The John Delaney Thread

**geysir** · 13/04/2019, 1:42 PM

Originally Posted by pineapple stu

It's hard to know alright.

On the one hand, Dundalk asking for 300k and getting paid in drips and drabs is classic insolvent behaviour

On the other hand, Delaney's account of how he came to realise that the FAI needed urgent cash is simply utterly contrary to how companies work at the top level when going broke (speaking from experience here!)

So that then encourages the rumour that Delaney was sneaking money into the company to hide it from the ex-wife.

And of course in the background someone's lurking who's leaked all this. The ex? But would she have had remittance details? That sounds like an inside job.

It's all very strange.

Don't you think the timing of Dundalk's urgent request (out of the blue) puts more credence into the bridging loan theory? and there is the evidence of 100k paid out to Dundalk, followed a few days later with the 100k in to the FAI account. That fits Delaney's statement that he wrote a cheque for 100k to use only if necessary to keep the FAI overdraft under the limit.
That's why an electronic transfer was not made.
Unless Delaney had a brainwave and used the state of the overdraft limit crisis to his benefit to stash his cash, therefore the FAI could avoid looking for more regular alternative solutions which were available to them.

**pineapple stu** · 13/04/2019, 1:55 PM

Originally Posted by geysir

Don't you think the timing of Dundalk's urgent request (out of the blue) puts more credence into the bridging loan theory?

I do.

I don't agree with your analysis of the cheque over bank transfer though. It was lodged 24 hours after it was written - it was clearly needed. But it still takes 3-5 days to clear. That means for 3-5 days after you lodge it, it will appear on your bank statement but you will not be able to spend it.

Such a crisis also doesn't tie in with two things. The first is the basic operation of a financially-strapped company. I worked in a garage which went bust; the MD wanted bank balances first thing each morning for the three months before the bank stepped in. Cash crises do - or shouldn't, at least - come out of the blue like this one has.

The second issue is a rough analysis of the FAI's cash flows. They had 900k at 1 Jan. We know they're getting Sport Ireland funding as early as possible - say E1m. The Wales game was a sell-out - would that have cleared another E1m? It must be a big cash generator for the FAI. Then there's UEFA money - let's ignore it for now, but it's big. And there's the usual trickling income from the league, the FAI shop, sponsorship, etc, etc

So that's about 3m - but by the middle of April, they were breaching their E1.5m overdraft. That's 4.5m burnt through in 15 weeks. 300k a week. That's too big for me. I don't believe it.

Now maybe of the 900k in the bank, 2m was UEFA money owed to Dundalk. That would be huge of course. But on what I can see for now, I don't believe the bridging loan theory. But I absolutely acknowledge that their treatment of Dundalk is that of an insolvent organisation.

**Cathalsmart** · 13/04/2019, 2:01 PM

https://mobile.twitter.com/marktighe...35865199407104

Fai are having talks this afternoon, wonder if above is also an ultimatum.

**pineapple stu** · 13/04/2019, 2:19 PM

I see the FAI's Finance Director has just jumped ship to Carroll's Gift Shops literally in the past couple of weeks. Coincidence?

**geysir** · 13/04/2019, 3:52 PM

Originally Posted by pineapple stu

I do.

I don't agree with your analysis of the cheque over bank transfer though. It was lodged 24 hours after it was written - it was clearly needed. But it still takes 3-5 days to clear. That means for 3-5 days after you lodge it, it will appear on your bank statement but you will not be able to spend it.

Such a crisis also doesn't tie in with two things. The first is the basic operation of a financially-strapped company. I worked in a garage which went bust; the MD wanted bank balances first thing each morning for the three months before the bank stepped in. Cash crises do - or shouldn't, at least - come out of the blue like this one has.

The second issue is a rough analysis of the FAI's cash flows. They had 900k at 1 Jan. We know they're getting Sport Ireland funding as early as possible - say E1m. The Wales game was a sell-out - would that have cleared another E1m? It must be a big cash generator for the FAI. Then there's UEFA money - let's ignore it for now, but it's big. And there's the usual trickling income from the league, the FAI shop, sponsorship, etc, etc

So that's about 3m - but by the middle of April, they were breaching their E1.5m overdraft. That's 4.5m burnt through in 15 weeks. 300k a week. That's too big for me. I don't believe it.

Now maybe of the 900k in the bank, 2m was UEFA money owed to Dundalk. That would be huge of course. But on what I can see for now, I don't believe the bridging loan theory. But I absolutely acknowledge that their treatment of Dundalk is that of an insolvent organisation.

It still all points to the likelihood that a bridging loan was needed and Delaney's statement still stands, 'lodge it if you need to' and it was needed the next day. Either way, whatever the exact instructions from Delaney were doesn't change much and it doesn't make the weak 'secreting asset theory' any stronger.
Obviously the FAI survived, sufficient income came in and they carried on and that supports Conway's statement of 'cyclical' not insolvency.

Much as I'd like to think there were darker issues involved, it looks to be the simple and obvious, from a temporarily cash strapped situation in 2017, the FAI foolishly allowed Delaney to lead them into a cesspit some 2 years later in order to cover for Delaney's past decisions.

**SkStu** · 13/04/2019, 4:11 PM

https://www.the42.ie/john-delaney-le...mpression=true

JOHN DELANEY IS expected to leave the Football Association of Ireland, The42 understands, and an announcement confirming so may be made as early as tonight.

Delaney�s future was discussed at Board meetings last night and today.

The42 also understands that the future of another two members of the Board � Honorary Treasurer Eddie Murray and Honorary Secretary Michael Cody � are in the balance as their futures have been subject to Board discussion.

**SkStu** · 13/04/2019, 4:22 PM

https://twitter.com/tonyleen/status/...540833282?s=21

It�s happening!!!

**pineapple stu** · 13/04/2019, 4:38 PM

Originally Posted by geysir

It still all points to the likelihood that a bridging loan was needed and Delaney's statement still stands, 'lodge it if you need to' and it was needed the next day.

Not disagreeing with you - I simply don't know what happened - but if funds were needed the next day, a cheque would have been no use.

I said earlier on this thread (back when this all blew up) that the simplest explanation - i.e. the FAI were broke - was likely the correct one, as opposed to Delaney embezzling funds or hiding stuff from his misses. Neither explanation makes 100% sense given the info to hand to be honest.

It is entirely possible Delaney's a crap CEO and simply wasn't interested in the bank balance of course, allowing this crisis to build and figuring his ego would get him through it.

Either way, allowing the FAI to go bust or hiding funds through the FAI are both serious issues; I don't think one's necessarily that much worse than the other.

**Cathalsmart** · 13/04/2019, 4:45 PM

https://m.youtube.com/watch?v=tA8aSa...re=em-comments

Bit off topic but on Delaney, skip to 0:22 and apparently when the Irish team was doing well he was suddenly a great man...

**Treaty Gooner** · 13/04/2019, 6:00 PM

News leaking out that he�s gone

**pineapple stu** · 13/04/2019, 6:11 PM

I've seen that he's gone from the Board, but we knew that.

Is he gone from the FAI altogether yet?

**osarusan** · 13/04/2019, 6:35 PM

John O'Regan of the KDL has told Radio Kerry Sports that John Delaney sent him a text to say that he (Delaney) was stepping down from his position as Executive Vice President of the FAI

https://twitter.com/radiokerrysport/...ed-from-fai%2F

Lets wait for something a bit more 'official'.

**Fixer82** · 13/04/2019, 6:47 PM

Originally Posted by pineapple stu

It's hard to know alright.

So that then encourages the rumour that Delaney was sneaking money into the company to hide it from the ex-wife.

.

That was the first thing that came to mind when this all came out.

Either he�s hiding the money because of a divorce, or else he�s sticking it into an account to build interest and then withdraw at a later date.

**osarusan** · 13/04/2019, 6:56 PM

Didn't the whole publicity storm come about because this loan was revealed in divorce proceedings?

**Fixer82** · 13/04/2019, 7:03 PM

Originally Posted by osarusan

Didn't the whole publicity storm come about because this loan was revealed in divorce proceedings?

Is that so? Didn�t know that

**pineapple stu** · 13/04/2019, 7:07 PM

Yeah, it was certainly mentioned in or before his Oireachtas speech. He was claiming the info was private as it arose from the divorce proceedings.

**Scrufil** · 13/04/2019, 7:39 PM

So it appears that even if John Delaney resigns from the FAI he still retains his UEFA position until 2021. I think the only way he might be removed from that position without resigning would be if serious criminal charges were proved against him.

On the otherhand if he is sacked from his current position will he take litigation against the FAI?

**gufct** · 14/04/2019, 5:22 AM

Originally Posted by Fixer82

Is that so? Didn�t know that

That is untrue and his wife�s Solicitors threatened to sue both jd and the Fai unless they withdrew the reference in his first statement after the loan was unearthed. After the articles in the Sunday Times and Sunday Independent today the whole board has to go and a forensic external review of the fai's accounts back to 2001 will have to happen . I would also say that revenue and the cab might also have to go in .

**osarusan** · 14/04/2019, 7:30 AM

Originally Posted by gufct

That is untrue and his wife’s Solicitors threatened to sue both jd and the Fai unless they withdrew the reference in his first statement after the loan was unearthed.

Do you mean it didn't originally come out of divorce proceedings?

Anyway, The Sunday Times has plenty of detail about Delaney racking up €40,000 of spending on his FAI credit card in the second half of 2016. Lets hope the calls for an external forensic audit get too loud to ignore, because I'd say that there have been others with their snouts in the trough too.