New owners for Cork City

[adamd164]

Word here is the Horseshoe Inn is under new ownership as of this morning.

[micls]

If FORAS have enough already in the bank, why not a bid/joint bid with this or any interested consortium for the Horseshoe. That would automatically increase your barganing power for a permanent place on the board.

Jebus's sceptisim is well founded let me tell you.

We currently have over 30,000 in the bank I think, no where near the level required to buy the horseshoe with them.

Anyway Coughlan bought it this morning

Some form of shareholding is worth a lot more than any place on a Board of Management. Not all decisions are taken at the Board table, lots will be decided between your chairman secretary treasurer etc i.e whoever are the Directors.

There's two Board levels.
Seats on the Board of Management are great but it's all for show and if you are not included in decision making outside of these meetings then tough, you've no comeback really. While most clubs will operate with Board of Managements making decisions, they don't actually have to do this and if you're not included outside of these meetings when decisions are being made that's just something you have to deal with.

Seats on a Board of Directors of the company controlling Cork City is totally different!

When these investors are offering seats on a Board, what Board are they talking about ?

While I agree with the above, shareholders are entitled to financial information legally arent they? Even if FORAS have little/no say in teh day to day running of the club if a financial situation like this arises again we should be aware of it in enough time to be prepared and perhaps inform the FAI if necessary. These are just my own ramblings and musings btw, I have nothing to do with the board of FORAS

Of course its not ideal, we dont have enough money atm for it to be ideal and buy a share substantial enough for real control. But it does, if nothing else, buy us more time

Also have Arkaga agreed to wipe clean all the existing debts ?

No. They have said that theyl write off the 900k they supposedly invested(last week they were claiming it was 2.3 million). Wel still be left with all the debt they racked up

[John83]

Any further news on this?

[pineapple stu]

On the Cork forum, yer masn was on the radio today saying he's going to invest in them with the plan to hand over to FORAS in five years' time. Sounds brilliant if true.

[micls]

Any further news on this?

Examiner accepting bids until end of business today. Then will decide.

Good quotes from Coughlan and his plan(local radio today). Sounds great but hard to trust anyone:

- Need proper structures in place to run club.

- Doesn't want to say who others involved are until the structures are in place.

- Cash flow of €1m.

- There's no profit in football. His investment is a community gesture.

- He wants to put the structures in place to allow FORAS to take the club over in about 5 years.

- Has a well formed view as to how the club can get out of its current predicament.

- Sport is a huge opportunity to get over social problems, getting a proper structure in place and that includes youth levels, right down to the age of 5 to keep young kids off the street.

[pete]

- Sport is a huge opportunity to get over social problems, getting a proper structure in place and that includes youth levels, right down to the age of 5 to keep young kids off the street.

True, without the LOI I am likely to broke paying on the spot fines for public drunkenness

[marty]

Nobody ever invested in City without thinking of a gain at the end,i hope its right for the club this time ye need a suger daddy and fast.Cant ye think of something that would allow Foras to concentrate purely on development and maybe snap up some cheap land theres no better time than the present ye have the support but need assets!!

[micls]

Well seems like Coughlans gotten the go ahead anyway. lets hope he follows through

[A face]

Well seems like Coughlans gotten the go ahead anyway. lets hope he follows through

Looks that way alright. FORAS is more important than ever now. Any football fan in Cork now should consider joining up as a member.

[razor]

lets hope he follows through

you bet, but if his offer doesn't include coloured ink then tell him to forget it.

[corkboy360]

Horseshoe to be turned into bar,function room and coty shop.St.annes to have chipper,shop,toilets at the back.Things are looking up