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

**yiddo** · 17/02/2010, 11:15 AM

Originally Posted by tippex

Derm this newly uncovered debt when was this uncovered?
I thought Due dilligence had previously been performed?

This is real due dilligence the last time round it was the TNB version of due dilligence

**derm** · 17/02/2010, 11:18 AM

Originally Posted by tippex

Derm this newly uncovered debt when was this uncovered?
I thought Due dilligence had previously been performed?

The consortium examined figures covering debts which I presume was supplied by TNB. The completion of the takeover was always subject to a proper due diligence which has been in process since Monday. These "new" debts have been uncovered as part of this due diligence process.

**pineapple stu** · 17/02/2010, 11:23 AM

Originally Posted by tippex

Derm this newly uncovered debt when was this uncovered?
I thought Due dilligence had previously been performed?

I think Quinta were bidding, and then pulled out after doing due diligence; that was only a couple of weeks ago. Now there's due diligence to be done by the Quintas/FORAS consortium. Maybe Quintas pulled out very early on in the due diligence phase, such was the rubbish provided by TNB, and now they want to go into proper detail?

Edit - latest on the CCFC forum is that there's more debt than was previously thought, which is putting the whole takeover in doubt. Apparently the amounts which TNB agreed to pay to get the club out of examinership were never paid. 96FM reporting the debt is now E800k.

**Fr Damo** · 17/02/2010, 11:34 AM

Originally Posted by pineapple stu

Does it not?

E90k for an away trip is E3k a head, give or take - 18 players, manager, assistant manager, physio, couple of officials, injured players; a party of 30 all told, say. Does it really cost E3k a head for a three-day holiday? How much does chartering a plane cost?

Depends, but you'll be paying by the hour that's for sure. Not many Europa destinations are 18 -30 spots so unlikley to have back load while waiting for the match to be played!.
Trip out ,four hours, wait on Tarmac for say 36 and 4 hours home. Plus crew. I called Aerarann about getting one of their ATR 42s (42 seater) from Galway to Derry, they wanted 16k back in 2004.

**redgav** · 17/02/2010, 11:36 AM

Originally Posted by pineapple stu

I think Quinta were bidding, and then pulled out after doing due diligence; that was only a couple of weeks ago. Now there's due diligence to be done by the Quintas/FORAS consortium. Maybe Quintas pulled out very early on in the due diligence phase, such was the rubbish provided by TNB, and now they want to go into proper detail?

Read Yiddos comment again ...previous takeover/consortiums pulled out because all they got was TNB's version of due diligence,not actual due diligence.This time we are getting the books ,notes on beer mats,empty B&H boxes and scribbles on unused bookie slips too so more stuff is appearing.
Quintas I'm not sure ever were going to buy the club ,they've always been faciliators playing with other peoples money

**pineapple stu** · 17/02/2010, 11:40 AM

Originally Posted by Fr Damo

Depends, but you'll be paying by the hour that's for sure. Not many Europa destinations are 18 -30 spots so unlikley to have back load while waiting for the match to be played!.

It's probably me not knowing much about European games, but given how many flights to how many places there are these days, can you not just book 30 seats on Aer Lingus?

Originally Posted by redgav

Read Yiddos comment again ...previous takeover/consortiums pulled out because all they got was TNB's version of due diligence,not actual due diligence.This time we are getting the books ,notes on beer mats,empty B&H boxes and scribbles on unused bookie slips too so more stuff is appearing.

*Thanks*

**refjohn** · 17/02/2010, 12:01 PM

Originally Posted by pineapple stu

It's probably me not knowing much about European games, but given how many flights to how many places there are these days, can you not just book 30 seats on Aer Lingus?

Sometimes you can - depends where you are going. Derry used scheduled for Latvia - but as League will not postpone your game after a trip - you may get home in the early hours of Saturday (if scheduled flight late on Friday) and be playing in other end of country on Sunday!!! For that reason Derry chartered to Sofia - and the plane wasnt big enough to do it in one go - hence a stopover in Amsterdam or germany - which adds to the cost as well. It's a lottery and I'm sure Irish Chairman pray for a Northern club or Scotland / Wales.

**pineapple stu** · 17/02/2010, 12:17 PM

Last time we played in Europe it was pre-season, so that's a fair point on the next league game. Although I would have thought that, for a game on Thursday, there's nowhere in non-Soviet Europe at least that you couldn't get home from by Friday evening at the very latest; bus to nearest vaguely big airport, flight to London and flight home.

**sheao** · 17/02/2010, 12:28 PM

This was on the evening echo's twitter page!
http://twitter.com/CorkEveningEcho/statuses/9231868005

News Flash: There is a new twist to the Cork City FC financial saga. Tom Coughlan will be on Live Line @ 1.45pm to explain.

**tippex** · 17/02/2010, 12:35 PM

any ideas sheao?

EDIT: started listening to live line (oh dear god....... - a woman has a major problem she can;t use her "zapper" to open her garage door or get into her car)

**kid creole** · 17/02/2010, 12:57 PM

She should try using it on the telly.

**Dodge** · 17/02/2010, 1:06 PM

On europe...

While its complicated by the Europa draw now not being regionalised, there is still very few places Irish teams could get drawn where there'd be a need for a charter. pats flew to malta (via UK) and Samara (via London and Moscow) on commercial flights. Expensive, but still do-able

Add in extra sponsorship opportunities, an extra gate, and of course a decent amount of goodwill and press if you do OK and there's no reason not to get involved in europe IMO

**kid creole** · 17/02/2010, 1:13 PM

Looks like its not coming on , no mention

**sheao** · 17/02/2010, 1:17 PM

Originally Posted by kid creole

Looks like its not coming on , no mention

A lad on our forum said that he contacted Liveline and that Tom WON'T be on the programme today!

**Scrufil** · 17/02/2010, 1:38 PM

So I listened to all that moany muck for nothing!!!!?

**tippex** · 17/02/2010, 1:41 PM

Originally Posted by Scrufil

So I listened to all that moany muck for nothing!!!!?

no wonder people are addicted to solpadine listening to that lol

**HammerNThongs** · 17/02/2010, 1:52 PM

Originally Posted by Scrufil

So I listened to all that moany muck for nothing!!!!?

One last gift of torture to the LoI community from Tom Coughlan.

**Scrufil** · 17/02/2010, 2:03 PM

Now I know how your man at the end of the original Planet of the Apes film felt - 'Damn you. Damn you to hell!' (Or words to that effect)

**tippex** · 17/02/2010, 6:50 PM

ok so updates now needed.
Cork were given 48 hours to pay revenue on monday.
Did TNB hand over the cash today or did the gimp miss another deadline?

question on the AIB account...
It had been reported that it was 60k overdrawn so that would mean that the 158k due into there account would immediately be whittled down to 98k and then they would have to pay the revenue 107k which would cause the account to be overdrawn to the sum of 9k.

would AIB allow that or would they have immediately cancelled the overdraft facility once the 158k hit the account.

Has there been any news on the takeover actually progressing? coz the last figures being bandied about was debt of 800k (107k to the revenue).
That would leave 693k divided up with other creditors of which the 2 boys in the consortium makes up about 280k which would leave the balance of debt roughly at 413k which is roughly 213k more than what the consrtium seemed to be prepared to go with.

Just trying to get it all straight in my head atm.

**Nah Nah Nah Nah** · 17/02/2010, 7:35 PM

Seeing as the new consortium seem to only want to take over if Cork are in the premier league next season what will happen to them if they get relegated at the end of the season? Will they suddenly decide to jump ship?