Sporting Fingal Gone Belly Up

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10/02/2011, 10:00 AM
marinobohs

Sad to see Sporting Fingal in such dire straits (never understand people gloating over what is another blow to the LOI fast disappearing credibility).
As I understand it the problem was a UK company which had agreed to back them (somewhat filling the void left by Gerry Gannon) pulled out last week and that this is why they were still signing players up to early last week (Oman). The money paid to the players on Saturday was an advance on money due from the FAI so while it solved the immediate problem (monies already owed) it simply deferred the problem until the next payday.
Hopefully, the club can put together a team for the 2011 season and dont have to fold but it is difficult to see them operating with any sort of viability unless major funding can be sourced (not a good envoirnment to be looking for ANY funding at present).
10/02/2011, 10:09 AM
Quayman

Could they not go and do what Cork and Derry have done, fold the holding company and start up afresh with no debts but drop down and this time take it slowly? Or is it that there is nobody willing to do anything for them?
10/02/2011, 10:12 AM
Quayman

Quote:

Originally Posted by John83

Yeah, he has some sort of off-field role, either as CPO or something along those lines.

Is he not the marketing manager?
10/02/2011, 10:12 AM
D.24saint

Quote:

Could they not go and do what Cork and Derry have done, fold the holding company and start up afresh with no debts but drop down and this time take it slowly? Or is it that there is nobody willing to do anything for them?

as far as I know they dont have debts they just cant finance the running of the club.
10/02/2011, 10:12 AM
White Horse

Quote:

Originally Posted by Quayman

Could they not go and do what Cork and Derry have done, fold the holding company and start up afresh with no debts but drop down and this time take it slowly? Or is it that there is nobody willing to do anything for them?

Fingal have no debt that I am aware of.

Their issue is that they want to be funded by a sugar daddy and not by their own fans/community.

The last line of your post sums it up "is it that there is nobody willing to do anything for them?". Why should "they"? It is up to the fans to fund their own club.
10/02/2011, 10:14 AM
marinobohs

Quote:

Originally Posted by Quayman

Could they not go and do what Cork and Derry have done, fold the holding company and start up afresh with no debts but drop down and this time take it slowly? Or is it that there is nobody willing to do anything for them?

Problem appears not to be accumalated debt but current expenditure (ie players wages) are not viable in the future. Wages commited to in contracts for 2011 (and beyond) are way beyond current projected income.
As far as I know club is not in direct danger of going under but given closeness to new season it is doubtfull they can put together team, business plan etc for the new season.
10/02/2011, 10:27 AM
total hoofball

Quote:

Originally Posted by marinobohs

Sad to see Sporting Fingal in such dire straits (never understand people gloating over what is another blow to the LOI fast disappearing credibility).
As I understand it the problem was a UK company which had agreed to back them (somewhat filling the void left by Gerry Gannon) pulled out last week and that this is why they were still signing players up to early last week (Oman). The money paid to the players on Saturday was an advance on money due from the FAI so while it solved the immediate problem (monies already owed) it simply deferred the problem until the next payday.

Buckley said last week that the UK backer was to only make up 15-20% of their annual budget so it's a red herring to suggest the collapse of that deal was the sole reason to bring them down. That deal was 500k over 3 years, 170k~ per season, at 15-20% of budget that would mean their planned annual budget was around 800k.

They would have had league prize money, UEFA prizemoney, some TV income, some matchday income on their small attendances and some smaller sponsorships. Not a chance all that would go anywhere near to filling the remaining 600k needed to complete the season.

Facts are they had no money in their bank account to pay players last week before the season kicked off, that means they had no other sponsorship. They were screwed and on the road to ruin with that UK backer or not.

McGuinness of the PFAI confirmed last night that they signed a player as recently as last week when the club was in serious difficulty and had no money to pay their current players. Someone at Sporting Fingal should be shot for that. Unreal.
10/02/2011, 10:34 AM
total hoofball

Quote:

Originally Posted by marinobohs

Problem appears not to be accumalated debt but current expenditure (ie players wages) are not viable in the future. Wages commited to in contracts for 2011 (and beyond) are way beyond current projected income.
As far as I know club is not in direct danger of going under but given closeness to new season it is doubtfull they can put together team, business plan etc for the new season.

There is no way the club can continue. They have broken the player's contracts, unless they come to a settlement the players will have the club wound up just as Shelley and Grey attempted to do.
10/02/2011, 10:37 AM
total hoofball

Quote:

Originally Posted by D.24saint

as far as I know they dont have debts they just cant finance the running of the club.

As I've said, as of yesterday they now have debts of 13 broken player contracts to deal with
10/02/2011, 10:41 AM
Bunny Kelly

If they totally go are Cobh in a position to step up & take their place or will we have an 11 team league
10/02/2011, 10:41 AM
marinobohs

Quote:

Originally Posted by total hoofball

There is no way the club can continue. They have broken the player's contracts, unless they come to a settlement the players will have the club wound up just as Shelley and Grey attempted to do.

As I said the timeframe is frighteningly narrow but not impossible. Players can be found (although extremely unlikely to be anyway competitive and a deal could be done rapidly with the current players. Bigger question as I would see it is if the club is anyway viable going forward (apols for using that phrase) and if in fact there is any point in trying to "save" the club for this season.
I hope I am wrong but, given the timeframe, a more likely scenario is for them to take a season out and seek to restart in 2012 in First Division
10/02/2011, 10:49 AM
Roo69

Quote:

Originally Posted by marinobohs

As I said the timeframe is frighteningly narrow but not impossible. Players can be found (although extremely unlikely to be anyway competitive and a deal could be done rapidly with the current players. Bigger question as I would see it is if the club is anyway viable going forward (apols for using that phrase) and if in fact there is any point in trying to "save" the club for this season.
I hope I am wrong but, given the timeframe, a more likely scenario is for them to take a season out and seek to restart in 2012 in First Division

Possibly even the A Championship....

So what next, Monaghan United promoted?
10/02/2011, 10:52 AM
SupaJon

Quote:

Originally Posted by Roo69

Possibly even the A Championship....

So what next, Monaghan United promoted?

Whoever it is, I hope they sort it out quickly so that they don't end up going through what we did last season. (Well, the first half of it anyway.)
10/02/2011, 10:54 AM
total hoofball

Quote:

Originally Posted by marinobohs

As I said the timeframe is frighteningly narrow but not impossible. Players can be found (although extremely unlikely to be anyway competitive and a deal could be done rapidly with the current players. Bigger question as I would see it is if the club is anyway viable going forward (apols for using that phrase) and if in fact there is any point in trying to "save" the club for this season.
I hope I am wrong but, given the timeframe, a more likely scenario is for them to take a season out and seek to restart in 2012 in First Division

No doubt an all amateur local team could be clobbered together for Div 1 or A Champ, they have Dalymount paid for a season anyway, Fingal county council could release a small amount of funding to get the Lusk facility up to basic standards. That's not entirely impossible

What's looks impossible to me is sourcing funding to pay off the players. Conservatively estimate 13 players on 30k per year, we're talking about 400K to be owed to players. Players will be looking for 50% to be owed, realistically 33% will be shaken on. Even in that optimistic scenario the club would need to source 135k out of nowhere. Fingal have zero money and no company or businessman will pay for that.

99% certain they are done, even that 1% chance happens they should be kicked out of the league for good for their shady contract dealings over the last month
10/02/2011, 10:59 AM
total hoofball

Quote:

Originally Posted by Roo69

Possibly even the A Championship....

So what next, Monaghan United promoted?

Drogheda no. 1, if they can't Monaghan should be, they advanced further in the play-offs but with Waterford finishing above Monaghan in the league you can't help but think a favour may be done for someone's local club....

Monaghan were getting ready for a PD licence at the end of last season so I've no doubt they will receive one unless they screw something up
10/02/2011, 11:10 AM
Dodge

Quote:

Originally Posted by total hoofball

As I've said, as of yesterday they now have debts of 13 broken player contracts to deal with

is that 13 from last year or including the likes of O'Neill and Oman who signed this off season? ISn't there something in licensing about players not bieng registered until FAI say so? if so O'Neill and Oman wouldn't be owed a penny. Is this right?

Wihout any assets its hard to see how players could get anything from a wound up Fingal
10/02/2011, 11:13 AM
Jofspring

Quote:

Originally Posted by Dodge

Wihout any assets its hard to see how players could get anything from a wound up Fingal

They would be wasting their time alright I would think. They could probably show some good will towards the club also as the have always (barr last week) had their wages paid. The main thing the players should be concentrating now is sorting out deals with a new club.
10/02/2011, 11:19 AM
marinobohs

Quote:

Originally Posted by total hoofball

No doubt an all amateur local team could be clobbered together for Div 1 or A Champ, they have Dalymount paid for a season anyway, Fingal county council could release a small amount of funding to get the Lusk facility up to basic standards. That's not entirely impossible

What's looks impossible to me is sourcing funding to pay off the players. Conservatively estimate 13 players on 30k per year, we're talking about 400K to be owed to players. Players will be looking for 50% to be owed, realistically 33% will be shaken on. Even in that optimistic scenario the club would need to source 135k out of nowhere. Fingal have zero money and no company or businessman will pay for that.

99% certain they are done, even that 1% chance happens they should be kicked out of the league for good for their shady contract dealings over the last month

Agree things look very bleak for fingal at present. No reason IF they survive why all amateur team could not operate in premier League.
Agree RE paying off players as well but this can be done speedily (especially as players want to move on) just because Bohs made such a dogs diner of it. Matter is dependent on what players will settle for and what funds available.

Not sure what rules they broke that would attract removal from Premier League and "for good" ????????
10/02/2011, 11:25 AM
John83

Quote:

Originally Posted by marinobohs

Not sure what rules they broke that would attract removal from Premier League and "for good" ????????

Anyone know the law regarding reckless trading?
10/02/2011, 11:28 AM
Lamper.sffc

Quote:

Originally Posted by marinobohs

Agree things look very bleak for fingal at present. No reason IF they survive why all amateur team could not operate in premier League.
Agree RE paying off players as well but this can be done speedily (especially as players want to move on) just because Bohs made such a dogs diner of it. Matter is dependent on what players will settle for and what funds available.

Not sure what rules they broke that would attract removal from Premier League and "for good" ????????

We stopped Shels getting promoted and we beat Sligo in the FAI cup ;)

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