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Thread: Winding Up Order Against Company Behind Limerick

  1. #161
    International Prospect Lim till i die's Avatar
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    Quote Originally Posted by NeverFeltBetter View Post
    I believe they were paid last month by cheque.
    Yes.

    and they cleared
    Nope...

  2. #162
    Seasoned Pro NeverFeltBetter's Avatar
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    If so, why are they playing tonight?

  3. #163
    Reserves blueblood's Avatar
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    Feck Bray Limerick are now the new North Korea we even have power failures to prove it 🤗🤗🤗

  4. #164
    Seasoned Pro bluewhitearmy's Avatar
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    Quote Originally Posted by NeverFeltBetter View Post
    If so, why are they playing tonight?
    Footballers are stupid.

  5. #165
    First Team ToberonaTornado's Avatar
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    sceptical as fuq to say the least.

    Dermot Desmond and JP McManus have made enquiries to see if they can help Irish football through its crisis.
    https://www.independent.ie/irish-new...-38146814.html

  6. #166
    Seasoned Pro NeverFeltBetter's Avatar
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    Conor Ellis left Limerick at least partly because "the club has consistently failed to pay my wages and rent allowance on time": https://www.limerickleader.ie/news/s...merick-fc.html

    Doesn't come as a shock, but speaks to the continuing crisis at the club.
    Author of Never Felt Better (History, Film Reviews).

  7. #167
    Seasoned Pro NeverFeltBetter's Avatar
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    Only one professional player left at the club: https://www.limerickleader.ie/news/s...merick-fc.html

    I'm stunned we've managed to stay as high in the table as we have, but that will be coming to an end soon enough.
    Author of Never Felt Better (History, Film Reviews).

  8. #168
    Seasoned Pro NeverFeltBetter's Avatar
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    Mike Aherne reported over the weekend that the Academy and womens sides are having trouble accessing funds in their accounts. The academy releasing a statement later tonight.

    The club appears to be shuffling along in a zombie-like state at the moment, just trying to see out the season. There's no indication that POS is anywhere near selling the club, and can only assume debts are getting larger if we're barely getting 300 in the door for home games.
    Author of Never Felt Better (History, Film Reviews).

  9. #169
    First Team sullanefc's Avatar
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  10. #170
    Seasoned Pro NeverFeltBetter's Avatar
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    The Limerick FC Independent Supporters Club FB page has a screenshot for those who want to read past the pay wall. Long story short, the club has huge debts, most notably to a local hotel, Garda and UL/LIT, and O'Sullivan is seeking a state of examinership so they can have legal protections applied to the club's "assets", which, by his contention, includes its league license. That is, the hope is to stop the FAI from shopping that around, since they are apparently close to, or already have, written POS off as someone to do business with going forward.

    I'm not au fait with such procedures, but as it stands I can't see a team from Limerick being in the LOI next season. And rightfully so.
    Author of Never Felt Better (History, Film Reviews).

  11. #171
    Biased against YOUR club pineapple stu's Avatar
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    Worth noting too that the FAI have basically told O'Sullivan to bugger off, but he's refusing to do so -

    Football sources say Noel Mooney, the interim Football Association of Ireland (FAI) general manager, has sought assurances from Pat O’Sullivan, the club’s owner, that he will not apply for a licence for next season, but O’Sullivan has not complied.
    Fun times in Limerick again...

  12. #172
    Seasoned Pro NeverFeltBetter's Avatar
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    O'Sullivan has really dropped off the radar since the start of the season, which is ironic for a guy who loved the spotlight a bit too much in slightly better times. There were some rumours about his health at some point, but all unsubstantiated.

    Regardless of any of that, there's no future for him with Limerick at LOI level, and he won't be making his money back.
    Author of Never Felt Better (History, Film Reviews).

  13. #173
    Seasoned Pro Ezeikial's Avatar
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    Quote Originally Posted by NeverFeltBetter View Post
    The Limerick FC Independent Supporters Club FB page has a screenshot for those who want to read past the pay wall.

    Full article

    The owner of League of Ireland First Division club Limerick FC plans to apply for examinership in the Circuit Court this week as the company that runs the club has debts of €300,000 and faces losing its professional licence.

    Football sources say Noel Mooney, the interim Football Association of Ireland (FAI) general manager, has sought assurances from Pat O’Sullivan, the club’s owner, that he will not apply for a licence for next season, but O’Sullivan has not complied.

    It is understood the FAI wants to seek expressions of interest from other clubs or investors who would be interested in applying for a professional club licence and taking Limerick’s place.

    However, O’Sullivan’s Munster Football Club Ltd, which trades as Limerick FC, is in talks with Neil Hughes, an accountant with Baker Tilly, about seeking court protection from creditors. O’Sullivan hopes examinership will protect Limerick from having its FAI licence removed as he sees this as a company asset. The club has two fixtures remaining this season and currently sits sixth in the 10-team division.

    It is understood that the company’s biggest creditor is a local hotel in Limerick, while substantial sums are also owed to the gardai for match policing, as well as both the University of Limerick and Limerick Institute of Technology. O’Sullivan declined to comment.

    Last November a Revenue High Court application to wind up Munster Football Club Ltd over unpaid taxes was struck out following a settlement between the parties. O’Sullivan, who rescued Limerick FC from financial ruin in 2009, is understood to have invested more than €4m in the club, which reported an annual loss of €132,000 for the year ending November 30, 2017, its last filed accounts. In 2015 O’Sullivan said that his financial support for the club would be reduced and the club would have to “live within its means”.
    The FAI said it was discussing with the club “the future of football in the city with the aim of protecting and developing senior football in Limerick”.

    Separately, the company that runs the County Wicklow and District Football League faces being struck off by the Companies Registration Office over the non-filing of accounts that were due on October 31 last year. There are concerns in Wicklow that up to €20,000 has gone missing from the company that runs the 39-team amateur league over four divisions. A person who allegedly has copies of certain records is said not to be co-operating with the league.

    Michael Conlon, the chairman of the league, who is not suspected of any wrongdoing, said he could not comment. The FAI said it was assisting the Wicklow league as it took legal advice on this issue and could not comment further.

    Meanwhile, the FAI plans to appoint four independent directors, including a new chairman, to its board before the end of September. More than 50 people have applied for the non-paid positions created following a governance review carried out with Sport Ireland.

    David Hall, a businessman who runs a private ambulance firm and who is also involved in charities that support those in debt arrears, has confirmed he has applied.
    https://www.thetimes.co.uk/article/l...ship-bg5tt2cr6
    Last edited by Ezeikial; 01/09/2019 at 1:58 PM. Reason: link added

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  15. #174
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    "The FAI said it was discussing with the club “the future of football in the city with the aim of protecting and developing senior football in Limerick”."

    Mooney's tweet is a little more ambiguous as to who they're actually in discussions with.

    https://twitter.com/NoelMooney13/sta...679630336?s=19

  16. #175
    First Team 4tothefloor's Avatar
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    Quote Originally Posted by NeverFeltBetter View Post
    O'Sullivan has really dropped off the radar since the start of the season, which is ironic for a guy who loved the spotlight a bit too much in slightly better times. There were some rumours about his health at some point, but all unsubstantiated.

    Regardless of any of that, there's no future for him with Limerick at LOI level, and he won't be making his money back.
    No surprise, been on the cards for the past 2 seasons. Won't get a licence next season, for multiple reasons, no friends in the FAI this time round. Don't think he'll have a ground to play in either to be honest. Has lost the backing of most of the supporters, including all the ones that matter. Most are staying away and keeping their money in their pockets until he is gone. Without the backing of the supporters or local business community the club is not viable, as is currently the case. Current attendances wouldn't even cover basic club expenses.

    I fully expect a new club to be formed. POS will not let go of the current club so I'd imagine all parties will be happy to just let it crash and burn - no relegation to worry about, no professionals left at the club anyway, no debt going forward, plus the added bonus of consigning that bloody horrendous disney castle crest to history. A win win all round, except for any of the creditors of course.... Limerick 37 United Wanderers here we come

  17. #176
    Seasoned Pro NeverFeltBetter's Avatar
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    I was thinking about the "license as a protected asset" idea.The FAI would presumably argue that a licence must be renewed every year, is subject to certain conditions and that POS/Limerick FC is not meeting them. But then POS/Limerick FC could say that every other club in the league isn't meeting them either, so why are being singled out? Is that something the FAI wants in the courts system?
    Author of Never Felt Better (History, Film Reviews).

  18. #177
    Seasoned Pro Nesta99's Avatar
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    It is really baffling when owners of clubs stick around willing to let a club die rather than sell on or hand over to new people. Is it pride, resentment, or a fear that someone else might do a better job. Bray, Cork, Dundalk, to a lesser extent Drogheda, Athlone have all had or have owners that seemed to want to spite supporters.

  19. #178
    International Prospect osarusan's Avatar
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    Quote Originally Posted by Nesta99 View Post
    It is really baffling when owners of clubs stick around willing to let a club die rather than sell on or hand over to new people. Is it pride, resentment, or a fear that someone else might do a better job. Bray, Cork, Dundalk, to a lesser extent Drogheda, Athlone have all had or have owners that seemed to want to spite supporters.
    He wants something back after all the money he has put in (and mostly wasted).

    But the club is worth nothing now, maybe a nominal fee of a euro or whatever.

    He can't see that though, and he's an incredibly stubborn man. Maybe he thinks the FAI won't want to let senior football in Limerick die so he can hold them/the club to ransom somehow, but it would just be more likely that a new club will start up.

  20. #179
    Seasoned Pro Nesta99's Avatar
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    It's the same scenario all round - looking for some return which isnt likely to happen. The exception maybe is Gerry Matthews who held the lease and used it as leverage after the club earned some European money. He did save the club though and did more work on the ground than others. On the other hand he practically gutted the club, including removing the bar etc from the YDC before he moved on. O'Sullivan knows exactly what situation the club is in and what value there is - he wont get something for nothing. If there is debt accumulated he should be happy to sell if that is serviced rather than have his name sullied with walking away and leaving creditors and a phoenix club the result!

  21. #180
    Seasoned Pro Ezeikial's Avatar
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    Quote Originally Posted by Nesta99 View Post
    It's the same scenario all round - looking for some return which isnt likely to happen. The exception maybe is Gerry Matthews who held the lease and used it as leverage after the club earned some European money. He did save the club though and did more work on the ground than others. On the other hand he practically gutted the club, including removing the bar etc from the YDC before he moved on.
    Would that be the bar fittings that he funded and installed that the incoming new owners said they had no interest in acquiring?


    The narrative of Gerry Matthews stripping the club of assets while simultaneously funding the successive annual losses for most of his five year involvement is somewhat odd

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