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If 12million is the figure quoted from the Star, then I wouldn't believe it - their maths seems to include the 'double it, add your age' method normally:D
Going on PoorStudent's figures, they could be in the region of 7mil in debt, but on the other hand they are still due around 15mil upon the sale of Tolka (whenever, if ever, etc.). Looks like a cashflow problem only - all the money tied up in fixed asset.
It looks that Finbarr Flood is getting everything out in the open.
Ollie must have been under some strain trying to hold the whole thing together for the last few years.
12 million is not unbelievable either. Indeed if Ollie had continued to get the cash from Ossie Kilkenny n co then the value of their lease on Tolka would be all gone in another season or two! Thats presuming they didn't qualify for the CL Group phase!
I dont envy Finbarr Flood, but at least he has started to put some reality to an unreal situation. I wonder was it really Fenlon he fell out with?
Quote:
Originally Posted by BohsPartisan
Now there's an image no-one will be able to get out of their head easily:D
Seriously though, I don't want to see Shels relegated, if only for the fact that it would deprive me of the immense pleasure of seeing Pats thump them three times next year. They should absolutely have their European place revoked though, which would see Pats into the UEFA Cup. Remember 2002 - It's PAYBACK TIME:cool:
HOW ON EARTH WERE THEY ALLOWED TO GET A LICENCE TO OPERATE LAST SEASON???????
LOOKS LIKE THEY DIDNT DISCLOSE THEIR ACCOUNTS HONESTLY WHEN ASESSED.
From elevenaside .com
Shels €10m in debt – report
January 30, 2007
Beleaguered eircom League champions Shelbourne are at least €10m in debt and staring into relegation to the First Division, according to a report in Tuesday’s Irish Daily Star.
Shels are already without a manager or a single senior player following the departure of the last vestiges of the title-winning team at the weekend.
The club’s debts are said to reach as much as €10m, including more than €6m already drawn down on the proposed sale of Tolka Park, more than €3m owed to a variety of companies and individuals and at least €120,000 in unpaid players’ wages and bonuses.
In addition, the report goes on to claim that Shels face immediate relegation to the First Division if an examination of accounts furnished by the club shows that debts reaching back to 2005 were not detailed in previous licensing applications.
Should Shels be demoted, the club would almost certainly be stripped of its Champions League and Setanta Sports Cup places for this year, with Derry City replacing them in Europe’s top club competition and St Patrick’s Athletic awarded a spot in the Setanta and Uefa Cups.
Meanwhile, Waterford United - the club ranked 13th in the Independent Assessment Group’s findings in December - would be in line for a return to the Premier Division.
if someone gave me 12 million I'd have an Irish club in the cl group stages in 2 seasons
Ollie what the fck were you doing with that money?!?1
wiping your arce?
Fully agreed, that type of money should have Shels in the CL Group stages.....Quote:
Originally Posted by wws
There has to be more to this than any of us knows about :confused:
Oh Lord,
Who in Earth was their accountant. Stevie Wonder wouldn't have let it get this bad.
That's it lads. I hope Ollie gets well soon but what are they going to do. I think delling the ground is now the only option.
mod: merge with Shels license thread?
Glimmer of hope for us Blues Fans yet!!! Dundalk fans please do not start kicking up again if Waterford United get promoted at Shels expense. We were the next ranked team to go up regardless of that idiotic playoff.
ouch!!!!! I would hate to be in their shoes.
I'd prefer to have an owner tight with the bobs rather than a spend and you will succed owner. The money just isn't there in the EL
If Shels loose the license is UCDD Dublin's top club?
And now, the end is near...
Uh- this report comes from the Star, I wouldn't get too excited just yet.
Either way they're going to have a team made up of the free agents from the transfers thread. Doesn't look too promising.
Plus Star or no Star they couldn't go to press with a story of that magnitude witout there being truth in it. Sure if it wasn't true they'd be open to lible action from the club for damaging its reputation.
Eventually the truth will out once the papers get brave enough to print it. Ollie threatened any Journalist who dared print anything questioning his methods with legal Proceedings. Maybe Delaney might learn a lesson that his grip on power is only hanging by a thread.
I think that it is at least safe to say that the meeting Ollie recently held with the fans meant absolutely nothing, nada, zero, zilch.
When under pressure, he just - as usual - said the first thing that came into his head.
Unfortunately - as usual - it was light years away from the cold hard facts.
What makes anyone think that they should be allowed 1st division status? Its offensive to any 1st division team who have stayed within their budgets to put Shels in the same division as them. Let them rot.
Does this mean Derry will be in CL qualifying with St Pats in UEFA Cup qualifying?
Oh come on, don't tell me you won't enjoy watching your team thumping them.Quote:
Originally Posted by finnpark
If Ollie is in goals we won't score a thing. How do you get the ball past his head:confused:Quote:
Originally Posted by BohsPartisan