Cork City denied a licence; club to be wound up; FORAS to enter First Division

**micls** · 05/08/2009, 1:21 PM

Originally Posted by Ronnie

Any news, just over two hours to go.

Nope.

**Schumi** · 05/08/2009, 2:05 PM

Originally Posted by seand

Another thought! What lender in their right mind is going to extend credit to a company who are in immense danger of folding within a couple of days? Or are the FAI guaranteeing the loan... surely not?

I'd assume that they'll only borrow the money if it'll be enough to save them. If they come up short, even with that money, they won't borrow it. There's still a substantial risk to the crowd lending them the money even if they do survive tomorrow but they'll be charging a high interest rate to make it worth their while.

**dcfcsteve** · 05/08/2009, 2:20 PM

Any lender lending the FAI money on a friendly that has yet to actually be arranged for a club on the verge of being pout of business would be mad !

Think about it. How would you estimate the crowd for a Celtic-Cork friendly ? You may start by thinking - 'ah sure it'd sell out no problem'. But any amount of due diligence would militate against that.

City's friendly against Celtic last year wasn't a sell-out, and neither was Harps (from memory) - both of which have smaller stadia than Cork. There is no indication as to whether the full first team and any Celtic stars (do they even have any these days...?

) would come over.

So if I was a lender I'd work out a conservative estimate of the likely attendance, divide it in half, take out a liberal estimate of expenses and then offer to lend the rest at a high interest rate with a very short repayment period.

Net - it'd be a low loan with a high cost. But beggars can't be choosers.

**Ezeikial** · 05/08/2009, 2:28 PM

Originally Posted by seand

?
Or are the FAI guaranteeing the loan... surely not?

Originally Posted by dcfcsteve

Any lender lending the FAI money on a friendly that has yet to actually be arranged for a club on the verge of being pout of business would be mad !

It is difficult to image anyone lending, even at a astrominical interest rate, unless there was a cast-iron guarantee. Assuming TNB does not qualify, where would a satisfactory guarantor / security come form?

**Longfordian** · 05/08/2009, 2:40 PM

The money's been paid according to people on the ccfc forum that are usually well informed. See ye all back here in two or three months time.

**blue til i die** · 05/08/2009, 2:49 PM

Statement on CCFC website:

CORK CITY FC is pleased to confirm that, as per the commitment made in the High Court on Friday last, it has settled its outstanding tax liability with the revenue commissioners in full.

The club will issue a more detailed statement in due course.

**sligoman** · 05/08/2009, 2:49 PM

Raging

.

**kkontour** · 05/08/2009, 2:50 PM

a bit on rte website now
http://www.rte.ie/sport/soccer/2009/0805/corkcity.html

**prince20** · 05/08/2009, 2:53 PM

Originally Posted by sligoman

Raging

.

Bet you are...do you still think the players are free agents

**blue til i die** · 05/08/2009, 2:54 PM

Okay the revenue are paid, what about the players??

**Dodge** · 05/08/2009, 2:57 PM

Originally Posted by blue til i die

Okay the revenue are paid, what about the players??

He should release them all, and pay their back money when he can

**eamo1** · 05/08/2009, 3:01 PM

Piece on Errortel about it.
http://www.rte.ie/aertel/221-01.html

As has been said already see you all back here in 2 or 3 months,same thread,different date,same outcome????

**White Horse** · 05/08/2009, 3:01 PM

Originally Posted by Dodge

He should release them all, and pay their back money when he can

I trust he will remember this time that there is a tax implication to back pay.

**Mr A** · 05/08/2009, 3:04 PM

Yep- so players already owed 180k back wages (Based on 120k monthly figure in papers and 6 weeks behind). Plus tax on top of that.

So with a bunch of prize-money and sponsorship already used there's most likely over 200k owed, before any other creditors are considered.

The battle may be won, but the course of the war still isn't looking good for CCFC.

**John83** · 05/08/2009, 3:08 PM

Originally Posted by Mr A

Yep- so players already owed 180k back wages (Based on 120k monthly figure in papers and 6 weeks behind). Plus tax on top of that.

So with a bunch of prize-money and sponsorship already used there's most likely over 200k owed, before any other creditors are considered.

The battle may be won, but the course of the war still isn't looking good for CCFC.

They're paid monthly, but are two weeks overdue. Whatever hack journalist who wrote 6 weeks unpaid needs a good beating. That means that €120k is owed, with the same bill coming again in a few weeks.

But, yes, Cork limp on.

**thischarmingman** · 05/08/2009, 3:11 PM

Originally Posted by Mr A

The battle may be won, but the course of the war still isn't looking good for CCFC.

Originally Posted by John83

That means that �120k is owed, with the same bill coming again in a few weeks.

This.

**eamo1** · 05/08/2009, 3:11 PM

When its put like that with 200k STILL owed then you'd have to wonder why the plug wasnt pulled last Friday.It's just prolonging the agony.The only way they can possibily get out of that hole is put out a youth team for the rest of the season.How are the Cork players getting by having not been paid for 6 weeks??