Cork City Examinership

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Originally Posted by blackholesun

Rovers were not deducted points for going into administration, but I think the league might have brought in a rule after that, that you loose points if you go into administration ala what happens in England.

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Rovers didn't go into Administration, then went into Examinership. My memory is not 100% but I think there was a sanction for administraion, but not examinership. If that loophole did exist I don't know whether it was closed since.

Where this leaves the FAI financial control I really don't know. I thought they were supposed to be keeping tabs monthly, and now we have it going tits up all over the shop? There's only 4 clubs in the premier that are not in trouble and being run sustainably.

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Originally Posted by redobit

If Cork, of all teams, are in such a position im not sure what chance the rest of us have.

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This is the same team that has been throwing ridiculous money at players that haven't been performing right? Do you realise that Limerick's entire playing budget is half Joe Gamble's salary?

No surprise Cork have run into financial troubles in my opinion, Arkaga were obviously banking on an All Ireland League to boost profits, now that that has been shown up as the pipe dream that it is it's no surprise they want off the ship

Time to get real in this league... If Jebus' comment about Limericks entire wage bill is true.... well it just goes to show that the whole thing has gone nuts.
looks like the league have to be even more intrusive in the financial management and day to day administration of the clubs, we may have to accept that we'll lose our better players to Championship and Div 1 mediocrity in the UK. Sad really but it boils down to competition for spectators, increased UK football coverage and people just assuming our league is sh*t and not going...
poor gates = poor revenue, this leaves clubs like Galway, Sligo, Harps, UCD, Cobh not even trying to sign the best players so you have just a few clubs fighting it out for the best players and out bidding each other on wages and screwing each other up, Cork, Drogs, Bohs etc.
Time to develop a more radical salary cap, I don't know what maybe a system like in the US where clubs are allowed something like 2 players on x/week 4 players on y/week 6 players on z/week. would help the clubs and make things more sustainable..

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Originally Posted by Macy

Rovers didn't go into Administration, then went into Examinership. My memory is not 100% but I think there was a sanction for administraion, but not examinership. If that loophole did exist I don't know whether it was closed since.

Where this leaves the FAI financial control I really don't know. I thought they were supposed to be keeping tabs monthly, and now we have it going tits up all over the shop? There's only 4 clubs in the premier that are not in trouble and being run sustainably.

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No such thing as administration in Ireland Macy

Shocking news. Tragic thing is that its not surprising - the writing was on the wall for all to see and the only question was which of the overspenders were going to crack first. The follow-up question is of course who is next?

Now to see if the FAI have any teeth. Anyone know definitively what their rules are now for this situation?

Galway could be staying up if they can finsh third bottom

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Originally Posted by charliesboots

No such thing as administration in Ireland Macy

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I knew there was a reason I was getting out of accountancy. :o :D

Smells like Dublin city going bust a few years ago. will cork be fulfilling their FAI fixture against Derry? and yes jebus comment is true we operate on about 14 - 44% on our budget.

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Originally Posted by SalvadorSanchez

... If Jebus' comment about Limericks entire wage bill is true.... .

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They had 4 players earning more (each) in a week than our whole squad was at the time of our cup game this year, personally I dont want to see any club in trouble but its no harm for some to get a kick up the arse and told to cop on (my own included)

They were spending in around 75k a week on wages (players and staff). Absolute madness. We dont even spend 1/10th of that a week on our entire squad and staff.

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Originally Posted by Macy

Where this leaves the FAI financial control I really don't know. I thought they were supposed to be keeping tabs monthly, and now we have it going tits up all over the shop?

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It depends. It's possible alright, but this always was the danger when a club was sustainable only on a third party's whim, and not of their own. They could have had their amounts guaranteed by Arkaga and make the wage cap through a loop hole, say, but then if Arkaga pull out, it's immediate tits up time without ever (technically speaking) breaking the FAI requirements.

This surely is a nail in the coffin of Platinum One? This is more or less what'd happen in their proposed future, with no wage cap, encouragement to spend the same sums of money as presently backed up by some hypothetical millions. With Bohs' and Drogs' ground deals in trouble, I can see in a couple of years the league going back to how it was ten years ago, to be honest.

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Originally Posted by SalvadorSanchez

Time to get real in this league... If Jebus' comment about Limericks entire wage bill is true....

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It is if the rumours of Joe's fortune are true. Our wage bill was running at half his supposed earnings the last I checked(end of the transfer window).

I think it's time for the league to get real alright, a return to part time football, and wages being stripped right back would be a start. Merging the leagues into a 16 team Premier and creating a structure that includes the MSL, Connaught leagues and LSL would be the next step after that in my opinion

Good for Limerick. How life in Division 1 for the last 10 years?

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Originally Posted by harry crumb

Good for Limerick. How life in Division 1 for the last 10 years?

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Yeah, enjoy the community section of Foot.ie :D

Cork City FC arent going anywhere.

This is all over the top reporting IMO.(I hope)

CCFC statement:

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Cork City Football Club has been engaged in negotiations with potential new investors for the last number of weeks.

It is too early to speculate on the outcome of these discussions which are still ongoing.

The board of Cork City Football Club will meet next week and come to a decision on the future of the club.

Some of the figures currently being reported today, particularly in relation to the wages of players and staff, are inaccurate and grossly inflated.

Because of the sensitive nature of the ongoing discussions it would be inappropriate for Cork City Football Club to make any further comment at this time.

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Club Statement Released

Could be the truth or could be, as before, complete lies

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Originally Posted by Calcio Jack

According to RTE 1 this morning...Cork City are €800k in debt and are heading to the High Court to put themsleves into 'examinership' to try and avoid going to the wall....

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They don't need to go anywhere near the High Court. Tell them to put their accounts up here and Im sure there will be plenty on here to tell them how to make their club work in this league. And we can have a good laugh also. :D

On a more positive note, this could be good news for Harps :cool:

Can someone answer me this:

If Cork are really in trouble why the hell did they not offload Joe Gamble? :confused:

Notable by the lack of specific denials of the examinership story etc.....

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Originally Posted by jebus

No surprise Cork have run into financial troubles in my opinion, Arkaga were obviously banking on an All Ireland League to boost profits, now that that has been shown up as the pipe dream that it is it's no surprise they want off the ship

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How was this obvious?

I ask this as I didn't understand why Arkaga invested in Cork at the time it was announced and I still don't. I don't believe an AIL is either near or further away than when Arkaga invested, so I'm still perplexed. If they had property assets I'd understand it more but AFAIK Cork City have no assets other than (overpaid) players.

I think at this stage we can assume most Premier clubs are in some level of trouble, with only UCD really exempted (Pats seem fine but given they are backed by someone building the biggest residential building in the world in probably the biggest downturn since the depression I'd view this as a negative rather a positive). I presume Rovers are in decent enough shape as well, but only because they've been through the ringer already.

Its a real shame as the quality of football really has improved across the league in the last 5 years.