originally Posted by Dodge
Is there any reason why football players can't just be made redundant en masse like employees in any other industry?Quote:
Originally Posted by eamo1
They can if the club gets liquidated! Otherwise, their contracts are too lucrative for a football club (as opposed to a massive multinational) to pay off.
You cant make somebody redundant unless you can prove you dont need them or anyone else to do the job theyre doing anymore afaik. Ie. if cork city make a midfielder redundant to cut the wage bill and then replace him with a player on amateur terms than thats grounds for unfair dismissal as cork city did actually need a midfielder they were just trying to cut costs. They would have to pay off the midfielders contract in full to release him.Quote:
Originally Posted by brianw82
They'd still owe the overdue wages and probably have to pay a % of their remaining contract though wouldn't theyQuote:
Originally Posted by brianw82
Possibly the same one that means an employee may be sold like an asset. Football's relationship with labour law is... difficult.Quote:
Originally Posted by brianw82
Don't flatter yourself. I'm disappointed that cheating isn't being punished but it would be the same no matter what the club.Quote:
Originally Posted by adamd164
Nope. its only in Tallaght that everyone is related (ask your parents) :DQuote:
Originally Posted by RoversHead
Legal definition of redundancy relates to the job so technically a player made redundant could not be replaced (as outlined above),effectively the job must be redundant There would also be legal issues around breach of contract (under contract law not Labour law),Quote:
Originally Posted by GalwayRed
Congrats again to Cork on the latest great escape (no celebrating though, you know how it upsets some people :rolleyes:)