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Rumours about Jack McCarthy doing a runner are partily true.
I e-mailed him during the week and in fairness to him, he gave me a lot of information with regards what is happening.
I wouldn't blame the club for not telling anyone what is going on. Someone leaked information to the Irish Times last Friday before they got the chance to tell the players and staff of the situation.
Things are extremely bleak and the club will not finish the season unless a new investor comes in very soon.
How dare you ! It's all a rumour started by fans of other clubs you know...Quote:
Originally Posted by L37Ultra
Can everyone stop using the word 'investment'. It's a hand-out that Irish clubs chase - not some sort of business proposition.Quote:
Originally Posted by L37Ultra
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Originally Posted by dcfcsteve
http://www.mingeford365.co.uk/forum/...es/67s6qro.gif
Sympathy aside - how are Limeirck in trouble? It makes no sense, a new club, no debt legacy, small wages bill, according to everything we hear, averaging 500 per home game?
If Jebus doesn't object to a non-Limerick fan speculating, there are a couple of likely possibilities.Quote:
Originally Posted by Ronnie
First, 500 punters a week translates into something like €100,000 total annual income. Between rent, wages, travel, equipment, fines, official's fees, league entry fees, etc., there's going to be a need for sponsorship and fund-raising to bridge a gap. This is true of every club in the league, but Limerick have had so much trouble in recent years that they may have struggled to get adequate sponsorship. Second, they may be paying exorbitant rent. Most likely, it's a bit of both.
Their CRO accounts show that in 2007 - their first year - they lost E207,512. That's quite a lot of money. I remember someone involved in the club telling me that last year, and McCarthy covered it, apparently. If he decided this year not to cover a similar loss last year, say, then you can easily see where the trouble's coming from.
They owed E282k, of which E29k was to Revenue and E245k was to "Other creditors", which isn't broken down.
Rent is 500 euro per match and that loss from last year was a carry over from the previous regime.this whole thing is not driven by any financial problems.everything will become clearer next week.
The previous regime was a different company, so I don't believe a word of that.Quote:
Originally Posted by LK37oldskool
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Originally Posted by John83
He means the previous CEO, i.e. before Jack took over. Believe what you like but you are (or rather Stu is) a bit off the mark with your speculation as to the current crisis.
Believe me when I say that I'd like nothing more.Quote:
Originally Posted by KevB76
We're both potentially wrong. I was merely quantifying John83's post.Quote:
Originally Posted by KevB76
Jack bought into Limerick 37 and took on all the debts ,200,000+ and has cleared them going into this season under the new name of Limerick FC.
There was nothing wrong with Johns post, its just the 2007 figures bear no relevance to last year or this - any shortfall which Jack may or may not have had to make up would be nowhere near the 2007 debt.Quote:
Originally Posted by pineapple stu
Take last year for example, players "wages" were next to nothing, we had a major fundraiser that brough in 50k, another which brough in 8k, and a few smaller events. This year the wages are no more (actually marginally lower than 08), we have no A team to fund, and have already had two fundraisers (not as succesful as last years), and there's no shop in town to pay rent on.
Anyways I dont want to talk about anymore until the public meeting on Sunday, when we all be put out of our misery. I'm just going to enjoy tonights match in case its our last.
I appreciate that, which is why I noted the "if" in my post. You've ruled out that "if", so it doesn't apply. I'm aware McCarthy covered the first year, and can well believe he did the same last year too.Quote:
Originally Posted by KevB76
So Limerick 37 took over the previous entity and its liabilities? If thats the case, then the legacy of debt would be enough to floor them.Quote:
Originally Posted by LK37oldskool
The previous entity was wound up by the Revenue in 2006. JRM Sports Limited. Unless L37 took on clearing its debts as a goodwill gesture, they would have started with a clean slate.
Limerick FC took over the Limerick 37 entity and all its debts (as mentioned above -see KevB76 )which Jack has cleared.We started the season with a clean bill of health.
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Originally Posted by Ronnie
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Originally Posted by LK37oldskool
I know its confusing with all the name changes and what not, you've almost got it LK37oldskool, the actual sequence of events was:
up to end of 2006 was Danny Drew's Limerick FC. This, emmm, regime for want of a better word, didnt get a licence form the FAI for 2007.
A new club Limerick 37 was set up and applied for and was accepted into league for 2007. (Nothing to do with Danny Drew, but most of the same players, volunteers and supporters).
By the end of the 07 season the new club had run up the massive debt as described by Stu above. The club would have died right there and then, but Jack took over and cleared the 2007 debt.
So we began 2008 with a clean slate, and finished last season without any controversy for once.
For 2009 the name changed back to limerick FC but its the same L37 club (Jack wanted the name changed as soon as he took over but couldnt do it in 08 for some technicality). We continued on into this season again without any unusual financial cloud over our heads up until now. I wont speculate on what exactly is gone wrong now until Sundays meeting. I just pray there is a way out of it.
I hope its not the worst of news as ye have gone through hell since ye left markets field..Quote:
Originally Posted by KevB76