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

Last Friday was a very strange evening, I had a look of amazement when our chairman announced that the meeting may take 3 or 4 hours but it just flew by. There was a lot of emotion on show and credit must be given to the FORAS BOM, they have put in tremendous amount of work.

There certainly is honour in clearing the debts but as one speaker said they shouldn't be on our conscience, although we could hardly expect goodwill moving forward with these people. I'm a cautious person by nature and the prospect of entering into this deal with very little money in the bank fills me with dread. Plus our chances of rebuilding our war chest are now limited as surely all fundraising will be done now for the club. I cannot see a huge influx of members and am wondering for how long will our 2 partners be prepared to fund the club when we have nothing to add maybe a while but the Cork City situation could soon resemble the York City one.
I voted against it and I thought people voted heart above head, especially after PR's emotional speech, but i've been around too long for that but as a member am prepared to now roll up the sleeves and go with the majority vote.

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Originally Posted by passerrby

its amazing how that will raise when roddy leaves

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:-) Tom went from "investing" "alot of money" to "a million" to "over a million" within hours of Roddy panhandling for the job - see his Star column before he'd even run out of Malta! But his contract is still property of the company FORAS and their co-investors are buying out, and it's illegal. So what will they do, keep the man and pay what's due to his current employer, or get rid of him for nothing - I've asked this already but none of the "insider" FORAS folk want to answer.

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Originally Posted by weecountyman

So what will they do, keep the man and pay what's due to his current employer, or get rid of him for nothing

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Thats a tough one alright :D

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Originally Posted by Mr_Parker

Who and how was Cork City, with no tangable asetts valued at 1 million??????????????????

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Originally Posted by tiktok

It hasn't been valued at 1,000,000
I don't know where you pulled that figure out of. It's effectively been valued at 0.00.

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Ta, misread it that they were getting 10% of the company for 100k.

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Originally Posted by Schumi

Foras are supposed to be putting in 100k for 20% which puts the whole lot at 500k which would just be the debts I'd imagine.

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So they are paying 100k to buy 20% of the debt? :confused:

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Originally Posted by razor

Thats a tough one alright :D

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Except you'll still be stuck with a court case in CAS for the illegal signing of another club's coach! So no matter what, you'll need to pay to get rid of the Rod! :D Which is why I still stick with the case that it's easier to let the name die and keep the club going as it should be - with FORAS using their funds to build a club for Cork to be proud of with a fresh start and let Tom and ROddy fight their court cases alone - CCIFL or whatever it's caused are really and truly in schtuck!

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Originally Posted by weecountyman

Except you'll still be stuck with a court case in CAS for the illegal signing of another club's coach!

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There are lots of hidden extras awaiting us i've no doubt and thats what worries me, the size of the debt is still unknown awaiting Toms audited accounts, they should be worth a look.
A lot of folks were hung up on keeping the name, some of us would prefer a fresh start.

The very fact you just said that you still do not know the actual debt is crazy,who exactly decided the club was worth 500k-as it stands you have few players worth talking about,still no ground and do not know what division you will be in.People cant be that attached to a club with a small history I mean its only 25 years old.Cork City FC or FC Cork City who gives a sh*t

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Originally Posted by weecountyman

- I've asked this already but none of the "insider" FORAS folk want to answer.

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You must be soft in the head if you think anyone is going to touch that question until after a takeover.
I don't what you must be to think it'd be discussed on an Internet forum before the man in question was spoken to.
Seriously, cop on!

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Originally Posted by marty

I mean its only 25 years old.Cork City FC or FC Cork City who gives a sh*t

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Just for other City fans.
Don't feed the trolls, especially such simple ones

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Originally Posted by tiktok

You must be soft in the head if you think anyone is going to touch that question until after a takeover.
I don't what you must be to think it'd be discussed on an Internet forum before the man in question was spoken to.
Seriously, cop on!

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Sounds exactly like the rhetoric that got Cork into this situation in the first place. Very progressive discussion, lowering it to insults and namecalling, extremely impressive. However I'll view Razor's answer as more representative of the CCFC supporters - not some insulting response.

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There are lots of hidden extras awaiting us i've no doubt and thats what worries me, the size of the debt is still unknown awaiting Toms audited accounts, they should be worth a look.
A lot of folks were hung up on keeping the name, some of us would prefer a fresh start.

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No matter what it'll all cost money, and you're right, if a proper due diligence turns up enough smelly fish there is always the off switch, the name is important, but more important is the club and reputation.

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Originally Posted by Mr_Parker

So they are paying 100k to buy 20% of the debt? :confused:

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They'd be paying 100k to pay 20% of the debt and get 20% of the company in return it seems to me.

Well yeah... If you own 20% of the company surely you would have to shoulder 20% of the debt....

So that means that TNB is getting nothing? That'd be excellent.

Have to say, micls' rationale for voting for the bid was an excellent post.

TNB gets 100euro.

It was suggested that it's given to him in a mixture of 1 and 2 cent coins.....

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Originally Posted by pineapple stu

Have to say, micls' rationale for voting for the bid was an excellent post.

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Agreed, by the way, the €100 has to be given, it's bascually 0.01 per share for 10,000 shares.

Hundred quid's next to nothing.

Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?

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Originally Posted by pineapple stu

Hundred quid's next to nothing.

Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?

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Of course any bidder is going to say that. But it's a form of blackmail.

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Let us in the PremierDivision, or you've Tom for the next 12 months!!

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If the bid fails, the club gets wound up and they're in the First for free I suppose.

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Originally Posted by pineapple stu

Hundred quid's next to nothing.

Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?

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If I was in the FAI and was told something like that I'd just let them rot in the first division...

There is a lot more at play then just seeing what kind of licence Cork get, should the takeover be successful. I think it's fair to say that if Cork get awarded a Premier licence for the coming season and are playing Premier football then it is maybe not the final nail, but the biggest nail in the coffin of League of Ireland football.

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Originally Posted by micls

TNB gets 100euro.

It was suggested that it's given to him in a mixture of 1 and 2 cent coins.....

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Jaysus thats just mean.

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Originally Posted by pineapple stu

Still think you have to be relegated though. Heard a story at the game today that the bid was subject to getting a Premier Division licence?

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I saw that posted in this thread anyway.

Was just thinking there about this takeover.

As reported in other posts elsewhere on this forum all clubs are notified 5 days in advance of tomorrows meeting of the licencing committee. Would it be beyond the bounds of possibility that FORAS and the 2 "investors" have received an indication that they will receive a premier division licence if all debts are paid off or arrangements made with creditors? Hence the reason that they are throwing their lot in with the investors rather than starting from scratch in the first division?

My money is on this being the outcome and also that Cork will get a monetary fine for missing previous deadlines and if it is lets draw a line in the sand and move on. Talk of other clubs starting legal action is absolute madness and will not get off the ground.

You can't take legal action against the FAI anyway as TNB showed. Bray would have to exhaust the internal appeals process first.

Tom is up against it but i can see him taking it to the wire, especially as i'm sure he'll want more than €100.

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Originally Posted by pineapple stu

You can't take legal action against the FAI anyway as TNB showed. Bray would have to exhaust the internal appeals process first.

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Not going to get into a debate about this but arent the licencing committee independent of the FAI

Tom still playing "hard ball" by all accounts. Not much progress being made in the takeover talks.

Where'd you hear that?

With the court case tomorrow, he's surely in no position at all to play hard ball.

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Originally Posted by prince20

Was just thinking there about this takeover.

As reported in other posts elsewhere on this forum all clubs are notified 5 days in advance of tomorrows meeting of the licencing committee. Would it be beyond the bounds of possibility that FORAS and the 2 "investors" have received an indication that they will receive a premier division licence if all debts are paid off or arrangements made with creditors? Hence the reason that they are throwing their lot in with the investors rather than starting from scratch in the first division?

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Spot on

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Originally Posted by prince20

My money is on this being the outcome and also that Cork will get a monetary fine for missing previous deadlines and if it is lets draw a line in the sand and move on

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No.

Different standards have been applied previously - and may be again in the future - no consistency - they're making it up as they go along whether for geographical reasons or whatever.

Fudgerama

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Originally Posted by pineapple stu

Where'd you hear that?

With the court case tomorrow, he's surely in no position at all to play hard ball.

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Saw it on the Cork forum. I don't think he gives a flying one if it survives or not. He wants to pocket some cash either way.

Deal now done apparently

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Cork City Football Club wish to confirm that, following negotiations, a deal has been submitted to facilitate the takeover of the club by the Quintas-led consortium which made a formal bid on Friday afternoon.

This is subject to Cork City Football Club obtaining a licence from the FAI, and the club is currently liaising with the FAI in order to ensure all necessary criteria are satisfied.

The club expects to be in a position to make a formal announcement of the takeover in the coming days.

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Deal not done. TNB playing mindgames

Really? What an abominable man he truly is.

14th February 2010 – Quintas Group, on behalf of the consortium of Peter Gray, Michael O’Connel and FORAS, the Cork City Supporters Trust, confirms that no agreement has yet been reached between the consortium and the current ownership of Cork City FC.

The consortium is frustrated at the apparent lack of urgency within Cork City FC in relation to these negotiations. With a number of external deadlines on Monday the 15th of February, time is rapidly running out for a successful conclusion to the current talks.... See more

If no agreement is reached before the licensing committee of the FAI makes its ruling and the High Court rules on outstanding monies owed to the revenue commissioners, the consortium will have no option but to withdraw the offer made to purchase Cork City FC from it’s current owners.

The consortium sincerely hopes that an agreement is reached before these deadlines are reached.

So a creek and lack of means of propulsion spring to mind...

wow. What a pr1ck that man is.

We should have expected something like this from TNB. CCIFL should be wound up for it;s own sake tomorrow and start with FORAS in the 1st division. Tommy has badly damaged the reputation of not only Cork City but the league of Ireland and we need to start on a fresh slate here in Cork now.

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Originally Posted by SkStu

wow. What a pr1ck that man is.

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What a fantastic understatement

Seems clear to me that Tom is trying to give the impression that a deal has been reached so CCFC can get a license and then hold on to the club.

Where has that press release from Quintas et al. been released to? Presumably the general media so it will be widely known about.

http://www.rte.ie/sport/soccer/2010/0214/corkcity.html

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Cork City have revealed that a bid from the Quintas Group to takeover the club has been finalised and that it expects it to be completed in the coming days, but the consortium has threatened to pull out of the deal.
Quintas will only agree to the takeover if the club secure a licence to compete in the League of Ireland this season.
The FAI are set to announce on Monday which clubs have received licences, and for which division, but the deadline may have to be extended for the Leesiders.

They have confirmed they are currently in negotiations with the league's governing body with a view to fulfilling the necessary criteria.
City are also in the High Court on Monday as the Revenue Commissioners issuing a winding-up petition against the club.
Cork will only be able to obtain a licence if the takeover goes through but Quintas are concerned at the speed of the negotiations.
In a statement released on Sunday night, the Quintas Group said:
'The consortium is frustrated at the apparent lack of urgency within Cork City FC in relation to these negotiations.
'With a number of external deadlines on Monday, 15 February, time is rapidly running out for a successful conclusion to the current talks.
'If no agreement is reached before the licensing committee of the FAI makes its ruling and the High Court rules on outstanding monies owed to the revenue commissioners, the consortium will have no option but to withdraw the offer made to purchase Cork City FC from it's current owners.'

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