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Agreed, but the alternative suggestion (that the developers want to use Cork to build a new multi-purpose stadium with lots of profitable houses and shops around it) is still unrefuted. It may be nonsense, and obviously not owning your ground is in this case an advantage, but it's a possibility.
Coughlan has said that our future lies in Turners Cross. hence the buying of the Horseshoe.
I dont think youl find many City fans with a problem with being used for the above, with FORAS involved to safeguard the future in some way.Quote:
Originally Posted by pineapple stu
Given that Arkaga already tried this and failed miserably though id imagine someone coming in now would be taking a bit of a risk trying the same, since I doubt the FAI will accept the flimsy promises of last time again.
So you're assuming the FAI have learnt from their mistakes? ;)Quote:
Originally Posted by micls
I agree it's less likely to be a worry without your own ground, but property developers are notorious for screwing football clubs, and not just in this country. Obviously if FORAS are involved, so much the better.
Point about the Horseshoe is a good one too.
Good pointQuote:
Originally Posted by pineapple stu
True. I cant see how but then I didnt see a way for Arkaga to screw us either so there you goQuote:
Originally Posted by pineapple stu
yeah as I said, with FORAS having a seat on the board at least fans will be privy to whats going on and if things do start going down the tubes we should be aware of it early enough to do something about it.Quote:
Originally Posted by pineapple stu
We have a seat on our board, you'll find that it's a token gesture and you don't get invited to the serious meetings, trust meQuote:
Originally Posted by micls
Do ye have a shareholding? Did ye put much money in?Quote:
Originally Posted by jebus
We had with the Soccer Limerick crowd and we gave our donation at the end of the season. Under the Yank we don't have any shares (or any problems yet to be fair)but still get to sit in on meetings.Quote:
Originally Posted by micls
Under the previous adminstration we were cut out of the loop whenever they didn't want us involved
Only one club has ever been screwed over a property deal in this country (Rovers)Quote:
Originally Posted by pineapple stu
So far anyway...
So they gave ye shares at teh start and ye paid at the end with the donation?Quote:
Originally Posted by jebus
Its obviously something that will have to be looked at but doesnt company law have rules about the information that has to be passed on to shareholders?
Probably, but I know for a fact that not all shareholders of Soccer Limerick were invited to board meetings (fair enough), or given the relative information after them.Quote:
Originally Posted by micls
We were given a seat on the board at the start and made a donation at the end, not 100% but I think the seat on the board came with shares. Either way some of our individual members had bought shares out of their own pocket and I remember there being problems regarding the lack of information coming from the club
Its certainly something that willhave to be kept an eye on but Id imagine as a company with shares FORAS would make sure they get what theyre legally entitled to anywayQuote:
Originally Posted by jebus
Hopefully anyway. Watch out for small meetings between the main board members that aren't classed as official meetings though, technically FORAS don't have to be invited because it's not a Cork City meeting, but a lot will get discussed there. It's all cloak and dagger, but hopefully the new owners won't be like that with yeQuote:
Originally Posted by micls
Yeah I know what you mean.Quote:
Originally Posted by jebus
I think once we can get most of the pertinent information about finances and stuff though i.e. are we on the brink of them pulling out, so that the future can be safeguarded, Il be happy enough.
Also it gives FORAS time to build up funds in the meantime.
of course they could be lovely people who jst want the publicity and goodwill that woudl come with saving the Cork club but I wont be getting optimistic about that
Thatīs just your paranoia/cynicism.Quote:
Originally Posted by passinginterest
Cork donīt own their ground, so thereīs no predatory interest for a property developer in the club....
If FORAS have enough already in the bank, why not a bid/joint bid with this or any interested consortium for the Horseshoe. That would automatically increase your barganing power for a permanent place on the board.
Jebus's sceptisim is well founded let me tell you.
You must be gutted Partizan... looks like we'll survive now. :( Sorry for your troubles.
Which I acknowledged a couple of posts later...Quote:
Originally Posted by dcfcsteve
I'd love to see Cork saved and don't care who the investor is as long as they have the club and communities best interests at heart.
Some form of shareholding is worth a lot more than any place on a Board of Management. Not all decisions are taken at the Board table, lots will be decided between your chairman secretary treasurer etc i.e whoever are the Directors.
There's two Board levels.
Seats on the Board of Management are great but it's all for show and if you are not included in decision making outside of these meetings then tough, you've no comeback really. While most clubs will operate with Board of Managements making decisions, they don't actually have to do this and if you're not included outside of these meetings when decisions are being made that's just something you have to deal with.
Seats on a Board of Directors of the company controlling Cork City is totally different!
When these investors are offering seats on a Board, what Board are they talking about ?
Also have Arkaga agreed to wipe clean all the existing debts ?
Details of it can be found here.Quote:
Originally Posted by adamd164
Word here is the Horseshoe Inn is under new ownership as of this morning. :)
We currently have over 30,000 in the bank I think, no where near the level required to buy the horseshoe with them.Quote:
Originally Posted by Partizan
Anyway Coughlan bought it this morning
While I agree with the above, shareholders are entitled to financial information legally arent they? Even if FORAS have little/no say in teh day to day running of the club if a financial situation like this arises again we should be aware of it in enough time to be prepared and perhaps inform the FAI if necessary. These are just my own ramblings and musings btw, I have nothing to do with the board of FORASQuote:
Originally Posted by higgins
Of course its not ideal, we dont have enough money atm for it to be ideal and buy a share substantial enough for real control. But it does, if nothing else, buy us more time
No. They have said that theyl write off the 900k they supposedly invested(last week they were claiming it was 2.3 million). Wel still be left with all the debt they racked upQuote:
Originally Posted by higgins
Any further news on this?
On the Cork forum, yer masn was on the radio today saying he's going to invest in them with the plan to hand over to FORAS in five years' time. Sounds brilliant if true.
Examiner accepting bids until end of business today. Then will decide.Quote:
Originally Posted by John83
Good quotes from Coughlan and his plan(local radio today). Sounds great but hard to trust anyone:
- Need proper structures in place to run club.
- Doesn't want to say who others involved are until the structures are in place.
- Cash flow of 1m.
- There's no profit in football. His investment is a community gesture.
- He wants to put the structures in place to allow FORAS to take the club over in about 5 years.
- Has a well formed view as to how the club can get out of its current predicament.
- Sport is a huge opportunity to get over social problems, getting a proper structure in place and that includes youth levels, right down to the age of 5 to keep young kids off the street.
True, without the LOI I am likely to broke paying on the spot fines for public drunkenness :)Quote:
Originally Posted by micls
Nobody ever invested in City without thinking of a gain at the end,i hope its right for the club this time ye need a suger daddy and fast.Cant ye think of something that would allow Foras to concentrate purely on development and maybe snap up some cheap land theres no better time than the present ye have the support but need assets!!
Well seems like Coughlans gotten the go ahead anyway. lets hope he follows through
Looks that way alright. FORAS is more important than ever now. Any football fan in Cork now should consider joining up as a member.Quote:
Originally Posted by micls
you bet, but if his offer doesn't include coloured ink then tell him to forget it. :DQuote:
Originally Posted by micls
Horseshoe to be turned into bar,function room and coty shop.St.annes to have chipper,shop,toilets at the back.Things are looking up:D