Irish Independent 6 Sept 2008
http://www.independent.ie/national-n...h-1470607.html
A FUNDRAISING game featuring Manchester United and Liverpool "legends" threatens to relegate beleaguered Premier Division Galway United to soccer history. The Eircom league club faces bankruptcy over an outstanding bill owed to the company who provided the celebrity footballers for the fundraiser match, which also featured Irish celebs, including Tommy Tiernan and Hector O hEochagain.
The Irish Independent has learned that a company specialising in debt collection and insolvency in the Republic has been asked to collect the €17,000 debt.
Grow Sport Ltd, a Belfast-based company where former Republic of Ireland and Liverpool striker John Aldridge is a director, supplied the visiting star players.
Colin Telford, a former professional footballer and a director of Grow Sport Ltd, said he was prepared to go to the courts to get his money.
Galway United chief executive Nick Leeson admits there had been a difficulty, but maintains he has agreed a schedule to repay the debt to Grow Sport Ltd.
He said: "They (Grow Sport Ltd) will get their money, we have agreed a payment reschedule with them."
However, Mr Telford said that while Mr Leeson had proposed a repayment schedule last month, his company had not yet received any money.
"Nick Leeson is a lovely guy but, at the end of they day, we can't afford to be out this money," said Mr Telford. "He proposed a repayment schedule to our debt collectors but we have not received any money."
He added: "If we have no other option, we will go to law."
Nick Leeson, the controversial British former rogue trader who was jailed for bankrupting one of London's oldest banks, Barings, in 1995, took over the finances at Galway United in 2005.
Now living in Barna, Co Galway, Mr Leeson said: "We are just trying to get to the end of the season and have contractual agreements (with players) until November 14 and then it will be back to part-time (players)."
When asked about the total income from the game, Mr Leeson said: "I don't have the figures to hand."
Hopes
There were high hopes for the ill-fated exhibition match when the Manchester United and Liverpool legends were contracted for the fundraiser on May 24.
John Aldridge, Ray Houghton, Jason McAteer, David May and Gary Gillespie were among the "legends" that togged out in Galway.
The Irish Independent understands that Grow Sport Ltd was to be paid on ticket sales and commission that ran to some €35,000.
Galway United said they have paid €18,000, but Grow Sport Ltd insists that they are owed a further €17,000.
It is understood that Mr Leeson agreed with Grow Sport Ltd's debt collectors to pay off the debt at €1,000 a month for five months, and three further payments of €4,000.
Mr Telford said: "We have only been paid around 50pc of our money and we have been pursuing them for the balance ever since."
Earlier this week, Mr Leeson had meetings with three major banks -- the Bank of Scotland, AIB and the Ulster Bank -- to restructure Galway United's loans.
At one stage during his negotiations with Grow Sport Ltd, Mr Leeson even discussed personally paying part of the debt while he pursues the monies owed to Galway United.
The ongoing financial crisis at Galway United comes hot on the heels of Cork City's difficulties last week when players took a 70pc wage cut.
