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

Local Radio Station 98Fm is reporting that there will soon be new owners of Cork City FC.

Not popping any champagne just yet. Just hoping!
Surely, anyone must be better than TNB.

It'll be interesting to see if Coughlan's name is on Roddy's contract and if it was signed after the ban imposed on Coughlan. With the pressure from FIFA and Floriana, and rumours of solicitor's letters flying about because of Roddy's [post-apology] comments on 98FM and in The Star, it'll be interesting to see if the new owners want to keep Roddy, or in fact, if the FAI will register the appointment.

In 'De Paper' this morning as well.
Talk of a Major Stake though as opposed to a complete takeover. Disaster if that's true. Anyone who gets into bed with TNB and allows him any stake in the football club needs their head examined.

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Originally Posted by tiktok

Local Radio Station 98Fm is reporting that there will soon be new owners of Cork City FC.

Not popping any champagne just yet. Just hoping!
Surely, anyone must be better than TNB.

It'll be interesting to see if Coughlan's name is on Roddy's contract and if it was signed after the ban imposed on Coughlan. With the pressure from FIFA and Floriana, and rumours of solicitor's letters flying about because of Roddy's [post-apology] comments on 98FM and in The Star, it'll be interesting to see if the new owners want to keep Roddy, or in fact, if the FAI will register the appointment.

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Also on 96fm.
Ive heard the owner of Adidas Ireland thrown about quite a bit lately.
Cant think of his name though

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Originally Posted by corkboy360

Also on 96fm.
Ive heard the owner of Adidas Ireland thrown about quite a bit lately.
Cant think of his name though

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Michael O'Connell is the guy you're thinking of.
He used to run the Adidas Ireland Franchise, he doesn't own it or run it anymore I think.

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Originally Posted by tiktok

Surely, anyone must be better than TNB.

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Surely, anyone must have been better than Arkaga...

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Originally Posted by pineapple stu

Surely, anyone must have been better than Arkaga...

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Fair point :D

OK, just looking for a very quick round up of the Cork situation......

- Possible new or part new owner of Cork
- Will the be in the Premier, 1st of A Championship for the 2010 season

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Originally Posted by Roo69

- Will the be in the Premier, 1st of A Championship for the 2010 season

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John Delaney only said that there will be a Cork team in the League next season.
There's still a possibility that Tommy won't get a licence, but that the FORAs application would be successful.

Though if TNB sells up and the current entity is still short on the licence application, I'm expecting to see a lot of investors and hedge funds pump their money into fudge.

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Originally Posted by tiktok

John Delaney only said that there will be a Cork team in the League next season.
There's still a possibility that Tommy won't get a licence, but that the FORAs application would be successful.

Though if TNB sells up and the current entity is still short on the licence application, I'm expecting to see a lot of investors and hedge funds pump their money into fudge.

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I expect that if the club get new owners that they would get a licence (although it may be first division depending on criteria). Is the licencing application the reason they are trying to offload some players still owed money from last season (I think all debts to players must be cleared for licencing purposes) ?

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Originally Posted by tiktok

Though if TNB sells up and the current entity is still short on the licence application, I'm expecting to see a lot of investors and hedge funds pump their money into fudge.

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We'll worry about the fudge later.
Main thing now is the removal for ever of Tommy No Bobs.
Todays news is quite positive but as we're dealing with Tom I ain't getting my hopes up.

Should he go I can foresee massive celebrations in the City this week.

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Originally Posted by razor

We'll worry about the fudge later.
Main thing now is the removal for ever of Tommy No Bobs.
Todays news is quite positive but as we're dealing with Tom I ain't getting my hopes up.

Should he go I can foresee massive celebrations in the City this week.

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Hopefully it is endgame for TNB.

I can even live with Roddy and his jackeen journeymen for a year, even if it has to be in the 1st division, once we never have to look at the No Bobs clan again.

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Originally Posted by tiktok

I can even live with Roddy and his jackeen journeymen for a year

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He was in attendance at the Avondale-Rockmount MSL game over the weekend so there might be 1 or 2 Cork men in the side.

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Originally Posted by razor

He was in attendance at the Avondale-Rockmount MSL game over the weekend so there might be 1 or 2 Cork men in the side.

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or he missed his train home

Maybe TNB promised him a bus back to Dublin.

Quotes from todays papers, apparently on a statement from the club;

Paying out “more than €420,000 in back pay and a revenue settlement of €400,000. Both these were inherited from the previous owners. The club required a further investment of approximately €430,000 to cover the day to day running.”

€400,000 revenue settlement Sure he didn't even ****ing pay that himself, €229,000 of it came from the man who's now trying to buy the club; the bulk of the remaining money that went to this was in the Club Bank account due to pay players who chose to forego payment in the hope that the club would be OK, that's a matter of public record. A huge chunk of that money, more than €150,000 must still be owed to Michael O'Connell, given the low takings from the Celtic game which was meant to cover the bill.

€420,000 in back pay I don't actually believe that the figure was this high, but let's pretend it was, around the time that this would have been due we took in €150,000 by winning the Setanta Cup and €100,000 by prematurely selling the Kevin Doyle buy-out clause back to Reading. That's €250,000 that didn't come from TNB's pocket, which seems to be what the article is suggesting. So let's give him credit for pumping €170,000 of his own money in [which I still don't believe to be perfectly honest].

€430,000 to cover day to day running I don't believe this figure or his cheek in looking for it. But Let's pretend it's true. Does he seriously expect to be rewarded for misjudging the budget of the club so much that an extra €430,000 had to be pumped in to cover the player contracts, staff contracts, general managers and hangers on that he put in place. When we came out of examinership we had 7 contracted players and three staff worth hanging onto, every penny he added on top of that is a cost that he created himself.

Get out of our club you ****!

...and cut out this legacy/inherited debt nosense, no-one is buying it.

The Revenue bill when we were in examinership was cleared, we paid 15c in the Euro on it.
We had a €400,000 revenue settlement less than a year later. The only way possible that this amount could have been a hangover from the previous administration was if the entire amount was on tax on the wage bill you claim was carried over from the previous administration. You expect us to believe you had €400,000 tax due on a €429,000 inherited wagebill?

Really? You think we're that ****ing thick do you?

**** OFF!

Got €250k for Mooney as well didn't ye?. What happened to that?.

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Originally Posted by Longfordian

Got €250k for Mooney as well didn't ye?. What happened to that?.

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dunno but it was paid in August 2008 so tnb didn't get his hands on it!

Ah yeah I forgot Tom hadn't taken over at that stage. I presume it went to paying creditors of Arkaga so.

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Originally Posted by razor

Should he go I can foresee massive celebrations in the City this week.

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To the fountain if true!

From the "Evening Echo" website.

http://www.eveningecho.ie/news/index...p=eyeymheycwmh


Cork City chairman Tom Coughlan last night confirmed that he is in talks with a local consortium with a view to relinquishing control of the club.

Coughlan took over the Leeside outfit in October 2008 but they have been beset by financial woes — a winding-up order from the Revenue Commissioners is due for next Monday while the club is under pressure to fulfil league licensing requirements in time for Friday’s deadline.

Local finance group Quintas, fronted by Jim McCarthy, are involved in the talks along with local businessman Michael O’Connell.

McCarthy and Quintas were heavily involved with behind-the-scenes restructuring at Cork City after it survived last summer’s winding-up order, issued on behalf of Revenue.

A statement issued last night confirmed that “negotiations are ongoing with a group comprising Jim McCarthy, Quintas and Michael O’Connell with a view to taking a significant stake in Cork City FC”.

The Evening Echo newspaper first reported the group were looking to take over the club on December 10.

Coughlan was quoted in the statement as saying: “I am delighted that this group have an interest in developing a community based club which can aspire to bring the best domestic and European football to Cork. The hard work of readjusting its cost base has been completed, it now needs a larger capital base to strengthen its future position.”

The statement went on to point to a “turbulent year for the club”, paying out “more than €420,000 in back pay and a revenue settlement of €400,000. Both these were inherited from previous owners. The club required a further investment of approximately €430,000 to cover the day-to-day running.

“The club having made all the necessary cuts is confident that with this new investment coupled with a new manager in Roddy Collins and a European campaign to come, is well positioned to have a great year on and off the field. Cork City is being advised by James Riordan who hopes to progress discussions this week. The club will keep the FAI fully informed of all negotiations.”

Talk on the Intermediate Forum that City are playing Avondale Utd at Ballea Park in Carrigaline tomorrow night.

That Echo article is good news right?

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Originally Posted by Doomofman

That Echo article is good news right?

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Its the same article as the Examiner this morning.
I'm hopeful but not getting my hopes up too high.

The latest (alleged) rumours are that Tom will step aside for a mere €400K.

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Originally Posted by Longfordian

Got €250k for Mooney as well didn't ye?. What happened to that?.

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That all went into the pocket of the Examiner who handed over the Club to Tom as his preferred bidder.

However, we did get transfer fees for Denis Behan and Colin Healy around the time of the High, somewhere around €100,000 for the pair if I remember correctly, so add that to the ****ing rant above. AAAARRRRRGGGGGHHHHH!

Has he actually put any money into the club?

He has a chance to walk away now and pocket some few bob for his troubles or see the club fold.
Tom should dispense with his favourite game, hardball and take the money and run. (Preferrably out of Cork)
We'll be worth nothing if we fold but i've a feeling he doesn't care all that much.

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Originally Posted by Onefootednopace

From the "Evening Echo" website.

http://www.eveningecho.ie/news/index...p=eyeymheycwmh


McCarthy and Quintas were heavily involved with behind-the-scenes restructuring at Cork City after it survived last summer’s winding-up order, issued on behalf of Revenue.

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Is this not a bit worrying? The restructuring after the winding up order seemed reckless at best.

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Originally Posted by passinginterest

Is this not a bit worrying? The restructuring after the winding up order seemed reckless at best.

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Quintas tried to do an audit of the club, were there to help out but were met with a brick wall. They couldnt finish the audit and gave up after that.

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Originally Posted by passinginterest

Is this not a bit worrying? The restructuring after the winding up order seemed reckless at best.

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The statement came from Tommy No Bobs, so Lot's wife is recommended.

Quintas were definitely involved after the High Court date, but the rumours around Cork are they met with a serious brick wall as they were trying to pull all the neccessary information together. They apparently broke off relations with the club quite a while ago.

Do you remember that 6 steps to Europe campaign from last year when the club consulted their financial advisors and came up with the masterstroke of coming up with 5,000 people per home game on average [it should be noted that they seemed to think they were starring in Field of Dreams II: Tommy's Nightmare and that by stating they wanted 5,000 to show up,. that they would just magically show up].

Anyway, Quintas were at pains to let people know that they were not the 'financial advisors' referred to in the piece, so even as far back as late Sept/early Oct. when the six steps was revealed they were already stepping away from the farce it seems.

Billy Dennehy signs for Shamrock Rovers, following Pat Sullivan.
Dan Murray, Danny Murphy and Dan Connor all linked to Rovers too.
Tallaght-ngers!

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Originally Posted by tiktok

Billy Dennehy signs for Shamrock Rovers, following Pat Sullivan.
Dan Murray, Danny Murphy and Dan Connor all linked to Rovers too.
Tallaght-ngers!

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Rovers have moved their official match night from Saturday to Friday and there's talk that one of the main considerations was letting all the Cork lads go home for the weekend!

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Originally Posted by passinginterest

Rovers have moved their official match night from Saturday to Friday and there's talk that one of the main considerations was letting all the Cork lads go home for the weekend!

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None of the aforementioned players are actually from Cork.

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Originally Posted by razor

None of the aforementioned players are actually from Cork.

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They do allow people who weren't born on the banks of the Lee to live there though....;)

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Originally Posted by OneRedArmy

They do allow people who weren't born on the banks of the Lee to live there though....;)

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Not if they could help it :-)

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Originally Posted by OneRedArmy

They do allow people who weren't born on the banks of the Lee to live there though....;)

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Only for the duration of their stay with the club.

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Originally Posted by Mick89

Not if they could help it :-)

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Others are harder to get rid of :D

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Originally Posted by corkboy360

Ive heard the owner of Adidas Ireland thrown about quite a bit lately.

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Was he a dwarf at the Chelsea FC Christmas party by any chance...?

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Originally Posted by razor

Others are harder to get rid of :D

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Oi! Grrrr!

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Originally Posted by tiktok

Hopefully it is endgame for TNB.

I can even live with Roddy and his jackeen journeymen for a year, even if it has to be in the 1st division, once we never have to look at the No Bobs clan again.

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Roddy's claw prints look all over this "investment" deal. He'll do the same as he did at Carlisle, Dublin City and Floriana. Run up big debts and then run himself. I've got to get a link to the Floriana forum where Roddy's "apology" and punishment are posted. It popped on the maltafootball forum then disappeared.

The whole saga just makes the league sadder.

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Originally Posted by bellavistaman

Heard were to expect an offer to use our pitch for the year this week, and we have an information meeting called for sunday.

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Looking to relocate home games to St. Colman's Park rather than settle with the MFA for Turner's Cross would mark a lower point for the club than Busgate. If that happens, TNB should be run out of Cork, Meaney with him!

If I were cobh I would be insisting on payment a month in advance ;)

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Originally Posted by tippex

If I were cobh I would be insisting on payment a month in advance ;)

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If I were Cobh I wouldn't let them anywhere near my ground