Interesting Drogheda News

[Lim till i die]

Still didn't anwer the question, I see - do you not know?

Pathetic.

I suggest you ask around about the priest and his passion, broaden that gigantic LoI knowledge of yours.

Or better yet, have a go at saving your club instead of arguing with someone about a history you clearly know nothing about.

And no, saving your club doesnt entail lining up like fools to give an old fool money.

[Nesta99]

Nothing stu says will ever be taken as anything but sour grapes as he would love to see us extinct .And what do you know about our " apparent lack of a business plan " .i cant speak for Drogs supporters as a whole but i gauruntee you there is no ostrich syndrome in drogheda and lots of people will not forgive those responsible for getting us into this mess . No blind faith or rose tinted glasses etc etc .I know how much **** we are in , im after hearing some stuff today that makes it even worse , but you lot continue to sit in judgement .Enjoy yourselves .

The reason i said 'apparent' is that i was not assuming that one did not exist simply cause i hadnt heard about one!! Your defensiveness in dealing with all this certainly stinks or ostrich syndrome, and you are reacting exactly the way Shels fans did not so long ago. As a Dundalk fan i am in no position to sit in judgement...stones in glasshouses 'n all than...i just feel than the tone of yer posts, as opposed to Drogman, were hitting out at criticism rather than accepting ther errs of your board. Your last post above shows more resignation that previous post where you just seemed to 'F' people off. I have worked with Drog Borough Council and for the record i hope all works out as i have had many amusing days of abuse from my Drogheda colleagues, which for me epitomised the greatness of good local football rivalry....i intend to dish it all back with history and tradition on top of higher league placing(at last). As Holidaysong said - 'Get back in our shadow'

[White Horse]

During the meeting this week, did Vincent Hoey present the current balance sheet as preprared by the examiner before the fans?

Assurances and plans from the directors who have landed the club is this mess should be taken with a large pinch of salt.

Unless I was in full receipt of the status of the debts directly from the examiner, I would not contribute a penny.

I accept that I may be missing some of the facts. However, from what I have heard from Drogheda fans I work with, there is a great danger of blowing whatever seed capital that could be used to form a new club.

[Drogman.]

During the meeting this week, did Vincent Hoey present the current balance sheet as preprared by the examiner before the fans?

Assurances and plans from the directors who have landed the club is this mess should be taken with a large pinch of salt.

Unless I was in full receipt of the status of the debts directly from the examiner, I would not contribute a penny.

I accept that I may be missing some of the facts. However, from what I have heard from Drogheda fans I work with, there is a great danger of blowing whatever seed capital that could be used to form a new club.

Yes he did. The Examiner provided 3 different options on how he sees the debts being paid. They varied from the lowest total of €545,000 to the highest of something like €800,000 or so, I think.

To be honest, I'd probably would prefer to see a new club start up again, however there doesn't seem a willingness among other supporters. Also the big question is who would take over the running of the club? Now it's easy to suggest that a supporters group could take over it, but for myself I wouldn't be able to contribute the time needed to do that and I know many others in the same boat.

I feel that a lot of the old generation of Drogs support have faith in Vincent and rather see him up there rather than take on the responsibility themselves.

It's a bit like most of the country keeping their phone line with Eircom as they're unsure about moving to another provider even though Eircom are more expensive. No matter how many times they f*ck up, most people will stick by them.

[rebelraider]

the limerick priest was fr joe young if im not mistaken

[White Horse]

To be honest, I'd probably would prefer to see a new club start up again, however there doesn't seem a willingness among other supporters. Also the big question is who would take over the running of the club? Now it's easy to suggest that a supporters group could take over it, but for myself I wouldn't be able to contribute the time needed to do that and I know many others in the same boat.

Yes. That is a very practical point and one which many supporters overlook.

It may sound strange to people outside the area but Vincent Hoey has a very good reputation in the Louth area as a real football man.

I have so many reservations due to the way he handled this season.

However, the old adage "we are where we are also applies".

Perhaps, a bail-out by the fans is the right answer at this late, late stage.

[Celdrog]

surely Mr Hoey can afford a million to clear the clubs debts and start the club on a level footing for next season. Surely if he "loves Drogheda" that much one more million wouldn't kill him.

I think its a case that he doesn't have a million, or anything near that left.

[Martinho II]

the limerick priest was fr joe young if im not mistaken

thats what i was thinkin too...

[White Horse]

The directors of Drogheda United have asked fans to take out loans with banks to "save the club".

I think this is completely irresponsible at a time when people are losing their jobs, in negative equity, and struggling to make ends meet.

"In order to secure the future of the club as quickly as possible, we are appealing to anyone who may not yet have had an opportunity to contribute to the cause or those who feel they may be able to do a little more, to help raise further funds by taking out loans for Drogheda United."

"We have arranged for loans of either 4,000 euro, 3,000 euro or 2,000 euro to be provided by the Allied Irish Bank in Drogheda and the bank has committed to making transactions as seamless as possible."

In my opinion, this is an abuse of fan loyalty and the directors should be ashamed of themselves.

http://www.droghedaunited.ie/news/single/id/1512

[Dodge]

They're not the first club to do it. If fans can't afford it they won't do it

[pineapple stu]

I think this is completely irresponsible at a time when people are losing their jobs, in negative equity, and struggling to make ends meet.

In my opinion, this is an abuse of fan loyalty and the directors should be ashamed of themselves.

Saw that. Agree 100%. Granted, it's ultimately people's own choices, but it's a bit much for the club to ask in the first place.

[OneRedArmy]

Good luck to people getting personal loans approved in the current environment!

[pete]

Directors stop paying money into the club & expect fans to make up the difference. Some things never change in the LOI.

Do fans get a cut of the profits from the houses?

BTW before anyone starts I am not having a go at Drogs fans.

[tiktok]

I hope Drogheda get through it, but it seems to me that every penny being raised is going to the people who got Drogheda into this mess in the first place? If the club do not get throguh examinership, what happens to the money that the fans have raised? Surely some assurance has been given to them by the club or by the examiner.

[pineapple stu]

The money is apparently in a Trust's name, which means that the examiner can see it but can't touch unless they get an extension of the examinership. If they get wound up, all money gets refunded, which will be fun.

[White Horse]

The money is apparently in a Trust's name, which means that the examiner can see it but can't touch unless they get an extension of the examinership. If they get wound up, all money gets refunded, which will be fun.

It is my understanding also that the money raised to date is in the name of a trust and is safe.

Drogheda fans have been very generous and in one week contributed €100k.

However, this is only the tip of the iceberg of debt, as fans money only equates to the fees charged to date by the examiner.

I work with two Drogs fans who are torn apart over whether to take out loans to "save the club". Frankly, both can ill afford to take on more debt.

[OneRedArmy]

It is my understanding also that the money raised to date is in the name of a trust and is safe.

Drogheda fans have been very generous and in one week contributed €100k.

However, this is only the tip of the iceberg of debt, as fans money only equates to the fees charged to date by the examiner.

I work with two Drogs fans who are torn apart over whether to take out loans to "save the club". Frankly, both can ill afford to take on more debt.

I thought Hoey was paying the examiners fees?

Drogs fans pull the plug ffs and start again and put the money to good use.

[Drogman.]

I agree on the loans thing. I think it should be targeted at businesses rather than individuals. I know not many people will be taking up the load option, but in saying that there has already been plenty of people handing over €1K in one go.

I don't see a lot of people looking to sign up and to be honest I won't be promoting it but not denouncing it either.

As regards where the money goes. We have an agreement with Vincent that the money is kept in trust as you say and that it will not be handed over to the Examiner first without assurances that an extension can be got and survival met.

If it fails and we're left with all the money, then Vincent has said that he will ask the fans if they want the money back or if we'd agree to let him use the money to pay off some fee's that he has had incurred, IE. Examiner.

It's not ideal and could end up throwing money away however, I would expect the bulk of whatever money is raised to possibly help with the forming of a new club, as I would object for all that money handed over to cover Examiner's fee's.

[OneRedArmy]

The Examiners fees aren't optional. They have to be paid and he is protected by law and is the first to get paid.

Whether you survive or not, the examiner will get paid. Therefore, unless Vincent Hoey is definitively paying the examiner regardless of outcome, then the money collected to date is going nowhere other than into the examiners pocket.

Suggest you review (pronto) the escrow agreement under which the supporters funds are held.

[jinxy lilywhite]

The Examiners fees aren't optional. They have to be paid and he is protected by law and is the first to get paid.

Whether you survive or not, the examiner will get paid. Therefore, unless Vincent Hoey is definitively paying the examiner regardless of outcome, then the money collected to date is going nowhere other than into the examiners pocket.

Suggest you review (pronto) the escrow agreement under which the supporters funds are held.

Very true the first thing the judge looks for is "can the company pay the examiner".

Remember that Cork only where appointed an examiner on the basis that dave mooney was sold