Shamrock Rovers Examinership Thread

**Ringo** · 12/04/2005, 6:31 AM

Shamrock Rovers rolling to the brink of ruin

Tuesday April 12th 2005

THE country's most famous football club, Shamrock Rovers, is on the brink of financial ruin with debts of more than �2.36m.

The club, which was founded in 1901, has been without a home ground since 1987. It currently plays home games at Dalymount Park, for which it pays Bohemians Football Club �60,000 a year, the High Court heard yesterday.

Mr Justice Peter Kelly was told the lack of a ground was the main reason for the club's financial woes. Branvard Ltd took over the 'Hoops' in 1996 but had been declared insolvent.

Last week, the 400 Club, set up by Shamrock Rovers' supporters to contribute financially to the team, loaned money to cover players' wages. Despite this, the club's ability to play in the Eircom League is under threat because it failed to meet a schedule of payments agreed with the Revenue Commissioners, who are owed over �540,000. But there may be a glimmer of hope. An independent accountant said the club had a reasonable prospect of survival if a "neutral" ground was found and a full-time commercial manager appointed.

The court heard that the club is in negotiation to secure grounds at Santry's Morton Stadium. Justice Kelly adjourned an application by the company which runs the club to appoint an interim examiner.

Breda Heffernan

� Irish Independent
http://www.unison.ie/irish_independent/ & http://www.unison.ie/

**Ringo** · 12/04/2005, 6:39 AM

Tuesday April 12th 2005

SHAMROCK Rovers may be forced to drop out of the Eircom League unless an interim examiner is appointed, the financially beleaguered club has warned.

The club, which has debts of over �2.36m, is so cash-strapped that a supporters' club last week paid the players' wages.

Yesterday the football club went to the High Court to make an application for the appointment of an interim examiner. The application was refused but will come before the court again today.

If appointed, an examiner would keep the club running while investigating the viability of the business. He would decide whether to put the company into receivership or liquidation.

Anthony Maguire - a director of Branvard Limited which took over the club in 1996 - told the High Court yesterday that the club had become an institution for successive generations of Dubliners. He added that it had a reputation internationally and domestically not rivalled by any other Irish team.

The club maintains its financial troubles are due to a lack of a permanent home ground. It was based at Glenmalure Park in Milltown until 1987 but since then has been unable to secure new grounds. It currently rents Dalymount Park from Bohemians at a cost of �60,000 a year.

Mr Maguire explained that the club's long-time home ground at Glenmalure Park had been owned by members of the Kilcoyne family who - despite fierce opposition from fans - sold it for development.

The appointment of an interim examiner was supported by the 400 Club, a fund created by Rovers supporters to contribute an agreed annual amount to help the club. Plans to relocate to a new facility at Tallaght have bogged down in planning difficulties and the club has now broached the possibility of moving to Morton Stadium in Santry instead.

However, the club may have contributed to its own difficulties. The court heard that a practice existed whereby it appeared that players had been paid mileage expenses even though transport was provided by the club.

The club has also failed to meet payments to the Revenue Commissioners, who are owed �540,000in PAYE and PRSI arrears, and could lose the right to play in the Eircom League.

The agreement involved payments of �50,000 on December 1, 2004, followed by 20 payments of �18,500 a month commencing at the end of March 2005 and culminating in a final payment of �144,980.

The agreement with the Revenue had been put in place to enable the club to obtain a Tax Clearance Certificate - without which it cannot play in the League.

Various suppliers have issued legal proceedings against the club, as has a former manager who was awarded �30,500 in the Circuit Court after taking an unfair dismissal case.

However, the final whistle may not have sounded just yet for Shamrock Rovers.

An independent accountant believed it had a reasonable prospect of survival if four conditions were met. These include securing a long term home ground, successful completion of negotiations to restructure the company's debts, acceptance of a scheme of arrangement and the appointment of a full-time commercial manager to procure revenue and sponsorship.

Mr Justice Peter Kelly said yesterday he would refuse Branvard's application as there was insufficient evidence showing the company's ability to secure a "neutral" home ground at Morton Stadium in Santry. He also wished the Revenue Commissioners to have an opportunity to be heard on the application.

On that basis, Mr Justice Kelly refused the application but adjourned it to today to allow the club to furnish further evidence on the Morton Stadium option and to allow the Revenue to be represented.

Breda Heffernan
and John Maddock

� Irish Independent
http://www.unison.ie/irish_independent/ & http://www.unison.ie/

**Ringo** · 12/04/2005, 6:42 AM

Originally Posted by Ringo

The club has also failed to meet payments to the Revenue Commissioners, who are owed �540,000in PAYE and PRSI arrears, and could lose the right to play in the Eircom League.

The agreement involved payments of �50,000 on December 1, 2004, followed by 20 payments of �18,500 a month commencing at the end of March 2005 and culminating in a final payment of �144,980.

The agreement with the Revenue had been put in place to enable the club to obtain a Tax Clearance Certificate - without which it cannot play in the League.
Mr Justice Peter Kelly said yesterday he would refuse Branvard's application as there was insufficient evidence showing the company's ability to secure a "neutral" home ground at Morton Stadium in Santry. He also wished the Revenue Commissioners to have an opportunity to be heard on the application.

On that basis, Mr Justice Kelly refused the application but adjourned it to today to allow the club to furnish further evidence on the Morton Stadium option and to allow the Revenue to be represented.

Breda Heffernan
and John Maddock

� Irish Independent
http://www.unison.ie/irish_independent/ & http://www.unison.ie/

they should have never beeen given a licence, it maks a joke of the league. The rest us play with it the rules & rovers buy a place in the premier division.

**carrickharp** · 12/04/2005, 6:58 AM

In all fairness it would be as very sad day for soccer in Ireland if this happened.

**Hibs4Ever** · 12/04/2005, 7:20 AM

Originally Posted by dublinharp

In all fairness it would be as very sad day for soccer in Ireland if this happened.

No way. Good Riddance

**drummerboy** · 12/04/2005, 8:43 AM

Interesting to see Morton Stadium being dragged up again. Fingal Co Council have been trying for over a year to get somebody to run the stadium for them as a going concern, on the proviso that Athletics is still the primary sport. The long jump on the inside of the running track has been removed and the pitch widened. The surface is now also far superior that when Rovers last played there. The drawback is the floodlighting is not quite up to the standard of EL football although they are used by Drums in the LSL. This I'm sure could be rectified fairly easily.

**dcfc_legend9** · 12/04/2005, 8:47 AM

i would personally be sorry to see rovers out of the league but if it has to be done then thats it

**drummerboy** · 12/04/2005, 8:47 AM

Are you enjoying what's happening to Rovers.

**pete** · 12/04/2005, 11:20 AM

I'm surprised Rovers have any fans left after goings on in recent years. I think most eL clubs would have folded already.

The club however has failed to live within its means when money has been tight & a 13.5k weekly wage bill is a disgrace.

**NY Hoop** · 12/04/2005, 12:13 PM

Originally Posted by Ringo

they should have never beeen given a licence, it maks a joke of the league. The rest us play with it the rules & rovers buy a place in the premier division.

Can absolutely guarantee you that if CHF went out of the league tomorrow nobody would notice let alone protest.

The club were given a licence. Get over it. If you wanna whinge about it contact Bob Breen and ask him. As for buying a place in the premier..................drivel.

Off to the High Court at 2 to see the examiner being appointed, hopefully!

KOH

**wws** · 12/04/2005, 12:17 PM

Originally Posted by pete

I'm surprised Rovers have any fans left after goings on in recent years. I think most eL clubs would have folded already.

The club however has failed to live within its means when money has been tight & a 13.5k weekly wage bill is a disgrace.

I'd say its folded a few times over the years - the clubs name has passed on to various hands - and now we're expected to believe that propping up the existing board who got them into this mess - PURELY due to wreckless trading is the salvation of the club through examinership!!!

**NY Hoop** · 12/04/2005, 12:24 PM

Originally Posted by wws

I'd say its folded a few times over the years - the clubs name has passed on to various hands - and now we're expected to believe that propping up the existing board who got them into this mess - PURELY due to wreckless trading is the salvation of the club through examinership!!!

Honestly dont care what you expect to believe.

The fact is that examinership is the ONLY route available to us. Unfortunately during this examinership the present board have to remain in place.

The 400 club will fund the club during the 70 day period and in this time will actively pursue investors. If no investor comes on board then its bye bye but cant see that happening..............

The current wage bill will have to reduced as we cant get any worse on the field.

KOH

**wws** · 12/04/2005, 12:42 PM

I cannot see any circumstances whereby the current board would up and leave - if the fans bail them out with mega fundraising in the examinership period - the only beneficiaries will be the current board - you cant WISH away ownership - these guys are in it to either own the finished product or take as much dough as they can weasel out for themselves

I've no sympathy because the whole thing was founded on self inflicted wreckless trading - they are not a charity case they are a criminal case

**drummerboy** · 12/04/2005, 12:42 PM

KOH I certainly hope Rovers get sorted out. I see you could be sharing with Drums again in Morton Stadium. Bit ironic that. 2 biggest clubs in Ireland during the 50s and 60s

**�anna** · 12/04/2005, 2:11 PM

I think the best solution at this stage might be for Rovers to fold and restart as some clubs in Italy have done. Either way they need rid of the current board and all its debts- its a disaster. As Pete said, its amazing they have any fans left. It would be a big loss to the league though if they were to go

**manic da hoop** · 12/04/2005, 2:21 PM

Originally Posted by wws

I cannot see any circumstances whereby the current board would up and leave - if the fans bail them out with mega fundraising in the examinership period - the only beneficiaries will be the current board - you cant WISH away ownership - these guys are in it to either own the finished product or take as much dough as they can weasel out for themselves

I've no sympathy because the whole thing was founded on self inflicted wreckless trading - they are not a charity case they are a criminal case

OK well you're way WAY off the mark here. The last thing that any genuine Rovers fan would want to do is to bank-roll the current board of our club. The central function of the 400 Club over the past few months has been to get rid of them. Thankfully I can confirm that within the past hour the examinership was given the go-ahead in the High Court, so that process effectively starts here. What that more or less means is that the various financial and structural problems that have existed at the club over the past couple of years are now being addressed and, hopefully, rectified with a view to allowing the club to start off on a clean slate - free of debts and free of our board. All current shareholdings will be declared null and void at the end of this 70 -100 day period. After that it is up to us, the fans, to make sure it is a success and that the right people are there to do the right job. If that doesn't happen then the club will die, and we will have nobody to blame but ourselves.

Shamrock Rovers will survive if it deserves to survive.

**wws** · 12/04/2005, 2:36 PM

well good luck with it - but if those rats are still in place at the end - i wont be thinking its "good for the league" or any such wishy washey nonsense

**Ringo** · 12/04/2005, 2:53 PM

Originally Posted by NY Hoop

Can absolutely guarantee you that if CHF went out of the league tomorrow nobody would notice let alone protest.

The club were given a licence. Get over it. If you wanna whinge about it contact Bob Breen and ask him. As for buying a place in the premier..................drivel.

Off to the High Court at 2 to see the examiner being appointed, hopefully!

KOH

You can't live off past glory's forever. If there are rules , every club should follow them. if you owe 2.5 million & have a wage bill of 13k a week, you are buying a place in the league. the examiner will not re-pay the 2.5 million. You need to get risd of the clowns that allowed the debt to get to this crazy amount.

**Ringo** · 12/04/2005, 2:54 PM

Originally Posted by wws

well good luck with it - but if those rats are still in place at the end - i wont be thinking its "good for the league" or any such wishy washey nonsense

its a business , end of story.