Cork City denied a licence; club to be wound up; FORAS to enter First Division

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31/07/2009, 5:17 PM
Dodge

Quote:

Originally Posted by longfordjames

I knew the FAI would save Cork.Pity they wouldnt help Shels

Are you for real?!?!

Cork in another arkaga type scheme now, let's see if they can get out of it. Hope they finish 8th and stay up...
31/07/2009, 5:18 PM
Steve Bruce

Quote:

Originally Posted by White Horse

Being realistic, this changes little. Cork are in an even worse financial position as their cash flow have been ripped to pieces to gather funds to pay the Revenue.

Factoring houses in London will take a commission of approx 20% on all cash advanced to them.

Their revenue streams for the rest of the season will be negligable.

My reading is that today had nothing to do with Cork City (they are already doomed) and everything to do with Tom Coughlan not getting struck off as a director.

I hope I'm wrong about this.

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??

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)
31/07/2009, 5:19 PM
roinuj

Quote:

Originally Posted by The Betting Man

Man lands on the moon

no way man :confused:
31/07/2009, 5:22 PM
madblaa

I can't believe they got ANOTHER lifeline!
31/07/2009, 5:24 PM
longfordjames

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
31/07/2009, 5:25 PM
White Horse

Quote:

Originally Posted by Steve Bruce

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??

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)

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.

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.
31/07/2009, 5:26 PM
roinuj

Quote:

Originally Posted by Blue-Army

Where were the FAI when Kilkenny City went out of business for the sake of only �70k?

totally agree,
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.
31/07/2009, 5:59 PM
John83

Quote:

Originally Posted by longfordjames

I knew the FAI would save Cork.Pity they wouldnt help Shels and Kilkenny.They should be relegated or docked points!

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 roinuj

totally agree,
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.

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.
31/07/2009, 6:01 PM
skipper_12

posted last October

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.
31/07/2009, 6:05 PM
Umberside

Quote:

Originally Posted by skipper_12

[B]Once again another club that has bought the title through paying UNREALISTIC wages to their players falls on its own sword!!

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.

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.
31/07/2009, 6:05 PM
SMorgan

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.
31/07/2009, 6:08 PM
John83

Quote:

Originally Posted by SMorgan

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.
31/07/2009, 6:31 PM
skipper_12

@umberside

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.
31/07/2009, 6:32 PM
roinuj

Quote:

Originally Posted by Umberside

We didn't buy the league.

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.

that was the start of the debt ye built up.
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.
31/07/2009, 6:37 PM
don ramo

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,

Quote:

Originally Posted by roinuj

that was the start of the debt ye built up.
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.

not just theres, :eek::eek::eek:
31/07/2009, 6:52 PM
KianD

Quote:

Originally Posted by Schumi

I assume it's the prize money for 10th in the premier. If Cork don't last the season, there'll be no one else elligible for it anyway.

How much is that again? Its only low tens of thousands I thought?
31/07/2009, 6:57 PM
brianw82

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!
31/07/2009, 9:03 PM
Longfordian

Alan Mathews' court case is still on the horizon as well. Another potential six figure liability there.
31/07/2009, 9:05 PM
brianw82

Quote:

Originally Posted by Longfordian

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?
31/07/2009, 9:07 PM
De Town

Quote:

Originally Posted by brianw82

With the future of the club at stake, would there be a chance that Matthews will drop the case?

Hardly if there's possibly a six figure sum at stake.

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