Petition to wind up: Cork City Investment FC Ltd

I think with everything going on in the league with regards to club finances it's only a matter of time before another club goes out of business.Some clubs seem to just stumble from one disaster to another and it would appear that they aren't taking any real steps to sort out their problems when even the dogs on the street can see the problems coming.I think that a lot of clubs in the EL have fooled themselves into thinking that there is a future for full time football here when the reality is that as it stands we are getting further away from it by the week.The facts are that the sponsorship isn't there,the tv revenue isn't there,the prizemoney isn't there & the saddest thing of all is that the crowds aren't there.Most joe soaps on the street have no interest in the EL & they more than likely never will.

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Originally Posted by pineapple stu

But...but...everything's grand in Derry? They all told me so when I pointed out the problems six months ago?

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Everything isn't grand, but it isn't too bad either. The 2 sponsors didn't pay up, so a limited run of 500 season tickets are being made available. The Social Club is due to open in the next month, and that should sort out our cash flow problems.

In fairness the problems with Derry's sponsors are outside of Derry's control and do not reflect bad management on behalf of the board.

Things are actually looking brighter for Derry with rumours doing the rounds of movement on the stadium, albiet a lesser overhaul than previously planned, and as the previous poster said, the social club will be opening in July.

The competition to get a name on the shirt is actually a novel approach, reflects the circumstances of the main sponser going into administration and the current economic climate. One lucky business could get their name of the shirt for £1000, not a bad prospect.

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Originally Posted by dcfc1928

In fairness the problems with Derry's sponsors are outside of Derry's control and do not reflect bad management on behalf of the board.

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This is true, in fairness. But coming on top of the debts built up to the extent that transfer fees were going unpaid, it's having more of an effect than it needs to have had.

Can Derry City fans please get their own financial trouble threat? Stop using our publicity as we work hard for it!

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Originally Posted by dcfc1928

In fairness the problems with Derry's sponsors are outside of Derry's control and do not reflect bad management on behalf of the board.

Things are actually looking brighter for Derry with rumours doing the rounds of movement on the stadium, albiet a lesser overhaul than previously planned, and as the previous poster said, the social club will be opening in July.

The competition to get a name on the shirt is actually a novel approach, reflects the circumstances of the main sponser going into administration and the current economic climate. One lucky business could get their name of the shirt for £1000, not a bad prospect.

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The competitions etc smacks of lack of money and need money quick IMO.

If things where rosy at the Brandywell how come they still haven't given Dungannon the money they owe?

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Originally Posted by dcfc1928

The competition to get a name on the shirt is actually a novel approach

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Its been done by a few LOI clubs before. All because they couldn't get one main sponsor.

Nothing wrong with clubs doing IMO but don't try and paint it as anything other than a last resort

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Originally Posted by Dodge

Its been done by a few LOI clubs before. All because they couldn't get one main sponsor.

Nothing wrong with clubs doing IMO but don't try and paint it as anything other than a last resort

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I think Harps used to run that comp regularly ... or at least once anyways :p

They did, yeah. Remember talking about entering in the outside chance that we'd win and get "Sheep shaggers" or something equally hilarious on their jerseys for a year. Did Monaghan do it too?

Harps have been doing it for the past seven or eight years. In the last couple of years, since Donegal Creameries have become Main Sponsors, the draw has been for the back of the jersey.

Harps were looking for compaines to enter the 'draw' at €200 a go and regurarly got around 200 - 250 enteries bringing in between €40,000 - €50,000. In the last two years, where the prize was for the back of the shirt, I think the entry fee was €100.

Waterford done it at least once towards the end of the 90's as well.

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Originally Posted by Mr A

I think the majority of the clubs in the premier are struggling financially to one extent or another.

Bohs- in trouble with 65% rule, ground deal looks to be unravelling, plan to increase revenue lacks credibility
Derry- have lost major sponsors, selling next year's season tickets early
Galway- struggled last year and while spending was cut the crowds have been poor this year.
Cork- well documented issues with revenue etc, etc.
Sligo- things likely to be very tight at best, struggled last year and FAI were very sceptical about their budgeting.
Dundalk- have already talked about needing to increase income.

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with the above in mind anyone else see a huge fudge (even more than usual) in the FAI application of licensing "rules". economic downturn, unprecedended blah blah blah I can almost see the press release now

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Originally Posted by harps1954

Waterford done it at least once towards the end of the 90's as well.

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We did it a few times, and it was always a very good money spinner. This year we had a back-of-the-shirt sponsor's draw too, which obviously wasn't as lucrative, but still raised a handy few quid.

It had f*** all to do with not being able to get a main sponsor Dodge. The amounts generated that harps1954 mentioned are spot on, and one year (the one O'Shea's Hotel won it I think) they made over €70,000 on it. A single main shirt sponsor would not have generated anywhere near that amount for a club like us.

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Originally Posted by pineapple stu

But...but...everything's grand in Derry? They all told me so when I pointed out the problems six months ago?

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Be fair. A few Derry posters have been more than willing to accept and indeed point out issues at the club.

We are trying to say competitive with a top two who are basically insolvet, and are heading down that road ourselves at a rate of knots......

Oh ok. A few did (yourself foremost among them). Others said that it was standard practice to delay creditor payments for six months, or that the amount was trivial and not important to clubs like Derry.

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Originally Posted by Steve Bruce

Renewing next seasons season tickets this season

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I thought Bohs had that idea patented? :D

In fairness to Derry, a major sponsor going bang is out of their control, but while not exactly living beyond their means as badly as Bohs, Cork or Drogs have in recent times, they have been stretching themselves probably a bit too far in relying on success on the pitch to be financially viable. With Bohs and Cork both financial basket cases, surely a switch back to part-time or semi part-time football is sensible and even inevitable for Derry?

bhs

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Originally Posted by blackholesun

I thought Bohs had that idea patented? :Dbhs

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Was it not Rovers (and others) that sold season tickets for future seasons ? I know Bohs membership scheme has an option for ten year and life membership but have not heard of future options for season tickets.

Idea not always bad and in Rovers case helped fund them until they got to Tallaght. Problem arises where a club spends future income now with no means of recouping in the future.

By the way Bohs are not in anywhere near the same position as Cork City. Bohs have not gone bust/bankrupt/ etc etc (at least not yet) and no amount of wannabe "experts" on this forum will change that. Yes Bohs need to address the expenditure/Income situation and yes it must be done ASAP but basketcase ? dream on

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Originally Posted by Dodge

Its been done by a few LOI clubs before. All because they couldn't get one main sponsor.

Nothing wrong with clubs doing IMO but don't try and paint it as anything other than a last resort

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We've done that here this season with the winner of the draw getting to be main sponser on the jersey,runners up got logos on sleeves and on shorts plus ads in the programme.It was a pretty good success for us.

It would appear from reading the CCFC forum that they have until tomorrow to stump up the 100k or so to revenue and it hasn't been done yet.

Also, a catering firm (Great Stuff Caterers) are also taking High Court action against them and the sum isn't known but must exceed €38,092.14.

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Originally Posted by Mr A

Also, a catering firm (Great Stuff Caterers) are also taking High Court action against them and the sum isn't known but must exceed €38,092.14.

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From what i gather, its not exactly like that. Their contract hadn't finished and another contract sign with someone else and the fact they both overlap is the issue .... I think .... not 100%

The June 10th deadline passed without Cork lodging anything with the court. They're probably fine as long as the do it in the next few days though.

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Originally Posted by Mr A

The June 10th deadline passed without Cork lodging anything with the court. They're probably fine as long as the do it in the next few days though.

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Well as long as we've paid whats due. If that hasn't happened then we are snookered

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Originally Posted by stann

We did it a few times, and it was always a very good money spinner. This year we had a back-of-the-shirt sponsor's draw too, which obviously wasn't as lucrative, but still raised a handy few quid.

It had f*** all to do with not being able to get a main sponsor Dodge. The amounts generated that harps1954 mentioned are spot on, and one year (the one O'Shea's Hotel won it I think) they made over €70,000 on it. A single main shirt sponsor would not have generated anywhere near that amount for a club like us.

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Just spotted this now stann. I didn't meant to imply that it was a last resort of all clubs. However it is for Derry as they've tried to get another main sponsor without success (understandable giving the timing, the economy etc etc)

As I've said I think it can be a very good deal for some clubs, and I hope all clubs* that go down that route get tons of cash.


*certain conditions will apply

Any danger of the FAI following suit?

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CLUBS APPROVE NEW TAX REGULATIONS
Posted on: 12.06.2009
CLUBS APPROVE NEW TAX REGULATIONS

At their Annual General Meeting, Football League clubs have voted to introduce new financial regulations relating to tax payments.

Once necessary practical arrangements have been made, any club that falls behind with its employee related payments to HMRC will be subject to a transfer embargo until such time as the debt is cleared.

Football League Chairman Lord Mawhinney explained, "It is only right that we do not permit clubs that are unable to meet the costs associated with their existing playing staff to make further new player commitments."

Clubs have also agreed to give The League written permission to monitor, as appropriate, their tax affairs directly with HMRC, who have welcomed this new arrangement.

Lord Mawhinney said: "This new regime will provide us with an early warning system where clubs are facing financial problems. It should also help prevent HMRC debt reaching levels that otherwise could hinder the potential rescue of the club through a CVA.

"More importantly, football generally needs to develop a culture of paying its debts rather than putting them off for another day. This will help our clubs to become more financially sustainable in the longer term."

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http://www.football-league.co.uk/pag...691419,00.html

Dunno. I made a thread on that a few weeks ago, it seemed to meet with general support here.

What time are Cork due in court?

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Originally Posted by eelmonster

What time are Cork due in court?

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I dont want to know :o

From the Cork forum -

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Lads just back there. Afraid it won't be on until well after lunch. Nothing to report really other than we were trying to get an adjournment on consent (one that both sides agree to) but the revenue wouldn't have it so it is definitely going ahead today. Plenty of journos there so it'll be reported alright. Tom coughlan was there plus some other guy i didn't know who seemed to be part of the entourage. yer one from the FAI plus olan Kelleher our solicitor too. Won't be able to get to it after lunch so apologies, it was supposed to be on early but it got pushed back to second call. Probably about 3 before it is heard.

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Sounds like they don't have all the money yet. They may or may not get another chance to pay it but it won't be a long time.

I thought they were in the clear on this one but could they be wound up today?

They could be yeah. They may well get one last chance however. Rumour on the Cork forum is that Coughlan wants to do some kind of deal whereby he'll pay some now and some "when they win the league".

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Originally Posted by Longfordian

They could be yeah. They may well get one last chance however. Rumour on the Cork forum is that Coughlan wants to do some kind of deal whereby he'll pay some now and some "when they win the league".

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A sound financial argument.

A proven winner. Bound to be to the Revenue's liking considering they were stiffed for their share of the Setanta Cup winnings.

Postponed for four weeks per the Cork forum. Ho hum.

Shock horror as Cork stay in business for another while...

Despite Cork City and Setanta Sports attempting to outdo each other, the Cork vs. Dundalk match might actually go ahead live on Setanta on Friday..

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Originally Posted by pineapple stu

Postponed for four weeks per the Cork forum. Ho hum.

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We'll get the season out of this yet :D

EDIT : Hearing Tommy No Bobs paid Johnny Taxman 102K
Johnny Taxman wanted us wound up today.
We have to pay the balance at the next sitting.

http://corkcityfc.ie/main.php?action...headlineID=988

Cork City Football Club wishes to confirm that in the High Court today, the case under the Companies Act was adjourned for four weeks.

Cork City FC has made payments to the Revenue totalling €102,000 and is continuing to work to clarify the exact amount outstanding. The club’s auditors are working to arrange a meeting with the Revenue in order to resolve the issue fully, and it is hoped that this meeting will take place before the end of the week.

The club is pleased that it has been able to make progress towards a resolution of this issue, which will allow the club to focus fully on its upcoming matches. With the club sitting just two points off the top of the League of Ireland Premier Division table, the Rebel Army face Sligo Rovers in an FAI Ford Cup replay tomorrow night and then Dundalk in the Premier Division at Turner’s Cross on Friday night.

The thing that jumps out at me is that while €102k may have been paid, with a wage bill the size of Cork's that's only the tax for 3-4 months, so they're still well behind before even considering the monies owed post examinership.

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Originally Posted by Mr A

http://corkcityfc.ie/main.php?action...headlineID=988

Cork City Football Club wishes to confirm that in the High Court today, the case under the Companies Act was adjourned for four weeks.

Cork City FC has made payments to the Revenue totalling €102,000 and is continuing to work to clarify the exact amount outstanding. The club’s auditors are working to arrange a meeting with the Revenue in order to resolve the issue fully, and it is hoped that this meeting will take place before the end of the week.

The club is pleased that it has been able to make progress towards a resolution of this issue, which will allow the club to focus fully on its upcoming matches. With the club sitting just two points off the top of the League of Ireland Premier Division table, the Rebel Army face Sligo Rovers in an FAI Ford Cup replay tomorrow night and then Dundalk in the Premier Division at Turner’s Cross on Friday night.

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How could they possibly not know by now the amount outstanding?

They claim the revenue are looking for money that comes from the time before examinership.

Obviously, the revenue don't agree, and it seems to be getting to the stage where they're totally fecked off with CCFC.