Was his name not on the list of participants with Bradly and a few others recently?
Was his name not on the list of participants with Bradly and a few others recently?
Fairy nuff. Could be something like a PR person or something. I think we got rid of the CPO back in 09 when it was a Premier only requirement
I see on extratime.ie that there's two new clubs this year - Waterford and Wexford.
Neither Wexford Youths nor Waterford United applied to join the league this year.
Did Waterford go bust as well so? Ridiculous that you can go bust and stay at the same level.
Waterford were just bought by the Swindon owner, same club per se as far as I'm aware barring the name/ crest change etc. Probably a new holding company alright but they didn't go bust.
That's what's strange; wouldn't have thought being bought by Swindon (or their director or whatever) would have tied in with going bust.
But they're clearly grouped in with Wexford in the Fran Gavin interview on extratime.ie.
A new ultimate holding company or company structure shouldn't affect the licence. A new company operating the club should be unnecessary.
All a bit weird.
Wexford are a decent crew and I don't want them hit with a points deduction but it is NUTS that they can walk away from debts start up again and hey presto ...no problems.
If I was an investor or a bank loaning money to a LOI side I would have a very close look at it.....no sanctions at all from the FAI for walking away from debt
Weren't Wexford Youths' debts to Mick Wallace's old construction firm, that is itself now bust and in administration ? In which case any repaid debt would get passed on to Wallace's creditors in a diluted form.
In short - I suspect it's banks and Dublin firms servicing the construction industry who'll take the eventual hit here, but it's all very indirect.
Was the name-change part of walking away from their debts then ?
https://kesslereffect.bandcamp.com/album/kepler - New music. It's not that bad.
https://kesslereffect.bandcamp.com/album/kepler - New music. It's not that bad.
My understanding in regard to Wexford Youths/ Wexford FC is as follows. The old club, Wexford Youths, was a subsidiary of M&J Wallace and approx. 6m euro was spent on acquiring and developing what is now Ferrycarrig Park. I'm open to correction but I believe that no public grants were received. For some reason, and I'm assuming that money was getting tight, the final 200,000 euros spent on the Ferrycarrig complex was listed as an inter-company loan to the Youths. It was stated at the launch of the new club, Wexford FC, that it was never intended that this money would be repaid.
When a liquidator was appointed to M&J Wallace, negotiations were held with the liquidator in relation to repayment of the 200,000 euros. For whatever reason, these negotiations were not successful, and on 6 January 2017 the loan was called in and the old entity, Wexford Youths, was gone.
Wexford Youths had been busy preparing their licensing application in the old club's name, and it took trojan work by a number of volunteers to prepare all the paperwork and licensing required in the new name of Wexford FC. The FAI have been said to have been extremely helpful in this regard with Fran Gavin being particularly so. All reports are that Wexford came extraordinarily close to losing LOI football.
From a co law perspective it is legal is what I meant
Should be an automatic 20 point deduction at the start of the season for any 'new' club entering the league on the back of a club in the process of liquidation. If Wexford Youths and Waterford United are in the process of liquidation then their replacements have gained a competitive advantage going into the season debt free
I've alot of sympathy for Wexford's unavoidable situation, they're trying to make a sustainable club out of a mess but deductions should still apply. If Waterford have done the same thing and are now dishing out stupid wages to sign the likes of Kenny Browne, Sander Puri and David McDaid then that's a total disgrace.
Here's the article btw - was on mobile earlier and couldn't link as easy.
Fran Gavin sounds more like Comical Ali the more you listen to him. Though we know Comical Ali was just doing what he was told...Within the First Division there will be two “new” clubs with Wexford FC and Waterford FC joining the league. It means that those clubs start the season debt-free, which is a requirement of the licensing process.
There was a certain amount of controversy with the awarding of the licences to those clubs but Fran Gavin stressed that both clubs had met all of the licensing requirements.
“That was the old Wexford Youths,” said Gavin about Wexford Youths debts. “The new Wexford FC are starting afresh. We didn’t have an application for a licence from Waterford United or Wexford Youths this season.
“A new entity in Waterford and a new entity in Wexford applied. They both went through a very rigorous process of club licencing.
The liquidator of Mick's company, M&J Wallace, called in a €200k 'loan' that it made to the club. Wexford Youths FC had no assets, other than jerseys, footballs, packets of pasta etc. There was no financial value in issuing a closing down order on the club and it was designed by Cerberus to embarrass Mick because of his vocal criticism of them. The full story will be in our 1st match programme and I'll post it here after it is published
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