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

**Longfordian** · 22/02/2010, 12:01 PM

I assume it's TNB he wants his money from. The FORAS people seemed to be aware that this was going to happen at their meeting last night and I think they're still looking to get the deal done today.

**Real ale Madrid** · 22/02/2010, 12:06 PM

Originally Posted by Dodge

If nothing comes of this, at the very least, Cork fans will be able to all pass their accountancy and legal exams without years of study like the rest of us

Exact same thing was said at the FORAS meeting yesterday! - although the BoM looked decidedly sheepish about gaining degrees in Business from the Tom Coughlan Business school.

**tiktok** · 22/02/2010, 12:50 PM

166 pages, 3,302 posts gonig back to July last year and Coughlan still is intent of pushing it down to the last minute.
The club is and always has been a plaything to the man. Heartbreaking for those of us who care about it to put up with all this.

**tippex** · 22/02/2010, 12:59 PM

Originally Posted by tiktok

166 pages, 3,302 posts gonig back to July last year and Coughlan still is intent of pushing it down to the last minute.
The club is and always has been a plaything to the man. Heartbreaking for those of us who care about it to put up with all this.

I do hope for the fans and the league this sorry saga gets closed today and the fans have a club that they are totally involved in.

**Longfordian** · 22/02/2010, 1:06 PM

Michael O'Connell has apparently said in the paper that the debts stand at €1.2m and they're prepared to take them on but Tom wants a pay off. I think he won't give a toss if the club gets wound up if he's not going to be getting anything out of the takeover.

**sheao** · 22/02/2010, 1:08 PM

Originally Posted by tippex

I do hope for the fans and the league this sorry saga gets closed today and the fans have a club that they are totally involved in.

That's what we all want down here in Cork anyway . Really hope this will all come to an end today, Tommy came into the club with a business reputation and he's only enhanced that since .

**tippex** · 22/02/2010, 1:11 PM

Originally Posted by Longfordian

Michael O'Connell has apparently said in the paper that the debts stand at €1.2m and they're prepared to take them on but Tom wants a pay off. I think he won't give a toss if the club gets wound up if he's not going to be getting anything out of the takeover.

Debts of 1.2m and they are prepared to take them on. They must be nuts considering they can back Foras in the first and with that level of investment they would be well on there way.

**Dodge** · 22/02/2010, 1:18 PM

Originally Posted by Longfordian

Michael O'Connell has apparently said in the paper that the debts stand at €1.2m and they're prepared to take them on but Tom wants a pay off. I think he won't give a toss if the club gets wound up if he's not going to be getting anything out of the takeover.

€1.2 mill debt run up in a year? Jesus....

TNB must've been paying himself €15k a week

**Longfordian** · 22/02/2010, 1:20 PM

It does seem really strange. I know they were talking about having Tom indemnify the debt over a certain level but sure why would he do that?. If he did agree to it, I can only imagine the hassle he'd cause when trying to enforce it. Dodge, I think some of that is relating back to examinership time, he didn't pay what he was supposed to pay by all accounts.

**Dodge** · 22/02/2010, 1:27 PM

I think thats even worse Longfordian> Not sure why i think that...

**pineapple stu** · 22/02/2010, 1:28 PM

Originally Posted by Longfordian

I think some of that is relating back to examinership time, he didn't pay what he was supposed to pay by all accounts.

Only 9% of what - E1.5m? That's E150k, give or take. He's done some job down there.

**Longfordian** · 22/02/2010, 1:31 PM

Originally Posted by Dodge

I think thats even worse Longfordian> Not sure why i think that...

Agreed, it just shows how little he's actually put in to the club in any shape or form. He must actually have been taking money out for it to get so bad.

**Mr A** · 22/02/2010, 1:36 PM

The debts, while obviously very large, are not beyond management if the creditors are willing to wait. Plenty of LOI clubs (including us) have large debts but are working towards addressing them.

**weecountyman** · 22/02/2010, 2:00 PM

When you consider it the debt is not very large. With a concentrated effort, good management and a little bit of luck on the field it can be taken care of within a couple of years, especially the way Cork seem to be able to sell 1 or 2 players each year. What is the latest from the courts?

**pineapple stu** · 22/02/2010, 2:01 PM

E1.2m isn't very large? Their annual turnover would be less than that. The debts are massive.

**weecountyman** · 22/02/2010, 2:04 PM

Originally Posted by pineapple stu

E1.2m isn't very large? Their annual turnover would be less than that. The debts are massive.

In the overall scale of things it's not a massive amount and can be cleared with good management. Once there is a concerted supporters effort covering the daily running costs of the club it be moved bit by bit.

**Mr A** · 22/02/2010, 2:04 PM

OK.. I was making that statement based on smaller numbers than that... if say the consortium are investing 500k and the total is 900k I feel that a club the size of Cork City should be able to deal with 400k by negotiating with creditors and spreading it over a few years. 700k is pretty daunting though.

CCFC Forum again:

A barrister for the consortium has told the judge that a conditional deal has been done, condition being a Premier Division licence. The judge has told the consortium that there are to be no conditions attached to the takeover and a proper deal must be done by 4pm.

So now the consortium must decide on taking the club on without a Premier Division licence.

All getting very circular... this is a big test for the FAI now.

**Doomofman** · 22/02/2010, 2:17 PM

It just goes onnnn an on...

**sheao** · 22/02/2010, 2:19 PM

40 mins so for consortium to decide if they want to take the club without the premier licence.

**Longfordian** · 22/02/2010, 2:19 PM

Good stuff from the judge in fairness to her, that's the way it should be. It'd be very interesting to see what the FAI/Licensing Committee would do if they didn't have to give a Premier Licence..