This is real due dilligence the last time round it was the TNB version of due dilligence ;)Quote:
Originally Posted by tippex
This is real due dilligence the last time round it was the TNB version of due dilligence ;)Quote:
Originally Posted by tippex
The consortium examined figures covering debts which I presume was supplied by TNB. The completion of the takeover was always subject to a proper due diligence which has been in process since Monday. These "new" debts have been uncovered as part of this due diligence process.Quote:
Originally Posted by tippex
I think Quinta were bidding, and then pulled out after doing due diligence; that was only a couple of weeks ago. Now there's due diligence to be done by the Quintas/FORAS consortium. Maybe Quintas pulled out very early on in the due diligence phase, such was the rubbish provided by TNB, and now they want to go into proper detail?Quote:
Originally Posted by tippex
Edit - latest on the CCFC forum is that there's more debt than was previously thought, which is putting the whole takeover in doubt. Apparently the amounts which TNB agreed to pay to get the club out of examinership were never paid. 96FM reporting the debt is now E800k.
Depends, but you'll be paying by the hour that's for sure. Not many Europa destinations are 18 -30 spots so unlikley to have back load while waiting for the match to be played!.Quote:
Originally Posted by pineapple stu
Trip out ,four hours, wait on Tarmac for say 36 and 4 hours home. Plus crew. I called Aerarann about getting one of their ATR 42s (42 seater) from Galway to Derry, they wanted 16k back in 2004.
Read Yiddos comment again ...previous takeover/consortiums pulled out because all they got was TNB's version of due diligence,not actual due diligence.This time we are getting the books ,notes on beer mats,empty B&H boxes and scribbles on unused bookie slips too so more stuff is appearing.Quote:
Originally Posted by pineapple stu
Quintas I'm not sure ever were going to buy the club ,they've always been faciliators playing with other peoples money
It's probably me not knowing much about European games, but given how many flights to how many places there are these days, can you not just book 30 seats on Aer Lingus?Quote:
Originally Posted by Fr Damo
*Thanks*Quote:
Originally Posted by redgav
Sometimes you can - depends where you are going. Derry used scheduled for Latvia - but as League will not postpone your game after a trip - you may get home in the early hours of Saturday (if scheduled flight late on Friday) and be playing in other end of country on Sunday!!! For that reason Derry chartered to Sofia - and the plane wasnt big enough to do it in one go - hence a stopover in Amsterdam or germany - which adds to the cost as well. It's a lottery and I'm sure Irish Chairman pray for a Northern club or Scotland / Wales.Quote:
Originally Posted by pineapple stu
Last time we played in Europe it was pre-season, so that's a fair point on the next league game. Although I would have thought that, for a game on Thursday, there's nowhere in non-Soviet Europe at least that you couldn't get home from by Friday evening at the very latest; bus to nearest vaguely big airport, flight to London and flight home.
This was on the evening echo's twitter page!
http://twitter.com/CorkEveningEcho/statuses/9231868005
Quote:
News Flash: There is a new twist to the Cork City FC financial saga. Tom Coughlan will be on Live Line @ 1.45pm to explain.
any ideas sheao?
EDIT: started listening to live line (oh dear god....... - a woman has a major problem she can;t use her "zapper" to open her garage door or get into her car)
She should try using it on the telly.
On europe...
While its complicated by the Europa draw now not being regionalised, there is still very few places Irish teams could get drawn where there'd be a need for a charter. pats flew to malta (via UK) and Samara (via London and Moscow) on commercial flights. Expensive, but still do-able
Add in extra sponsorship opportunities, an extra gate, and of course a decent amount of goodwill and press if you do OK and there's no reason not to get involved in europe IMO
Looks like its not coming on , no mention
A lad on our forum said that he contacted Liveline and that Tom WON'T be on the programme today!Quote:
Originally Posted by kid creole
So I listened to all that moany muck for nothing!!!!?
no wonder people are addicted to solpadine listening to that lolQuote:
Originally Posted by Scrufil
One last gift of torture to the LoI community from Tom Coughlan.Quote:
Originally Posted by Scrufil
Now I know how your man at the end of the original Planet of the Apes film felt - 'Damn you. Damn you to hell!' (Or words to that effect)
ok so updates now needed.
Cork were given 48 hours to pay revenue on monday.
Did TNB hand over the cash today or did the gimp miss another deadline?
question on the AIB account...
It had been reported that it was 60k overdrawn so that would mean that the 158k due into there account would immediately be whittled down to 98k and then they would have to pay the revenue 107k which would cause the account to be overdrawn to the sum of 9k.
would AIB allow that or would they have immediately cancelled the overdraft facility once the 158k hit the account.
Has there been any news on the takeover actually progressing? coz the last figures being bandied about was debt of 800k (107k to the revenue).
That would leave 693k divided up with other creditors of which the 2 boys in the consortium makes up about 280k which would leave the balance of debt roughly at 413k which is roughly 213k more than what the consrtium seemed to be prepared to go with.
Just trying to get it all straight in my head atm.
Seeing as the new consortium seem to only want to take over if Cork are in the premier league next season what will happen to them if they get relegated at the end of the season? Will they suddenly decide to jump ship?
press release on bray web site..http://foot.ie/clear.gifhttp://foot.ie/uploads/pics/bwafc-ls150_49c6b3.jpg
http://foot.ie/clear.gif
Bray Wanderers are highly critical of the way that the League of Ireland today issued the fixture list for the 2010 season.
General Manager Jack O'Neill said:
“We are absolutely dismayed that the League of Ireland has issued a set of fixtures which places Cork City who currently have no licence to play in the League of Ireland for the coming season in the Premier Division while Bray Wanderers who obtained a Premier Division licence have been placed in the First Division.
As the 10th ranked team to receive a Premier Division licence from the Independent Licence Committee we find it staggering that the fixtures have been released in such a fashion. It is our belief that the release of these fixtures in such a format is inherently flawed and should not have been released in this format in advance of the outcome of the High Court case involving Cork City and the decision of the Independent Club Licensing Committee on Monday 22nd February”
Nice to see clubs speaking out about what the FAI are doing
I think you're broadly agreeing with me, but what makes you say if the decision was taken earlier only a handful of clubs would make it. I think 15 clubs have been granted Premier licences (excl Cork). Can you give examples of what all those clubs did between Christmas and now to get over the line? And given that some will deffo be in the First Division, why would they bother doing anything extra to get a Premier licence? I suspect that now we're a few years into licensing the majority of clubs would have complied with requirements in December if the decision was taken then (i.e. if they knew the decision was going to be taken then).Quote:
Originally Posted by disgruntled
rumour has it the license committee is to head up NAMA .More good news for the bankers
Quote:
Originally Posted by tippex
from the Indo:
Quote:
Cork debts close to €900k
By Neil Ahern
Thursday February 18 2010
THE potential takeover of Cork City remained in the balance yesterday after the local consortium hoping to purchase the club found that it has debts of close to €900,000.
The local consortium had been informed that the debts were at €600,000, but were not prepared to purchase the club until they filed through the level of potential debt.
The Leeside outfit's tax bill, meanwhile, was cleared yesterday after their AIB account was unfrozen by the High Court on Monday, allowing Tom Coughlan to transfer the €107,653 to the Revenue's accounts.
I'm not sure if I believe the latest coming out of the takeover bid, mainly because it is most likely a normal business ploy to push up the debts to get a better deal from the seller - if Cork City is a car then it has 4 bald tyres, no windscreen wipers, a clunking noise under the bonnet, in need of new bearings, filters, sparks, has a hole in the exhaust, and has a different coloured drivers door.
The FAI appears to have lost sight of what the licence is about and why it was required. In recent days the FAI have stated that the primary function of the licensing system is the protection of creditors and employees of clubs. This is nonsense and little more than the FAI doing the groundwork to allow Cork City stay in the Premier Division. That just lets clubs spend like there is no tomorrow and then play an emotional card when clubs are called to account.
The Licensing system is about fair play. It’s about creating an even basis on which the league can operate and that clubs don't benefit from irresponsible management and poor financial control. To say that a primary function of the licensing system is to protect club employees is to allow clubs act as they want and then try to make the FAI responsible for the mess they get themselves into. For the FAI to adopt such an approach is to give a way-out for the likes of Cork who have sole responsibility for looking after its own creditors and employees. The FAI has to do the right thing and give Bray their rightful place in the Premier Division and give Dundalk the European spot which they deserve. Any other result will leave the domestic game open to ridicule. And please don’t tell me that it’s not the FAI, it’s an “Independent Committee”.
http://www.rte.ie/sport/soccer/2010/0218/bray.html
The consortium is offering to buy 10,000 shares at 1 cent a share and take on the debts. €100 for the club. It also has indemnified itself against debts over 600k. Tommy will be liable for these (although he will have to be chased through the courts no doubt). There is no better deal and every one knew that there was a real possibility of debts hidden in the woodwork.Quote:
Originally Posted by weecountyman
More debts emerging by the day.
The fact that Tom is owed money for office rent is Rushbrooke is sickening.
I'd rather let him rot at this stage.
Also now that he has paid the taxman from the Long/Meyler money, what has happened the 50K extra?
The leftover money is gone on an overdraft, I thought, which would preclude a licence.Quote:
Originally Posted by razor
Derm, you probably can't answer this, but what is happening with the current players (George, Dave etc) and coaching staff (Roddy and his dream team) who are under contract of some sorts? Surely the players who've been lining out for pre-season, and those who are still under contract, are not just doing it for the good of their health.Quote:
The consortium is offering to buy 10,000 shares at 1 cent a share and take on the debts. €100 for the club. It also has indemnified itself against debts over 600k. Tommy will be liable for these (although he will have to be chased through the courts no doubt). There is no better deal and every one knew that there was a real possibility of debts hidden in the woodwork.
I'm not 100% sure if the AIB overdraft is real or a rumour but either way revenue has been paid.Quote:
Originally Posted by weecountyman
CCFC is under a transfer embargo. I think it's for breaking the 65% rule (though it might be for non-payment of players & staff). The players you mentioned (Dave and George) may have "signed" as such but they're not registered so no contracts exist. All but one of the contracted players (to my knowledge) are on strike until TNB steps down from the club.
Afaik no one is getting paid most of them aren't contracted to the club and if they have agreed conracts theyre not registered. Cant be registered due to licence situation. Fora lot of them its just an extended trial and keeps them fit.Quote:
Originally Posted by weecountyman
As for he manager whatever Roddy is he isn't a fool and the word is he got paid upfront by tnb.
Perhaps they felt it would be unfair not to publish the fixtures because it would inconvenience all the clubs instead of just one or two. I can well understand why Bray should be upset at this turn of events but it would be a bonus for Bray if they were promoted to the Premier Div. It would be very difficult for them but a bonus none the less & they would have the option of staying in the 1st Div if they so wished.Quote:
Originally Posted by naoise kennedy
Just because 15 clubs have been granted Premier licenses now doesn't mean they would have been granted Premier licenses back when they made their applications.The licensing body frequently goes back to clubs for additional information before their applications are finalized.The whole idea of the licensing system is that clubs would strive to improve their standards with proper planning etc so that if they are offered or win a Premier Div place they will be ready to step up to the extra standards required.Quote:
Originally Posted by Nedser
As to clubs being compliant with the requirements the past season has showed that some clubs although they have a premier license are still sticking to the bad old ways which made the League of Ireland such a joke over the years.Some times old habits die hard.
I understand what you are saying but if you lived down here & knew Coughlan you would understand why this due diligence is happening in Cork.A better deal from the seller doesn't apply here as the seller Coughlan is getting nothing for the club. The problem is the debts the previous owner has built up & where he has hidden them.Quote:
Originally Posted by weecountyman
Quote:
Originally Posted by SMorgan
Dundalk didn't qualify for Europe because they didn't get the required number of points. Due to the problems in Cork last season they lost half a squad of players in the middle of the season & still Dundalk couldn't take advantage. The only reason Dundalk didn't qualify for Europe is because they weren't good enough.
As to Bray having a rightful place in the premier Div. Bray were relegated because they again didn't get the required number of points. They got a second chance when Derry were thrown out of the league but even then they couldn't take advantage. If Bray get into the Premier Div it would be a bonus & they don't have to move up if they don't want to.
The level of debt that is starting to be bandied about is surely going to hamper the consortium if the takeover goes ahead.
I know if it was my money and we were bailing Bray out of it I would not be going in at the level of debt being mentioned.
It would take the club years to get over the level of debt being mentioned.
As a fellow lifelong CCFC I have to say I completely disagree . Dundalk didn't qualify for Europe because the team above them, CCFC cheated thier way to a higher position by employing players they could not afford, same with Bray re the Premier Division - Cork City didn't stick to the rules, Bray and Dundalk did.Quote:
Originally Posted by disgruntled
By the sounds of all the debts emerging CCFC could not afford to pay any any players last season, which means we should have had a completly amateur side on the pitch which would have resulted in Dundalk currently holding the Europa lge spot and Bray still in the premier because Cork City would have been rock bottom and preparing for life in the first division.
The club licencing system should be protecting the likes of Bray and Dundalk who live within thier means - not prolonging the activites of people like TnB. I must admit I have great sympathy for them.
Just realised that because the licensing body is independent, sanctions can't really be brought to clubs for criticising it. Fair whack of irony there...
It would be nice to see more follow Bray in speaking up and if Cork get their Premier licence hopefully the teams who met their criteria refuse to play Cork City.Quote:
Originally Posted by Doomofman
If Cork get a licence it will be the end of any sort credibility left for the FAI. They didn't hesitate in fecking Ramblers in to the A Championship for less but I suppose that was alright because Ramblers are only a small club.
Are Cork being allowed play in Europe btw??
The league is doing well to bring attendances down, this must be encouraging casual fans not to waste their time with the league.
As for Bray, apart from the fact that the transfer window closes on the day we find out what division we're in, it has been mentioned in our forum that we won't be entering a team into the A-Championship if we're in the first division due to the cost. However if we're in the premier we would like to enter a team in the A-Championship.. this doesn't seem to bother the powers that be and it would appear we are being punished for playing by the rules. Regardless of who should be in what division, this should have been sorted by now - or at least don't fudge around with 'deadlines'.
Is it not part of licensing that if you are in the premier you are required to have a team in the A also?Quote:
Originally Posted by Stevo Da Gull
You & I know that if Cork City get a Premier license clubs will NOT refuse to play them because the clubs won't stick together,they never have in the past & they won't start now.Quote:
Originally Posted by rambler14
Credibility & FAI are not words to be used in the same sentence. I think a lot of fans are correct in thinking that this is being done for geographical reasons. I can't think of any other reason. Its not that they're in love with Tom Coughlan. I'm ashamed to say I'm from the same city as him.The entire affair has a very bad smell to it.