was just informed that Athlone are also in trouble:confused: :(Quote:
Originally Posted by bohs til i die
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was just informed that Athlone are also in trouble:confused: :(Quote:
Originally Posted by bohs til i die
LOFL!!!
I think you need one of these to get into Delaney's SuperPremiraSerieBundesliga
Quote:
Originally Posted by Terry
Informed by what source?
Haven't heard anything about that as yet. But we have been in trouble financially for years, thus the reason this season to go virtually all local and west of the Shannon.
If it is us these would go back years when we had a team of Dublin mercenaries playing for the team with no pride in the club.
Luckilly enough we have completely restructured this year with a team of big businessmen at the top executive table.
Yeah, no worries fella. Just didn't want this to blow out of proportion without a source.Quote:
Originally Posted by bohs til i die
Terry ... what is the source ??Quote:
Originally Posted by Terry
Moderation :
People, can you quote sources when adding anything to this. If not we'll have to delete the posts.
Can you go over to the Shels forum and post this up in thread entitled "muppet Fenlon to play for a draw with 4-5-1" please!Quote:
Originally Posted by A face
Cork didn't have a program for this weekend's game.
There's an article in the SBP about it. Says the debt is 160,000 or something like that and quotes Lennox as saying that it's an historical debt from a while back and will be paid in two weeks.
Quote:
Originally Posted by Student Mullet
I think what would sort all these problems out is a new league where small clubs and clubs from areas where there's already other clubs should be kicked out of the Premier Division. That would make everything better. Or else point out what a sham (a) FAI Licencing, (b) the new FAI league and (c) the FAI in general are. The league seriously needs strict financial control - all clubs to get back to solvent status and stay that way under penalty of at least a points deduction and at most relegation. If this means most clubs taking backwards steps akin to Waterford (who made a profit in their last accounts), then so be it. We are currently living in a state of delusion about how good our league really is - it's like saying Ireland had a strong economy in the early 80s.Quote:
Originally Posted by Business Post
From looking at club accounts (and I mentioned that Cork might have problems on their forum a couple of months back), Pat's (owe E228,000) and Dublin City (owe E70,000) probably should be nervous. Bohs (owe E460,000) already had issues with Revenue, I think? Either way, they'll be OK once the E2m comes in (when does this happen, incidentally?)
Incidentally, I wonder is there an apology coming from those who dismissed this thread as doom mongering?
What amazes me is the fatc that the same, and I mean exact same, thread but relating to Shels on this site spawned tons of pages, threads opening up everywhere and general comment on how Shels were mismanaging when compared to the rest of the league. How with this news, but with Cork, we have 3 pages. Shels fans were accused of heads in the sand as well so I expect Cork fans to match down to Turners Cross and protest etc etc. Like what us Shels fans failed to do???
Next time don't throw stones in glass houses....
I do hope Cork sort it all out though , and I am sure they will get all our support!!! None of this hoping they go under. Benefits none of us.
Good luck to Cork in sorting all this out - I have no doubt you will.
We didn't have a head in the sand attitude, we were given answers, just because they weren't shared with you means sweet fcuk all!Quote:
Originally Posted by pete
I wouldn't even bring all that up Gareth - it is not worth the trouble of an arguement.Quote:
Originally Posted by Gareth
Word is that its 160k and not 400k which i think makes a huge difference.
I think people were critical of Shels because you have rumoured to have lost 1m last season alone yet continued to spend money on player you not even playing (large squad by eL standards).
Cork City has been run a tight enough budget in recent years so its unlikely that the debt from recent years - probably a Revenue investigation into the past.
Once again we see the unprofessional nature of civil servants (this time the Revenue Commissioners) as employees leaking information to their friends which is illegal. Surely a sacking offence but i;m sure the unions would protect him/her.
Most of those pages were Shels fans arguing/denying everything. Cork fans staying quiet here. Thats the differenceQuote:
Originally Posted by Gareth
From the Sunday business post
High Court petition to wind up Cork City football club
02 July 2006 By Ian Kehoe
The Revenue Commissioners have taken legal steps to shut down the Eircom League soccer champions, Cork City.
They ha ve brought a High Court petition to wind up the club after an intensive audit of its financial records. During the audit, it emerged that Cork City owes the Revenue about €160,000 in outstanding taxes. The Revenue is seeking to dissolve Cork City Investment FC, the holding company behind the club.
The petition will be heard by the High Court on July17, unless a s ett lement can be reached before then. Brian Lennox, Cork City’s chairman, said that the debt would be paid in the next two weeks and insisted the club would not be wound up. Lennox said a lot of the debt was historic and that the club had taken a number of steps to shore up its finances in recent years.
‘‘A lot of it goes back to the bad old days where most clubs did not maintain proper books,” he said. ‘‘There were some problems over historic PAYE and PRSI payments and we are trying to sort it all out.”
Representatives of the club met Revenue officials in recent weeks in an effort to resolve the issue. However, no agreement was brokered, prompting the Revenue to issue the petition. Cork City Investments FC was incorporated three years ago as the holding company for the club. Lennox owns 99 per cent of the company. He said it was almost impossible to make money from an Eircom League club and said the government should provide financial support to the league. Cork City is believed to have one of the biggest wage bills in the league.
According to its most recent accounts, Cork City Investment FC had retained losses of €140,000 at the end of 2004 after making a loss of €66,000 during the year. This is the second petition the Revenue has brought against an Eircom League club. In March, it brought a petition to wind up Accolade, the company behind Shelbourne Football Club.
The petition was later dropped after Shelbourne paid the Revenue €300,000. The Revenue has launched a major investigation into the financial affairs and tax liabilities of soccer clubs in the Eircom League.
The Revenue designated the 22-team league as an ‘‘area of specific risk’’, and is conducting audits on a number of clubs within the league.
I think them fine people in the revenue are doing a great job.. Fair play
When the Revenue are finished with the eL will they investigate the GAAs "expenses" payments to players and in particular managers?
will they bol...Quote:
Originally Posted by pete
Why is it a sham ???Quote:
Originally Posted by pineapple stu
Licensing says you need a TCC doesnt it?
Shels and Cork would have got this on the basis they had agreed a repayment structure with the tax man. This is carried out once a season and nothing the FAI could have done about it.
If you want a rule brought in stating a club with a winding up order against it gets punishment then fine say it, but under current rules Shels or Cork done nothing wrong.
Shels bill has been paid!
Wheres your problem??????
Its like paying any other bill only the tax man can and now will issue winding up orders to get their money.
Just back from Cork, but I heard about this at the game on Friday. A bit shocked to hear this given that Lennox always seemed to be going on about fiscal prudence and Cork haven't really been in the market for snapping up the league's top stars. I assume like Shels they have defaulted on their agreed payment scheme with the revenue? How did this happen? Poor budgeting? Unlike Shels, Cork have no assets to play with. Will this be paid straight from Lennox's pocket?
its being paid this week considering we've won 800k in prizemoney and have the league biggest sponsoship deal money isnt a problem. i'd put it down to the fact the club was run poorly in the past. this debt is going back yeahs and was only discovered afer an internal audit by the revenueQuote:
Originally Posted by Poor Student
Pablo you dont get a winding up notice for discovering you owe tax :DQuote:
Originally Posted by Pablo
And people on here say the Shels fans would believe anything :eek:
i dont belive anything. i believe what i know to be true.Quote:
Originally Posted by higgins
If not then we wont be making any sigings this week and we'll be out of business. But i know a bit more about the subject then you do so we will and we wont be!
You are talking there Pablo as if the 800K prizemoney and Sponsorship deal (its finished isnt it??) is sitting in a bank account somewhere?
If it was sitting there why did you fail to meet your repayments?
Why didnt you pay the bill in full when you first heard of this HISTORIC debt :D
the sponsorship money is paid in stages. i presume not having a home game for 7 weeks didnt help.Quote:
Originally Posted by higgins
still 165k isnt exactly a fortune. if its an issue CCFC wont exist in 2 weeks will it?
The is a D4 conspiracy to stop us winning the league & deflect attention from the financial woes of dublin clubs!
for the eircom league 165K is a lot Pablo!Quote:
Originally Posted by Pablo
You make it out that your sitting on over 1million euro? thats not true and if you believe it to be true your as mad as a hatter :)
no home game in 7 weeks is the most valid reason so far as to why you missed the repayments and Im sure it had something to do with it but I was asking you why if you have that much money did you agree a repayment structure in the first place and why having agreed that repayment structure did you fail to make the payments ?
Assuming you have this money why not use it to pay the tax man on time like agreed?
Its amazing the double standards shown on here towards this issue!
It must have went into the 100's, the amount of posts claiming Shels fans were stupid for not marching down to Tolka and ousting ollie and claiming the club was ours! :D
Why when Cork fans believe what they are told is it different?
higgins
Cause Shels are from Dublin I suppose. Us jackeens are never believed ;)
P.S. I thought having a Match programme was necessary under this Licencing thingummy ......
No one mentioned there was a repayment plan. For all we know the Revenue could have just demaned the cash immeadiately but City were stalling looking for better deal.
Nice one Pete :DQuote:
Originally Posted by pete
Quote:
Originally Posted by pete
thats exactly what happened
Just pay the money, cheats!Quote:
Originally Posted by pete
;)
this is for killing the big fella ye brutes
how would we go about asking the FAI to bail us out dodge?Quote:
Originally Posted by Dodge
;)
Let Shels keep their fake league without going to court and make sure you pay them back within 3 months :pQuote:
Originally Posted by Pablo
Cork Hibs 1976 ; Cork Celtic 1979; Cork United 1982; Cork City ( Plonk Version) 1996; All went bust and in the first three cases out of football !
What is it with Cork clubs ?
Read the Business Post article. It states Cork met with Revenue to agree a repayment deal. You don't stall with Revenue to get a better deal.Quote:
Originally Posted by pete
Would you say you're being ridden rock solid by the tax man?Quote:
Originally Posted by pete
That's what I am saying. The fact that, under current rules, Shels and Cork have done nothing wrong is the sham. It means clubs can essentially overspend as before and the FAI simply won't step in. It's unfair on Cork and Shels fans - so far - that a Licencing Scheme which was introduced to stop clubs going under is actually unable to do anything even when clubs are threatened with liquidation.Quote:
Originally Posted by higgins
I love the use of the term "historic debt" by Lennox and some people on here. It somehow applies that failure to pay a creditor a debt not incurred in the here and now is somehow less of a problem, when in fact the reverse is the case when you add interest and penalties.
In any case, can a company that has only been in existance for 3 years really call something "historic" and incurred "back in the bad old days"?
The Revenue special cases group is obviously having a good time going through EL clubs! (BTW totally agree with the above on the GAA, surely under the counter payments should be the next target)
Could other companies owed money make a difference here? There is an option for them to come forward and demand their money too is there not, which would make a big difference?
Doubt revenue would issue a winding up notice if Cork just found out they owed this money. BL has said this is historic debt, whatever that means!Quote:
Originally Posted by pete
I would think its fairly certain they had a repayment structure in place but I'm sure the truth will come out soon.