Cork City and Preston North End have signed off on a deal which is believed to be worth in the region of €500,000 to the League of Ireland club.
https://www.irishexaminer.com/breaki...ty-981453.html
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Cork City and Preston North End have signed off on a deal which is believed to be worth in the region of €500,000 to the League of Ireland club.
https://www.irishexaminer.com/breaki...ty-981453.html
https://www.dictionary.com/e/wp-cont...isisfine-1.jpgQuote:
Former Leeds United chairman Peter Ridsdale, who acts an advisor to Preston and its billionaire owner Trevor Hemmings
If the revenue just got sorted Cork must have been down to the wire to get a licence, no tax clearance cert, no licence
All sorted, bills paid, revenue happy, so we got our licence.
In Fenn we thrust!
The more things change the more they stay the same - was it Kevin Doyle's sell on clause that Cork City needed to seek to be bought out in short term firefighting so lost out on a larger figure in subsequent years. If Maguire gets a decent injury free run or Preston get promoted and he shows some ability in the EPL then 500k could be a snip for PNE on him alone when strikers prices are generally inflated to silly money. But if needs must and its the difference between getting a licence or not then you have to be pragmatic. I do find it odd that lightening has struck twice to some extent since FORAS took the reigns and that financial prudence was the keystone to their purpose?!
Tommy No Bobs sold out the previous clauses so he could put the money in his own pocket. Cork City would never have gotten the sell on fee given what happened that year.
This money is for both Maguire and Alan Browne. Browne has a year left on his deal, and could potentially go for ~£10m this summer, or they could get promoted and we could get nothing when he signs a new deal. Sligo have been waiting a decade for a Seamus Coleman sell on to no avail.
Maguire doesn't have a tonne of value right now given his injuries and lack of goals this season.
Not sure this is a good deal, I think I’d have preferred seek alternative investment in Ireland as opposed to this. This does show how a club can suffer though after euro monies flowing in regularly from 2015-2018, then down to zero, and unless they overhaul their recruitment next few years, it might be a good few more years until euro cash returns.
Maguire could easily move to a bigger club than PNE, and you’d hate to think what they would miss out on then, also looks like their members were not consulted before this? He may not be scoring for fun, but he has potential, I would have waited.
I agree entirely that there is risk of getting nothing. Add-on clauses is an area that all LoI people have identified as a weakness over decades as as soon as the finances get rockey then we go cashing in early for a lot less. Im not condemning it as clubs have to be pragmatic at times. Yup that era was a lost one for Cork City on so many levels. But (yes there is always one) for years since FORAS has roared from the rooftops that there would be no repeat, the financial security of the club comes first even if that involves conservative playing budgets. But what appears to have happened is prior to last seasons slump, a tax bill wasnt paid, and then was compounded by fines and the 2019 shortfalls, to the extent of risking the club or relegation on financial issues. I'd be sure that the necessary money would have been generated irrespective of this 500k but what happened to the FORAS financial safety checks? An area that there was undoubted pride that the future of the club was secure and far more important than chasing silverware. The very core principle of FORAS went awol!Quote:
Originally Posted by El-Pietro
Maguire is not the cash cow. Alan Brown was the one we were hoping for.
Al least Pat Dolan isn't getting rich this time.
We can all agree that's progress of sorts. :good:
So Cork were forced into this or else they would not have got a licence for this season?
"The FAI informed Cork City last week that they would not be granted a licence for the 2020 season if they failed to settle a debt with Revenue, and it was at that point that Cork reached out to Preston to negotiate over the sell-on clauses."
https://www.the42.ie/cork-city-prest...urce=shortlink
I'm glad Cork got themselves sorted out but its a good sign if the "New FAI" are making clubs sort themselves out before giving out licences.
Previously id say the FAI would have run a mile from pulling the plug on a club like Cork.
We'll have to come up with a better name than "New FAI"
FAI abu?
Will Jonathan OBrien go back to Foras now hes quit as TD. Seen him in his Cork city top celebrating Sinn Feins win in Co Cork on the telly!
Why would we be? This is essentially a transfer negotiation.Quote:
Originally Posted by oriel
Its a board decision not a members decision.
Would mind if he did. He would do a great job.Quote:
Originally Posted by Martinho II
CTID
Why did he not run as a TD he would have been elected easy
Think he suffered a family bereavement last year and citied wanting to spend more time with family.Quote:
Originally Posted by sbgawa
"Cork City’s involvement with Preston North End could extend to a full takeover by the English club, The Echo has learned."
https://www.echolive.ie/corksport/Ci...269d0c31e69-ds
That escalated very quickly.
Members can surely call the board to task if there has been mismanagement or they have not followed instruction form the membership otherwise what's the point in the supporter owned model. Do general policies not get set at AGMs eg keeping x money in reserve? If I were a member of a club that was nearly stopped from competing i'd expect members to call an EGM. To have to approach PNE looking for money that there was no certainty of getting seems like last resort stuff. It totally flies in the face of what FORAS has been about and achieved previously. At CCFC's peak era including the 2017 double winning year a revenue bill has just been resolved to obtain a licence. What has happened to Foras and the people who started it off, they'd be livid or should be.Quote:
Originally Posted by pateen
Isn't it an entirely new board sorting it out?
Board was elected at AGM last March. At least ome member was on the board the year before. New AGM to elect two members in a few weeks.Quote:
Originally Posted by sbgawa
Would lack of continuity at board level from year to year have been an issue?
Hard to say for certain, it may have had some impact. A lot of our financial issues though under an experienced board and chairman who gambled on good crowds and continued competing for trophies.Quote:
Originally Posted by Nesta99
Our new inexperienced board have been digging up and dealing with a lot of unexpected issues such as the incorrectly claimed VAT.
Can't be any worse than the Dundalk/PEAK6 Sports US Investment Firm situation! :confused:
Every club in our leagues are desperate for any form of investment interests from outsiders, whatever the gamble.
We have a history of it over the years and it is part of the game for smaller leagues all over.
Whenever did the FAI or the Government really show an interest, just look at the recent bail out, an interest free loan over 3 years!
Werent Shin Fein running Cork city the last few years??
Not a good sign for the rest of the Economy :)
I assume thats a dig at Jon O'Brien? He was City chairman several years again but has not been heavily involved in recent years. Hes was also one of the few individuals who knew what he doing when questioning the FAI during the various hearings.Quote:
Originally Posted by sbgawa
Its a real pity he chose to step down from the Dáil, he would have made a fantastic minister for Sport, but hopefully he can become more involved with FORAS again.
ah yeah just slagging.
Saw him at the count wearing his Cork City top.
i DEFINITELY wouldnt be a shinner but your right he knew more than the rest of them combined at the Dail hearing.
We don’t have a sell onQuote:
Originally Posted by El-Pietro
sell ons typically are time limited .
Sold before end of first contract, or second etc.
Not saying there arent "forever clauses " but its def not all of them
So Cork Preston or Cork North End. Really surprised at how close it got to non renewal of the licence and it being kept under wraps. Foras have made mistakes like all of us but they also kept the club going to the extent that it was the best supported club in the country. Personally I would be happy diluting my shares (if i was a member) somewhat for the investment and just as important the expertise that would hopefully come with it but not to have any shares in the club, that will be a hard sell to Foras Members.
From what I can gather, the sale of these clauses was necessitated by a change in the mood of revenue. It seems we had an agreement on repayment of outstanding debt with them, but they decided they wanted immediate payment from us and the other clubs who were not granted licenses last week. I don't know what caused this change in mood, but I would speculate Limericks collapse didn't help.
good luck against Shels tonight.
I thought I heard that he had differences with Sinn Fein as his reason maybe that I am wrong on this but that is what I heard!Quote:
Originally Posted by outspoken
Yeah you are wrongQuote:
Originally Posted by Martinho II
There's no reason he couldn't be Minister for Sport just because he's not in the Dáil. He could be nominated to the Seanad and be appointed Minister from there.Quote:
Originally Posted by El-Pietro
Even without one, if I understand the FIFA rules right, Sligo and his previous clubs would be due 0.5% of any fee for each year he spent with them from 12-21, so a really big transfer could have been a nice windfall for Rovers and even more so his schoolboy club!Quote:
Originally Posted by Nah Nah Nah Nah
This topic should have been titled Cash injection for Revenue
https://www.echolive.ie/corksport/Co...0c3c66dbb7a-ds
Hours from going out of business apparently ........
That's frightening. How did it go so wrong so quickly?!?